'Govt to make tax process simpler'
The Delhi government is committed to making tax process simple, Prashant Goyal, the Value-Added Tax commissioner of Delhi Government, said on Thursday.delhi Updated: May 17, 2013 00:47 IST
The Delhi government is committed to making tax process simple, Prashant Goyal, the Value-Added Tax commissioner of Delhi Government, said on Thursday.
"Delhi government is committed towards simplification of tax processes ... In Delhi, there is a significant tax evasion and improper furnishing of trade information, that needs to be curtailed as tax is the most important source of revenue for the exchequer," Goyal said.
He was addressing an Interactive Session on Taxation Issues in the National Capital Territory (NCT) of Delhi organised by PHD Chamber.
"The business community in Delhi is highly appreciative of the recent VAT measures announced by the government of NCT of Delhi in its 2013-14 budget. The threshold limit for registration under VAT being raised from R10 lakh to R20 lakh shall benefit small traders," he said. Penalties being mitigated up to 80% of admitted tax will encourage dealers to voluntarily admit to tax liability.
"The uniform tax period (quarterly) for all dealers irrespective of their turnover will allow dealers to file only four returns yearly, instead of twelve, is also a prudent step towards simplification of filing of VAT returns," said Rajnish Goenka, chairman, Delhi & NCR Committee, PHD Chamber.