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Finance Minister asks chartered accountants to detect tax evasion
Speaking at the Chartered Accountants’ meeting at GITAM University here on Friday, the Minister stated that auditors were responsible and accountable for the economic development of the State and the country.Despite many financial reforms initiated, the government is not able to control the flow of black money, which has been registering 50 per cent in the GDP,” he alleged.
Visakhapatnam: Minister for Finance and District In-charge Minister Yanamala Ramakrishnudu suggested that if the entire black money stashed abroad and within the country was ploughed back, imbalances in the economy would be eliminated. The chartered accountants have a vital role to play in this regard, he said.
Speaking at the Chartered Accountants’ meeting at GITAM University here on Friday, the Minister stated that auditors were responsible and accountable for the economic development of the State and the country.
Despite many financial reforms initiated, the government is not able to control the flow of black money, which has been registering 50 per cent in the GDP,” he alleged.
Yanamala further claimed that if the total black money in the country is converted into white, the country will be bailed out from the present economic crisis.
Why I am insisting upon to detect the tax evaders because the State needs more taxable income for implementation of various welfare schemes introduced for the uplift of the poor. Even if there is one per cent increase in tax collection, it would make a good difference for the State,” he added.
The State government, he said, had been providing subsidies even without imposing new taxes in the last two years and asked the tax payers to fulfil their civic responsibility of paying taxes on time regularly.
GITAM University president and MLC Dr M V V S Murthi, too, felt that the chartered accountants are the real custodians, caretakers and controllers of the State exchequer to enable the government to implement all welfare schemes in toto. He has called upon the auditors to focus mainly on the irregularities and evasion of taxes.
President of National Chartered Accountants’ Association Devaraj presided over the meeting. Other representatives Phalguna Kumar, M Jawahar Reddy, local chapter president Ramachandra Rao, conference advisor Prasanna Kumar and Deputy Commissioner of Commercial Taxes Nagendra were also present. Later, the Minister was felicitated by the National President Devaraj.
