PRESS NOTE

       SETTING UP OF HIGH LEVEL COMMITTEE TO INTERACT WITH TRADE AND
                                     INDUSTRY ON TAX LAW


             In his Budget Speech 2014-15, Finance Minister had announced the setting up
of a High Level Committee to interact with trade and industry and ascertain areas where
clarity on tax laws is required. Accordingly, a High Level Committee has been
constituted with the following composition:-


        i)       Shri Ashok Lahiri, Former Chief Economic Advisor,           -   Chairman
                 Ministry of Finance

        ii)      Shri Sidhartha Pradhan, Retired Member,                     -   Member
                 Settlement Commission (Income Tax & Wealth Tax)

        iii)     Shri Gautam Ray, Retired DG(Audit)          Customs         -   Member
                 and Central Excise







2.           The Terms of Reference(ToR) of the Committee are as follows:-

i)           The High Level Committee(HLC) will interact with trade and industry on regular
             basis and ascertain areas where clarity in tax laws is required.

ii)          The HLC will give recommendations to the CBDT/CBEC for issuance of
             appropriate clarifications by way of circulars, instructions etc. on tax issues.

iii)         The CBDT/CBEC will issue the required clarifications, circulars, instructions etc.
             within a period of 2 months from the date of receipt of recommendations of the
             HLC.

iv)          The HLC will be assisted by two Nodal Officers not below the rank of Joint
             Secretary/Commissioner, one each from Income Tax and Customs & Central
             Excise. The choice of Nodal Officers will be recommended by CBDT and CBEC.
             The appointment of the Nodal Officers will be made with the approval of Revenue
             Secretary.

v)           The HLC shall set its own procedures for regulating its work.









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vi)      The HLC may consult experts and tax professionals from outside as it may
         consider appropriate. The HLC may also invite officers from Department o
         Revenue,    including   CBEC       and    CBDT     and    other Government
         Departments/Agencies for interaction, as may be necessary.

vii)     The Chairman and two members of the Committee will function on part time
         basis and will be paid sitting fee of Rs.5000/- each per day of the meeting,
         subject to a ceiling of Rs.50,000/- each per month.

(viii)   The term of the Committee shall be for one year from the date of its constitution,
         subject to further extensions, as may be considered appropriate by the
         Department of Revenue, Ministry of Finance.

(ix)     The HLC shall submit half-yearly reports to the Finance Minister.


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