Revenue Secretary Sanjay Malhotra Discusses New Tax Code and Budget Benefits
New Delhi [India] July 25: Revenue Secretary Sanjay Malhotra announced during a post-budget interaction with industry leaders that the government is working on a revised direct tax code, which will be released in six months for wider consultations. Speaking at FICCI’s interactive session on the Union Budget 2024-25, Malhotra emphasized a collaborative approach to tax implementation.
Malhotra stated, “We will have a consultation process and how it will happen that we will decide. We would like to have a collaborative approach for implementation.” He added that the government’s efforts aim to provide a hassle-free, simple, and collaborative approach towards tax implementation.
Highlighting the broad themes of the Union Budget, Malhotra said the goal is to make the tax process simpler for taxpayers. Key budget proposals include the abolition of angel tax, decriminalizing laws, and reducing duties, which will benefit the industry.
Ravi Agarwal, Chairperson of the Central Board of Direct Taxes, noted that the new tax regime with new slabs and rates is beneficial for all, with around two-thirds of taxpayers filing returns through it. He also mentioned the benefits of rationalizing taxation on capital gains in different asset categories.
Sanjay Kumar Agarwal, Chairperson of the Central Board of Indirect Taxes and Customs, highlighted the need for simplified taxation and rationalized rates to enhance supply chains and ensure global competitiveness.
FICCI’s former president Harsh Pati Singhania praised the budget, stating, “By addressing the near-term challenges, while keeping an eye on the long-term, the government has assured that this budget is growth-oriented, inclusive, and will create opportunities for all sections of society.” He also noted that the indirect tax proposals focus on promoting domestic value addition, reducing trade bottlenecks, curbing litigation, and improving the ease of doing business.
Singhania added that the introduction of the Vivad Se Vishwas scheme for direct tax matters is a positive step, and a similar scheme for customs disputes would significantly reduce litigation.
Doubts Revealed
Revenue Secretary -: A Revenue Secretary is a top government official in charge of managing the country’s money, especially taxes.
Sanjay Malhotra -: Sanjay Malhotra is the person who is currently the Revenue Secretary of India.
Tax Code -: A tax code is a set of laws and rules that tell people how much tax they need to pay to the government.
Budget -: A budget is a plan that shows how the government will spend its money and where it will get the money from.
FICCI -: FICCI stands for the Federation of Indian Chambers of Commerce and Industry. It is a group that represents businesses in India.
Angel Tax -: Angel tax is a tax on the money that startups receive from investors. The government is planning to remove this tax.
Duties -: Duties are taxes that people pay on goods they buy from other countries.
Ravi Agarwal -: Ravi Agarwal is an industry leader who supports the new budget.
Harsh Pati Singhania -: Harsh Pati Singhania is another industry leader who thinks the new budget is good for growth and inclusion.
