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Relief for small tax payers: Govt to forego Rs 6,000 crore

Relief for small tax payers: Govt to forego Rs 6,000 crore

Following an increase in threshold limit for filing tax appeals in various courts and tribunals, the government will forego nearly Rs 6,000 crore locked up in tax disputes, finance minister Piyush Goyal said on Thursday.
With this, tax litigation in the Central Board of Direct Taxes (CBDT) and Central Board of Indirect Taxes and Customs (CBIC) will come down by 41 per cent and 18 per cent respectively, Goyal said while briefing the media on steps taken for reducing tax litigation. “Total tax disputes stuck at different levels for both direct and indirect taxes amounts to Rs 6,000 crore,” he added.
In case of CBDT, the withdrawal of 41 per cent cases will have a revenue impact of Rs 4,800 crore in absolute terms, while withdrawal of 18 per cent cases pertaining to CBIC will have a revenue impact of Rs 800 crore.
Goyal said that the government is constantly making changes in the interest of honest taxpayers.
In order to reduce the long pending grievances of taxpayers and to “minimise litigations pertaining to tax matters and facilitate the ease of doing business”, the government on Wednesday decided to increase the threshold monetary limits for filing departmental appeals at various levels, be it appellate tribunals, high courts and the Supreme Court (SC). The finance ministry has increased limits for filing an appeal in case of tribunals to Rs 20 lakh from Rs 10 lakh earlier. In case of high court, the limit in the tax dispute cases has been raised to Rs 50 lakh from Rs 20 lakh earlier and to Rs 1 crore from Rs 25 lakh for SC.
“Small tax cases are piling up. Rs 7.6 lakh crore worth of tax disputes are stuck in various stages of litigation in tribunal, HC, SC at the end of March 2017,” Goyal told reporters.
On the issue of income-tax refunds, Goyal said that refunds worth over Rs 70,000 crore have been issued to the taxpayers.
“Income-tax refunds worth over Rs 70,000 crore have been issued to the taxpayers,” he said.
On the possibility of a rate cut in Goods and Services Tax (GST) on items during the upcoming meeting of the GST Council on 21 July, Goyal said, “We have already reduced GST on 328 items. It may be possible to find a chance where there is a meritorious consideration. However, revenue collection also needs to be considered.”
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