Rajaswa Gyan Sangam Current Affairs
The Union Finance Ministry has constituted task force to review Income Tax (IT) Act 1961 and draft new direct tax law in consonance with current economic needs. CBDT member Arbind Modi will be convener of task force. Chief Economic Adviser Dr. Arvind Subramanian will be its permanent Special Invitee.
Terms of Reference of Task Force
Taskforce main mandate is to draft appropriate Direct Tax Legislation keeping in view direct tax system prevalent in various countries, international best practices. It will also take into consideration, economic needs of country and any other matter connected thereto.
During 2017 Rajaswa Gyan Sangam held in September, 2017, Prime Minister Narendra Modi had observed that IT Act, 1961 was drafted more than 50 years ago and it needs to be re-drafted. Rajaswa Gyan Sangam is an annual conference of senior tax administrators to enable two-way communication between policy-makers and senior officers in field offices with view to increase revenue collection and facilitate effective implementation of law and policies in key result areas.
The 2017 Rajaswa Gyan Sangam, a two-day annual conference of senior tax administrators was held at Vigyan Bhawan, New Delhi. It was inaugurated Prime Minister Narendra Modi.
The conference was jointly organised by Central Board of Direct Taxes (CBDT) and Central Board of Excise & Customs (CBEC).
The objective Rajaswa Gyan Sangam 2017 was to enable two-way communication between policy-makers and senior officers in field offices with view to increase revenue collection and facilitate effective implementation of law and policies in key result areas.
The conference was attended by senior officers of CBDT and CBEC. The senior officers of Finance Department of the States and Union Territories for first time also had attended conference.
Various joint sessions, separate Technical Sessions of each Board were held during two-day Conference. Issues arising in implementation of policies and strategies to achieve targets in core functional areas were discussed. Such issues discussed included HR issues, Strategies for Revenue Maximisation, Litigation Management, Taxpayer Services, Tax Evasion, GST and Customs Reforms and Modernisation.