Finance Minister Nirmala Sitharaman: Efficiency in tax collection system led to jump in tax revenue in last few years without rate hike

Finance Minister Nirmala Sitharaman has said that tax revenue has gone up in the last few years without tax rate hike. Addressing the 164th Income Tax Day celebrations in New Delhi on 24th July 2023, Ms Sitharaman said, efficiency in tax collection system aided the robust tax mop up.

The Finance Minister said, Prime Minister Narendra Modi has been clear that technology is the answer to most problems and Central Board of Direct Taxes (CBDT) has been working on that. Lauding CBDT, she said, evasions have been brought down.

She said, distinct positive changes have come about in income tax assessments because of technology. The taxpayers opting for new tax regime, will not have to pay Income tax, if his annual income is upto seven lakh 27 thousand.

Ms Sitharaman assured taxpayers of a transparent, objective and friendly income tax regime. She said, assessments for around one lakh notices issued to taxpayers this year will be completed by March next year. The Minister said, such notices were only sent to those, whose income is beyond 50 lakh rupees.