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Revenue and GST

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Inviting innovative ideas and suggestions on tax policy and administration

Start Date :

Sep 18, 2015

Last Date :

Mar 01, 2016

00:00 AM IST (GMT +5.30 Hrs)

Submission Closed

One of the key priorities of the Government is to provide a non-adversarial and a responsive tax administration with the main objective of creating an environment conducive for ...

One of the key priorities of the Government is to provide a non-adversarial and a responsive tax administration with the main objective of creating an environment conducive for achieving higher investments and growth. At the same time the focus is also on ensuring ease of doing business for the taxpayers. For individual taxpayers, Government endeavours to promote voluntary compliance by making compliance easy and reducing the cost of compliance for the taxpayers. These steps are aimed to ultimately result in buoyant revenue collections, reflecting higher growth, leading to higher standard of living and better quality of life for the citizens.

The Department of Revenue invites taxpayers and general public to provide innovative ideas and suggestions on tax policy and administrative issues with the objective of ease of doing business and reducing compliance cost for industries thereby facilitating buoyancy of revenue and increase in investment leading to higher growth.

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Showing 1495 Submission(s)

Mahavir Kapshe 10 years 10 months ago

Very stringent Audits are necessary to protect the utilisation of funds borrowed by Businessmen from Banks and Financial Institutions. More financial experts are to be inducted in Banking system involving loan appraisals, sanctions, disbursements, monitoring accounts and recovery. For which we need more independant Auditors. Does the present legal situation assures independence of Auditors ?

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Mahavir Kapshe 10 years 10 months ago

In the present e-governance era, almost 80% data e.g. Sales with name of customer with his VAT regn number and Purchase with name of supplier with his VAT regn number is uploaded to the VAT Department. Further all major expenses and income are uploaded to Income Tax department with PAN of the vendor. In such scenario what is the portion of Profit and Loss Statement is left to be reported to Government ? Then what is the proprietary of various audits which are burdening businesses.

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Mahavir Kapshe 10 years 10 months ago

"Passbook system" for Taxes paid, deducted and utilised is a too old story. If it comes to realty, would help department and assesses both. Now in certain cases provision is made by the deductor and TDS is made and deposited, whereas the service provider needs to claim the said TDS in the next year when he provides the service.

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shiva chandra 10 years 10 months ago

The assessees who have got individual number get income and they do expenditure and everything is recorded in a central server. Taxes are automatically calculated, deductions are automatically made and all the assessee is required to do is verify it. That is all. Unlike us where one has to undergo laborious administrative and legal documented work. Automatic recording of transactions in the central server of the government should be the first priority.

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shiva chandra 10 years 10 months ago

What an important issue. You are asking for suggestions on something on which the whole country is standing upon - "Tax Revenue"(A major revenue source in budget). In a country in Europe I pay the cab driver, buy vegetables, petrol, etc with my smart card and that is all i do. The government will itself know my Profit and Loss account and Balance Sheet. I dont have to do anything else but just live my life. I dream of that India where the asessee is not required to do anything.

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Mahavir Kapshe 10 years 10 months ago

True ! Let there be some uniformity. Otherwise the businessman is all the time busy in complying with regulatory requirements and finds difficult for focussing on his core business. GST is most needed in our country which would help reducing the due dates and many more duplicated compliances.

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Mahavir Kapshe 10 years 10 months ago

Dividend may be taxed in the hands of Recipient with a reasonable deduction allowed under Chapter VI-A of Income Tax Act and abolish Dividend Distribution Tax as was prevalent in past. It is demotivating companies to distribute dividend and resulting into hoarding of cash. If it is distributed generously, would add to purchasing power of shareholders adding to demand.

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Mrugank Dave 10 years 10 months ago

So many persons are doing day trading activities on stock exchanges and earning but not paying tax thereon. A system should be devised that on earning, TDS is being deducted. In the case of a loss the concerned person can claim set off by filing return. Thus in both the cases person would require to file return-to adjust TDS or to set off loss. Government would get more assessees. If person whose TDS is deducted is not filing a return, Govt would get revenue. Govt should start with just0.05% TDS

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Mrugank Dave 10 years 10 months ago

Somany persons are doing day trading activities on stoch exchanges and earning but not paying tax thereon. A system should be devised that on earning TDS is being deducted. in the case of a loss the concerned person can claim set off by filing return. Thus in both the cases person would require to file return-to adjust TDS or to set off loss. Government would get more assessees. If person whose TDS is deducted is not filing a return, Govt would get tax. Govt should start with just .05% TDS

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Sanjeev Kumar gupta_5 10 years 10 months ago

I fully agree with the post that once all tds reruns have been filled digitally , what is the need for quarterly. Returns. This will simply the process. Further regarding refund of taxes , these should be credited in the account of the payees like TDS account. The assesse can take credit and show that as deposit of tax in current year, or he can simply say I want refund which goes into his personal account in the bank straight.

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