Speed up common form for tax: Panel

livemint.com:

New Delhi: Finance ministry should speed up process of introducing a common income tax return form which will make tax filing easier, Parliamentary Standing Committee on Finance led by Jayant Sinha said in a report tabled in Lok Sabha on Thursday. The panel, which has 31 members from both Houses, in addition to the chairperson, said it is expected proposed common tax return form, which was released for public consultation in November, would considerably ease filing of returns for individuals and non-business-type tax payers.

The panel also said the measures that can prevent harassment of honest tax payers, should be stringently complied with by the agencies and officers concerned. The standing committee also said the department of revenue is in the process of framing rules for the GST Tribunal under the Central Goods and Services Tax Act.

Welcoming the move, the panel said this will help to ensure that GST disputes are resolved in a timely and efficient manner. In a separate report relating to the ministry of corporate affairs, the panel highlighted manpower shortage and urged a resolution .

The panel said it was concerned about vacancies in key bodies under ministry, which includes 40 vacancies in National Financial Reporting Authority, 150 in Serious Fraud Investigation Office and 70 vacancies in Competition Commission of India, in addition to some vacant posts in National Company Law Tribunal. The panel said vacancies may impact the efficacy of the implementation of important statues.