Shome panel identifies issues to bring clarity on tax laws

NEW DELHI: The government today said it has clarified on 76 issues related with direct and indirect taxes based on suggestions of Parthasarathi Shome panel that was set up to address the grievances of the industry.

Finance Minister P Chidambaram has discussed these issues and has taken final decisions to remove difficulties faced by tax payers, an official release said.

"The forum identified 29 issues in direct taxes and 47 issues in indirect taxes that merited removal of the obstacles and issue of clarifications or amendment of procedures. These issues were sent to the respective boards for further examination," it said.

The release, however, did not elaborate on the issues that were clarified by the panel.

Further, CBDT and CBEC have also issued several circulars and notifications to pursuant to these decisions, while some others are in the process of being issued.

Some other issues that require changes in law are expected to be addressed in the forthcoming Union Budget, it said.

In July 2013, Finance Ministry had formed the panel under Shome to exchange views between industry groups and government on tax related issues and disputes.

The forum heard views of industry groups and associations and provided the government an opportunity to explain its stand on tax related matters to the industry, the release said.

In its meetings, the forum covered matters related with information technology, manufacturing, infrastructure, services sector including financial services, insurance sector including reinsurance, export sector, international taxation.

The forum was aimed at bringing about clarity in taxation laws, stable tax regime, non-adversarial tax administration, a fair mechanism for dispute resolution, and an independent judiciary to provide assurance to investors.