Financial Daily from THE HINDU group of publications
Wednesday, Jul 13, 2005
Financial Daily from THE HINDU group of publications Wednesday, Jul 13, 2005 |
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Industry & Economy
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Taxation `e-filing has made tax system more transparent' Our Bureau
New Delhi , July 12 THE Finance Minister, Mr P. Chidambaram, today said that electronic filing and processing of tax returns have made the tax system more transparent and this in turn would help widen the tax base. Addressing a meeting of the Parliamentary Consultative Committee attached to the Finance Ministry, he stressed the need to adopt non-intrusive and non-invasive investigation and intelligence methods based on information technology to check evasion of taxes and to widen the tax net. Stating that traditional methods like searches and seizures have a role and a demonstration effect, Mr Chidambaram, however, noted that their effectiveness in terms of detecting concealed income or evasion of tax is limited. He termed searches and seizures as blunt instruments that needed to be used rarely and selectively. The Finance Minister also informed the members that the cost of tax collection in India was less than one per cent in the case of direct taxes. Even on the indirect taxes side, the cost of tax collection is one of the lowest in the world. On the concern expressed by members that disputes are on the rise, Mr Chidambaram said that various methods are being adopted to ensure that the number of appeals filed is reduced and the litigation is also reduced. The Minister of State for Finance, Mr S.S. Palanimanickam, and senior officials of the Finance Ministry were also present at the meeting.
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