FM on Income Tax: Finance Minister Nirmala Sitharaman has given a big statement on the taxation system. The Finance Minister said that the trust-based taxation system introduced by the government has led to better collections and the number of returns filed has also increased. He also praised the department for achieving revenue collection of more than Rs 14 lakh crore in the last financial year. This time also the Finance Minister had appealed to the people, whose effect is visible this time also.
This year’s record collection
According to government data, the GST collection in the month of July has increased by 28 percent compared to the same period last year. In the month of July, Rs 1,48,995 crore has come to the government treasury from the GST collection. At the same time, the GST collection last month was Rs 1,44,616 crore. The GST collection in July 2021 was Rs 1,16,393 crore.
The loopholes have been removed: Sitharaman
Significantly, direct tax collection has increased by 49.02 percent on an annual basis to Rs 14.09 lakh crore in 2021-22. The government had set a target of direct tax collection of Rs 14.20 lakh crore for the financial year 2022-23. The Finance Minister said that the government has resolved many pending issues and infrastructural loopholes related to direct taxes have been removed. The Finance Minister said that the reforms made by the government in recent years have made the tax system trust-based.
Increase in number of income tax returns
Sitharaman said that taxpayers have affirmed the trust-based tax system and said that this tax collection has further improved, which is evident from the increase in the number of income tax returns. Not only this, he said that technology has been effectively used to enhance taxpayer service and transparency, speed up departmental processes.
Department made positive changes
On this occasion, Minister of State for Finance Pankaj Choudhary has also told that the responsibility of the tax department is not only limited to efficient and effective tax administration but it is also its responsibility to honor honest taxpayers. The department has proved itself to be an organization by providing time bound services to the taxpayers and adopting positive changes. The number of people filing tax returns has increased, which shows the efficiency of the department.
