The following steps are being taken by the Ministry to mobilize resources to increase tax collection in order to reduce fiscal deficit:-
Monitoring of Advance Tax payment especially by top taxpayers; Emphasis is also given to monitor Advance tax payers that have to pay Alternate Minimum Tax applicable from the Financial Year;
Conducting surveys for detection of concealment of income and for compliance of TDS provisions. Detection of new areas of violation/avoidance of the provisions of TDS and taking action for proper deduction and deposit of TDS;
Organizing training programs for senior management as well as for DDOs (particularly of Government departments and PSUs) to spreading awareness about TDS &TCS provisions;
Emphasis on collection out of arrear demand and monitoring of high default cases;
Detailed strategy for making quality assessment has also been devised;
Cross-verification of data collected through Annual Information Return with the return of income and issuance of notices in suitable cases. Using the data collected through Transaction statements for better quality assessments as well as recovery of demand;
Multi-media campaign to encourage voluntary compliance of tax laws.
To broaden the tax base and limit exemptions, negative list based comprehensive approach to service tax has been introduced with effect from the 1st July, 2012.
From 1st of October, 2012, service tax on transport of goods and passengers (in air-conditioned class and first class) by rail has been brought into effect.
In addition, other steps including monitoring of revenue, strengthening of anti-evasion and audit mechanism, conduct of targeted audits and search operations, adjudication of pending show cause cum demand notices, realization of arrears, steps to curb undervaluation of import, disposal of confiscated bullion and precious stones, administrative steps like redeployment of human power to service tax field formations which have more potential for augmentation of revenue.
This was stated by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Rajya Sabha today.
India Infoline News Service / 08:49, Aug 22, 2014
The outlook is a positive start with indices set to take initial cues from the global markets. US indices closed higher with S&P 500 at a record high. The Dow and S&P 500 added around 0.3% while Nasdaq gained marginally.