New Delhi: According to an official statement made on Friday the Indirect Tax Ombudsmen (ITOM) will address concerns of taxpayers through trade and industry associations across the country for early compliance.
“A decision to hold meetings with trade and industry associations in the respective jurisdiction of the ombudsmen across the country was taken at a meeting of the ITOM with Central Board of Excise and Customs (CBEC) chairman Kaushal Srivastava here for strengthening the watchdog,” the statement said.
The CBEC has taken several initiatives to improve and facilitate trade and business in the ‘year of tax-payers’ services,
IT ombudsmen from Allahabad, Bengaluru, Chennai, Delhi, Lucknow and Mumbai regions participated in the meeting.
Taxpayers can approach the IT ombudsmen on deficiency, if any, in the working of customs, central excise and service tax departments in case of non-adherence to working hours and procedural delays in refunds, rebate and drawback.
The ombudsmen are meant to protect the rights of taxpayers and suggest remedial action to redress their grievances.
The IT ombudsmen have been set up under the ITOM guidelines of 2011.
New Delhi, November 8, 2017 : On November 8 2016, every Indian citizen sat glued to their TV screens as Narendra Modi was set to make a big announcement. Outcome? The Indian Prime Minster shocked the entire nation with the introduction of Demonetisation, a move that was to change the very foundation of the cash-dependent Indian economy.
The much-debated move by Modi garnered the attention of several well-versed economists from the country and abroad, alike. While some people willingly welcomed the move, there were others who stood in staunch criticism.
As the move completes its first year, the Bharatiya Janata Party (BJP) is set to observe November 8 as ‘anti-black money day’ to celebrate Demonetisation anniversary in the country.
On the eve of the Demonetisation anniversary, the BJP released a cheeky video claiming to depict how ‘corrupt’ politicians have been criticizing the move, as the nation won following demonetisation.
In the video, the BJP attempted to take a dig at corrupt politicians, who have been criticizing PM Modi’s Demonetisation move.
In the video, a woman, playing the character of a frustrated, corrupt politician can be seen going on a rant over PM Modi’s note ban initiative, which was aimed to combat black money, corruption, fake currency and terrorism.
The video ends with a voice-over saying demonetisation has not only brought out this frustration of corrupt citizens, but also black-money, claiming that almost 99 per cent cash which was previously lying hidden with people has now entered the banking system.
The one-minute video, which is now going viral on social media, has already been re-tweeted more than 2 thousand times since it was released on November 7, on the eve of demonetization move.
Ahead of the Demonetisation anniversary, the last few days have witnessed several leaders present their opinions on PM Modi’s demonetization move.
Finance Minister Arun Jaitley called PM Modi’s note ban initiative a ‘watershed moment’ while Piyush Goyal, Minister of Railways believes the move has pushed India towards a more transparent economy.
However, the move is being criticized by ex-Prime Minister Manmohan Singh calling it ‘irresponsible’. The opposition maintains that PM Modi’s note ban initiative has caused reckless damage to the country and the Indian economy.
On Demonetisation anniversary, the BJP is set to observe November 8 as ‘anti-black money day’, while opposition leaders are set to observe the day as ‘black day’ in protest against the note ban initiative.
Finance Minister Jaitley tabled the second volume of Economic Survey 2016-17 in both Houses of Parliament
Second volume to be presented by Chief Economic Adviser Arvind Subramanian and his team
New Delhi, August 12, 2017: The last day of the Monsoon session of the Parliament saw the Indian Finance Minister Arun Jaitley table the second part of Economic Survey 2016-2017.
The survey revealed that a sharp, however balanced decline has been observed in the use of cash after Prime Minister Narendra Modi heralded the demonetization move in November last year. This trend has been observed both, in levels, and as a share of GDP and money.
Before assessing whether the move was a success or a failure, we must first identify what were the objectives behind stalling Rs. 500 and Rs. 1,000 notes,
Immediate objective – flush out large amounts of black money that were hoarded in cash at the moment
Long term objective – transform the cash-based Indian economy into a digital economy
It was assumed that these objectives would make India an efficient economy with higher tax revenues.
Before the introduction of demonetization, India heavily relied on cash, which in turn led to an unhealthy cash-to-GDP ratio (12 percent) – a trend that was only worsening with time.
The finance minister presented the second volume of Economic Survey 2016-17 in both the houses of the Parliament with demonetization being discussed for a significant part. The following has been revealed in an attempt to gauge the outcome of the move,
At present, total cash in holding is Rs. 3.5 lakh crore. This figure is 20 percent less than what it would have been had the economy not been demonetized.
Cash as a share of GDP has also witnessed a decline by 1.6 percentage points. Previously it was 11.3 percent of GDP and now stands at 9.7 GDP.
Cash as a share of M1 which economically represents liquid portions of money supply, has also declined by five percentage points.
To ease understanding of everybody from a non-economic background, these trends indicate a significant reduction in Indian economy’s reliance on cash since November 2016.
Another bonus point is the huge amount of cash that was previously lying dormant with people and has now entered the banking system.
When talking about the long term objective of the move- digitalization, a significant movement can be observed across all sectors :
The affluent segment of the society has increasingly shifted to mobile banking, online transactions, and app-based banking solutions
The middle segment are using their debit and credit cards
People from the less affluent segment are slowly joining the digital economy with their Jan Dhan accounts and RuPay cards
Pensioners who were previously only undertaking transactions in cash are now being encouraged to use card-based techniques.
Farmers, who comprise a significant part of the Indian economy, are also being encouraged to issue and use Kisan credit cards.
The Indian banking sector is not only promoting the issuance of debit and credit cards but also their use.
The question that comes to mind here is, was demonetization successful?
It would be wrong to say that the economy has completely transformed into a digital economy as many people have shifted back to cash. However, digital transactions are higher than pre-demonetization levels, and the overall movement is in the positive direction.
The Indian economy can thus, be rightly considered on the path to a holistic digital economy as the Economic Survey 2016-2017 notes “surge has moderated but the level and pace of digitalization are still substantially greater than before demonetization.”
However, while there is proof that the reliance on cash has declined sharply, it has also been pointed out in the survey that a “definitive judgments can only be passed if current levels of cash relative to GDP persist over time but so far”.
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Delhi, Dec 18, 2016: While all the eyes are on the big shots and their hoarded black money stacks, a chaiwaala gives them tough competition.
The Income tax department found unaccounted assets worth Rs 10.50 crore from a chaiwaala-turned-financier on Saturday after raids were conducted against him, as a part of the anti-black money crackdown post currency scrap, mentioned PTI.
A total cash of Rs 1.45 crore, with new currency being at 1.05 crore and assets including bullions worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore was discovered in the humble setting of the chaiwaala.
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According to PTI report, I-T sources have given a statement, “The total value of the assets seized from the financier, who earlier worked as a ‘chaiwala’, is Rs 10.50 crore. 13 of his bank lockers have been opened till now, four more are in the process to be opened and the expected seizure of assets may increase.”
The officials have refrained from revealing the identity of the person citing ongoing probe. Seems like the chaiwaalas all around the world, are on a quest to do something historical in their lives!