sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
 Taking the 1st five steps to saving taxes Income Tax
 TDS on interest income: Want to avoid? Here’s how you can do this
 CBDT to modify advance ruling forms for transparency in cross-border deals
 New ITR forms for 2018-19 notified by CBDT
 Income Tax Return form: There are many changes you need to know
 Procedure For Registration And Submission Of Statement Of Financial Transactions (Sft) As Per Section 285ba Of Income-Tax Act, 1961 Read With Rule 114e Of Income-Tax Rules, 1962
 Income tax return forms for FY 2017-18 released
 10 benefits of filing ITR even if you are below taxable bracket
 How to file Income Tax Returns online in five simple steps
 Income tax returns (ITR) deadline over; how belated returns filing will impact you
 Five tax changes that come into effect from today

DTC, GST Bills to be tabled this session
July, 21st 2010

The bills for the proposed direct and indirect tax proposalsDirect Taxes Code (DTC) and Goods and Services Tax (GST)will be tabled in the Monsoon session of Parliament beginning next week.

It is our expectation that both the constitutional amendment bill and DTC Bill would be introduced in the Monsoon session, revenue secretary Sunil Mitra said at a CII seminar on Tuesday.

The Bill for DTC and another for constitutional amendment required for introducing GST in the country are two very significant moves in improving the taxation structure in the country.

While DTC will replace the archaic Income Tax Act in the country to move to a tax structure that is simple and has lesser exemption, GST will integrate the indirect tax levies at the Centre and the states level with one common tax for all goods and services in the country. The government aims to introduce the tax reforms from April 2011.

Mitras assurance for the introduction of the two bills came a day before the Empowered Committee of State Finance Ministers are meeting here to discuss GST issues. Finance minister Pranab Mukherjee is also scheduled to meet state finance ministers on Tuesday.

On GST, we have a meeting of empowered committee on Wednesday. The basic thrust is the I-T system. Nandan Nilekani (the UIDAI chairman) will make a presentation. And we need key decision on a common portal on PAN-based registration, Mitra said.

Commenting on the DTC he said that changes in the DTC Bill from what was proposed in the first draft is possible until it goes to Parliament. Until the DTC goes in the form of legislation in Parliament there is always scope to consider issues, Mitra said.

While the finance ministry has come out with a revised draft of DTC and addressed the issues related to minimum alternate tax, taxing of long-term savings like provident funds in it, there are some issues which still need a re-look.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions