Govt. asks industry to share its inputs in preparing new tax policy

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SME Times News Bureau | 20 Jun, 2015
Commissioner Service Tax Gautam Bhattacharya on Friday asked India Inc. to be excessively pro-active in sharing its inputs with the government officials when they are in the middle of preparing the direct and indirect tax proposals rather than commenting on them after such a policy documentation is finalized, for it becomes difficult for them to insert and incorporate valuable industry’s inputs later on in such a paper.

Delivering his key-note address at a National Conference on Service Tax under aegis of PHD Chamber of Commerce and Industry here today, Bhattacharya called upon industry to anticipate pit falls in policy documentation during its initial exercise and become a stakeholder with it rather than coming out with suggestions following the policy paper is out in public domain.

"The senior functionaries in government engaged and involved with policy making are much more receptive in modern times as compared to 15-20 years ago and therefore, can suitably accommodate the industry's inputs along with its perspective in the final policy document to plug the possibilities of faltering and making unintended mistakes."

"Usually, industry reacts after policies are finalized. Though government rules can be amended from time to time to serve industry but bringing about transformational changes in the finalized policy document is a challenge that the government faces," he said.

Bhattacharya indicated that clarification sought by industry on application of service taxes including education and secondary education cess, especially after the service tax has been increased to 14 percent would be addressed suitably by the finance ministry without giving a particular roadmap for it.

Principal Commissioner Service Tax, S V Singh in his inaugural address outlined the working of the service tax commissionarate.

In his opening remarks, President PHD Chamber, Alok B. Shriram urged the simplification of service tax regime execution so that its administration becomes fairer for all stakeholders in an equitable manner.

Chairman and Co-Chairman, Indirect Taxes Committee, PHD Chamber Bimal Jain and N K Gupta made detailed presentation to the government on service tax front and submitted a great deal of solution for its execution.