Budget 2020: Aadhaar-based verification of taxpayers - Govt announces introduction
Budget 2020: Aadhaar-based verification Will help in weeding out dummy or non-existent units. Dynamic QR code proposed for consumer invoices. GST parameters will be captured when payment for purchases is made through QR code, Finance Minister Nirmala Sitharaman said during her budget speech
The Finance Minister Nirmala Sitharaman today said that the government will be introducing the Aadhar-based verification for taxpayers. The announcements were made during her Budget 2020 speech on Saturday.
"Will help in weeding out dummy or non-existent unit. Dynamic QR code proposed for consumer invoices. GST parameters will be captured when payment for purchases is made through QR code," the finance minister said during her budget speech.
Among other important announcements related to tax, the government said that it would reduce litigation in indirect taxes. The taxpayers will be required to pay only the amount of disputed tax. Sitharaman also said that there will be a complete waiver on interest and penalty for people who pay the amount by 31 March 2020. Those who will be paying after the stipulated time will be required to pay the additional amount, the FM said. The scheme is applicable until 30 June 2020.
The finance minister, today also made an announcement on the adoption of new processes for allotment of Aadhaar.
"With an objective of enhancing the efficiency of the delivery system of the income tax department, I propose to amend the provisions of the income tax act to mandate the Central Board of Direct Taxes (CBDT) to adopt a taxpayer charter...the details of the contents of the charter will be notified soon. Instant PAN through Aadhaar. In the last Budget, I had introduced the interchangeability of PAN and Aadhaar for which the necessary rules were already notified. In order to further ease the allotment of PAN, soon we will launch a system under which PAN shall be instantly allowed online on the basis of Aadhaar without any requirement of filling up of detail application," the Finance Minister said.
Watch Union Budget 2020 Live TV Streaming Below on Zee Business:
The Finance Minister Nirmala Sitharaman was presenting her second budget and her first full budget in the Narendra Modi 2.0 government. The Finance minister began her Budget speech by remembering the former finance minister, the late Arun Jaitley.
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