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In line with Finance Minister Arun Jaitley’s announcement during the 2014-15 Budget speech, a High Level Committee to interact with trade and industry to ascertain where clarity on tax laws is required was constituted on Wednesday.
Former Chief Economic Advisor Ashok Lahiri will serve as its Chairman while other members include retired Settlement Commission Member Sidhartha Pradhan and Gautam Ray, retired Director General (Audit) of Customs and Central Board of Excise and Customs (CBEC), an official statement said.
The duties of the Committee includes making recommendations to the Central Board of Direct Taxes/CBEC for issuance of appropriate clarifications, through circulars on tax issues, within two months from the date of receipt of its suggestions and also consult experts and tax professionals when it considers it appropriate. It will submit half-yearly reports to the Finance Minister. Two nodal officers of Joint Secretary/Commissioner rank from the Income Tax and CBEC will assist the Committee after being appointed by the Revenue Secretary.
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