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Govt. sets up Tax Policy Council headed by Finance Minister

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The Union Government set up a Tax Policy Research Unit (TPRU) and Tax Policy Council by replacing Tax Research Unit and Tax Policy and Legislation. The TPRU is multi penal body its aim is to carry out the studies on various topics of fiscal and tax policies referred to it by CBDT and CBEC.

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Key highlights about the Tax Policy Council

  • The council was headed by the Union Finance Minister with nine other members including Minister of State for Finance, Niti Aayog Vice Chairman, Commerce and Industry Minister Revenue Secretary and the Chief Economic Advisor, Finance secretary, Commerce Secretary and Industry Secretary.
  • The Council is an advisory body
  • It will help the Government in identifying key policy decisions for taxation.
  • The TPRU consist of officers from both the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC).
  • The Tax Policy Research Unit consists of economists, statisticians, operational researchers, legal experts will also helpin taking appropriate tax policy decisions and they also helps to fulfill the needs of both direct and indirect taxes.
  • The council was set up by the recommendation of the Tax Administration Reform Commission (TARC) so as to bring consistency, multidisciplinary inputs, and unity in policy making.
  • It will supply independent analysis, prepare and distribute policy papers and background papers on various tax policy issues.
  • It will also assist Tax Policy Council and liaise with State Commercial Tax Departments.