Finance Minister for hassle-free tax regime to encourage compliance

Finance Minister Pranab Mukherjee on Monday asked the revenue officials to build a transparent and hassle-free tax regime to encourage voluntary compliance and discourage evasion.

“You should strive to build a transparent and hassle-free tax regime where the assessee voluntarily complies with the statutory requirements and dreads any breach of regulatory provisions and procedures,” he said while addressing the annual conference of Central Board of Excise and Customs (CBEC).

He further added that any mala fide and corrupt practice to evade payment of legitimate dues needs to be handled as per established procedure of law.

Mukherjee also asked the CBEC officials to ensure that their actions do not hinder smooth conduct of any bona fide business activity or add to their legitimate compliance cost.