Ajay Seth assigned additional charge as revenue secretary

Economic affairs secretary Ajay Seth has been assigned additional charge as revenue secretary, according to a Tuesday evening order from the Centre. The revenue secretary post became vacant with Sanjay Malhotra's appointment as the 26th governor of the Reserve Bank of India (RBI), replacing governor Shaktikanta Das. Malhotra will take charge as the new central bank chief tomorrow.

Seth will hold additional charge until a regular appointee is named or until further orders, whichever comes first, the government order stated.

The top-level changes come as the finance ministry's officialdom focuses on budget preparations. The ministry has completed deliberations with the other government departments and ministries on the revised expenditure estimates.

The upcoming budget is expected to see a slew of tax-related announcements, including the Direct Tax Code for tax laws' simplification. The direct tax code will replace the Income Tax Act of 1961 and will focus on reducing the compliance burden on the individuals as well as the corporate sector, while at the same time curtailing the litigations.

Yet another immediate task at hand for Seth as the revenue secretary will be the upcoming GST council meeting. The council meeting, scheduled for December 21, is likely to see deliberations on the GST rate and slab rationalisation. Recently, the finance ministry denied reports that the government plans to enhance GST on tobacco and soft drinks.

"There are various reports in the media regarding the Group of Ministers (GoM) recommendations on GST rate changes regarding various goods and services. The reports in public media based on GoM deliberations are premature and speculative," the ministry said.

One must note that a Group of Ministers (GoM) is currently reviewing GST rate rationalisation. This comprises ministers from Bihar, Uttar Pradesh, Rajasthan, West Bengal, Karnataka, and Kerala. The Deputy Chief Minister of Bihar is the GoM convenor. The GoM is expected to submit its recommendations to the Council in the upcoming meeting.