Prime Minister Narendra Modi will launch a platform to honor the nation’s honest taxpayers on Thursday.
The platform called “Transparent Taxation – Honoring the Honest” will be launched by PM Modi via video conferencing on the 13th of August 2020.
“The upcoming launch of the platform for ‘Transparent Taxation Honoring the Honest’ by the Prime Minister will further carry forward the journey of direct tax reforms,” the Finance Ministry said in a statement on Wednesday.
The Prime Minister’s Office (PMO) in a statement said that the Central Board of Direct Taxes (CBDT) has carried out several major tax reforms in direct taxes in recent years.
Last year the corporate tax rates were reduced from 30 percent to 22 percent and for new manufacturing units the rates were reduced to 15 percent. Dividend distribution Tax was also abolished.
“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 IT Department,” the PMO said in a statement.
This includes bringing more transparency in official communication through the newly introduced Document Identification Number (DIN) wherein every communication of the Department would carry a computer generated unique document identification number.