Hailing Prime Minister Narendra Modi’s assurance to the common man to put an end to tax terrorism, a top industry body here on Monday said that the mention of tax compliance clearly acknowledges the need for reforms in tax administration.
“The mention of tax administration and compliance clearly acknowledges the need for reforms in tax administration and we are delighted that the next logical step in efficient tax system is being attempted," Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said.
Modi in his Independence Day speech from the Red Fort here on Monday said the common people are more scared of income tax officials than the police, adding that his government will change this.
"The middle class is more bothered about tax than the police. This situation needs to change … I will change it," Modi said.
The government’s scorecard on governance and development achievements is truly commendable and CII welcomes the Prime Minister’s strategy of "Reform, Perform and Transform", Banerjee said.
The Prime Minister’s call that everyone has a role to play is particularly encouraging to all sections of industry right from the start-ups to the matured large industrial conglomerates irrespective of their ownership, CII said.
Referring to refund of tax deducted at source, Modi said there was a time a honest citizen would pay tax, but once the money went into the government’s coffers, refunds would take months.
"Now we give refunds online and it is given in weeks," Modi said.