Tax Systems Transparency Leads To Trust: PM Narendra Modi
Tax Systems Transparency Leads To Trust: India is seeing a paradigm shift in its tax practices as it continues to focus on reform, transform and perform strategy. It is no more about imbalanced charging practices; instead developing a mechanism of transparency that enables taxation across the length and breadth of the country.
Under Narendra Modi’s leadership, India, for the first time has experienced the evolution of its tax practices since the 1940s. Addressing a virtual gathering over the inauguration of the office-cum-residential complex of Cuttack bench of Income Tax Appellate Tribunal (ITAT), PM Modi said that India has now become one of the few countries in the world where both rights and duties of the taxpayer have been codified. This has helped both receive a legal recognition. This has been seen as an important step taken to restore trust and transparency between the taxpayer and tax collector.
Other reforms to have made lives easy for many include reduction in corporate tax rate, simplified rate structure for individual taxpayers, faceless appeals and quick refunds. Further Modi has stressed upon help wealth creators, as their growth would only mean growth in the economy.
Tax collection has never been as streamlined as it has been in the last five years. He stressed upon the 99.75% as the percentage of acceptance of tax returns as huge step towards trusting the taxpayer.