The thrust of tax proposals announced in the Union Budget 2022-23 is to simplify processes, reduce litigation and provide a stable tax regime, JB Mohapatra, Chairman, Central Board of Direct Taxes (CBDT) said on Wednesday.
Sharing perspective on the Union Budget 2022-23, Mohapatra highlighted that the focus of the Budget has been to provide maximum relief to the taxpayers by making significant changes in the income tax processes.
Addressing the FICCI's Virtual Post Budget Interactive Session, Mohapatra emphasised that the endeavour is to eliminate irritants in the processes to curb inefficiencies, ensure hassle-free and ease interaction between the taxpayers and tax department.
He further stated that the provisions relating to litigation management to avoid repetitive appeals, clarification on various interpretation issues to plug long prone litigation between taxpayers and the tax department, new provisions inserted to ease faceless assessment process based on last year experience are some of the key changes announced in the Finance Bill, 2022.
Vivek Johri, Chairman, Central Board of Indirect Taxes & Customs (CBIC) said steps have been taken to simplify indirect tax processes, especially customs tariff structure.
An important measure in simplification of customs tariff structure is the elimination of 500 exemption entries from the customs tariff, rate rationalisation under customs for supporting Make in India, MSMEs and exports.
Sanjiv Mehta, President, FICCI said that the budget has done the fine balancing act by ensuring consistency in policy, without triggering tax rates and simultaneously laying out a comprehensive package for relief, recovery, and reforms.
"The thrust of the tax proposals has been to continue with the policy of stable, predictable and trustworthy tax regime. The Budget is forward-looking and growth-oriented that strengthens the drivers of long-term development. It builds on last year's budget and scores high on several counts - consistency, capex led growth, transparency in numbers, energising many of the stressed sectors and continues the focus on simplifying the taxation policy," Mehta said.
( With inputs from ANI )
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