Prime Minister Narendra Modi on Thursday will unveil the next phase of direct tax reforms aimed at easing compliance and rewarding honest taxpayers, as the government looks to rebuild the pandemic-hit economy. “The Prime Minister will launch the platform for ‘Transparent Taxation – Honoring the Honest’ via video conference.
While the statement did not give details of the reforms to be unveiled, the launch of the platform is expected to further carry forward the journey of direct tax reforms undertaken during last six years.The reforms include reduction in corporate tax last year to 22 per cent from 30 per cent for existing companies and 15 per cent for new manufacturing units, scraping of dividend distribution tax and faceless assessment.
“The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws. Several initiatives have been taken by the CBDT for bringing in efficiency and transparency in the functioning of the I-T Department,” it said.
