India’s Central Board of Direct Taxes on November 22 established a task force to review India’s direct tax system and make recommendations for a new system consistent with the economic needs of the country.
The government noted that India’s existing tax laws were established in 1961. The task force will review the tax systems in force in other countries and consider international best practices in come to its conclusions.
The task force will be led by Arbind Modi, Member (Legislation), CBDT. The following other members were appointed: Girish Ahuja, practicing Chartered Accountant and non-official Director State Bank of India; Rajiv Memani, Chairman & Regional Managing Partner of E&Y; Mukesh Patel, Practicing Tax Advocate, Ahmedabad; Mansi Kedia, Consultant, ICRIER, New Delhi; G.C. Srivastava, Retd. IRS (1971 Batch) and Advocate.
Shri Arvind Subramanian , Chief Economic Adviser will be a permanent special invitee.
The group has been asked to submit a report to the government in six months.
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