Page 13 - NIS English Jul 16-31 2024
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Decade of Tax Reforms
very healthy traditions regarding the importance of tax
India is one of the few
and transactions. Goswami Tulsidas has said-
countries that is at the
बरसत हरषत लो्ग सब, करषत लखै न कोइ,
forefront of formulating
गु
गु
गु
तलसी प्रजना सभना्ग ते, भूप भनान सो होइ
technology policies
keeping the future in
That is, the sun draws water from the earth and then the
mind. India today is same water turns into clouds and comes back to the
adopting innovative earth in the form of rain, increasing prosperity.
ways to take full
Significant reforms and modernisation
advantage of the
In the last decade (2014-2024), the government
power of technology has moved forward with this vision. As a result of
from the individual this, the country got a modern system of simplified
income tax, faceless assessment and GST, these
level to society.
reforms led to record tax collection. Prime Minister
Modi says that whatever tax the central government
collected from the people, it returned it in the form
of development - this is the message of good
governance and Ram Rajya.
Simplification and transparency
With this inspiration, the central government has made
huge reforms in the tax system in the last 10 years.
Earlier there were various tax systems in the country,
which the common citizen could not understand easily.
Due to a lack of transparency, honest taxpayers and
people associated with business faced difficulties.
The country has a modern technology-driven tax
administrative system in Direct and Indirect Taxes.
The country has a modern system in the form of
GST. The government also simplified the income tax
system. Started a faceless tax assessment system in
the country which is one of its kind in the world. Today,
the Income tax administration handles voluminous
data and is one amongst the best in the world in
terms of amount of data, and non-intrusive compliance
administration. Due to all these reforms, there is record
tax collection in the country.
Returning benefits to citizens
Not only this, when the government's tax collection has
increased, the government is also returning the public's
money to them through various schemes. In 2014,
income tax exemption was only on income up to Rs 2
lakh, but in the last decade, this limit has increased from
Rs 2 lakh to Rs 7 lakh. The tax exemptions and reforms
done by the Central Government since 2014 have
helped the citizens save tax in lakh crores. With this, the
New India Samachar July 16-31, 2024 11
