1. Arun Jaitley sets up 3-member panel to bring in further clarity in tax laws

Arun Jaitley sets up 3-member panel to bring in further clarity in tax laws

Arun Jaitley has set up a three-member panel to advise on bringing further clarity in tax laws based on interactions...

By: | Published: December 4, 2014 4:05 AM

Finance minister Arun Jaitley has set up a three-member panel, led by former chief economic advisor Ashok Lahiri, to advise on bringing further clarity in tax laws based on interactions with the trade and industry.

Former Settlement Commission member Sidhartha Pradhan and former DG (audit) Customs and Central Excise Gautam Ray are also panel members. The apex policy bodies for direct and indirect taxes within the finance ministry would issue necessary clarifications on tax matters within two months of getting the panel’s recommendations, said a finance ministry statement issued on Wednesday.

The move is in line with Jaitley’s budget announcement and is similar to the arrangement that existed during the UPA regime.

The panel would be assisted by two senior officers from the ministry handling direct and indirect taxes.

Tags: Arun Jaitley
  1. H
    Hemen Parekh
    Dec 7, 2014 at 10:48 am
    BUDGETING BY OBJECTIVES Dear Shri Jaitley , Come Feb 2015 and you will present your Budget in Lok Sabha You will allocate thousands of crores of rupees to different ministries , for spending during 2015-16 You may even increase / decrease their allocations based on , to what extent ( % ) did they manage to actually " spend " their current year's allocations The one and only emphasis is on " spending " ! As usual , no MP will ask : " But , what exactly did the Minister concerned achieve by spending this money ? What physical / measureable targets did the Minister succeed in reaching / exceeding , with that money ? Where / What are the OUTPUTS ? Why is it that no targets were set in advance , before the start of the year ? How come , Minister was allowed to shoot first and then draw concentric circles around the afterwards ( at the end of the year ) , to claim BULL'S EYE ? " In private sector , shareholders / bankers do not hesitate to sack the CMD / MD / CEO , if he fails to deliver on promised profit Then , why are Ministers allowed to retain their posts ( - or even get kicked upstairs ! ), despite failing to deliver ? Dear Shri Jaitley : MPs should know that YOU cannot answer these questions , simply because , at the time of the Budget Exercise , no physical OUTPUTS got fixed for each Minister What did get fixed , were only EXPENDITURE TARGETS ! Simply because MPs ped the Budget without fixing targets such as following for 31 March 2015 : * Finance Minister > GDP ..... 6 % ............ [ 10 % improvement ] > CAD.......( - ) 5 % .....[ 20 % improvement ] * Commerce Minister > Exports........ $ 350 Billion .... [ 10 % improvement ] > FDI..............$ 50 Billion...... [ 20 % improvement ] * Railway Minister > Lengths of Tracks...... 125,000 Km..... [ Up by 10 % ] > No of Penger Trains / day..... 10,000... [ Up by 10 % ] * Health Minister > Chronic Hunger and Hunger Related Deaths 8 Million / year .................................... [ Down by 20 % ] > Under-nourished people..... 200 million..... [ Down by 10 % ] * Social Welfare Minister > Dowery Deaths / year....... 8,000...... ......[ Down by 10 % ] > People without Toilets........ 500 Million.... [ Down by 20 % ] * Agriculture Minister > Farmers Suicide/ year..... .. 14,000............... [ Down by 20 % ] > Food Grain rotting / year..... 5 Million tons..... [ Down by 20 % ] So on and so forth for each Minister Some caution / suggestions : * Ignore the numbers given above. I could be factually wrong * Focus on the concept of " Management by Objectives " * Overcome the fear of " failure to meet the targets ". * Overcome the fear of " being ridiculed " ! * Don't chop off the neck that dares to stick out ! * Only failure is , not fixing the targets ! * Actual vs Targeted achievements must be measured , on an ongoing basis , by totally independent THIRD PARTY agencies Ministers / Finance Minister and these Agencies , must agree in advance , how the Agencies will go about " measuring " the Actual Achievements The method of measurement must be transparent and well publicized in advance Agencies shall have no role in fixing of Annual Targets That is best done by the Prime Minister - the CEO , MakeInIndia * There must be at least 10 performance parameters for each Minister * Parameters themselves could be selected / prioritized , based on an ONLINE PUBLIC SURVEY / OPINION POLL , from Govt web site * If conducting such an ONLINE POLL for the forthcoming budget is too late , same could be done on a printed form , by current MPs / MLAs / Rajya Sabha Members * Results of the SURVEY / POLL , must be published I hope readers of this blog will contribute by ping on this message to > all of their friends / relatives / acquaintances / colleagues > as many legislators whose email IDs they can find > to Shri Jaitley ( ajaitley@sansad.nic / ajaitley@del5.vsnl ) > Everyone in their CONTACT list OR, > request them to look it up on...www.hemenparekh Somehow , we must bring pressure on Lok Sabha Members , NOT to approve the forthcoming budget , unless TARGETS are set in advance * hemen parekh / 06 Dec 2014
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