EMBARGOED: FOR PUBLICATION ON MONDAY 21.07.2014 SET UP DISPUTE RESOLUTION COMMITTEE TO ADDRESS PENDING TAXATION ISSUES: PHD CHAMBER

EMBARGOED: FOR PUBLICATION ON MONDAY 21.07.2014 SET UP DISPUTE RESOLUTION COMMITTEE TO ADDRESS PENDING TAXATION ISSUES: PHD CHAMBER

EMBARGOED: FOR PUBLICATION ON MONDAY 21.07.2014 SET UP DISPUTE RESOLUTION COMMITTEE TO ADDRESS PENDING TAXATION ISSUES: PHD CHAMBER

No.PR-70
July 19, 2014
New Delhi

EMBARGOED: FOR PUBLICATION ON MONDAY 21.07.2014

SET UP DISPUTE RESOLUTION COMMITTEE TO ADDRESS PENDING TAXATION ISSUES: PHD CHAMBER

The PHD Chamber of Commerce and Industry has urged the Finance Minister to set up Dispute Resolution Committee to quickly address the issues of pending taxation, amounting Rs.4 lakh crores as its settlement is now urgently called for to boost up government’s revenues and send out positive signals to domestic and global markets to rope in their investments and state-of-the-art technology to reshape the bruised economy for sustained growth, stable manufacturing and job creations.

The Chamber also holds that since the placement of Direct Tax Code (DTC) has been taking longer and that there are no firm indications and definite road map for its re-scheduling in the budget for current fiscal, the Finance Ministry should think in terms of making necessary changes in the Income Tax Act of 1961 to make it cater to the requirements of modern and emerging times.

In a statement issued here today, the President of PHD Chamber Mr. Sharad Jaipuria said that the proposed committee, drawing experts from relevant departments, higher echelon of judiciary including experts from industry associations could resolve the taxation that has landed in disputes for so many years and settle them for good.

According to the assessment made by PHD Chamber and other such relevant bodies, Rs.4 lakh crores of disputes under taxation, referred to and pending in various settlement bodies including administrative tribunals for their redressal for so many years and there are no definite timelines for their earlier resolution.

Thus, the time has come that the government forms a committee in wider consultation with all stakeholders and finds a solution so that positive signals are sent out to investors and their faith reposed in Indian economy, pointed out Mr. Jaipuria.

The Chamber is also of the view that since the much talked about DTC is still taking longer to be brought in the Statutes, alternatively, the government could consider making necessary changes in the Income Tax Act 1961 through notification or minor modifications so that simplified and rational income tax provisions are introduced until the new DTC comes into force.
ENDS
Koteshwar Prasad Dobhal
Consultant (PR)