Q. Which of the following committees are related to indirect tax reforms?
Select the correct answer using the code given below:
Q. Which of the following committees are related to indirect tax reforms?
Select the correct answer using the code given below:
The correct option is B 2 only
Explanation:
Shivaraman Committee: The Committee was formed on 30 March 1979, under the Chairmanship of Shri B. Sivaraman, a former member of the Planning Commission, Government of India. The objective of the committee was to Review the Arrangements For Institutional Credit for Agriculture and Rural Development (CRAFICARD) to look into these very critical aspects. The Shivaraman Committee also recommended the establishment of NABARD.
Rekhi Committee: The Government of India constituted the Rekhi Committee in 1992 under the Chairmanship of K. L. Rekhi to facilitate reforms in indirect taxes.
Narasimham Committee: As India liberalized its economy in 1991, it was felt that banks were not performing efficiently. During the economic crises, it was recognized that banks have a crucial role to play in the economy and, hence, the banking sector had to be more competitive and effective. For that, the Ministry of Finance under then finance minister Dr. Manmohan Singh set up the Narasimham Committee to analyze India’s banking sector and recommend reforms. The Committee was set up under the chairmanship of Maidavolu Narasimham.
Akhilesh Ranjan Committee: The Committee was constituted to submit its report on income taxes. It recommended the replacement of the income tax act with a new direct tax code.
Explanation:
Shivaraman Committee: The Committee was formed on 30 March 1979, under the Chairmanship of Shri B. Sivaraman, a former member of the Planning Commission, Government of India. The objective of the committee was to Review the Arrangements For Institutional Credit for Agriculture and Rural Development (CRAFICARD) to look into these very critical aspects. The Shivaraman Committee also recommended the establishment of NABARD.
Rekhi Committee: The Government of India constituted the Rekhi Committee in 1992 under the Chairmanship of K. L. Rekhi to facilitate reforms in indirect taxes.
Narasimham Committee: As India liberalized its economy in 1991, it was felt that banks were not performing efficiently. During the economic crises, it was recognized that banks have a crucial role to play in the economy and, hence, the banking sector had to be more competitive and effective. For that, the Ministry of Finance under then finance minister Dr. Manmohan Singh set up the Narasimham Committee to analyze India’s banking sector and recommend reforms. The Committee was set up under the chairmanship of Maidavolu Narasimham.
Akhilesh Ranjan Committee: The Committee was constituted to submit its report on income taxes. It recommended the replacement of the income tax act with a new direct tax code.
