In a significant development, Nitin Gupta, Chairman of the Central Board of Direct Taxation (CBDT), has announced that the process of tax return filing has been streamlined, reducing the turnaround time to just 10 days. Gupta shared this information, stating that an impressive 22% of returns were processed within one day, coupled with the issuance of refunds. Speaking to NDTV, he expressed the board's commitment to further expedite the process and enhance taxpayer-friendliness.
Gupta reported that, despite the challenges, the economy is growing at an impressive rate of 20% net of refunds in the current year. He highlighted the success of the return processing, with refunds totaling Rs 2.78 lakh crore segregated during the current fiscal year.
Sanjay Aggarwal, Chairman of the Central Board of Indirect Taxes and Customs, added that the growth in Goods and Services Tax (GST) for the present year has been robust, providing a positive outlook for the fiscal landscape. He expressed confidence in the realistic and achievable targets set for FY25, citing the healthy growth in both customs and excise duties.
Aggarwal noted a decline in the merchandise trade impact from $548 billion to $505 billion, as reported by the Commerce Ministry. This reduction has also affected custom duties, reflecting the evolving dynamics of international trade.
The CBDT Chairman underscored the board's commitment to enhancing its relationship with taxpayers through initiatives like faceless appeal and faceless assessment. Encouraging timely tax payments, Gupta stressed their role in fostering Gross Domestic Product (GDP) growth and achieving the goal of a 'Viksit Bharat' by 2047.
Despite presenting the interim budget 2024 with a focus on infrastructure, housing, and growth, Finance Minister Nirmala Sitharaman maintained the existing direct and indirect tax structures. Setting the tax receipts target at Rs 26.02 lakh crore, she ensured fiscal consolidation, keeping in mind the upcoming elections and aiming for continued economic stability. The emphasis on expeditious tax processes and taxpayer-friendly measures aligns with the government's commitment to economic growth and administrative efficiency.
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