| | APRIL 20218Consultants ReviewTHREE PILLARS OF A PRODUCTIVE TAX REFORM SYSTEM IN INDIA - TRUST, TRANSPARENCY & TECHNOLOGYA well known philanthropist, with 3+ decades' experience in manufacturing, textiles, chemicals, and information technology, he has been driving businesses' quality technology brand.By Niraj Hutheesing, Founder & Managing Director, Cygnet Infotechver the last few years, as the discussions around financial technology (Fintech) grow stronger, taxation has often been left out of these conversations. However, this is all set to change, with Prime Minister Narendra Modi issuing a clarion call for reforms in the Indian Indirect tax system. These reforms, when implemented, will herald in the complete digitization of the compliance process, which will ensure a paperless system, besides accurate and legitimate reporting. Through a vision to create a technology centric tax system, the country is now facing the very real prospect of benefitting from reforms that are based on transparency, trust, technology, and productivity.To this extent, going forward, we are now looking at faceless appeals, faceless e-assessment schemes (FAS), and the taxpayers' charter that will bring in increased accountability, efficiency, and transparency in tax administration for businesses. The major impacts will be noteworthy for taxpayers who have high pool of data essentially the Industry giants. At the cusp of this revolution, some of the changes we can expect to see include: · Streamlining of repetitive tasks: (Productivity enhancing technology)One of the biggest challenges faced among tax experts was that of performing the same tasks repeatedly, which reduced productivity to a great extent. Tasks such as retrieving lists, generating OIN MY OPINIONNiraj Hutheesing, Founder & Managing Director
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