Law to ensure tax compliance: FM

Posted On Tuesday, 02 May 2017 05:08

Union Finance Minister Arun Jaitley on Saturday said the fear of consequences owing to strict and expeditious enforcement of law would ensure that as India evolved from a developing to a developed economy, it would be a highly tax compliant society. “Once we are able to make an example out of some of the offenders, the others will realise the benefits compliance,” said Mr. Jaitley at an Enforcement Day event.

Advocating use of technology for detecting evasion, Mr. Jaitley said the Enforcement Directorate should expeditiously use the penalising powers to deal with any non-compliance, particularly money laundering.

“Full compliance in taxation and currency laws has always been one of the features of developed states. If you go to the developed world, violations are rare. Those who violate are strictly called upon and are answerable to the law and there are very strict penal consequences,” he said.

Mr. Jaitley said over the years, in India, non-compliance was never considered a moral wrong, it was rather considered smart. “Non-compliance has hit the larger public and national interest,” he said, adding that compliance would help generate funds for development in various sectors.

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