To bring clarity on tax laws Shome panel identifies issues
Based on suggestions of Parthasarathi Shome panel that was set up to address the grievances of the industry, the government recently said it has clarified on 76 issues related with direct and indirect taxes.
An official release said Finance minister P Chidambaram has discussed these issues and has taken final decisions to remove difficulties faced by tax payers.
It said, ‘‘The forum identified 29 issues in direct taxes and 47 issues in indirect taxes that merited removal of the obstacles and issue of clarifications or amendment of procedures. These issues were sent to the respective boards for further examination.’’
Chidambaram had formed the panel under Shome to exchange views between industry groups and government on tax related issues and dispute in July 2013
While some others are in the process of being issued, the release, however, did not elaborate on the issues that were clarified by the panel. Further, CBDT and CBEC have also issued several circulars and notifications to pursuant to these decisions.
The release said that the forum heard views of industry groups and associations and provided the government an opportunity to explain its stand on tax related matters to the industry.
The forum covered matters related with IT, manufacturing, infrastructure, services sector including financial services, insurance sector including reinsurance, export sector, international taxation in its meetings.
Source: Financial Express
CBDT, CBEC, export sector, financial services, Government, Infrastructure, Insurance sector, International taxation, IT, legal, manufacturing, P Chidambaram, Parthasarathi Shome, services sector, Tax payers
