Government has extended the tenure of a high level committee set up under former
Chief Economic Advisor Ashok Lahiri by one year.
Ashok Lahiri Committee was formed to suggest steps to sort out taxation problem being faced by the trade and industry.
Ashok Lahiri Committee was given the task of interacting with the industry on tax related issues on regular basis and ascertain areas where clarity in tax laws is required.
The tenure of the Ashok Lahiri Committee which was till November 25 is now further extended for one year as per Office Memorandum dated November 10, 2015.
The other two members in the committee are Sidhartha Pradhan, retired member, Settlement Commission (Income Tax & Wealth Tax) and Gautam Ray, retired DG (Audit) Customs and Central Excise.
Ashok Lahiri Committee will continue to interact with the trade and industry on regular basis and ascertain the areas where clarity in tax laws is required and will give recommendations to the CBDT/CBEC for issuance of appropriate clarifications by way of circulars, instructions etc.
The CBDT/CBEC will issue the required clarifications, circulars and instructions etc. within a period of two months from the date of receipt of recommendations of the HLC.
Ashok Lahiri Committee
In his Budget speech for 2014-15, Finance Minister Arun Jaitley had announced the setting-up of a high level committee to interact with trade and industry and ascertain areas where clarity on tax laws is required.
Accordingly, a High Level Committee (HLC) was constituted with the approval of the Finance Minister on November 26, 2014 to interact with trade and industry on tax laws.
