Eminent economist Parthasarathi Shome will be the new advisor to Finance Minister P Chidambaram. He succeeds Vijay Kelkar, whose term ended on August 31.
Taxpayer satisfaction is a part of the matrix of key performance indicators of the administration.
The appointment comes at a time when the ministry is struggling to rein in the fiscal deficit at the targeted level of 5.3 per cent of gross domestic product for the current financial year.
The recommendations by Shome are significant as they have been made at a time when two major tax reforms, the Goods and Services Tax and the Direct Taxes Code, have made no headway.
Stimulus was given in phases after Chidambaram had left the finance ministry to head the home ministry in December 2008.
Panel has suggested that GAAR provisions should not be invoked to examine the genuineness of the residency of entities in Mauritius.
Shome joined on October 1, 2004, for three years and his tenure had recently been extended till October 2009. However, he has decided to move on, sources in the finance ministry said he had not decided which of the options open before him will be exercised.
Move could be a major relief to Vodafone.
Says Finance Ministry is working on tax structures as suggested by the Parliamentary committee
The centre on Tuesday sought to allay fears that VAT will be inflationary and expressed confidence that the new tax system will be introduced by all the states from April 1.
Amid long-pending dispute between the UK-based telecom giant Vodafone and the tax authorities in India, Finance Minister's advisor Parthasarathi Shome on Wednesday said the government should not use retrospective amendment of tax laws to raise revenues.
The government has already embarked on strengthening the tax net by sending letters to those who have not filed tax returns.
A tax reforms panel, headed by finance minister's advisor Parthasarathi Shome, is considering moving away from setting fixed tax-collection targets and linking these with the changing economic scenario during the year.
Introduction of GAAR, which was proposed by then Finance Minister Pranab Mukherjee in the Budget 2012-13 to check tax evasion, had triggered strong opposition by foreign investors following which its implementation was postponed till April next year.
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The ministry has been receiving representations from chambers of commerce and industry associations on tax-related issues and disputes that affect the industry as a whole or impact a large sections of the industry.
FII investments made after Aug 2010 to come under GAAR even if these have been routed through DTAA.
It's a season of change at economic think tanks.
The government is likely to increase the number of transactions that require reporting from seven to tighten scrutiny and check evasion.
Accountability must be linked to minimising infructuous demands and tracking recovery
The idea is to introduce in the next Budget a number of safeguards for preventing disputes with taxpayers.
A look at a few important questions on GAAR and their answers.
The dreaded fringe benefit tax is unlikely to be withdrawn in the next year's Budget despite mounting pressure from the apex industry chambers.
To aid global rebalancing, China needs to re-orient domestic policy to social spending.
The West Bengal chief minister's dream of transforming her state's capital might prove difficult.
The government on Friday said it is examining recommendations of the Parthasarathi Shome panel on controversial retrospective tax laws introduced in the last Budget.
After taking charge, P Chidambaram promised fine-tuning of policies and place a stable tax regime.
The government is trying to send a signal it wants to stimulate the economy and the stock market.
The value-added tax system proposed to be introduced from April 1, 2005 replacing the sales tax system, would be fine-tuned over time to free it from distortions, advisor to the finance ministry Parthasarathi Shome said on Monday.
The government may take a hit of about Rs 40,000 crore if it accepts the recommendations of the Parthasarathi Shome panel to tax indirect transfer of Indian assets prospectively, as against the provisions of the Finance Act, 2012, to tax all such deals retrospectively.
The appointment, expected shortly, will come in the backdrop of tax expert Parthasarathy Shome recently resigning from the post of adviser to Finance Minister P Chidambaram.
The former advisor to P Chidambaram explains why he is substituting the urban delights of London for the maddening drawbacks of Delhi.
Now for the first time, the top team in North Block has the predominance of IAS officers.
SEZs will help alleviate the infrastructure deficit in the country.
SEZs will help alleviate the infrastructure deficit in the country.
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