Implementation of the Direct Tax Code (DTC), the proposed reforms in the direct tax system, will miss the deadline of April 1, 2012, Finance Minister Pranab Mukherjee said Friday.
Presenting the union budget for 2012-13 in the Lok Sabha, Mukherjee said the government was taking steps for early implementation of the policy.
However, the finance minister did not give any time-frame for the implementation of the proposed reform.
"The Direct Tax Code bill was introduced in parliament in August 2010 and it was our earnest desire to give effect to DTC from April 1, 2012," Mukherjee said while presenting his seventh union budget.
"However, we received report of the parliamentary standing committee on March 9, 2012. We will examine the report expeditiously and take steps for the enactment of the DTC at the earliest," he said.
Mukherjee also said that the government was working for the early implementation of proposed reforms in the indirect tax system -- Goods and Services Tax (GST).
"The constitutional amendment bill for implementation of Goods and Services Tax was introduced in parliament in March 2011 and it is before the parliamentary standing committee," he said.
"As we await the recommendations of the committee, drafting of model legislation for centre and state GST in consultation with the state is under progress," Mukherjee said.
The finance minister urged lawmakers to extend their support in early implementation of the proposed reforms.
"I solicit support from all my colleagues cutting across party-lines for an early passage of these landmark legislation," he said.
The finance minister said the government would set up a GST network by August 2012 that will facilitate access to information in a transparent manner.