Tax reforms to bring transparency: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman said on Saturday that the government had not only reduced corporate tax, but had also brought in comprehensive tax reform.

Addressing the gathering at an event here, she said, the reforms brought about in the corporate tax structure was not only aimed at simplifying and minimising the rate, but also bringing in more transparency in tax compliance.

The Union government had recently reduced the corporate tax from 30% to 22%, and MAT (Minimum Alternate Tax) rate to 15%. The Modi government wants India to be the best place for investment, she said.

Nirmala said the country is in a transition phase and the Modi government is strongly committed to bring in reforms that will transform the society from a ‘red-tape society’ to ‘red-carpet society’ for investors.

At another event in Dharwad, she said the citizens of the country should shun the attitude of considering tax as a punishment. It is the responsibility of every citizen to give something in return to the country for its progress, the minister said.