Do away with the post of Revenue Secretary, merge CBDT, CBEC: Shome Panel on TARC
The government appointed Tax Administration Reform Commission (TARC), headed by Parthasarathi Shome, has recommended some radical reforms in tax administration which include:
- Abolition of the post of Revenue Secretary
- Amalgamation of CBDT and CBEC
- Broaden the use of Permanent Account Number (PAN)
- Avoid retrospective amendments to tax laws
- Income Tax Return should also include wealth tax details
- Separate budget allocation to ensure time bound tax refund and a passbook scheme for TDS (Tax Deduction at Source).
- Tax Administration should be given greater functional and financial autonomy and independence from governmental structures, given their special needs.
As per report submitted by the panel to the Finance Ministry, the Revenue Secretary, an IAS, is “likely to have little experience or background in tax administration at the national level and little familiarity with tax.”
Month: Current Affairs - June, 2014