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Admin Reporter- POOJA1

Aug 14 2020


PM Modi launches first taxpayers’ charter

Friday, 14 August 2020

Prime Minister Narendra Modi on Thursday unveiled India’s first charter of taxpayers’ rights and duties and issued a national appeal ahead of the 74th Independence Day for introspection by citizens on the fact that only 15 million people in a population of 1.3 billion pay income tax.

 

 

 

 

Modi’s appeal comes in the context of Covid-19, which has entailed a ₹Rs 20 lakh crore economic stimulus and relief package, and the 68-day lockdown starting on March 25 that closed business establishments, took public transport off the roads and suspended production in all sectors barring those considered essential, such as pharmaceuticals and food processing. With the economy taking a hit, government revenues are expected to come under pressure. According to the Controller General of Accounts, the government’s actual revenue receipts in the first quarter of the current financial year were ₹1.5 lakh crore, which is 7.4% of the total budget estimate of around ₹20.21 lakh crore for 2020-21.

 

 

 

 

Combined collections of corporate tax (₹54,212 crore) and income tax (₹62,123 crore) in the quarter ended June were 30.57% less than the figure in the same period last year. Collection of Goods and Services Tax (GST) in the first three months of current financial year amounted to ₹98,888 crore, 54.32% less than in the year-ago period. Collection of customs and central excise, at ₹50,763 crore, dropped 33.59% from a year ago.

 

 

 

Taxation reforms in the last six years have been centred on three concepts—seamless, painless and faceless —that have reduced complexities, cut tax rates and litigation, Modi said. He also called for introspection by citizens on the small pool of taxpayers.

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