Govt wants to simplify income tax process, increase compliance says FM Nirmala Sitharaman

Addressing a press conference, after presenting the Budget, the Finance Minister said the emphasis is on providing money in the hands of the people, particularly the middle and lower-middle classes. Ms Sitharaman said, the government also wanted to simplify the income tax process and increase compliance.

She said, the introduction of taxpayer charter is a major step which is in line with the Government’s commitment to ensure honest taxpayers are respected. She said, it is an article of faith for the Government. The Minister said, Government had to relax fiscal deficit target by 0.5 percent to boost consumption demand, private investment and public spending.

She said, corporate tax cut and benefits derived by new companies, improved GST collections will boost revenue generation. She said, it will also give the comfort to bring down fiscal deficit next year with improved disinvestment. The Minister said, it is for the first time in the country that such significant and bold reforms have been introduced in the Budget to deepen the bond markets. 

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