Bangalore: Union Finance Minister Pranab Mukherjee has said that the Government “is committed to the path of fiscal consolidation.”
Mr. Mukherjee was speaking after the formal inauguration of the Centralised Processing Centre (CPC) of the Income Tax Department in Bangalore on Saturday.
“We have improved on the recommendations of the Thirteenth Finance Commission and are determined to follow the roadmap set for fiscal consolidation,” Mr. Mukherjee said.
The Finance Minister announced the decision to establish two more CPCs — at Manesar in Haryana and Pune — for processing IT returns from the northern and western regions, respectively. “Technology,” he said, “has played a tremendous role in transforming the way IT returns are processed,” he said.
Technological innovation could help handle voluminous and repetitive tasks, he said. The CPC at Bangalore processed on an average 20,000 returns a day, he said. This would help in clearing the backlog of returns that need to be processed.
Mr. Mukherjee complimented Infosys Technologies Ltd., which has implemented the project on an “end-to-end” basis, under the supervision of the IT Department.
Congratulating Infosys for “speedy implementation” of the project, he said the CPC, had been able to process over seven lakh returns since it commenced operations. He said technology could reduce transaction costs.
S. Goplakrishnan, Chief Executive Officer and Managing Director, Infosys, said his company “is proud to be associated with a hugely transformational project.”
Revenue Secretary Sunil Mitra said the CPC would be relief to those waiting for tax refunds.