The much awaited Direct Taxes Code Bill is likely to be introduced in the ongoing monsoon session of Parliament itself, the Revenue Secretary, Mr Sunil Mitra, has indicated. “We do expect the DTC to be introduced in Parliament in this session. This is what the Finance Minister has promised in public forum and we intend to do our best to make it happen,” Mr Mitra told reporters on the sidelines of a CII event here.
Indications are also that the DTC Bill will include the rates as well as the income slabs for which the rates would be applicable.
However, the Constitutional amendment Bill for introduction of Goods and Services Tax (GST) is unlikely to be introduced during this session in the absence of consensus among States.
“We have not been able to get the support of all the States. If that does not happen, then obviously the Constitutional amendment is unlikely to be pushed in this Session,” Mr Mitra noted.
The Revenue Secretary said that the Centre was going ahead with the work on the IT infrastructure and in any case GST will happen sooner or later.
“We do believe that we will find the convergence of views with the States and it is a matter of time. The States have asked for a month’s time. We met only a week ago – August 18. It is fair that they need to study the Bill and consult legal experts. We will meet with them again,” Mr Mitra said.
‘Convince States’
Meanwhile, in his address at the event, Mr Mitra urged CII and other industry associations to reach out to the State Governments and use whatever leveraging influence they have in convincing the States about the benefits of adoption of GST.
“It is not that the States do not realise the revolutionary impact that the GST would have on Indian industry and manufacturing. But some of the States say that their own industry does not want GST. This is difficult to understand,” he said.
