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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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coastaldigest.com news network
February 28,2020

Mangaluru, Feb 28: Two labourers lost their lives as they were buried alive in a landslip at Karangalpady Junction near Bunts Hostel in the city today.

The landslip occurred when a compound wall collapsed burying at least five persons under the debris. It is feared that three people are still under the debris.

The deceased have been identified as Mohammad Masood (20) from West Bengal and Bhimappa (25) from Bagalkote.

Local police and fire fighters are carrying out rescue operation.

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News Network
May 12,2020

Bengaluru, May 12: Nurses are the frontline warriors in the fight against COVID-19 and their commitment towards duty is commendable, said Karnataka Chief Minister BS Yediyurappa on World Nurses Day on Tuesday.

The Chief Minister was speaking at the inauguration of Miss Florence Nightingale's bicentennial anniversary organized by Rajiv Gandhi University of Health Sciences at his home office 'Krishna'.

The Chief Minister said that the care and service provided by the nurses enhance the chances of recovery for any patient.

"In spite of the stress and pressure they go through everyday, nurses render quality service in the providing healthcare. There is an enormous demand for nurses around the world. I appeal to nurses to continue to render their quality service in this fight against COVID," he said.

Speaking at the event, Medical Education Minister Dr K Sudhakar said that the nurses are the backbone of the healthcare services and their role in the fight against corona is so large that the whole system would have gone for a toss without their services.

The Minister said that the Nurses have been renamed as Nursing Officers in recognition of their service.

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News Network
January 3,2020

Bengaluru, Jan 3: Prime Minister Narendra Modi on Friday called on young scientists of India to "Innovate, Patent, Produce and Prosper," and said these four steps would lead our country towards faster development. The Prime Minister also stressed on the need to transform the landscape of Indian science, technology and innovation.

"The growth story of India depends on its success in the science and technology sector. There is a need to transform the landscape of Indian science, technology and innovation," Modi said.

Speaking after inaugurating the 107th Session of Indian Science Congress, he said, "My motto for the young scientists in this country is -Innovate, Patent, Produce and Prosper. These four steps will lead our country towards faster development."

"If we innovate we will patent and that in turn will make our production smoother and when we take these products to the people of our country, I'm sure they will prosper," he said, adding that innovation for the people and by the people is the direction of our new India. The Prime Minister also said he was happy to learn that India's ranking has improved in the Global Innovation Index to 52.

"Our programmes have created more technology business incubators in the last five years than in the previous 50 years. I congratulate our scientists for this achievement," he added.

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