GST and Income tax laws to be further simplified, says Nirmala Sitharaman

Indore: Nirmala Sitaraman, Union Finance Minister, expressed her resolve
to bring further changes in Tax Laws in order to promote ease
of doing business and further procedural simplification in Income Tax
and GST. Govt. has taken various steps to reduce the compliance as
well as tax burden by introducing the alternative rates of taxes for
an individual taxpayer, said Union FM.

Sitharaman was addressing the inaugural session of National Tax
Conference on the Theme ‘Digital Era in Tax Laws’ on Friday. All India
Federation of Tax Practitioners (AIFTP) organized a Virtual National
Tax Conference on the theme ‘Digital Era in Tax Laws’. The National
Conference was inaugurated by Nirmala Sitharaman, Finance Minister on
Friday.

Addressing the conference, she talked about the recent reforms made in
the Taxation Regime of the country. She also discussed various reforms
made in the Income Tax Laws including the Faceless Assessments and
Faceless Appeals Scheme and the ‘Vivad se Vishwas Scheme’.

While addressing the conference, Sitharaman said the Tax
Professionals play an important role in ensuring timely and proper
compliance by the businessmen and industrialists.

The country has a very lucrative Corporate Taxation System along with
abolition of the Dividend Distribution Tax levied on distribution of
profits by a Company.

Earlier, CA Rajesh Mehta, National Vice President of AIFTP expressed
his views to Finance Minister for further simplification in the Tax
Laws.

In the technical session on the Vivad Se Vishwas Scheme, CA. Ved Jain,
Past President, Institute of Chartered Accountants, India said that by
opting under the scheme, a taxpayer can settle the tax appeal only by
paying the amount of disputed tax and interest and penalty will be
waived.

Speaking at the Conference, Adv. Pankaj Ghiya, Chief Advisor, AIFTP,
highlighted the recent changes and procedural simplification of the
GST procedures including the composition scheme under GST.

CA. Manoj Gupta, President, Tax Practitioners Association, Indore
shared his views on Income Tax. He said that transactions of family
settlement are not liable to capital gains tax in the Income tax.

Read Also

Starbucks found guilty of not passing GST cut benefits to consumers