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BIG Ticket Tax Reforms: PM Modi calls it 'honouring the honest' | Top Points

Prime Minister Narendra Modi launched a platform to honour honest taxpayers via video conferencing at 11 AM on Thursday (today). The launch of the platform for 'Transparent Taxation - Honoring the Honest' will further carry forward the journey of direct tax reforms.

India TV Business Desk India TV Business Desk
New Delhi Updated on: August 13, 2020 14:10 IST
BIG Ticket Tax reforms: PM Modi calls it 'honouring the honest' | Top Points
Image Source : PTI

BIG Ticket Tax reforms: PM Modi calls it 'honouring the honest' | Top Points

Prime Minister Narendra Modi on Thursday launched a platform to honour honest taxpayers via video conferencing at 11 AM. The launch of the platform for 'Transparent Taxation - Honoring the Honest' will further carry forward the journey of direct tax reforms. "This platform has big reforms such as faceless assessment, faceless appeal, and taxpayers charter. Faceless assessment and taxpayers charter come in force from today, whereas faceless appeal service will be available from September 25," PM Modi said.

Union Minister of Finance and Corporate Affairs, Nirmala Sitharaman and Minister of State for Finance and Corporate Affairs, Anurag Singh Thakur were also present at the launch via video conference.

The event was also witnessed by various chambers of commerce, trade associations, chartered accountants' associations and eminent taxpayers, other than the officers and officials of the Income Tax Department, a statement said.

According to a release by the Prime Minister's Office (PMO), the Central Board of Direct Taxes (CBDT) has carried out several major tax reforms indirect taxes in recent years. 

Last year, the corporate tax rates were reduced from 30 per cent to 22 per cent and for new manufacturing units, the rates were reduced to 15 per cent.

The government has also done away with the Dividend distribution Tax and the focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.

Transparent Taxation - Honoring the Honest: Top Points by PM Modi, Sitharaman

  • Faceless assessment, faceless appeal and taxpayer charter part of new platform 'Transparent Taxation – Honoring the Honest'
  • Honest taxpayers play an important role in national development, said PM Modi launching new tax platform
  • Policy-driven governance minimises grey areas, cutting discretion
  • Faceless assessment, taxpayer charter starts from today, faceless appeal to begin from Sep 25
  • Fundamental reforms were needed in the Indian tax system
  • The effort is to make tax system seamless, painless and faceless
  • Taxpayer Charter outlining right and responsibility is an important development
  • Tax return scrutiny has been cut to one-fourth to 0.26 per cent of all returns filed
  • Number of taxpayers in the country is a very small percentage of the total population
  • Today is the landmark day in the history of the taxation administration, said Finance Minister Nirmala Sitharaman
  • PM's vision is to empower the taxpayer, to provide a transparent system and to honour honest taxpayers. To realise this vision, CBDT has given a framework & put in place this system, said Finance Minister Sitharaman
  • Income Department officials deserve our respect, said FM Sitharaman

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