Consider the following 1 Tax Administration Reform Commission TARC is a permanent bod...........

Economic Affairs Tax System

Download Solution PDF

Consider the following:

1) Tax Administration Reform Commission (TARC) is a permanent body.

2) In recent report TARC recommended speedy implementation of GST.

3) Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) both are statutory bodies.

Select the correct statement/s using codes given below.

1 and 2

2 only

3 only

1 and 3

छोटे Courses बड़े Results

Master Tax System

Prepare through Micro-courses

Try Now

Explanation:

1st and 2nd statements are incorrect.
The term of the Commission is 18 months and works as an advisory body to the Ministry of Finance.
The Tax Administration Reform Commission or TARC is committee appointed by the Government of India for giving recommendations for reviewing the public Tax Administration system of India. The Union Finance Minister had made an announcement in his Budget Speech 2013-14 for setting up of Tax Administration Reform Commission (TARC) to review the application of tax policies and tax laws in India in the context of global best practices, and to recommend measures for reforms required in tax administration.