Sitharaman lists three principles to widen tax base
Finance Minister Nirmala Sitharaman has urged the Income-Tax Department to prioritize transparency, objectivity, and taxpayer-friendliness to increase the tax base. She highlighted the role of technology in raising revenue collections without raising tax rates. The department saw a 17.67% YoY growth in net direct tax collections in FY23, aided by technology-driven compliance. Sitharaman also mentioned amendments to the income-tax laws to support MSMEs and cooperatives. The government aims to make tax and taxation more people-friendly and aims to make India a developed country by 2047.