Lot needs to be done by FinMin on black money: 

Par panel The Standing Committee on Finance suggested the "Ministry should give utmost priority to the implementation of Justice M B Shah's panel so that black money stashed abroad may be brought to our hand in time." 

Not satisfied with the Finance Ministry's response on the quantum of unaccounted money brought back from abroad, a Parliamentary Panel said a lot needs to be done regarding unearthing of black money. The Standing Committee on Finance suggested the "Ministry should give utmost priority to the implementation of Justice M B Shah's panel so that black money stashed abroad may be brought to our hand in time." Besides, the panel headed by M Veerapa Moily also said the government should prepare a concrete road map and suitable administrative for smooth rollout of Goods and Services Tax (GST).

 In order to increase revenue, it said, Finance Ministry should usher in next generation tax reforms by ideating afresh about tax policy or regime which only would lead to transformational revenue generation figures in place of current dull situation and incremental figures of revenue both in direct and indirect taxes. "The committee also suggest that a concrete road map as well as suitable administrative measures be prepared and kept ready for smooth rollout of GST," it said. On the issue of black money, the committee said a lot needs to be done by the ministry regarding unearthing of black money.

 A total amount of Rs 4,147 crore was declared during the 90-day black money compliance window, higher than the previously announced amount of Rs 3,770 crore. The committee are not satisfied by the incomplete response of the ministry regarding quantum of unaccounted money brought back from abroad, it said. "Moreover, with a view to preventing and curbing generation of unaccounted money in the first place, the committee are of the view that a combination of policy, legislative and concrete enforcement measures need to be adopted and implemented on priority basis," it said.

 With regard to the sudden surge in the number of cases with Rs 1 crore plus agricultural income, the Committee dissatisfaction over the adhoc manner in which the Department of Revenue has been handling such an important issue. "Such a lapse or overlooking may lead to creation of domestic tax haven in our economy whereby unaccounted or black money may be stashed / hidden under the head / guise of agricultural income," it said. They recommend for stringent action on part of the ministry to check this trend, it said, adding a report on the issue must be presented within one month.

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