At the same time, he observed, the judiciary too should restrain its urge to expand keeping in view liberalisation of the economy as the broad objective of every institution is development of people through economy.
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“I hope the scheme is an opportunity for tax payers to come out clean, sleep well and live with their heads held high. Hopefully, we may, but we are not sure”, he said. Government have urge to become overbearing.
Further, sustained and prompt action taken by the tax department in various cases involving black money has resulted into assessment of substantial amounts of undisclosed income, levy of concealment penalty and filing of criminal prosecution complaints for various offences, he said. “It would be very unpleasant duty for any state to start the process of big brother watching”, he said at an event here.
“Any government has to trust its citizens and therefore to keep watching their transaction is not a very happy thing for a government to do”.
The seminar, organised by the Federation of Karnataka Chamber of Commerce and Industry in partnership with the income tax department and the Federation of Indian Chamber of Commerce and Industry, was meant to create greater awareness of the scheme among the public and other stakeholders.
Earlier, Revenue Secretary Hasmukh Adhia said the IT department had collected data on those who avoided paying tax after completing various transactions.
The Finance Minister said tax rates are moderate in India as far as the direct taxation is concerned, compared to other economies in the world, leaving out tax havens and tax exempted societies. “And that is the practise world over.In liberalised economy the interference itself will be counter-productive to the whole objective of investment”, he said.
Stating that people have been jailed in the past for evading taxes, he said the government should not be forced to resort to the same after September 30.
He said: “As the world is proceeding on and on, with the advent of technology, more openness and transparency coming into the system it is going to be extremely hard to hide evasion or avoidance”.
“Government then have to become facilitators”.
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Mr Jaitley said similar reforms in aviation, banking sector had contributed to growth. KCR also sought Jaitley’s help for funding for the flagship programs of Mission Bhagiratha, Mission Kakatiya, on- going Haritha Haram program to extend green cover to 33 per cent and present year target of planting 46 cr saplings.
