New Delhi: The Central Government has constituted a high level committee to interact with trade and industry and ascertain areas where clarity on tax laws is required.
The Union Finance Minister Arun Jaitley had announced the setting-up of a High Level Committee during the In 2014-15 budget and the newly former commmittee consists of Ashok Lahiri, Former Chief Economic Advisor(CEA), Ministry of Finance, Sidhartha Pradhan, Retired Member, Settlement Commission (Income Tax & Wealth Tax), Gautam Ray, Retired DG(Audit) Customs and Central Excise.
According to the Terms of Reference (ToR) of the Committee, the High Level Committee (HLC) will interact with trade and industry on regular basis and ascertain areas where clarity in tax laws is required.
The HLC will give recommendations to the CBDT and CBEC for issuance of appropriate clarifications by way of circulars, instructions etc. on tax issues.
Keeping in mind the questions from the industry, the CBDT and CBEC will issue the required clarifications, circulars, and instructions. within a period of 2 months from the date of receipt of recommendations of the HLC.
The HLC will be assisted by two Nodal Officers not below the rank of Joint Secretary/Commissioner, one each from Income Tax and Customs & Central Excise.
The choice of Nodal Officers will be recommended by CBDT and CBEC. The appointment of the Nodal Officers will be made with the approval of Revenue Secretary. The terms of the Committee shall be for 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.