‘Those who create wealth are the wealth of our country’, says PM Narendra Modi

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Updated: Jun 15, 2020 20:05 IST

Prime Minister Narendra Modi on Thursday said wealth creation is a great national service and it should not be seen with suspicion because wealth can be distributed only after it is created.

“Let us never see wealth creators with suspicion. Only when wealth is created, wealth will be distributed. Wealth creation is absolutely essential. Those who create wealth are India’s wealth and we respect them,” a tweet from PM’s official handle @PMOIndia said, referring to his Independence Day speech delivered earlier in the day where he made the same point.

In the speech, Modi said some wrong notions have gripped the country with regard to wealth creators and such notions must be discarded. The country needs wealth creators and re-distribution of wealth to help the poor, he said.

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He said wealth creation is a valued activity for the country and it should be encouraged. “Those who are engaged in creation of wealth, for me they are also wealth of our country. Their honour and pride will give new strength to this step,” the PM said.

The PM’s stress on the importance of industries in the nation building has sent a strong signal to government departments that they should shun what is seen as “tax terrorism”, and stop creating bureaucratic hassles, consultants and industry experts said on condition of anonymity.

They said that the PM’s statement should help check the overzealousness of tax authorities and investigative agencies.

An official in the revenue department said asking not to be named that the government is making every effort to minimise hassles for businessmen (and also the common man) through digitisation and faceless interactions.

Income-tax officials should build trust with the persons who pay tax, but they must use the latest technology and mine data to catch tax evaders who “game” the system, finance minister Niramla Sitharaman said last month at a function organised by the I-T department to commemorate the 159th “Aaykar Diwas”.

According to the revenue official cited above, the finance minister has asked taxmen to be prompt in redressing grievances of taxpayers and expand the tax base in a non-intrusive manner while striving to achieve revenue targets.

A spokesperson of the Central Board of Direct Taxes (CBDT) said the government on Wednesday announced the usage of technology to generate summons and other communications so that no individual tax official can misuse the system .

“In pursuance of the directions of the Hon’ble Prime Minister to come up with measures to ensure that the honest taxpayers are not harassed and served better, the Central Board of Direct Taxes has taken yet another step to ensure greater transparency and accountability in tax administration,” the spokesperson said in a statement.

A documentation identification number (DIN) will be attached to each of tax communication — notice, order, summons, letter and any other correspondence — from October 1, 2019. “Any communication without a computer generated DIN would be treated as invalid and shall be deemed to have never been issued. All such communications would be verifiable on the e-filing portal,” the statement added.

Chandrajit Banerjee, director general, Confederation of Indian Industry, said: “The PM made it a point to talk positively about wealth creators. His encouraging words on the ease of doing business and Rs 100 lakh crore infrastructure missions will go a long way to reassure entrepreneurs about growth prospects.”