PM Modi to launch platform to honour honest taxpayers on Thursday

PM Modi to launch platform to honour honest taxpayers on Thursday

world news service

12/08/20

The Central Board of Direct Taxes (CBDT) has been implementing a series of reforms since last year, when it reduced corporate tax from 30% to 22%. For new manufacturing units, the tax rate was further cut to 15%, and the dividend distribution tax was abolished.

Prime Minister Narendra Modi will launch the platform “Transparent Taxation--Honoring the Honest” on Thursday as part of the government’s ongoing direct tax reforms, an official statement said.

The Central Board of Direct Taxes (CBDT) has been implementing a series of reforms since last year, when it reduced corporate tax from 30% to 22%. For new manufacturing units, the tax rate was further cut to 15%, and the dividend distribution tax was abolished.

“The focus of the tax reforms has been on reduction in tax rates and on simplification of direct tax laws,” the finance ministry said in a statement on Wednesday.

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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