India's Tax Reforms: A Call for Industry Partnership
Revenue Secretary Arvind Shrivastava emphasizes the need for industry to be active partners in implementing India's post-Budget tax reforms. He highlights various measures to streamline tax processes while ensuring these reforms reflect policy intents and enhance transparency, ultimately fostering trust and reducing disputes.
- Country:
- India
India's Revenue Secretary, Arvind Shrivastava, underscored the importance of industry collaboration in executing post-Budget tax reforms at the PHD Chamber of Commerce and Industry's session in New Delhi. He stressed that industry must act as an 'equal partner' rather than a passive stakeholder to successfully implement the revised tax processes.
Shrivastava outlined that recent tax reforms are designed to streamline the interaction between taxpayers and the tax department. Many changes, such as expanded return windows and reduced procedural dependencies, allow taxpayers greater autonomy and encourage transparency, reducing chances of disputes and enhancing trust in the system.
The Revenue Secretary also pointed to a paradigm shift in indirect tax regulations, advocating for an entity-based trust model over transaction-level scrutiny. This approach involves enhanced monitoring and audit systems aimed at reducing logistical delays and fostering better compliance, all integrated within the simplified tax regime for clearer, dispute-free transactions.
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