DTC on track for April, 2012 rollout – Revenue Secy
- Saturday, March 19, 2011, 15:42
- Income Tax
- News
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.
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- GST may not be implemented from April 2012
- New GST rollout date will be known in April 2010
- New Direct tax Code will be Applicable from April 1, 2012 instead of April 1, 2011 , Download DTC Bill 2010
- Finmin make presentation on DTC Bill
SIR THIS IS GOOD THINK BECAUSE INCOME TAX ACT 1961 IS VERY OLD AND DEFECATE FOR NEW GENERATION.
govt should bring more coplcated direct tax bill and keep more completed tds provision so that tax payers has to emply ca’s fo file their returns and expend more and more more money on it lawyers to fight their cases of refund of tds .tax payers will have to expend on filing their returns ,getting refunds of tds thus giving a source of income for IT official in getting their tds refunded. it payers shall be more busy in their IT related problems and IT official will also get an exra source of income.