Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT RATES :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: articles on VAT and GST in India :: cpt
« Service Tax »
 Chidambaram says there cannot be multiple tax slabs in GST
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses
 GST to subsume over a dozen Central, State taxes
 Incidence of indirect taxes won't go up under GST
 Advanced Budget date: Absence of a GST rate may present estimation challenges

GST will help curb domestic black money: CBT chairperson
August, 21st 2015

Anita Kapur, chairperson of the Central Board of Direct Taxes (CBDT), tells HT that implementation of goods and services tax (GST) will help control black money troubles, and talks about other challenges. Edited excerpts:

How can taxes be reduced in India in years to come?

Tax rates and liability will be reduced if everyone pays taxes honestly. The challenge in India is that we have a large number of non-filers, plus a huge number of filers who understate income. The CBDT is trying to curb these two segments for good revenue. We are working to solve this by reaching out to people in a non-intrusive manner.

What can be an effective policy initiative to curb black money?

Implementation of GST can help in curbing domestic black money. Though it is a reform for indirect taxes, there are filers who understate incomes by not reporting each and every transaction. By doing this, they not only ‘save’ on the excise, VAT, Octroi etc, but also under report incomes. Such practices lead to generation of black money in the system. Once GST is in place, we will also have the correct and exact data of transactions and then the tax department can counter check the GST returns filed by these people, against their declared incomes. So, it will be an enabler for direct taxes too.

What is the status on mandatory quoting of PAN for large transactions?

As of now there is no rethinking. Making PAN mandatory in terms of the finance minister’s budget speech requires an amendment in the Income-Tax Rule 114B. We will be putting it up for the finance minister’s consideration for approval of the changes. Once it is done, we will notify it for the implementation.

How successful have the initiatives for easing tax filing been?

At present, over 47% of people file returns after office hours. Earlier, when tax returns were filed manually, one had to take a day off from work. Similarly, over 80% of the taxes are paid through net banking and ATMs. Thus, linking net banking to paying returns is also yielding benefits. More such efforts will be taken soon to further ease processes for the taxpayers.

How many people are linking Aadhar numbers with their tax filing to cut down verification?

Till now, over 1.25 million returns have been verified electronically through one-time password (OTP). Over 1.67 million have linked their Aadhar numbers (though not all have filed returns yet). People are choosing to cut out the cumbersome process of printing forms and sending them to Bengaluru.

We would encourage people to use the OTP facility and file correct details to help the department process returns and issue refunds in a seamless manner. We have till now received 9.62 million e-filed returns, and the e-filing period has still not ended. We expect the numbers to increase.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions