VOLUNTARY DISCLOSURE OF UNACCOUNTED MONEY NOT LIABLE FOR PROSECUTION UNTIL 2017: REVENUE SECRETARY

VOLUNTARY DISCLOSURE OF UNACCOUNTED MONEY NOT LIABLE FOR PROSECUTION UNTIL 2017: REVENUE SECRETARY

VOLUNTARY DISCLOSURE OF UNACCOUNTED MONEY NOT LIABLE FOR PROSECUTION UNTIL 2017: REVENUE SECRETARY

 

No.PR-209
March 5, 2015
New Delhi
 

VOLUNTARY DISCLOSURE OF UNACCOUNTED MONEY NOT LIABLE FOR PROSECUTION UNTIL 2017: REVENUE SECRETARY
 

Voluntary disclosure of unaccounted money, stashed away overseas by a handful of capitalists would involve no prosecution provided its possessors come forward and make a honest declaration to the government to this effect before 2017 because by then the mechanism of automatic exchange of information will have come into effect, says Revenue Secretary, Ministry of Finance Mr. Shaktikanta Das.
 

Addressing members of PHD Chamber of Commerce and Industry at its Post Budget Interactive Session here today, Mr. Das, however, clarified that the holders of unaccounted money would have to pay off penalties and interests accumulated on such money in order to escape legal prosecution.
 

The Finance Minister, according to Mr. Das would come out stringent laws to deal with the menace of the black money in which though there would be a compliance window which would provide for such disclosures as provided above and that the compliance window ought not be mistaken for amnesty scheme.
 

“It would be impossible for those that hold unaccounted money hidden in foreign banks even under the normal circumstances because by 2017-18, a mechanism of automatic exchange of information would have come into being as per which the government of the day could conveniently unearth the money stashed away in foreign land”, cautioned Mr. Das.
 

On being asked by a member of the PHD Chamber if GST would become the reality of the day by April 1, 2016, Mr. Das responded, “I am confident of it as constitutional amendment for GST is likely to be effected in the current session of the Parliament and committees and sub-committees formed by the finance department to handle the issue of CGST and SGST with a deadline prescribed for their logical conclusion”.
 

Mr. Das also added that the centre would continue to widen the service tax base because of the contribution of services to the GDP has gone close to 60% whereas its contribution to taxes is not proportionate and more over taxing services by widening their basis in the subsequent budget would be a good precursor to GST.
 

Chairman, CBDT Ms. Anita Kapur in her observations consented with the suggestion to taxing the super rich farmers but added that agriculture being in the state list, such initiatives should come from states though a few of them tried it but failed, for it required a constitutional amendment.
 

Among other who spoke on the occasion comprised Chairman, CBEC Mr. Kaushal Srivastava; President & Vice President of PHD Chamber Mr. Alok B. Shriram & Mr. Gopal Jiwarajka; Chairmen, Direct Taxes Committee and Indirect Taxes Committee of the Chamber Mr. Anil K Chopra  and Mr. Bimal Jain including the Secretary General of PHD Chamber Mr. Saurabh Sanyal.
 

ENDS.

Koteshwar Prasad Dobhal
Consultant (PR)