Nirmala Seetharaman the FM thanked the taxpayers and said that they are responsible citizens. It is with their contribution the Government is functioning she said. She termed them as honest taxpayers. The direct tax payment has increased to 11.37 lakh crores she informed the members. The digital economy will be encouraged she said. The direct tax collection is up by 78 per cent she said.
GST on electric vehicles will be reduced from 12 to 5 percent. Interest on the loan will also be reduced for purchasing the electric vehicles. 25 percent tax would be levied on business over Rs 400 crore. No scrutiny for startups she announced. The taxpayers can use Aadhar Card in place of Pan card she said. Wherever you need Pan, we can use Aadhar card she said.
The taxpayers should not have any problem while paying the tax she said. faceless assessment in electronic mode is being introduced she said for the convenience of the taxpayers also called as e-assessment.
Notice will also be served electronically she explained. TDS of 2 percent will be levied on cash withdrawal exceeding in a year from a bank account. There will be a surcharge for an income from Rs 2 crore to 5 crore. The dream of one nation, one tax and one market will be realised she explained. The super rich will pay more tax she said.
There will be an electronic invoice system she stated. There is no change in the lower income tax slabs. There is a hike in surcharge on higher income groups.
