Skip to main content

Non-compliance being defended in name of privacy, says Jaitley


Stating that linking of Aadhaar with PAN was an effective anti-evasion measure, finance minister Arun Jaitley said on Monday that "non-compliance" were being defended in "the name of privacy".
Addressing tax officials to mark the Income Tax Day, the FM said a series of steps taken by the government were intended to expand the tax base, make processes more reasonable, make rates more reasonable, and enrich and empower the country.
"You take some effective anti-evasion measures like linking of PAN with Aadhaar to avoid multiple PAN cards or to keep a watch on the nature of expenditure that the expenditure is compliant with the declared income of an assessee, you will find noncompliances being defended these days in the name of privacy," Jaitley said.
"Now this is where we have to get out of, and the debate in favour of compliances has to be a debate based on creating a more ethical and a more complaint India." FM said net impact of demonetisation, benami law and other executive actions have created an incentive in favour of the honest man and were "intended to give sleepless nights to non-compliant and the dishonest"
"We cannot allow the traditional normal, which existed in India, to continue. Non-compliance itself had evolved into a standard operating procedure. These days we are finding political leaders resorting to this," Jaitley said, calling for setting deterrents against "such kind of practices" and "change in mindsets".
He said the tax department was resorting to use of technology to cut down interface with assessees.
"This will cut down on compliance cost, cut down corruption and harassment and therefore incentivise the honest taxpayer." He said the government was now working on ensuring transparency in political funding.
Get latest news & live updates on the go on your pc with News App. Download The Times of India news app for your device.
The Economic Times, New Delhi, 25th July 2017

Comments

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...

Luxury carmakers urge clarity on GST rates to boost festive season sales

  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...

Sebi proposes tighter norms for green bond third-party reviewers

  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...