Govt extends tenure of Lahiri Panel by 1 year

New Delhi: Government has extended by one year the tenure of a high level committee set up under former Chief Economic Advisor Ashok Lahiri to suggest steps to sort out taxation problem being faced by the trade and industry.

The panel was given the task of interacting with the industry on tax related issues on regular basis and ascertain areas where clarity in tax laws is required.

"The tenure of the committee which was till November 25 is now further extended for one year as per Office Memorandum dated November 10, 2015," an official statement said Thursday.

The other two members in the committee are Sidhartha Pradhan, retired member, Settlement Commission (Income Tax & Wealth Tax) and Gautam Ray, retired DG (Audit) Customs and Central Excise.

"The High Level Committee (HLC) will continue to interact with the trade and industry on regular basis and ascertain the areas where clarity in tax laws is required and will give recommendations to the CBDT/CBEC for issuance of appropriate clarifications by way of circulars, instructions etc," it said.

The CBDT/CBEC will issue the required clarifications, circulars and instructions etc. Within a period of two months from the date of receipt of recommendations of the HLC.

In his Budget speech for 2014-15, Finance Minister Arun Jaitley 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 (HLC) was constituted with the approval of the Finance Minister on November 26, 2014 to interact with trade and industry on tax laws.