The government has asked the industry body - ASSOCHAM to provide suggestions on the role of proposed Tax Administration Reform Commission (TARC). At a post-budget conference organized by ASSOCHAM, revenue secretary, Sumit Bose said that the government is working on the TARC and wants suggestion for the proper implementation.
As per Sumit Bose, the TARC would help in uniform application of laws across the country and efforts will be taken to expand the tax base on both direct and indirect taxes front. The Centre has budgeted 19 percent growth in revenue collections for 2013-14. The government is expected to collect over Rs 5.65 lakh crore from tax revenues as per revised estimates, marginally lower than Rs 5.70 lakh crore budgeted for the current fiscal.
Presenting the Union Budget for FY14, the Finance Minister P Chidambaram said that proposed Commission will review the application of tax policies and tax laws. Further, TARC will submit periodic reports that can be implemented to strengthen the capacity of the tax system in the country. Finance Minister had pointed out that an emerging economy must have a tax system that reflects best global practices and the proposed Commission is a step in this direction.
