Nirmala Sitaraman, Union Finance Minister, expressed her resolve to bring further changes in Tax Laws in order to promote ease of doing business and further procedural simplification in Income Tax and GST. Govt. has taken various steps to reduce the compliance as well as tax burden by introducing the alternative rates of taxes for an individual taxpayer, said Union FM.
Sitharaman was addressing the inaugural session of National Tax Conference on the Theme ‘Digital Era in Tax Laws’ on Friday. All India Federation of Tax Practitioners (AIFTP) organized a Virtual National Tax Conference on the theme ‘Digital Era in Tax Laws’. The National Conference was inaugurated by Nirmala Sitharaman, Finance Minister on Friday.
Addressing the conference, she talked about the recent reforms made in the Taxation Regime of the country. She also discussed various reforms made in the Income Tax Laws including the Faceless Assessments and Faceless Appeals Scheme and the ‘Vivad se Vishwas Scheme’.
While addressing the conference, Sitharaman said the Tax Professionals play an important role in ensuring timely and proper compliance by the businessmen and industrialists. The country has a very lucrative Corporate Taxation System along with the abolition of the Dividend Distribution Tax levied on the distribution of profits by a Company.
Source from: https://www.freepressjournal.in/indore/gst-and-income-tax-laws-to-be-further-simplified-says-nirmala-sitharaman