 "Revenue secretary, Sanjay Malhotra")
For those found dishonest, the law would be applied rigorously: Sanjay Malhotra | Credit: X/@CII
Revenue Secretary Sanjay Malhotra on Saturday said the government remains committed to fairness, simplicity and equity in the tax system.
He said the government’s ongoing efforts are to simplify tax laws, improve tax compliance, and support economic growth through prudent fiscal policies and the Union budget was in that direction.
Union Finance Minister Nirmala Sitharaman had said a comprehensive review would be done on direct taxes over the next six months aiming at making direct taxes simpler to reduce disputes.
“Tax growth had reached 14 per cent, outpacing GDP growth due to better compliance and collection efficiency,” Malhotra said in a post-budget interactive session with stakeholders.
He commended both tax administrators and taxpayers for their efforts and asked for continued cooperation to further enhance tax compliance and administration.
Malhotra assured taxpayers that the government aims to simplify and make it easier to understand and make the process as hassle-free as possible.
He emphasized that the administration seeks to build trust with taxpayers and aims to minimise harassment and inconvenience for honest taxpayers.
“For those found dishonest, the law would be applied rigorously,” he said.
While explaining the removal of indexation for long-term capital gains, Malhotra stated that it should not hurt the masses as the capital gains tax was increased marginally for the “high-income group” only.
The revenue secretary also touched on the broader economic goals reflected in the budget, focusing on growth, employment, and development across various sectors.
He underscored the importance of fiscally responsible spending to avoid burdening future generations.
Malhotra also addressed specific sectors, such as the leather, textile, diamond, and marine sectors, which have seen reductions in customs duties to enhance competitiveness.
He highlighted the government’s support for industries through measures like the removal of angel tax and reduction of corporate tax rates of foreign companies to attract both domestic and international investment.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 03 2024 | 9:44 PM IST
