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Govt looking at Shome panel report to simplify tax system: Arun Jaitley

Govt looking at Shome panel report to simplify tax system: Arun Jaitley

Ahead of the Budget 2016-17, Finance Minister Arun Jaitley Monday said the government is looking into the recommendations of Parthasarathi Shome committee for simplifying tax administration.

Use postponement period to fix transitional probs: Shome on GST

Former chairman of Tax Administrative Reforms Commission Parthasarathi Shome Monday said government should utilise the postponement period to fix transitional issues relating to Goods and Service Tax (GST).

Shome welcomes deferment of GAAR in Budget

Parthasarathi Shome, the Chairman of Tax Administration Reforms Commission, constituted by the Finance Ministry, Monday hailed the decision to defer General Anti-Avoidance Rules (GAAR) as announced in the Budget.

Govt sets up Tax Administration Reform Commission: Shome

Hopefully there would be dynamic recommendations and once the recommendations are out, it would be discussed by the tax administration and tax payers, Parthasarathi Shome said.

TARC to submit its first report by May-end

The Tax Administration Reform Commission (TARC), announced in last year's Budget, would submit its first report to the government by May-end, Chairman of the panel and Advisor to Union Finance Minister Parthasarathi Shome said Friday.

Govt yet to decide on retrospective taxation issue: Shome

Shome said that the government was working on a resolution which would be applicable to all companies facing this problem.

Circular soon for levying excise on goods sold below cost

The Finance Ministry Tuesday said it will come out with a circular by January 15 to implement a Supreme Court decision regarding valuation of goods sold below the cost price for levying excise duty.

Don't use retro amendment of tax laws to raise revenue: Shome

He is also the chairman of the Tax Administration Reform Commission and was speaking at a CII event here.

Tax Reform Commission to submit first report in 6 mths: Shome

Tax Administration Reform Commission (TARC), set up by the Finance Ministry to suggest measures to prevent economic offences among other things, held the first meeting Monday and is expected to submit its report in six months.

Shome against retro amendment of tax laws to raise revenue

Amid long-pending dispute between Vodafone and tax authorities, Finance Minister's advisor Parthasarathi Shome on Monday said the government should not go in for retrospective amendment of tax laws to raise revenue.

Process to roll out Direct Tax Code on: Parthasarathi Shome

The process to roll out the Direct Tax Code is "on" and the government has now prepared a draft with comments made by industry and it is being examined by various Ministries, Parthasarathi Shome, Adviser to Finance Minister, said Friday.

GST dispute resolution body to be set up: FM Advisor

The Parliamentary Standing Committee on GST had submitted its report on August 7 and dealt with a number of issues, Parthasarathi Shome said.

More dialogues likely between Centre and states on GST: Shome

More dialogues are expected between the Centre and states in the coming months on some issues related to Goods and Services Tax (GST), said Union Finance Ministry advisor Parthasarathi Shome.

India needs good rating from global agencies to fix CAD: Shome

India needs good rating from global credit rating agencies to help bolster foreign capital flows into the country, Union Finance Ministry advisor Parthasarathi Shome said on Saturday.

India should focus on data mining, analysis of tax admin: Shome

India should strengthen the Large Tax Payers Unit (LTUs) and focus on data mining and analysis of tax administration, expert Parthasarathi Shome said Thursday.

Direct tax code needs to go back to drawing board: Shome

Hinting that the central government would not be able to introduce the direct tax code (DTC) by April 2013, Parthasarathi Shome, who heads the high-powered committee on GAAR, said it needs to go back to the drawing board as some changes are required.

Waive interest, penalty in cases of retro tax changes: Shome

In a recommendation that could provide relief to firms like Vodafone, a Government-appointed committee Tuesday favoured companies facing tax liability following retrospective amendment to the Income Tax Act should be exempted from payment of interest and penalty.

India needs to apply GAAR provisions intelligently: Shome

The provisions of General Anti Tax Avoidance Rules (GAAR) should be 'intelligently' applied, said the Chairman of Expert committee, Parthasarathi Shome, after submitting the draft report to Finance Ministry.

GAAR guidelines will be finalised by Sept 30 deadline: Shome

The guidelines on General Anti- Avoidance Rules (GAAR), aimed at checking tax evasion, will be finalised by the September 30 deadline, Chief of Prime Minister-appointed panel on GAAR, Parthasarathi Shome said on Saturday.

Will expand consultation process, says GAAR panel chief

Chief of Prime Minister appointed panel on GAAR Parthasarathi Shome Monday said ambit of consultations on the anti-tax evasion measures will be widened.