FM Nirmala Sitharaman mentioned that the trust relying on the taxation grounds made by the government would give an outcome in the rectification of the collections along with that it surged in furnishing the number of returns.
On the 163rd income tax day, FM complimented the department for securing the highest revenue collection ever of more than Rs 14 lakh cr in the former financial year and also specified that it is hopeful to have the current performance in the coming time this financial year also.
From Rs 14.09 lakh cr in the FY 2021-22 the direct tax collection has been increased, enrolling the year-on-year growth of 49.02% on the acknowledged growth in the mop up from the individual and the corporation tax.
The government has estimated the direct tax collection at Rs 14.20 lakh crore for the present financial year.
The FM mentioned that the government would address various legacy problems and eliminate the structural inadequacy concerned with the direct taxes to make living simpler and simpler performing the business.
The reforms made by the government in the former years would ensure a trust-based tax system.
“The taxpayers on their part have vindicated this trust-based approach as evident from the trend of improved tax collections and increase in the number of income tax returns filed,” she said.
Towards administration, she specified that a good use of technology would be incurred for making the taxpayer services effective, lower the discretion in making the decision and rectify the clarity, fairness and surge the process of the department.
The income tax department should acknowledge posing a successful execution of the scheme of the reforms made over the former years and for having effectively reoriented itself as a taxpayer-centric organisation, she said.
FM seeks the income tax department to make itself for the subsequent 25 years of growth.
“As we collectively prepare ourselves to propel our nation into the next stage of growth and development in the Amrit Kaal, we hope that the Income Tax Department will re-dedicate itself towards taking forward the progressive policies of the government and use technology to further enhance the quality of taxpayer services,” she mentioned.
Pankaj Chaudhary minister of state for finance articulated that the tax department is liable not only to limit the efficient and good tax administration but to honour the honest assessee and furnish the effective assessee operation.
Tarun Bajaj revenue secretary seeks that several assessees attend the programs conducted by the department and would build an atmosphere of mutual trust and respect between the assessee and the department.
