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Faceless IT assessment here to stay, says top tax official

FICCI virtual event focus on transparent taxation

Murali Krishna Reddy, Co-Chairman of FICCI Telangana State Council, mooted an idea on the lines airlines rewarding its passengers by way of loyalty miles to encourage voluntary tax compliance and rewarding them. 

HYDERABAD, Sep 11 (BNC Network) Faceless IT Assessment for Taxpayers is working and it is here to stay says J .B. Mohapatra, Principal Chief Commissioner of Income Tax - AP & TS. 

Participating in an Interactive session on 'Transparent Taxation’, Mohapatra observed that the initiative is well received. Though there are some teething troubles like infrastructure, bandwidth, technology glitches, it will be overcome without any difficulty. 

FICCI Telangana State Council organized the virtual Interactive Webinar session on the Transparent Taxation-Honoring the Honest Tax Payer

The standards are being set out. The facilities are sourced up. Faceless assessment is a successful one, he said.

Tax rates are falling, he said and opined that the people are expecting more such things in future, and they may be disappointed. Rates may not go further down because, government needs revenue, failing which 104 departments will crumble. 

Mallika Arya, Chief Commissioner, GST & Customs observed that GST Tax Compliance in Hyderabad is good. 

Many members, tax payers, tax officials, academia and corporate executives joined live on YouTube. 

This was the fourth session in the series of FICCI DIALOGUE FOR ACTIONABLE INSIGHTS.

T. Muralidharan, Chairman, FICCI Telangana State Council said Tax Compliance is a national duty. The reality is that without tax, government cannot run. The 2019-20 budget establishes that the total gross tax collections of Rs 24.6 lakh crore are equal to 88% of the total Central government expenditure of Rs 27.9 lakh crore. 

On GST compliance front the GSTR-3B compliance during July 17 till Feb 20 stood at around 70% but reached 88-90% after a period.

On Income Tax front, he quoted a tweet from CBDT that the statistics on returns filed for the financial year 2018-19 showed only 14.6 million (25%) people paid income tax of the 57.6 million who filed their returns. Only about 2,200 doctors, chartered accountants, lawyers, and other professionals disclosed annual income of over Rs one crore from their profession, excluding other incomes like rental, interest, capital gains, etc. 

BankeyBehari Agrawal, a retired top GST official said 50% of tax officers time is spent chasing for simple tax compliance. He suggested to FICCI in collaboration with various trade bodies and association set up a small working group and put your wish list in-front of the department, and in return whatever you are going to offer to the department. Chamber of Commerce need to work with us at least a quarter way. He also spoke about making Hyderabad an experimental laboratory to take it forward. 

Dilip Chenoy, Secretary General of FICCI spoke about IRIS Peridot, a handy and easy to use app which helps you to verify the correctness of a GSTIN by validating it with GST system. For valid GSTINs, the status of returns filed can also be viewed in the app. IRIS Peridot is more than just an app. It is a searchable data repository and available via APIs and is designed to take in additional data sets in future. The Co-Chairman

Murali Krishna Reddy, Co-Chairman of FICCI Telangana State Council, mooted an idea on the lines airlines rewarding its passengers by way of loyalty miles to encourage voluntary tax compliance and rewarding them. 

 

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