Data Shows Tax Collection Source Mechanism Abused: Chief Economic Advisor
NDTV
The Chief Economic Advisor was addressing the 'Building a Robust Financial Sector for a Competitive Economy' session at the CII Annual Session 2023 here on Thursday.
Chief Economic Advisor V Anantha Nageswaran on Thursday said that data available on usage of international credit cards points out that tax collection at source mechanism has been "abused" and these "volumes involved were fairly substantial".
The Chief Economic Advisor was addressing the 'Building a Robust Financial Sector for a Competitive Economy' session at the CII Annual Session 2023 here on Thursday.
"There are data that are available with the government that do point out that this mechanism has been not just abused by a small set of people or by those who are evading taxes but the volumes involved are fairly substantial," V Anantha Nageswaran said
The CEA said he does not see any impact on ordinary taxpayers under the new mechanism of tax collection at source (TCS) rules with exemptions.
