Wednesday, May 31, 2023

Taxation System: Nirmala Sitharaman, the Finance Minister, made a significant announcement regarding tax collection

Finance Minister Nirmala Sitharaman has made a major statement on the taxation system. According to the Finance Minister, the government’s trust-based taxation system has resulted in higher collections and an increase in the number of tax returns. He also appreciated the department for collecting more than Rs 14 lakh crore in revenue in the previous financial year. At the same time, he expressed hope that the current financial year’s rate of revenue collection growth will continue. The Finance Minister also prompted taxpayers to pay their taxes.

The following loopholes have been closed: Sitharaman
Direct tax collection has increased by 49.02 percent year on year to Rs 14.09 lakh crore in 2021-22. The government has set a direct tax collection target of Rs 14.20 lakh crore for the financial year 2022-23. According to the Finance Minister, the government has resolved many outstanding issues and has closed infrastructure loopholes related to direct taxes. According to the Finance Minister, the government’s recent changes have made the tax system more trustworthy.

A rise in the number of income tax returns
Sitharaman mentioned that taxpayers have asserted the trust-based tax system, and that tax collection has improved further, as illustrated by an increase in the number of income tax returns. Furthermore, he stated that technology has been effectively used to improve taxpayer service and transparency, as well as to speed up departmental processes.

The department implemented positive changes.
On this occasion, the Minister of State for Finance Pankaj Choudhary stated that the tax department’s responsibility is not only to administer taxes efficiently and effectively but also to respect honest taxpayers. The department has proven to be a professional organization by providing timely services to taxpayers and implementing positive changes. The number of people filing tax returns has increased, demonstrating the department’s efficiency.

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