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Simplification of tax laws high on Govt agenda
June, 13th 2009

Union Minister Vayalar Ravi said that simplification of tax laws and reduction of compliance costs were high on the Government's agenda.

Inaugurating the seminar on tax laws, organised by the Southern Regional Council of the Institute of Chartered Accountants of India (SIRC of ICAI) in Kochi on Friday, he said that some of the tax lowering and taxpayer-friendly approach adopted by the Government had resulted in the increase in the revenue through taxes.

The Minister said that the revenue collection through the taxes went up by 5.77 percent in the first two months of the current fiscal compared to the corresponding period in the previous year.

The tax collection which was put at Rs 22,840 crore last year went up to Rs 24,158 crore this year.

The Government is investing heavily on modernising the tax administration with an aim to render better services to the taxpayers. World over, taxation systems are struggling to keep pace with the forces of globalisation and liberalisation.

So far as taxation is concerned, transparency and accountability are more important, Ravi said.

M Devaraja Reddy, chairman, SIR C of ICAI presided over the meeting and K Madhavan Nair, Director-General of Income Tax delivered the keynote address.

V C James, member, central council of ICAI, V X Jose, member, SIRC of ICAI and P R Suresh, secretary, SIRC of ICAI also spoke on the occasion.

 
 
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