It was founded in 1944 and comes under the administrative control of Department of Revenue, Ministry of Finance.
Conclusion
To reap in the benefits of globalization, India must improve its tax system. Proceeding further with reforms like Direct Tax Code, improving administrative efficiency, overcoming teething troubles in GST, easing tax filing, improving financial literacy etc. would help in making out tax system robust and enhancing state’s finance which could be used for developmental purposes.