Skip to main content

Scope for expansion of tax base, says Adhia

By
The income tax (I-T) department has decided to hold extensive publicity campaigns on the Black Money Disclosure Scheme launched on June 1. Also, to widen the tax base and devise ways to check the issue of undisclosed money, it was decided at the two-day Rajasva Gyan Sangam, a retreat for the tax administrators that concluded on Friday.
Tax departments will work to improve payer services, increasing the tax base, checking evasion, reducing litigation and digitising processes, said revenue secretary Hasmukh Adhia.
“We had an entire session on strategies to tackle the menace of black money in the system. The ideas or the strategy that emerged cannot be revealed,” he added.
A website will be opened to monitor the efforts by officers to increase the popularity of the Income Declaration Scheme and the Direct Tax Dispute Resolution Scheme.
Prime Minister Narendra Modi in his inaugural address on Thursday had outlined a five-point charter for tax administrators — RAPID, which stands for revenue, accountability, probity, information and digitisation to reform the system.
The black money compliance scheme is in the form of a four-month window that remains open till September 30, allowing assessees to declare hitherto unaccounted money and assets by paying a tax of 45 per cent.
For the first time  the Central Board of Direct Taxes and Central Board of Excise & Customs came together for a conference, with simultaneous sessions.  The two-day Sangam was attended by close to 250 officers of the ranks of principal chief commissioners, chief commissioners and principal commissioners from CBDT and 170 from the CBEC.
Minister of State for Finance Jayant Sinha, in his interaction with the officials, asked them to focus on grievance redressal and increasing their interaction with the public. “He said ministers in the Cabinet are more accessible than tax officers, which needs to be changed. He asked us to take out two hours each day to interact with the public and understand their concerns,” said an official who did not wish to be identified.
Sinha also urged them to identify global best practices and brainstorm over those.
Business Standard New Delhi,18th June 2016

Comments

Post a Comment

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

By
  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...
Post a Comment
Read more

GST collection for November rises by 8.5% to Rs.1.82 trillion

By
  New Delhi: Driven by festive demand, the Goods and Services Tax (GST) collections for the Union and state governments climbed to Rs.1.82 trillion in November, marking an 8.5% year-on-year growth, according to official data released on Sunday. Sequentially, however, the latest collection figures are lower than the Rs.1.87 trillion reported in October, which was the second highest reported so far since the new indirect tax regime was introduced in 2017. The highest-ever GST collection of Rs.2.1 trillion was reported in April. The consumption tax figures highlight the positive impact of the recent festive season on goods purchases, providing a much-needed boost the industry had been anticipating. The uptick in GST collections driven by festive demand had been anticipated by policymakers, who remain optimistic about sustained growth in rural consumption and an improvement in urban demand. The Ministry of Finance, in its latest monthly economic review released last week, stated that I...
Post a Comment
Read more