CUTS IN MEDIA-July 2010
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Tax paying will be easier for the industry under the proposed Goods and Services Tax (GST) as it will enable manufactures to make payments of almost all indirect taxes through a single challan under, said a top official from the Department of Revenue.
"The proposed Goods and Services Tax (GST) would revolutionise the indirect tax regime by facilitating payment of almost all indirect taxes by the manufacturer through a single challan”, said Mitra, while speaking at a Panel Discussion jointly organised by CUTS International and the University of Rajasthan to deliberate on the distinctive features of Direct Tax Code (DTC) and GST, on Tuesday.
Mitra laid great stress on the important role that the proposed tax reforms could play in raising resources for the country’s infrastructure development which in turn is imperative for sustaining the rate of economic growth.
Earlier A.D. Sawant. Vice Chancellor, University of Rajasthan also had drawn attention to the role of taxation in facilitating infrastructure development while stressing the need to check tax evasion.
Speaking at the event, CUTS International Secretary General Pradeep S Mehta lauded the consultative process underlying the mentioned reform of the tax regime.
He highlighted the increase in tax revenues as a proportion of the Gross Domestic Product that has taken place through reforms in the recent past, a trend which the DTC and DST would help continue.
Senior Advocate N.M. Ranka praised the reforms as they would do way with loopholes in the current system of taxation and reduce the incidence of complex litigation He, however, pointed to the need for improving the accountability of tax assessing officers.
Pankaj Ghiya, a lawyer, echoed his optimism about the reforms and opined that the GST would make our manufacturing exports more competitive by reducing costs for manufacturers.
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"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.
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