The Direct Taxes Code (DTC) Bill 2010 has lapsed with the dissolution of the 15th Lok Sabha, Parliament was informed on Friday.
Finance Minister Arun Jaitley conveyed this to the Lower House in a written reply in response to a question on whether DTC implementation would make avoiding tax tougher for foreign companies.
The Modi-led Government—which has completed six months in office-- is yet to take a call on whether a new Bill to replace the existing income tax law need to be introduced or not.
While the new Government is keen to fast tract goods and services tax (GST) implementation, it is not showing any urgency when it came to enacting a new income tax law.
The erstwhile UPA regime had in August 2010 introduced the Direct Taxes Code (DTC) Bill.
Billed as one of the significant tax reforms initiated by the UPA regime, the Direct Taxes Code Bill 2010 sought to usher in a new income tax code for the country.
Along with goods and services tax (GST) introduction, enactment of a new income tax law topped the reform agenda of the erstwhile UPA regime.