New Delhi: Prime Minister Narendra Modi has said that the goal of achieving the $5 trillion economy is achievable. He was addressing the inaugural session of the Hundred Years of ASSOCHAM in New Delhi today.
PM Modi emphasised the efforts being made towards a faceless tax administration in the country in order to reduce the human interface between the tax payer and the authorities, saying, “In order to bring about transparency, efficiency and accountability in the Tax System, we are moving towards a faceless Tax Administration.”
Modi said that the Government has decriminalised several laws in the corporate sector in order to reduce the burden and allow the industry to function in a fearless ecosystem, explaining, “You know that there were several provisions of the Company Act as per which even small deviations were also dealt as a criminal offence. Our Government has now decriminalised many such provisions. And we are trying decriminalise many other provisions.”
The Prime Minister observed that the Corporate Tax at this time in the country is the lowest ever and that this would propel a boost in the economic growth, saying, “The Corporate Tax is the lowest at the moment, meaning if there is any Government that is taking the lowest Corporate Tax from the Industry, then it is ours.”
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