FM vows moderate & simple tax regime

Draft of the Direct Taxes Code to be out on Wednesday

“Besides, efforts will be made to end multiplicity of taxes and tax exemptions. We will also work towards gradually phasing out (all sorts of) tax deductions to improve tax compliance,” he said at an interactive session at the 25th Annual Conference of Chief Commissioners and Directors General of Income Tax here.

Outlining the government’s tax reform agenda he announced that the government would release the draft of the Direct Taxes Code, which seeks to simplify taxation structure, for public discussion on Wednesday, and added that the government is, in fact, taking a major step forward in direct tax reforms by formulating a new Direct Taxes Code.

Best practices
“The best practices in the world have been studied and incorporated while drafting this Code and policies that would promote growth with equity have been reflected in the new provisions,” he said assuring of a quality policy.

Mukherjee has already asked the I-T officers to go through the draft and give their views and suggestions to enable the department to finalise the document for taking it to Parliament in its Winter Session.

Further, while taking the inputs from the Commissioners of Income Tax about the likely revenue collection from direct taxes the Finance Minister  revised the direct tax collection target for the current fiscal to Rs 4 lakh crore as against the budget estimate of Rs 3.7 lakh crore.“I know what I am asking you to achieve is an extremely challenging target given the current economic situation. But it is equally true that if such a target has to be achieved, it can only be done by the Direct Tax,” he said.

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