Mint Quick Edit: Heed the words of India’s top revenue official
Subscribe to enjoy similar stories. With social and development spending rising steadily, government finances have been under pressure. This seems to have put overzealous revenue authorities on a constant lookout for how to squeeze more money out of tax assessees.
If such a pursuit goes overboard, however, it risks roiling India’s investment environment. That Indian authorities appear mindful of this danger is clearly good news. On Wednesday, revenue secretary Sanjay Malhotra told tax officials to be careful, lest they end up hurting industry and thus the economy.
Indeed, our record on tax stability has taken blows in recent times and accounts abound of firms and individuals being slapped with tax notices. While efforts have been made to simplify laws and ease compliance, cases of staggering tax demands from corporates create an impression of revenue maximization being on overdrive. Litigation over tax needs to reduce and all liability requires clarity.
Read more on livemint.com
