Industry has a role to play in reducing tax disputes, says FinMin

Two prominent policymakers — finance secretary TV Somanathan and revenue secretary Tarun Bajaj — said on Monday that the larger industry had a big role to play in reducing tax disputes.

“There is a tendency in this country to not leave any loophole unexplored. That is the philosophy with which it is approached by the accounting profession. This advice is tendered at an expensive cost to the industry,” said Somanathan at a post-Budget interaction with stakeholders and industry representatives in Bengaluru.

The interaction was also attended by finance minister Nirmala Sitharaman.

Somanathan said while there are many genuine problems that the government needs