Govt has taken one step forward on retro tax issue: Jaitley

ProMASS News Bureau: Mar 3, 2016:

Finance Minister Arun Jaitley has said government has taken a step forward on retrospective tax issue by putting in place statutory mechanism for ending such disputes. Addressing industrial chambers during his post-Budget interaction, Mr Jaitley said he had inherited retrospective tax cases.

He said he has made a one-time offer to firms facing tax liability on the retrospective tax front by way of waiver of interest and penalty if they pay up principal tax. The Minister said both direct and indirect tax issues can be resolved at the first appellate stage. He said tax and interest can be paid in some cases and penalty as well in some exceptional high-value cases.