The government today hoped rollout of Direct Tax Code by April 2012 but things are not on track in case of Goods and Services Tax (GST). "DTC will be rolled out in April 2012 but for GST I think the date seems 'optimistic' under the present circumstances," Revenue Secretary Sunil Mitra said.
"Cabinet had just approved the GST Constitution Amendment Bill, and in all possibility it will go to a Parliamentary Standing Committee. It would depend on when they will submit their report and still there are divergences on views," he said. However, a pilot project in June with 11 states for GST IT Network will be created. It will be a major step forward, he said.
Speaking on DTC, Mitra said the revenue department will offer the clarifications by early April sought by the Parliamentary Standing Committee on Finance. The DTC bill is likely to be introduced at the special Parliamentary session in May-June and we hope by the end of Monsoon session the legislation may be enacted for implementation, Mitra said.
Eight revenue officials are already engaged in preparing the sub-legislation and this will also be put on public domain for opinions.