‘Fundamental reforms were needed in Indian tax system’: Top quotes from PM Modi’s announcement
Aptly called ‘Transparent Taxation - Honoring The Honest’, the platform is among a series of laws introduced by the government to simplify tax filing and help the taxpayers.Updated: Aug 13, 2020 12:54 IST
Prime Minister Narendra Modi on Thursday unveiled a new tax reform which aims at bringing transparency and honours the honest taxpayers.
Aptly called ‘Transparent Taxation - Honoring The Honest’, the platform is among a series of laws introduced by the government to simplify tax filing and help the taxpayers.
PM Modi said the reform will instill a sense of fearlessness among the honest taxpayers who play an important role in national development.
Here are the top quotes from PM Modi’s announcement:
• This platform has big reforms such as faceless assessment, faceless appeal, and taxpayers charter. Faceless assessment & taxpayers charter come in force from today, whereas faceless appeal service will be available from September 25.
• There was a time when there used to be a lot of talk about reforms. Sometimes decisions were taken out of compulsion or pressure and were called reforms. Due to this, the desired results could not be achieved. Now this thinking & approach, both have changed.
• In the past 6 years, India has witnessed the evolution of a new governance model in tax administration. We have decreased - complexity, taxes, litigation, and increased - transparency, tax compliance, and trust on the taxpayer.
• Our effort is that our tax system should be seamless, painless, faceless. This is yet another step towards our resolve to provide “minimum government, maximum governance”.
• India among nations with lowest corporate tax.
• Fundamental reforms were needed in Indian tax system. For us reform means it should be based on policy and be holistic.
• Tax return scrutiny has been cut to one-fourth to 0.26 per cent of all returns filed.