Govt non-committal on DTC, says Bill has lapsed

Tags: News
The ambitious Direct Taxes Code, which proposed overhaul of the six-decade old Income Tax Act, has lapsed, the government today said without giving any commitment on reviving the same.

"With the dissolution of the 15th Lok Sabha, the Direct Taxes Code Bill, 2010 has lapsed," Minister of State for Finance Nirmala Sitharaman said in a written reply in the Rajya Sabha.

She was replying to a question on whether the government was committed to implementing the Direct Taxes Code (DTC) beginning with next financial year while reworking the existing draft and developing consensus on it during the current fiscal.

The DTC, which proposed replacing the Income Tax Act of 1961, was introduced in the Lok Sabha on August 30, 2010.

On Goods and Services Tax (GST), Sitharaman said on July 3 a meeting was held between the Union Finance Minister Arun Jaitley and State Finance Ministers to discuss issues relating to introduction of GST.

"Government seeks to bring on board all state governments in adopting GST, addressing all their concerns," she added.

On its implementation, GST would subsume most of the indirect taxes.

The Minister also said exemption to agricultural income is in accordance with the provision of the Constitution which provides that Central Act cannot levy tax on any such income.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Government must give up majority ownership in loss making PSU banks

    After four years of braving economic slowdown and provisioning for rising non performing assets (NPAs), public sector banks are in urgent of capital.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

BK Chaturvedi

Cooperative federalism and governance

Improving relations between the states and the Centre to improve ...

Kuruvilla Pandikattu SJ

Reason drives religion, science

Both religion and science are driven by reason, claims Rama ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture