56. Lowering tax rates to reward honest taxpayers and improve compliance
Status: Key steps taken on lowering rate include reducing corporate tax to 22%, 15% tax for new manufacturing firms, increase in threshold for presumptive taxation for professionals and retail businesses, increase in personal income tax rebate up to Rs 7 lakh, and rationalisation of the GST rates. Consequently, the number of personal Income-tax filings has more than doubled from 3.4 crore (AY-2014) to 8.2 crore (AY-2024, till Dec’23). The number of GST taxpayers has increased to 1.4 crore by June 2023. i ii iii