FM calls for simpler tax regime to minimize possibility of excessive litigation
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Finance Minister Arun Jaitley on Monday called for simpler tax regime to minimize the possibility of excessive litigation.
Speaking at the platinum jubilee celebration of income tax appellate tribunal, ITAT in New Delhi Monday, Mr Jaitley said, once a simpler tax system comes into place, there will be fewer appeals and further efforts would be made to bring down arrears.
He said, the number of litigants are not going to come down in the country as the economy expands.
Mr jaitley said the challenges before the tribunal is to continue the reforms and improve the disposal of cases.
Explaining the importance of taxations, Jaitley said ,citizen cannot be taxed unfairly , even though taxation enables the state to carry on developmental activities.
Finance minister Arun Jaitley also said the government is at an advanced stage of deliberations on the suggestions of the Parthasarathi Shome Committee that had recommended reforms in both the direct and indirect taxes.
The tax administration and reforms committee was set up under Mr Parthasarathi Shome who is renowned economist by the previous Congress-led UPA government.
The committee had submitted its report in June 2014.
Speaking at the platinum jubilee celebration of income tax appellate tribunal, ITAT in New Delhi Monday, Mr Jaitley said, once a simpler tax system comes into place, there will be fewer appeals and further efforts would be made to bring down arrears.
He said, the number of litigants are not going to come down in the country as the economy expands.
Mr jaitley said the challenges before the tribunal is to continue the reforms and improve the disposal of cases.
Explaining the importance of taxations, Jaitley said ,citizen cannot be taxed unfairly , even though taxation enables the state to carry on developmental activities.
Finance minister Arun Jaitley also said the government is at an advanced stage of deliberations on the suggestions of the Parthasarathi Shome Committee that had recommended reforms in both the direct and indirect taxes.
The tax administration and reforms committee was set up under Mr Parthasarathi Shome who is renowned economist by the previous Congress-led UPA government.
The committee had submitted its report in June 2014.
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