Govt committed to Faceless Tax Assessment to build trust between tax administrator and tax payer: ASSOCHAM
Kolkata/IBNS: ASSOCHAM Chairman PC Mody, while talking about the thought process that went in drafting Budget 2020 at the body's Post-Budget Conference to analyse tax-related proposals, said their focus was on promoting voluntary tax compliance, facilitate the compliant taxpayer and go after the delinquent ones.
“The government focused on the successful implementation of Faceless Assessment scheme in a phased manner as part of its endeavour to build trust between the tax administrations and tax payer. This scheme is aided by technical units with an intention to minimize and reduce any sort of personal interface between tax payer and the tax officer so that there is no question of any sort of harassment in any form,” he said.
Talking about the innovative ‘Vivad se Vishwas'' scheme announced in the Union Budget he stated, “I feel this is a fair deal and I would urge people to rethink about the pending issues and come forward and avail of the scheme.”
Delivering the Welcome Address, Niranjan Hiranandani, President, ASSOCHAM said, “Budget 2020 is going to set the tone for the next 5 years. The direction in terms of what the finance minister stated in concurrence with the direction set by Prime Minister Modi has set a vision document which is absolutely clear - integration in terms of the entire world, focus on agriculture, investments in different ways that are cleared and corporate tax 25%.”
Talking about the severe liquidity crisis faced by SMEs Hiranandani said, “SMEs have multiplier effect on the economy. Today, SMEs are facing liquidity crunch and there is no way they are going to prosper unless the liquidity crisis is addressed. We need to bring liquidity to the industry and to business.”
Delivering the Special Address and talking about the need to extend support to faltering sectors at the right time and right extent, John Joseph, Member – Tax Policy, Central Board of Indirect Taxes and Customs (CBIC) said, “Government has increased customs duty substantially on lot of items that are manufactured by SMEs to support the sector so that more people get employed and economic activity starts.”
Terming the implementation of GST a success he said, “Implementation of GST inflation remained stable in India unlike in other parts of the world where there was spike in inflation after the implementation of GST. To ensure higher GST compliance we have plans to come up with lottery system to change consumer behaviour.”
ASSOCHAM Post Budget Conference was held to bring greater awareness about the new tax proposals and policy initiatives in the Union Budget 2020-21 and to provide clarifications across the table to all stakeholders.
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