PM Modi Unveils Transparent Platform to Honor Taxpayers

Prime Minister, Narendra Modi, has launched a platform that will honor the honest taxpayers. It is being considered as a reward to the taxpaying citizens of India.

While, inaugurating the platform – ‘Transparent Taxation – Honoring the Honest’, through video conferencing, PM Modi also laid out the next phase of reforms of the direct taxes which is aimed at easing the tax compliance and also rewarding honest taxpayers in the midst of coronavirus (COVID-19) pandemic which has severely hit the Indian economy because of the rising number of cases and the lockdowns.

Through his Twitter handle on Wednesday, PM Modi had said that this platform would add strength to the government’s efforts of reforming and simplifying the tax system. “It will benefit several honest tax payers, whose hard work powers national progress”, PM Modi wrote on Twitter. 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. Dividend distribution Tax was also abolished. “This new platform will be having faceless assessments, faceless appeal and taxpayer charter. The faceless assessment and taxpayer charter will come into place from today itself, while the faceless appeal is going to be applicable from September 25, 2020”, PM said while speaking on the occasion.

He said that the fundamental reforms were needed in the tax system of India and said that his government’s effort is to make tax system seamless, painless and faceless. He said that in a country of 130 crore people only 1.5 crore citizens were paying taxes. Every rule, law and policy is being taken out of power centric approach and is now being turned into people-centric and public friendly, he added.