Govt set to table direct tax code bill

Jul 23, 2010 - Age Correspondent |

New Delhi

Finance minister Pranab Mukherjee said on Thursday that the government intends to introduce the Direct Taxes Code (DTC) Bill in the Monsoon Session of Parliament which begins from July 26.

“The draft DTC after taking into account the suggestion on revised discussion paper is under legislative drafting. I intend to introduce draft DTC in Monsoon Session of Parliament,” he said while addressing a special session of Ficci. He said that the government initiated the reforms in the direct taxes as per its commitment and placed the draft direct tax code as well as revised discussion paper in the public domain. “In the revised discussion paper, we have addressed the areas of concern raised by trade and industry,” said Mr Mukherjee. He said that in the draft direct tax code, it has been government’s endeavour to incorporate the best global practices. On the goods and services tax (GST), the finance minister said that a draft constitutional amendment has been prepared and was shared with the empowered committee of state finance ministers on Wednesday. Mr Mukherjee claimed that the gain from GST will propel India from one trillion dollar economy to two trillion dollar economy in a short span of time.

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