PATNA: International Finance Corporation (IFC), a member of the World Bank group, on Saturday organized a workshop here on effective tax dispute resolution mechanism, in association with Commercial Taxes Bar Association, Bihar.
At the workshop, 15 specialists, including members of judiciary, senior advocates and officials of the commercial taxes department, presented the benefits of tax appeal reforms and the mechanisms to effectively resolve tax dispute under the simplified value added tax laws.
Rajul Awasthi, a senior tax specialist, IFC, said, "IFC's global experience in accelerating and facilitating reforms has helped reduce the time and financial cost that businesses incur in complying with tax rules, thus encouraging them to join the formal economy and widening the tax base."
Justice Vineet Kothari of Rajasthan high court spoke on trends in VAT disputes in India and suggested the measures to be taken to resolve them.
At the workshop, 15 specialists, including members of judiciary, senior advocates and officials of the commercial taxes department, presented the benefits of tax appeal reforms and the mechanisms to effectively resolve tax dispute under the simplified value added tax laws.
Rajul Awasthi, a senior tax specialist, IFC, said, "IFC's global experience in accelerating and facilitating reforms has helped reduce the time and financial cost that businesses incur in complying with tax rules, thus encouraging them to join the formal economy and widening the tax base."
Justice Vineet Kothari of Rajasthan high court spoke on trends in VAT disputes in India and suggested the measures to be taken to resolve them.
Ramesh Kumar Rateria, chairman, Commercial Tax Tribunal, Biharshared his views on the lessons learnt and way forward towards an effective tax dispute resolution mechanism.
Based on IFC's recommendation, the government of Bihar has adopted several measures such as a flat rate of tax for micro and small enterprises, e-governance regime for large enterprises, simplifying admission of appeals, fast-tracking resolutions, and issuance of refunds. The government of Bihar has also changed the existing law on tax appeal to exclude the penalty amount from the disputed tax amount, bringing relief to firms lodging an appeal.
Based on IFC's recommendation, the government of Bihar has adopted several measures such as a flat rate of tax for micro and small enterprises, e-governance regime for large enterprises, simplifying admission of appeals, fast-tracking resolutions, and issuance of refunds. The government of Bihar has also changed the existing law on tax appeal to exclude the penalty amount from the disputed tax amount, bringing relief to firms lodging an appeal.
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