Govt constitutes high level committee to interact with trade & industry on tax laws
Updated: Dec 04, 2014 12:26:28pm
New Delhi, Dec 4 (KNN) The government has set up a high level committee to interact with trade and industry to ascertain areas where clarity on tax laws is required, in accordance with Union Finance Minister, Arun Jaitley’s announcement in the Budget Speech 2014-15.
The committee would comprise of Former Chief Economic Advisor (CEA), Ministry of Finance, Ashok Lahiri (chairman); Retired Member, Settlement Commission (Income Tax and Wealth Tax) Sidhartha Pradhan (member); and Retired DG (Audit) Customs and Central Excise, Gautam Ray (member), an official release said.
The High Level Committee (HLC) will interact with trade and industry on a regular basis and ascertain areas where clarity in tax laws is required.
Further, it will give recommendations to the CBDT/CBEC for issuance of appropriate clarifications by way of circulars, instructions etc. on tax issues.
On their part, the CBDT/CBEC will issue the required clarifications, circulars, instructions etc. within a period of 2 months from the date of receipt of recommendations of the HLC.
In their duties, the HLC will be assisted by two nodal officers not below the rank of Joint Secretary/Commissioner, one each from Income Tax and Customs and Central Excise. The choice of Nodal Officers will be recommended by CBDT and CBEC, their appointment made with the approval of Revenue Secretary, it said.
While the HLC will set its own procedures for regulating its work, it can consult experts and tax professionals from outside as it may consider appropriate. It can also invite officers from Department of Revenue, including CBEC and CBDT and other Government Departments/Agencies for interaction, when necessary.
The Chairman and two members of the Committee will function on part time basis, their term being one year from the date of its constitution, subject to further extensions, as may be considered appropriate by the Department of Revenue, Ministry of Finance.
The HLC will submit half-yearly reports to the Finance Minister, the release added. (KNN/ES)
The committee would comprise of Former Chief Economic Advisor (CEA), Ministry of Finance, Ashok Lahiri (chairman); Retired Member, Settlement Commission (Income Tax and Wealth Tax) Sidhartha Pradhan (member); and Retired DG (Audit) Customs and Central Excise, Gautam Ray (member), an official release said.
The High Level Committee (HLC) will interact with trade and industry on a regular basis and ascertain areas where clarity in tax laws is required.
Further, it will give recommendations to the CBDT/CBEC for issuance of appropriate clarifications by way of circulars, instructions etc. on tax issues.
On their part, the CBDT/CBEC will issue the required clarifications, circulars, instructions etc. within a period of 2 months from the date of receipt of recommendations of the HLC.
In their duties, the HLC will be assisted by two nodal officers not below the rank of Joint Secretary/Commissioner, one each from Income Tax and Customs and Central Excise. The choice of Nodal Officers will be recommended by CBDT and CBEC, their appointment made with the approval of Revenue Secretary, it said.
While the HLC will set its own procedures for regulating its work, it can consult experts and tax professionals from outside as it may consider appropriate. It can also invite officers from Department of Revenue, including CBEC and CBDT and other Government Departments/Agencies for interaction, when necessary.
The Chairman and two members of the Committee will function on part time basis, their term being one year from the date of its constitution, subject to further extensions, as may be considered appropriate by the Department of Revenue, Ministry of Finance.
The HLC will submit half-yearly reports to the Finance Minister, the release added. (KNN/ES)
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