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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
July 20,2020

Bengaluru, Jul 20: Karnataka on Monday reported 3,648 COVID-19 cases taking the tally to 67,420, informed the state health department.

According to a bulletin issued by the department, the state recorded 72 more deaths due to COVID-19 with the toll at 1,403 while six patients who tested positive for the infection have died due to non-COVID causes, as of Monday.

There are 42,216 active cases in the state.
As many as 730 patients were discharged today, taking the total discharged patients to 23,795.
Bengaluru recorded the highest number of cases and deaths today at 1,452 and 31, respectively, informed the state health department.

India's COVID-19 case tally crossed the 11-lakh mark with the highest single-day spike of 40,425 new cases and 681 deaths reported in the last 24 hours, said the Union Health and Family Welfare Ministry on Monday.

The total cases in the country now stand at 1,118,043 while the death toll is 27,497.

The ministry said the total number of cases include 390,459 active cases and 700,087 cured/discharged/migrated.

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News Network
June 11,2020

Mangaluru, Jun 11: Amid rising COVID-19 cases in the district, the officials of Pilikula Zoological Park are also following quarantine policies for animals similar to those for people arriving in the state from other places.

Zoo officials said that these rules apply only for animals that are brought from other locations.

The officials are keeping animals brought in a separate room for one to two months and their health is monitored by expert Doctors. If there are no symptoms of any diseases, the animals will be clubbed with other Zoo animals.

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News Network
June 27,2020

Bengaluru, Jun 27: A Karnataka government employee on SSLC exam duty at a school in Pavagada, Tumakuru district, on Friday tested positive for Covid-19, prompting the education department to send all staff members of the exam centre on quarantine.

“No student has been affected. All the staff has been replaced,” said R Umashankar, principal secretary, education department.

How soon we get a coronavirus vaccine depends on not only the pace of work in research labs, but also the preparedness of factories supplying glass vials, stoppers and syringes

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