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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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News Network
April 9,2020

Kasaragod, April 9: After Supreme Court intervened and settled the Border issue with Karnataka authorities who had consented to allow the critically-ill patients from in and around Kasaragod and nearby areas to cross over to nearby Mangalore for getting urgent and critical care treatment, the Karnataka authorities is alleged to continue to be hostile either by blocking way ahead or turning a deaf ear to the patients reaching there.

It was on Wednesday onwards that the check post at Thalapadi near here on the Kozhikode-Mangalore National Highway was opened for the critically-ill patients to cross over to Mangalore hospitals for medical treatment.

However, reports reaching here said two out of the three critically-ill patients, who made it to Mangalore were allegedly ill-treated or given no treatment forcing them to return back to Kerala.

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News Network
July 10,2020

Bengaluru, Jul 10: Karnataka health minister B Sriramulu on Thursday said that the government is planning to increase number of COVID-19 testing labs and technicians in the state.

Speaking to news agency, Sriramulu said, "We have 72 labs where COVID-19 tests are conducted. They are under pressure with increased number of tests. When lab technicians are quarantined, it gets difficult to complete work. So we are considering to increase number of labs and technicians."

Speaking on the community transmission of COVID-19 in Bengaluru, he said, "The experts are already deliberating over the issue of community transmission. According to me the community spread has not taken place yet."

Meanwhile, Cabinet Minister Madhu Swamy said that the government is calling for foreign investment for which Boston Consulting Group (BCG) has been hired by the state government.

Speaking to the reporters after the Cabinet meeting, Swamy said, "We call for foreign investment in Karnataka for which we need an agency who has to coordinate, who has to bring outsiders in Karnataka to invest in the state. For that we have hired a company by name Boston consulting Group(BCG) we will be paying them Rs 1 crore for twelve months."

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News Network
March 9,2020

Bengaluru, Mar 9: The first case of Nov Corona patient was found in Karnataka with a 40 year-old Software Engineer, who returned from US, developing fever today at Rajiv Gandhi Hospital in the City. This is the first case reported in the State.

Disclosing this to newsmen, Karnataka Minister for Medical Education Dr K Sudhakar said that the techie, his wife and their one child arrived from US on Feb 28 and were under observation.

He said that there were no indication or any symptoms immediately after their arrival and also for the first four days, but on March 5 the Techie developed fever and today (Monday) it was confirmed that he is suffering from the killer disease.

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