Tax Update August 2020 released by PM Modi. In his press meet, he talked about Tax transparency between the tax authorities and taxpayers. In the past few years, Nearly 1500 reforms has been changed in order to maximize the effect of tax payment. Rankings of India in ease of doing business has significant growth. It has dropped from 134 to 63 in the world rankings that is impressive growth for India. Previously the conflict between the system and its character was not up to the mark having less faith of the people on it.
Tax Update August 2020
Tax Update August 2020: PM Modi said that Taxpayers are the pillars of the country. For them, A new Reform platform is introduced in order to help them in paying taxes. He also included that in the COVID scenario the country has seen significant growth in foreign investment in India. Reforms like this should be introduced and steps are being taken to make the taxpayer happy. Similar successful reforms are GST, online tax payment, and the new tax slab system.
Advantages Of The Reform
Some of the advantages include fewer restrictions for taxpayers. A clear and equal law for every citizen. Taxes on or below five lakhs income is zero. As far as India is concerned it is one of the less tax taking countries in the whole world. A whole new type of procedure including seamless, painless, and faceless interaction between the tax authorities and the Taxpayer. One GST has replaced a lot of tax laws and reforms.
Tax Update August 2020: The whole procedure will be done through the computer-generated faceless tax payment methods. which directly means that there will be no exchange of talks between the tax authority and the taxpayers. That will lead to less corruption in the country. and faceless appeal means that your application can go to any officer irrespective of your district or state you live in. Finally, further tasks will be done similarily by assigning further procedures to different officers in different regions.
PM Modi in his speech included that payment of taxes is a right of every individual. every single rupee must be monetized. Leading in the increase of faith of the people of the country. The new Tax governance model will decrease litigation and increase trust in taxpayers.
In the past 6 years 2.5 crore increase in the taxpaying community that was 1.5 previously. The scrutiny rate has also seen a significant growth that was 0.94 in the year 2012 and was 0.26 in the year 2018. Almost one-fourth of what we had earlier.
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