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Don’t hide taxes of clients at country’s cost, PM Modi tells CAs

Nearly 18 hours after India entered a uniform tax regime with the launch of Goods and Services Tax from the…

Don’t hide taxes of clients at country’s cost, PM Modi tells CAs

Prime Minister Narendra Modi (Photo: PIB)

Nearly 18 hours after India entered a uniform tax regime with the launch of Goods and Services Tax from the Parliament House, Prime Minister Narendra Modi headed to Delhi’s Indira Gandhi stadium and addressed hundreds of members of the Institute of Chartered Accountants of India.

The event was organised to celebrate the 68th Chartered Accountants’ Day. In his address PM Modi said govt is committed to more tough action against firms hiding black money. “We are not concerned about political implications,” Modi said. He gave a clarion call to the CAs to help the government collect more taxes and advised them not to save the taxes of their clients at the cost of the country’s interests.

“According to IT returns, only 32-lakh people earn more than Rs. 10 lakh. Is this believable?” PM Modi asked the gathering, mainly of chartered accountants. The PM said if they knew people with black money, warn them that they will not be spared.

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He said people with black money will face more difficulties when Switzerland government begins automatic information exchange with India in two years. “Those who have looted the poor will have to give back what they have looted,” Modi said.

The PM said more than 3-lakh companies were under scanner and more than 47,000 shell companies have been identified. “Data mining after demonetisation has been going on. Transactions of over 3 lakh registered companies have come under scrutiny, this number could increase,” PM Modi said.

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