Industry Demand and Government Dilemma
In a recent dialogue with Tarun Nangia and industry experts, S Ravi, the former Chairman of the BSE, delved into the pressing issue of raising the GST arrest threshold from 2 crore to 3 crore. He acknowledged the industry's persistent demand for this adjustment, driven by fears of arrest and the need for clarity in taxation policies. However, Ravi also shed light on the government's dilemma in striking a balance between supporting honest taxpayers and curbing fraudulent tax practices.
Calibrated Adjustments and Introduction of E-Invoicing
Ravi highlighted the intricacies involved in making such adjustments, emphasizing the importance of calibration. He stressed that while the increase aims to alleviate concerns among taxpayers, it must be implemented cautiously to prevent potential misuse. Ravi noted the introduction of E-invoicing as a step towards enhancing transparency and minimizing tax evasion.
Fair Taxation Practices and Procedural Integrity
Central to Ravi's discourse was the significance of fair taxation practices and procedural integrity. He emphasized the need to prevent hysteria and panic among taxpayers by adopting systemic solutions. Ravi proposed faceless engagement and pre-consultation as effective mechanisms for addressing interpretation issues and fostering mutual understanding between tax authorities and taxpayers.
Call for Collective Oversight and Accountability
Ravi advocated for a collective approach to notice issuance, stressing the importance of accountability and transparency in tax administration. He proposed a structured process, including legal opinion and collective committee oversight, to ensure fairness and mitigate the adverse impact on taxpayers. Ravi underscored the need for officials to review standard operating procedures for notices, emphasizing procedural consistency and integrity as paramount.
Conclusion: Towards Transparent and Equitable Taxation
In conclusion, Ravi urged officials to prioritize transparency, fairness, and accountability in tax administration. He emphasized the need for continuous evaluation and improvement of tax policies to foster trust and compliance among taxpayers. Ravi's insights underscored the importance of collaborative efforts in building a robust and equitable taxation system.
In a recent dialogue with Tarun Nangia and industry experts, S Ravi, the former Chairman of the BSE, delved into the pressing issue of raising the GST arrest threshold from 2 crore to 3 crore. He acknowledged the industry's persistent demand for this adjustment, driven by fears of arrest and the need for clarity in taxation policies. However, Ravi also shed light on the government's dilemma in striking a balance between supporting honest taxpayers and curbing fraudulent tax practices.
Calibrated Adjustments and Introduction of E-Invoicing
Ravi highlighted the intricacies involved in making such adjustments, emphasizing the importance of calibration. He stressed that while the increase aims to alleviate concerns among taxpayers, it must be implemented cautiously to prevent potential misuse. Ravi noted the introduction of E-invoicing as a step towards enhancing transparency and minimizing tax evasion.
Fair Taxation Practices and Procedural Integrity
Central to Ravi's discourse was the significance of fair taxation practices and procedural integrity. He emphasized the need to prevent hysteria and panic among taxpayers by adopting systemic solutions. Ravi proposed faceless engagement and pre-consultation as effective mechanisms for addressing interpretation issues and fostering mutual understanding between tax authorities and taxpayers.
Call for Collective Oversight and Accountability
Ravi advocated for a collective approach to notice issuance, stressing the importance of accountability and transparency in tax administration. He proposed a structured process, including legal opinion and collective committee oversight, to ensure fairness and mitigate the adverse impact on taxpayers. Ravi underscored the need for officials to review standard operating procedures for notices, emphasizing procedural consistency and integrity as paramount.
Conclusion: Towards Transparent and Equitable Taxation
In conclusion, Ravi urged officials to prioritize transparency, fairness, and accountability in tax administration. He emphasized the need for continuous evaluation and improvement of tax policies to foster trust and compliance among taxpayers. Ravi's insights underscored the importance of collaborative efforts in building a robust and equitable taxation system.