Simplify the entire system of business taxation: NITI Aayog member Aranvid Virmani – Dainik Savera Times

New Delhi: NITI Aayog member Arvind Virmani advocated simplifying the entire system of business tax like personal tax and said ‘faceless’ assessment may not work in all cases. In ‘faceless’ assessment there is no need for the officer and the taxpayer to come face to face. Virmani said he is hearing from large corporations that ‘faceless’ valuation can sometimes mean a kind of ignorance, as the business needs to make decisions regarding every expense it makes.

“Business taxation is inherently problematic,” he told PTI. Sometimes you need to explain it.” Virmani said commercial taxation for businesses does not just mean corporate taxes, it also means business aspects of personal taxation. “You can do a ‘faceless’ assessment, it may work for 80 per cent of cases but it may create more problems for 10 per cent,” he said.

“I believe you have to simplify the entire tax system for business taxation,” the eminent economist said. Virmani also reiterated that India is committed to signing free trade agreements (FTAs) with the EU, US and UK. Is very important for. On the question of high unemployment figures among the youth, he said that labor participation, which measures jobs, has increased from 2017-18 (agricultural year) to 2021-22 (agricultural year).

“Look at the Periodic Labor Force Survey (PLFS) data,” he said. The wages of casual workers have increased by about five per cent per year between the period of 2021-22 (agricultural year) and 2017-18 (agricultural year). How will you compare the performance of the nine years (2004-14) and the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government? Virmani said that on most macroeconomic indicators, including inflation, the Modi government has performed better than the previous UPA government.