GST done, govt to now take up income tax laws overhaul

DHNS
July 2, 2017

New Delhi, Jul 2: After the historic GST, the government may soon take up an overhaul of income tax laws. Prime Minister Narendra Modi has hinted at a revisit to the Direct Taxes Code (DTC).it

The finance ministry mandarins said the Prime Minister’s comment that Albert Einstein too found it difficult to understand India's income tax laws is being taken as the beginning of an overhaul of complex income tax laws.

“Once Albert Einstein, an eminent scientist had said that the most complex thing to understand in this world is Income tax. I was wondering if he was present here then how he would have reacted looking at the plethora of taxes,” Modi had said addressing a huge gathering of lawmakers, industry and prominent citizens from social sector soon after launching GST from the Central Hall of Parliament on late Friday night.

His remark came close on the heels of a come Parliamentary Committee on Finance urging the government to implement DTC within a stipulated deadline along the lines of the goods and services tax (GST) regime.

The report of the Standing Committee on Finance which was tabled in Parliament recently went on to say that without implementation of DTC, the intended gains of GST will not be felt.

The Committee headed by senior Congress leader Veerappa Moily said the purpose of a direct tax reform will be defeated that if the government kept on doing piecemeal amendments in income tax laws.

Soon after Modi’s reference, reforms in direct taxation and giving benefits of revenues generated through GST also figured in Finance Minister Arun Jaitley’s comments late on Saturday.

Currently, the government is busy with implementation of GST. Only 48 hours before the launch of independent India’s biggest tax reform, deregistered and ordered closure of more than 1 lakh companies which were found tampering with their accounts after November 8 demonetisation.

Over 3 lakh companies have been identified for action and the government has been collating data on transactions of more such firms post the note ban as part of a broader strategy to clamp down on corruption and black money.

Comments

Keshavamurthy
 - 
Friday, 7 Jul 2017

i dont know why people are supporting this vote bank protest.

Abdul
 - 
Thursday, 6 Jul 2017

Rightly said, huge respect sir

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News Network
February 20,2020

Bengaluru, Feb 20: The poultry industry is facing losses amid rumours of the discovery of a chicken infected with coronavirus in Bengaluru.

DK Kantharaju, president, Karnataka Cooperative Poultry Federation said, "Karnataka is facing losses of Rs 60 to 65 crores. The consumption percentage has also decreased by 30-35 per cent".

Atiq, a meat seller, said, "Because of coronavirus people are scared. But I want to say that chicken is safe to consume here. All this fear is caused due to fake news on social media."

Another person Abdul Hafeez said, "Chicken and coronavirus are not related. People are scared because of what is being spread on social media. The business has definitely gone down due to fear of coronavirus."

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coastaldigest.com news network
February 16,2020

Udupi, Feb 16: A man, who was trapped in 15-feet-deep hole following a landslide during borwell digging work at a remote area in the coastal district, was finally rescued after a prolonged effort today.

The man, identified as Rohit, suffered minor injuries in the incident.

The incident took place at Maravanthe village near Baindur in Udupi district.

Rohit was trapped when the land around borewell was being dug collapsed suddenly. It took around six hours for the rescue workers to rescue him.

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News Network
July 10,2020

Bengaluru, Jul 10: The Karnataka cabinet gave its approval for "The Karnataka Contingency Fund (Amendment) Bill, 2020" to enhance the contingency fund limit to Rs 500 crore in the wake of the COVID-19 pandemic.

This will be an ordinance making one time enhancement in the limit as the government needs money to make payments immediately, Law and Parliamentary Affairs Minister JC Madhuswamy told reporters after a cabinet meeting.

Under the contingency fund, the government had room to spend up to Rs 80 crore without budget provision.

"...but this time due to COVID-19 as we had to give money to some sections that were in distress like barbers, flower and vegetable growers, taxi drivers, among others, we have decided to increase the limit to Rs 500 crore," Mr Madhuswamy said.

"As assembly was not in session and as we had to make payments to those in distress immediately, this decision has been taken," he added.

The cabinet today ratified the administrative approval given to carry out civil and electrical works to install medical gas pipeline with high flow oxygen system at district hospitals, taluk and community health centres coming under Health and Family welfare department in view of COVID-19.

The minister said about Rs 207 crore is being approved for this purpose.

It also ratified procurement of medical equipment and furniture for public healthcare institutions of the health and family welfare department worth Rs 81.99 crore.

According to the minister, the cabinet has decided to bring in an amendment to section 9 of the Lokayukta act, which mandates that the preliminary inquiry contemplated by Lokayukta or Upalokayuta should be completed in 90 days and charge sheeting should be completed within six months.

Noting that at the Agricultural Produce Market Committee (APMC) cess was being collected, he said as the government had brought in an amendment to the APMC act, there was demand to reduce the market cess. "So we have reduced it from 1.5 per cent to one per cent."

Approval has also been given by the cabinet to bring Karnataka Vidyuth Kharkane (KAVIKA) and Mysore Electrical Industries (MEI), which are presently under the control of Commerce and Industries department, under administrative control of the energy department.

Other decisions taken by the cabibinet include deployment and implementation of "e-procurement 2.0" project on PPP at a cost of Rs 184.37 crore and ratification of the action taken to issue orders on March 24 to release interest free loan of Rs 2,500 crore to ESCOMs for payment of outstanding power purchase dues to generating companies.

The cabinet also gave administrative approval for setting up of an Indian Institute of Information technology at Raichur.

"Under this, we are committed to provide Rs 44.8 crore in four years for infrastructure," the minister added.

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