National
GST will also impact direct tax collection: Jaitley (Lead)
New Delhi, Aug 30 (IANS) Union Finance Minister Arun Jaitley on Wednesday said that the Goods and Services Tax (GST) is bound to impact the direct tax collection as well due to the increased detection technology and greater compliance.
“To claim input tax credit under GST, people need to disclose their volume of transactions. There is bound to be a corresponding impact on direct tax,” Jaitley said here during launch of a book titled “Concise Commentary on Income Tax” published by Wolters Kluwer.
“Therefore, the impact of GST will not only be on indirect taxes but also due to the efficient system, on direct tax. The possibility of tax detection is very high because of technology,” he said.
The Finance Minister said that even before GST was rolled out, the impact of demonetisation has expanded the number of assessees under the personal income tax.
Hinting at strict tax compliance measures ahead under GST, he said that currently there is “voluntary compliance” but queries will be raised for those whose vouchers don’t match when the actual process begins down the line.
“Currently the experiment is on for 1-2 months. The system is capable of throwing alerts where evasion takes place,” he said.
However, the honest taxpayer need not worry, he added.
“There is need for greater compliance for which the use of technology should be increased, physical contact between assessee and the tax authority needs to be reduced, but we also need to carry the stick if someone evades law,” Jaitley noted.
“It is about time that Indians revisit their attitude towards taxation. Indian normal was that how can we avoid it (tax). In the last 2-3 years what has happened has come as rude shock for many,” he said.
Referring the tightening of tax laws for greater compliance, he said that the government did give the opportunity to the people to declare their black money. The treaty provisions which facilitated “round-tripping” were re-written with countries like Mauritius, he said.
The 1988 Benami law was changed. “Indian chartered accountants earlier suggested their clients means to channelise money to avoid taxes. The standard operating procedure has been smashed and the Benami Act has come into force.”
The next stage is where the government is trying to avoid anonymity attached to cash, he said.
“We need to reduce the quantum of cash because it provides catalysing effect to corruption and tax evasion,” the minister noted.
He said that there is a cost attached to the evasion of taxes on the investment required in rural areas, education, health and national security.
“At the end of the day, we must realize it costs the country if the traditional attitude of avoiding taxes continues,” he said.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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