Pursuing course of cautious optimism amid COVID-19: CBDT Chairman Mohapatra
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The division is geared as much as tackle the problem of home useful resource mobilisation in these unsure occasions, CBDT Chairman Jagannath Bidyadhar Mohapatra mentioned
The Income Tax Department is charting the trail of “cautious optimism” as it’s witnessing strong development in tax collections at one hand with completely different variables at play within the economic system on the opposite amid the continuing COVID-19 pandemic, Central Board of Direct Taxes (CBDT) Chairman J.B. Mohapatra mentioned on July 15.
He was talking at ‘The Chairman Speaks’ session that’s half of a maiden public communication webinar ‘Samvaad’ with varied stakeholders concerned in direct taxes administration.
The division is geared as much as tackle the problem of home useful resource mobilisation in these unsure occasions, he mentioned.
“While we have robust growth figures in tax collection at this moment, we are pursuing the course of cautious optimism,” Chairman Jagannath Bidyadhar Mohapatra mentioned
“As we celebrate the growth in revenue, we are also aware not to lose sight of the hundreds of variables presently at play in the economy and that we are still in the middle of a global pandemic,” Mr. Mohapatra mentioned.
The CBDT frames coverage for the tax division and capabilities below the Union Finance Ministry.
“The department has been able to achieve significant growth in our tax collections as compared to the last year,” the CBDT chief mentioned.
Our first quarter advance tax collections for this yr have grown by over 146%. The gross direct tax assortment as of June 15 has seen a 57% soar over the identical interval final yr, he mentioned.
The internet direct tax collections, Mr. Mohapatra mentioned, as on June 15 have seen a soar of 100.4% as in comparison with the identical interval final yr.
He mentioned these outcomes are the “outcome of several reforms taken over the course over several years” within the I-T Department.
He gave the instance of dispute decision scheme ‘Vivad se Vishwas’, the blackmoney declaration scheme introduced out by the federal government a while again and the recently-introduced faceless evaluation and faceless attraction scheme.
“Reforms are a continuous process…these are long drawn structural reforms which were long needed.
“These reforms strengthen the overall tax administration making us more resilient than even before,” Mr. Mohapatra mentioned.
At the center of the division’s functioning is the purpose to ease tax compliance, which is much more vital in these troublesome occasions of COVID-19 unfold, the Chairman mentioned.
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