Govt Allocates Rs 75,000 Cr for State Growth Initiatives

ENA Economy 2024-02-01 16:50:47 New Delhi, Feb 1 (KNN) Finance Minister Nirmala Sitharaman, during her interim budget speech, emphasised the imperative need for growth and development-enabling reforms in states to realise the vision of 'Viksit Bharat' or Developed India. To facilitate these crucial reforms, the government has proposed a provision of Rs 75000 crore as a fifty-year interest-free loan for State Governments. This financial support aims to encourage and bolster milestone-linked reforms across various states. In the context of tax reforms, Sitharaman highlighted the government's steadfast focus over the last five years on enhancing taxpayer services. A significant transformation was achieved by replacing the age-old jurisdiction-based assessment system with the introduction of Faceless Assessment and Appeal. This strategic move not only increased efficiency but also brought greater transparency and accountability to the tax assessment process. The introduction of updated income tax returns, a new Form 26AS, and the prefilling of tax returns have played a pivotal role in simplifying the filing process for taxpayers. As a result, the average processing time for tax returns has seen a remarkable reduction, dropping from 93 days in the fiscal year 2013-14 to an impressive ten days in the current year. This streamlined approach not only eases the burden on taxpayers but also ensures faster processing of refunds, marking a significant improvement in the overall tax administration system. (KNN Bureau) 36521 https://knnindia.co.in/news/newsdetails/economy/govt-allocates-rs-75000-cr-for-state-growth-initiatives 2024-02-01 16:50:47 knnindia.co.in Govt Allocates Rs 75,000 Cr for State Growth Initiatives