1. Prime Minister Narendra Modi said that 'Transparent Taxation - Honouring The Honest' platform will introduce reforms such as faceless assessment, faceless appeal, and taxpayers charter. Faceless assessment and taxpayers charter will come into force from today whereas faceless appeal reform will be available from Sept 25.
2. PM Modi said honest taxpayers play a crucial role in national development. Prime Minister Modi during his virtual address highlighted that the honest taxpayers play a crucial role in national development. He mentioned that when the life of an honest taxpayer is simplified, he progresses which leads to progress of the nation too.
3.“In the earlier days, there used to be a lot of talk about reforms. Sometimes decisions were decisions were taken out of compulsion or pressure and were called reforms. Due to this, the desired results could not be achieved. Now both the thinking and approach have changed,” Prime Minister Modi said.
4. Prime Minister Narendra Modi during his virtual address pointed out that in the last six years, the country has witnessed the evolution of a new governance model in tax administration. Complexity, tax, litigation decreased whereas transparency, tax compliance and trust on the taxpayer increased, he said.
5. “Out of all the tax returns in the year 2012-13, scrutiny of 0.94 per cent was done. In the year 2018-19, this figure has come down to 0.26 per cent. The scrutiny of cases has reduced by almost one fourth,” Prime Minister Modi said
6. PM Modi said that India has one of the countries with the lowest corporate tax rates. In 2019, corporate tax rates went down from 30% to 22% and rates were further reduced to 15% for new manufacturing units.
8. PM Modi also pointed out that the number of taxpayers have increased by 2.5 crore after so many reforms, but this number is minimal in this country of 130 crore people.