The Finance Ministry has asked industry association Assocham to provide suggestions on the role of the proposed Tax Administration Reform Commission (TARC).
“TARC is work in progress. We would like to receive from you suggestions on the role of TARC,’’ Sumit Bose, Revenue Secretary, said here today at a post-budget conference organised by Assocham.
In the recent budget speech, Finance Minister P. Chidambaram had announced that TARC would be set up to review the application of tax policies and tax laws and submit periodic reports. The periodic reports could be used to strengthen the capacity of Indian tax system, Chidambaram had said.
Bose today said that the TARC would help in uniform application of laws across the country. He also said that efforts will be taken to expand the tax base on both direct taxes and indirect taxes front.
The Centre has budgeted 19 percent growth in revenue collections for 2013-14.
“Growth is very important for us. Without growth, we can’t get the taxes and reclaim the tax-GDP peak of 11.9 per cent in 2007-08,’’ Bose pointed out