NEW DELHI: The Central Board of Indirect Taxes and Customs chairman Sanjay Kumar Agarwal Friday said tighter norms for filing returns under the goods and services tax will reduce enforcement action and improve compliance while making the life of honest taxpayers easier.
“I feel that this tightening is not actually making the life of taxpayers difficult but it is making the life of honest taxpayers easy,” Agarwal said in an interview to ET. He said there will be no need for enforcement action if return filing is tightened.
He cited the example of online gaming companies, saying the amendment to GST laws to levy 28% tax on online money gaming, casinos and horse racing were earlier termed as the “death knell” for the industry, but revenues of online gaming companies and the tax payments have gone up by 400% since the amendment.
“Earlier, roughly they (online gaming companies) were filing returns of ?225 crore, now post amendment, monthly filing of returns has become ?1,200 crore, as there is clarity for companies,” Agarwal said. He said as far as past cases and notices were concerned, they were given as per the understanding of the law at that time and now that the matter is with the Supreme Court, the department will take a call after the court decides.
“I feel that this tightening is not actually making the life of taxpayers difficult but it is making the life of honest taxpayers easy,” Agarwal said in an interview to ET. He said there will be no need for enforcement action if return filing is tightened.
He cited the example of online gaming companies, saying the amendment to GST laws to levy 28% tax on online money gaming, casinos and horse racing were earlier termed as the “death knell” for the industry, but revenues of online gaming companies and the tax payments have gone up by 400% since the amendment.
“Earlier, roughly they (online gaming companies) were filing returns of ?225 crore, now post amendment, monthly filing of returns has become ?1,200 crore, as there is clarity for companies,” Agarwal said. He said as far as past cases and notices were concerned, they were given as per the understanding of the law at that time and now that the matter is with the Supreme Court, the department will take a call after the court decides.
(You can now subscribe to our Economic Times WhatsApp channel)
Denial of responsibility! Pioneer Newz is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.
