<h1>New Committee Formed to Clarify Tax Laws, Led by Former Chief Economic Advisor, Will Provide Biannual Reports to Finance Minister.</h1> A High Level Committee has been established to engage with trade and industry to identify areas needing clarity in tax laws. Comprising a former Chief Economic Advisor as Chairman and two retired tax officials as members, the committee will regularly interact with businesses and recommend clarifications to the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC). These bodies are expected to issue clarifications within two months of receiving recommendations. The committee, assisted by two Nodal Officers, will operate for a year, submitting biannual reports to the Finance Minister, with potential extensions.