Government Forms High Level Committee To Tackle India's Tax Issues

BANGALORE: In a bid to get process in place the Government has set-up a High Level Committee to interact with trade and industry on Tax laws. In his recent Budget Speech of 2014-15, the Finance Minister Arun Jaitley had announced the setting-up of a High Level Committee to interact with trade and industry on regular basis and ascertain areas where clarity on tax is required.

Following this the three member panel will be headed by former economic advisor Shri Ashok Lahiri of Ministry of Finance and will also include a retired member, Sidhartha Pradhan of Settlement Commission and Shri Gautam Ray, Retired DG of Customs and Central Excise. The Chairman and two members of the Committee will function on part time basis.

The High Level Committee will give recommendations to the CBDT/CBEC for issuance of appropriate clarifications by way of circulars and instructions on tax issues. The CBDT/CBEC has to issue the required clarifications, circulars, and instructions within a period of 2 months from the date of receipt of recommendations of the High Level Committee.
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