Industry Welcomes Transparent Taxation Initiative by PM Modi

Welcoming the development, T.R. Parasuraman, President and Whole Time Director of Toyota Industries Engine stated, "I welcome and congratulate the PM and FM for the breakthrough direct tax reform initiative launched which is seamless, faceless, and paperless while promoting transparency and empowerment of honest taxpayers."

Industry Welcomes Transparent Taxation  Initiative by PM Modi

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Industry experts came out while welcoming yesterday’s development of PM Modi’s yet another launch of breakthrough in the Indian taxation structure.

Speaking on the occasion he said that the process of Structural Reforms in the country,  Prime Minister Narendra Modi said the platform of  “Transparent Taxation – Honouring the Honest, has been launched to meet the requirements of the 21st century taxation system. He elaborated that the platform has major reforms like Faceless Assessment, Faceless Appeal and Taxpayers Charter.

K R Sekar, Senior Vice President-BCIC and Partner at Deloitte Haskins and Sells LLP says, “The Prime Minister’s vision of Honouring the Honest Taxpayers is a welcome move and very appropriate at this moment. The Government’s announcement of faceless assessment, faceless appeals, and use of technology to issue Document Identification Number (DIN) to taxpayers is most welcome and it will address the most fundamental issue which the taxpayers have been raising on bias and harassment. The faceless scheme of assessments and appeals will help to create confidence and enhance the taxpayers’ trust. Further, the taxpayers charter providing commitment by the Income-Tax Department on multiple issues including protecting taxpayer’s information, providing a fair and just system, and ensuring the accountability of revenue officials is very encouraging. I am sure the fair and transparent tax administration as announced by FM under the vision of PM will enhance the credibility and improve the functioning of the department. This move will ensure better compliance better administration and more important and just and fair system.”

PM Modi also said that Faceless Assessment and Taxpayers Charter have come into force from today while the facility of faceless appeal will be available for citizens across the country from 25th September i.e. Deen Dayal Upadhyay’s birth anniversary. The new platform apart from being faceless is also aimed at boosting the confidence of the taxpayer and making him/her fearless.

Welcoming the development, T.R. Parasuraman, President and Whole Time Director of Toyota Industries Engine stated, “I welcome and congratulate the PM and FM for the breakthrough direct tax reform initiative launched which is seamless, faceless, and paperless while promoting transparency and empowerment of honest taxpayers. This move not only eliminates the emotional pains of the honest tax-payer but also will significantly increase the direct tax payer’s population. Apart from the other big moves like GST, demonetization, and Tax rationalization reforms, this would be another feather to the cap!”

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