Mayaram calls meeting to discuss progress on DTC, GST

Tags: News
Finance Secretary Arvind Mayaram has called a meeting tomorrow of revenue department officials to assess the progress on the proposed Direct Taxes Code and the Goods and Services Tax.

Billed as the most significant tax reforms, the DTC seeks to replace the Income Tax Act of 1961, while the GST is aimed at overhauling the indirect taxes regime by subsuming various levies.

GST has been hanging fire for long for want of consensus among political parties and state governments.

DTC, on the other hand, was not taken up for passage in Parliament, although the Standing Committee of Finance had given its go ahead to the bill.

Congress has been accusing BJP as well as Gujarat Chief Minister and Prime Minister designate Narendra Modi for stalling GST.

However, the BJP manifesto promises to bring on board all state governments in adopting the GST and also addressing their concerns on loss of revenue.

The manifesto, however, was silent on DTC, but has talked about preparing a Tax Policy Roadmap in order to rationalise and simply the tax regime.

The government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha to pave the way for the GST regime which aims at subsuming most of the indirect taxes at the central as well as the state level.

The Standing Committee on Finance submitted its report on 'The Direct Taxes Code Bill, 2010' in March 2012. The Bill was introduced in the Lok Sabha in 2010.

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E-mail ID will not be published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.

EDITORIAL OF THE DAY

  • Modi’s big wins in Haryana, Maharashtra are major milestones

    The results of the assembly elections in Maharashtra and Haryana are pretty much on the lines of the exit polls which suggested that the BJP was going

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: Pitfalls of know-alls

The over-confidence effect is a well-established bias in which a ...

Parvez Imam

Where survival depends on greed

Far away in another galaxy hangs a planet occupied by ...

Bubbles Sabharwal

Why life is an instrument of self-expression

You know the old saying that goes like: misery loves ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture