Financial Daily from THE HINDU group of publications
Tuesday, Jan 24, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 24, 2006 |
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Industry & Economy
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Exports & Imports FICCI calls for fast-track dispute resolution mechanism Our Bureau
New Delhi , Jan. 23 TO make the business environment conducive for exporters, FICCI has urged the Finance and Commerce Ministries to take urgent steps to resolve disputes by establishing a fast track dispute resolution mechanism. Further, a tax ombudsman scheme should be established as a mechanism of conciliation rather than litigation and provided for in the Income-Tax Act, on lines similar to that of banking ombudsman scheme. The chamber has also urged to make the entire process of tax filing Internet-based, drawing lessons from the passport issuance system in the country that is now online. On exports, the chamber has urged that export schemes should a long-term framework to provide stability and certainty in the minds of exporters. It called for a unified comprehensive drawback scheme with in-built mechanisms to neutralise every incidence of indirect tax and local levies factored into the final export product. For widening the tax contribution to the GDP, the chamber has urged that the tax administration mechanism be made more effective by implementing the wide-ranging recommendations of the Kelkar Committee, the Parthasarthi Shome Committee and the Chelliah Committee. The chamber is of the opinion that there is a further need for simple tax laws and procedures. There is a need for long-term fiscal policy to impart stability, certainty in the minds of investors, both domestic and foreign.
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