New Delhi: The chairman of the Central Board of Direct Taxes (CBDT) Sushil Chandra said, the government main aim is to eradicate black money, lesser litigations and bring certainty in tax laws, said at an ASSOCHAM event held in New Delhi today.
India to get more tax information from different countries through the common reporting standards (CRS) platform from September onwards, Mr Sushil Chandra, Chairman, CBDT, Ministry of Finance while inaugurating an ASSOCHAM 14th International Tax Conference here at New Delhi.
About 65 countries, including India, signed the multilateral instrument to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (BEPS). The department is absolutely moving into the facilitation mode so that genuine tax payer should not suffer at all and act as a facilitator.
He further said the policies of income tax department have been very transparent and are being decided after considering the concerns of stakeholders. Tax transparency and tax certainty are the guiding principles of taxation.
We are absolutely open to any suggestions or which can make the life of a genuine taxpayer easy, said Mr. Chandra. He also urged firms and MNCs operating in India to pay their due share of taxes and said adequate safeguards have been put in place to ensure that anti-abuse provisions like General Anti Avoidance Rules (GAAR) are not misused.
He said that in the last 3-4 years, lot of changes have been made in international taxation and countries will have to be ready for capacity building on all fronts.
While addressing the conference, Mr Akhilesh Ranjan, Principal Chief Commissioner of Income Tax (International Taxation), Ministry of Finance said that no escaping tax compliance; this is ear of transparency.
Mr. Ranjan further said that this is not correct to say that there’s more tax focus on inbound transactions. We must tell the world to change ways to do business in India, said Mr. Ranjan.