- In the last 10 years of Modi government rule, India has undergone significant tax reforms
- Implementation of Goods and Services Tax (GST) revolutionized indirect tax landscape
- Reforms include digitization, real-time data sharing, faceless assessment, dispute resolution schemes, compliance simplification, and rate rationalization
- GST introduced in 2017 to unify tax system and improve compliance
- Direct tax reforms include streamlining tax filing process, lowering corporate tax rates, and addressing transfer pricing issues
- New tax regime introduced to simplify personal taxation process
- Significant increase in direct tax collection numbers and number of ITRs filed
- Areas of improvement in tax system for taxpayers
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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