Govt to reduce tax rate and simplify exemption structure: FM
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Govt to reduce tax rate and simplify exemption structure: FM

Agency News

New Delhi, Feb 1: The Government motto was to reduce tax rate as much as they can and simplify the exemption structure as well, Union Finance Minister Nirmala Sitharaman said on Saturday.

“Giving too many exemptions is too difficult to administer,” Ms Sitharaman told reporters here. Ms Sitaharaman said there are around 120 exemptions and gradually, the government will be able to remove all of them. The ‘Vivaad se Vishwas’ scheme provides a solution to direct taxpayers and gives more money into people’s hand, she said. Around 4.90 lakh cases of direct tax are still pending across the different courts of the country and the scheme guarantees them to sort out them in one go, Ms Sitharamn told a press conference here.

She said if taxpayers avail the scheme before March 31, 2020, a taxpayer would be required to pay only the amount of the disputed taxes and will get a complete waiver of interest and penalty. But if he avails the scheme by June 30, 2020, he would have to pay 10 per cent interest along with the disputed money. On disinvestment targets, the Minister said a lot of leg work was done in financial year 2019-20. “So we are expecting benefits would come within six months from now,” she added. (UNI)

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