"The proposed goods and services tax (GST) would revolutionise the indirect tax regime by facilitating the manufacturer to pay almost all indirect taxes through a single challan," said Sunil Mitra, secretary, Union ministry of finance, while speaking at a panel discussion organised by CUTS International and the department of economics, University of Rajasthan, at Senate Hall on Tuesday. It was held to create awareness on the distinctive features of the direct tax code (DTC) and GST.
Mitra laid stress on the important role the proposed tax reforms could play in raising resources for the country's infrastructure which is imperative to sustain high rate of growth. He spoke on a wide array of issues related to taxes like area-based exemptions, role of subsidies and concessions and also cleared doubts of businessmen, chartered accountants and students on the new tax reforms.
The participants urged the secretary to give some special privileges to Rajasthan under the new tax reforms which is yet to be finalised in order to create a conducive environment for industries.
Earlier, AD Sawant, vice-chancellor, RU, also drew attention to the role of taxation in facilitating infrastructure development. He urged the secretary to stress on the need to checking tax evasion for raising the tax revenues.