The Union Finance Minister Shri Arun Jaitley exhorted the senior officers of the Income Tax Department to be prompt in redressing the grievances of the tax payers, expand the tax base in a non-intrusive manner even as they strive to achieve the revenue generation targets. He said that parallel economy has to be squeezed in a free and transparent manner.
Jaitley said that the honest tax payers should not be afraid of the Black Money Bill recently passed by the Parliament as it is targeted against those who have stalked their illegal assets abroad.
The Finance Minister was delivering the Key Note address after inaugurating the 31st Annual Conference of Principal Chief Commissioners, Principal Director Generals, Chief Commissioners and Director Generals of Income Tax today.
Jaitley also spelt-out his vision of an internationally competitive tax regime with a stable policy and a non-adversarial tax administration. He said that we have to bring the tax rate at global level while at the same time remove the exemptions.
The Finance Minister acknowledged that the task of the tax Department is unenviable and it is often upbraided even for performing its duties.
Jaitley complimented the Department for receiving the Prime Minister's Award for Public Administration for 'Easy Tax Compliance through Quality Service'.
He said that the policy of the Government is that nobody should be harassed and the evaders should not succeed. 'Revenue is needed to meet the expenditure requirements of infrastructure and social sector among others. Expenditure also helps in achieving the higher economic growth.'
Revenue Secretary Shaktikanta Das asks all officers of Income Tax to put their best efforts to achieve targets of tax collections during 2015-16. He said, 'Direct tax collections target of Rs 7.98 lakh crore during 2015-16 is quite realistic and achievable.'