In­dia Govt sets up Tax Pol­icy Coun­cil headed by FM

The Pak Banker - - BUSINESS -

The In­dian Govern­ment said it has cre­ated a Tax Pol­icy Re­search Unit (TPRU) and Tax Pol­icy Coun­cil to be chaired by the Union Fi­nance Min­is­ter with nine other mem­bers in­clud­ing Min­is­ter of State for Fi­nance, Niti Aayog Vice Chair­man, Com­merce and In­dus­try Min­is­ter Rev­enue Sec­re­tary and the Chief Eco­nomic Ad­vi­sor. Fi­nance sec­re­tary, Com­merce Sec­re­tary and In­dus­try Sec­re­tary will also be its mem­bers. The Coun­cil will be ad­vi­sory in na­ture, which will help the Govern­ment in iden­ti­fy­ing key pol­icy de­ci­sions for tax­a­tion.

The TPRU will com­prise of of­fi­cers from both the Cen­tral Board of Di­rect Taxes (CBDT) and Cen­tral Board of Ex­cise and Cus­toms (CBEC) as well as econ­o­mists, statis­ti­cians, op­er­a­tional re­searchers, le­gal ex­perts, said an of­fi­cial re­lease.

The de­ci­sion is based on the rec­om­men­da­tion of the Tax Ad­min­is­tra­tion Re­form Com­mis­sion (TARC) that have in its First Re­port, iden­ti­fied han­dling of tax pol­icy and re­lated leg­is­la­tion as one of the ar­eas in need of struc­tural mod­i­fi­ca­tions.

Right now this is han­dled in the CBDT and the CBEC. In­de­pen­dently of the two boards, the Tax Re­search Unit (TRU) and Tax Pol­icy and Leg­is­la­tion (TPL) wings also send pro­pos­als to the union Fi­nance Min­is­ter. To bring con­sis­tency, mul­ti­dis­ci­plinary in­puts, and co­her­ence in pol­icy mak­ing, the TARC rec­om­mended that a Tax Coun­cil sup­ported by a com­mon Tax Pol­icy and Anal­y­sis (TPA) unit should be es­tab­lished to cater to needs of both di­rect and in­di­rect taxes.

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