New Delhi, Jun 26 (UNI) The Government on Wednesday decided to include a mechanism for system-based cross verification of the financial transactions and sharing of data between financial agencies.
The Finance Ministry said the Government has decided to broaden the terms of reference for the task force which it had constituted on November 22, 2017 to draft a new direct tax law to meet the economic needs of the country.
According to an order by the Central Board of Direct Taxes, new direct tax law would have a system of sharing information between GST, Customs, CBDT and Financial Intelligent Unit (FIU).
“In view of the expanded TOR which includes sharing of data between agencies, it has been decided to nominate Ritvik Pandey, Joint Secretary (Revenue) as member of the Task Force as well,” the order said.
Earlier, the Task Force has to submit its report by July 31 but was given the extension of two months by the Government.
The order said since Krishnamurthy Subramanian has taken over as the Chief Economic Adviser, it has also been decided to nominate him as a member of the Task Force replacing former CEA Arvind Subramanian.
Besides the new TOR included faceless and anonymised verification, scrutiny or assessment; a new mechanism for system-based cross verification of the financial transactions; reduction in litigation and expeditious disposal of appeals before the Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal (ITAT), High Courts and Supreme Court; and Reduction of compliance burden by simplification of procedures.
The Finance Ministry in November last year had appointed Akhilesh Ranjan, member (legislation) of CBDT, as convenor of the task force after the retirement of Arbind Modi.
Other members of the task force include Girish Ahuja (chartered accountant), Rajiv Memani (chairman and regional managing partner of EY), Mukesh Patel (practicing tax advocate), Mansi Kedia (consultant, ICRIER) and G C Srivastava (retired IRS and advocate).