Sanjay Malhotra, the revenue secretary, stated on Saturday that the administration is still dedicated to ensuring the tax system is equitable, straightforward, and fair.
He stated that the Union budget was a step in the right direction towards the government’s continuous efforts to streamline tax legislation, enhance tax compliance, and promote economic growth through responsible fiscal policies.
Union Finance Minister Nirmala Sitharaman had stated that throughout the following six months, a thorough examination of direct taxes would be conducted with the goal of streamlining them to lessen disagreements.
“Due to improved compliance and collection efficiency, tax growth had reached 14%, surpassing GDP growth,” Malhotra stated during an interactive post-budget meeting with stakeholders.
In an effort to improve tax administration and compliance, he thanked taxpayers and tax administrators for their efforts and appealed for further collaboration.
Taxpayers are told by Malhotra that the government wants to streamline, simplify, and make the process as easy to understand as feasible.
He underlined that the administration’s goals are to avoid harassment and inconvenience for truthful taxpayers and to foster a relationship of confidence with them.
“For those found dishonest, the law would be applied rigorously,” he stated.
In elucidating the elimination of indexation for long-term capital gains, Malhotra claimed that the marginal increase in capital gains tax for the “high-income group” alone should not negatively impact the general public.
The revenue secretary also discussed the budget’s broader economic objectives, which centre on job creation, sectoral growth, and development.
In order to spare future generations from financial hardship, he emphasised the significance of prudent expenditure.
Malhotra also spoke to particular industries, such the maritime, leather, textile, and diamond sectors, where customs taxes have been lowered to boost competitiveness.
In order to draw in both domestic and foreign investment, he emphasised the government’s support for industry through initiatives like the elimination of the angel tax and the lowering of foreign corporations’ corporate tax rates.