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Trust-Based Taxation System Driving Improved Collections: Finance Minister

Trust-Based Taxation System Driving Improved Collections: Finance Minister

Trust-Based Taxation System Driving Improved Collections: Finance Minister

Belief-based taxation system leading to improved collections: Finance Minister

New Delhi:

Finance minister Nirmala Sitharaman on Sunday mentioned that the trust-based taxation system launched by the federal government has resulted in improved collections and a rise within the variety of return filings.

In her message on the 163rd Revenue Tax Day, the finance minister complimented the division for attaining the highest-ever income assortment of over Rs 14 lakh crore within the final fiscal and expressed hope that the momentum would proceed within the present fiscal too.

Direct tax collections surged to Rs 14.09 lakh crore in 2021-22, registering a year-on-year progress of 49.02 per cent on the again of sturdy progress in mop-up from particular person and company tax.

For the present fiscal, the federal government has projected the direct tax assortment at Rs 14.20 lakh crore.

The finance minister mentioned the federal government has addressed a number of legacy points and eliminated structural deficiencies associated to direct taxes to foster ease of residing and ease of doing enterprise.

The reforms launched by the federal government in recent times have ensured a trust-based tax system.

“The taxpayers on their half have vindicated this trust-based strategy as evident from the development of improved tax collections and improve within the variety of revenue tax returns filed,” she mentioned.

On the administration aspect, she mentioned efficient use of expertise had been made to boost taxpayer companies, minimise discretion in choice making and enhance transparency, equity and velocity of departmental processes.

The Revenue Tax Division should be appreciated for having efficiently carried out the coverage of reforms launched over the previous couple of years and for having successfully reoriented itself as a taxpayer-centric organisation, she mentioned.

The finance minister urged Revenue Tax Division to organize itself for the following 25 years of progress.

“As we collectively put together ourselves to propel our nation into the following stage of progress and improvement within the Amrit Kaal, we hope that the Revenue Tax Division will re-dedicate itself in direction of taking ahead the progressive insurance policies of the federal government and use expertise to boost the standard of taxpayer companies additional,” she mentioned.

In the course of the event, the minister of state for finance, Pankaj Chaudhary, mentioned the tax division’s accountability isn’t just restricted to environment friendly and efficient tax administration but in addition extends to honouring trustworthy taxpayers and offering higher taxpayer facilitation.

Income secretary Tarun Bajaj, in his message, counseled the division for having proved itself a reliable organisation by embracing optimistic modifications and committing itself to ship time-bound companies to taxpayers.

He noticed that varied taxpayer outreach programmes organised by the division would go a good distance in creating an environment of mutual belief and respect between the taxpayers and the division.

Central Board of Direct Taxes (CBDT) chairman Nitin Gupta urged officers to not relaxation on their laurels and maintain working onerous. 

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