NEW DELHI: Prime Minister Narendra Modi said on Wednesday that the country is moving towards fiscal transparency as a result of reforms such as faceless appeals and the dispute resolution mechanism introduced by the government.
Opening the residential and office complex of the Cuttack Bank of the Income Tax Appeals Court (ITAT), PM said: “Today, the country is leaving it behind and moving towards fiscal transparency. fiscal terrorism It has come to fiscal transparency because we are moving forward with the approach to reform, carry out and transform ”.
Praising India’s efforts to create a transparent tax system, noted that India is one of the few countries in the world where both the rights and duties of the taxpayer have been codified, they have been granted legal recognition.
“This is an important step in restoring trust and transparency between the taxpayer and the tax collector,” he said.
In addition, the reduction in Corporate tax rate, simplified fee structure for individual taxpayers, faceless appeals, and fast refunds.
Stating that wealth creators must be honored, he said easing their problems will help the economy grow.
Accepting up to 99.75 percent of tax returns is certainly a step toward trust in the taxpayer, he added.
“When the difficulties of the country’s wealth creators are reduced, you get protection and your trust grows more in the country’s systems. The result of this growing belief is that more and more partners join the tax system for the country’s development.” he explained.
.
