Finance Minister outlines plan to curb ‘tax terrorism’

On violation of corporate social responsibility norms, the Minister said that such violations would not be treated as criminal offences.
Nirmala Sitharaman
Nirmala Sitharaman, Image : IANS

New Delhi, Aug 23 (IANS) Amidst concerns of rising harassment of corporates by tax officials and authorities, Finance Minister on Friday said that the government would take measures to curb such instances, including the introduction of “faceless” tax scrutiny from the upcoming “Vijaya Dashami”.

She also said that tax notices and summons without a computer generated unique ID number would not be valid. This measure would help in curbing the unauthorised tax summons.

On violation of corporate social responsibility norms, the Minister said that such violations would not be treated as criminal offences. Persecution will be replaced with a more humane approach. Wealth creators will be honoured and respected.

Highlights:

  • Very volatile situation in global trade
  • We respect wealth creators
  • Reform is a continuous process, we haven’t lost momentum
  • India’s GDP growth rate higher than others
  • Economic reforms top agenda of govt since 2014
  • Risk based approach being taken in dealing with tax payers
  • ‘Faceless’ tax scrutiny from Vijaydashami to curb tax harrasment
  • Identifying glitches in GST refund process
  • Govt to move away from prosecution to more humane route
  • Withdrawal of over 14,000 prosecutions under Companies Act
  • CSR violation won’t be a criminal offence
  • Enhanced surcharge levy on FPIs withdrawn
  • Notices, summons by I-T dept from Oct 1 will be centralised
  • Banks have decided to pass on rate cut benefit through MCLR
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