Prime Minister Narendra Modi on Thursday will launch the ‘Transparent Taxation–Honoring the Honest’ platform as part of the government’s ongoing direct tax reforms, an official statement said.
It may be mentioned here that the Central Board of Direct Taxes (CBDT) has been implementing a series of reforms since 2019 when it reduced corporate tax from 30 per cent to 22 per cent.
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For new manufacturing units, the tax rate was further cut to 15 per cent, and the dividend distribution tax was abolished.
The finance ministry in a statement on Wednesday said, “The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws.”
It may be mentioned here that the ministry has also launched a drive to increasingly make the taxation system faceless and transparent to stop overreach by taxmen and check corruption.
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“This includes bringing more transparency in official communications through the newly introduced Document Identification Number (DIN) wherein every communication of the department would carry a computer generated unique document identification number,” the statement added.
It further listed recent reforms such as raising the monetary thresholds for filing of departmental appeals in various appellate courts to reduce taxpayer grievances and litigation and promoting digital transactions.