For Quick Alerts
For Daily Alerts

Tax Administration Reform Commission to submit its first report within six months: Parthasarathi Shome

By Religare
TARC to submit its first report within six months: Shome
Tax Administration Reform Commission (TARC), set up by the Finance Ministry to suggest measures to prevent economic offences among other things, held the first meeting yesterday and is expected to submit its report in six months, reported PTI.

"The Commission held its first meeting and will submit its first report within six months and thereafter submit periodic reports after every three months," TARC Chairman and Advisor to Finance Minister Parthasarathi Shome told reporters.

The terms of reference of the Commission include a review of the existing mechanism of dispute resolution and methods to widen tax base, said the media report. The TARC will also recommend measures to strengthen inter-agency information sharing between Central Board of Direct Taxes (CBDT), Central Borad of Excise and Custom (CBEC), Financial Intelligence Unit (FIU), Enforcement Directorate, and also with the banking and financial sector.

Besides, it will recommend a system to enforce better tax mechanism -- by size, segment and nature of taxes and taxpayers that should cover methods to encourage voluntary tax compliance.

The statement said the Commission will be supported by a Secretariat and have its headquarters at Delhi. It will be provided information and quantitative data of CBDT and CBEC to do statistical analysis for making recommendations.

The term of the 7-member TARC is 18 months and it will work as an advisory body to the Ministry of Finance.

Dion Global Solutions Ltd.

Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more