New Delhi: The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved Rs 4,241.97crore for integrated e-filing and centralized processing center–2.0 Project-of the Income Tax Department.
The Union Cabinet also approved the expenditure sanction for the consolidated cost of Rs 1,482.44crore of the existing CPC-ITR 1.0 project up to FY 2018-19. The broad objectives of the project include a faster and accurate outcome for the taxpayer, first-time-right approach, enhancing the user experience at all stages, and improving taxpayer awareness and education through continuous engagement.
This approval has significant benefits for the Department and taxpayers through various functionalities such as pre-filling of ITR and acceptance by taxpayer as a means to improve accuracy and to reduce refund/processing turnaround time drastically, facilitation to taxpayers in resolving outstanding tax demands; integrated contact centers for taxpayer assistance and taxpayer outreach program through digital media and employer/partner
accreditation program to bring significant enhancement in services to taxpayers.
The decision will ensure horizontal equity by processing returns filed by all categories of taxpayers across the country in a consistent, uniform, rule-driven, identity blind manner. This will assure fairness in tax treatment to
every taxpayer irrespective of their status.
By faster processing of returns and issue of refunds to the taxpayer’s bank account directly without any interface with the Department, by adhering to international best practices and standards (ISO certification) and by providing processing status updates and speedy communication using mobile app, e-mail, SMS and on the Department website, the decision will ensure transparency and accountability.
“The proposal ensures the continuation of the Department’s goal towards business transformation through technology. The E-filing and CPC projects have enabled end to end automation of all processes within the Department using various innovative methods to provide taxpayer services and to promote voluntary compliance,” said the government in a statement.
Stressing on the benefit of the project, Union Railway Minister Piyush Goyal told media persons: “At present, it takes around 63 days to deal with income tax return process but this will be completed just in one day after the success of the ‘integration project’. Through digital media platform, we can provide rapid facilities to taxpayers, be it real-time processing of income tax returns, ease in filing accurate returns, resolve grievances of taxpayers and spread awareness.”
The Union Cabinet on Wednesday also approved fresh capital infusion in the form of recapitalization of bonds in the Export-Import Bank of India (Exim Bank) to the tune of Rs. 6,000 crore and the authorized share capital of Exim Bank has been increased from Rs 10,000 crore to Rs 20,000 crore.
“The decision has been taken by the government as the Exim Bank promotes the export and import process. Under this, capital adequacy will improve,” said Union Railway Minister while briefing media persons after the Cabinet meeting.
Meanwhile, the Cabinet Committee on Economic Affairs (CCEA) also sanctioned Rs 22,594 crore to increase the capacity of Assam’s Numaligarh refinery by three times to fulfill the petroleum needs in the entire northeast region.
Goyal said the Central government has given its approval to the project for capacity expansion of Numaligarh refinery from three million metric tonnes per annum (MMTPA) to 9 MMTPA.
The project involves setting up a crude oil pipeline from Paradip to Numaligarh and product pipeline from Numaligarh to Siliguri at a cost of Rs 22,594 crore. The project is to be completed within a period of 48 months, after approval and receipt of statutory clearances.
[source_without_link]ANI[/source_without_link]