After finance minister Nirmala Sitharaman proposed the introduction of faceless assessment in the union budget 2019, Central Board of Direct Taxes (CBIC) on Saturday said the government will roll out faceless assessment system soon for taxpayers.
In an interview to CNBC-TV18's Shereen Bhan, Pranab Kumar Das, chairman of CBIC; Pramod Chandra Mody, chairman of CBDT and Ramesh Abhishek, DPIIT secretary gave their take on union budget and their implications and outlook on the road ahead.
Das said, After two years of GST, we are thinking about the litigation, which is afflicting the common industry and a large number of people who are being issued with various notices and the cases."
On dispute resolution on direct tax, Mody said, "We have had schemes on this in the past. We had something called Kar Vivad Samadhan Scheme. At present we don’t feel the necessity of such a scheme in the context of direct taxes."
"We should try and reduce litigation by other means. We have already raised the monetary limits as you would recall and legacy appeals which are there with us," he added.
Abhishek said, "We had drawn up a series of strategies in agriculture services and manufacturing sector. What the finance minister has done is to take a very large number of steps to make sure that we improve our competitiveness, we boost our infrastructure spending and basically, we get more liquidity in the system so that industry and businesses can do better."