The proposed Bills of the Union government concerning General Service Tax (GST) and direct tax code will come up for deliberation during the ongoing two-day seminar of the All India Federation of Taxation Practitioners.
AIFTP national president Bharat Agarwal said that the provisions related to the two proposed Bills of the central government need hectic deliberations before their enactment on April 1, 2010 by the Parliament.
Addressing the gathering of the taxation fraternity at the Michael John Auditorium here, Agarwal informed that introducing GST and direct tax code in place of the existing galaxy of commercial laws is not an easy task.
"However, if the system has decided to take a sweeping reforms to ease the taxation structure in the larger interest of the society, then it becomes the responsibility of the AIFTP members to help assist the government in this regard," Agarwal said.
Former Supreme Court judge S B Sinha, who is here to deliver the keynote address, said: "Benefits of any taxation, including the proposed GST, depends on the fundamental design of the structure. Hence, a proper study of the same is required before it is introduced."
Earlier in the day, Gyan Sudha Misra, Chief Justice of the Jharkhand High Court, who participated in the event as the chief guest, said that any taxation code, regardless of GST or direct tax code, should be framed in such a way that it attracts minimum legal hassles.
She further added that the justice delivery system is a cumulative exercise in itself. Therefore, the aim of the new Bills should be to attain maximum beneficiaries with minimum chances of litigation.
Mukul Gupta, general secretary of AIFTP, urged taxation lawyers to enhance their vision in line with the intricacies and complexities of the commercial laws. The two-day seminar will conclude on August 30.