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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
January 22,2020

Bengaluru, Jan 22: Three alleged Bangladeshi nationals living illegally in India were apprehended in Karnataka's Bengaluru district, police said on Wednesday.

The arrested are identified as Mohammed Lokman (55), his wife Jasmin Begun (35) and son Raasel (22) are natives of Boresel village in Pirojpur district in Bangladesh.

According to police, they were staying at a camp at Munnekolala village.

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News Network
January 19,2020

Bengaluru, Jan 19: The Karnataka government has given its nod to teach 'Vivekadeepini' slokhas, authored by Adi Shankaracharya, in schools across the state, Chief Minister B S Yediyurappa said on Saturday.

At an event called 'Vivekadeepini Mahasamarpane,' organised by Vedanta Bharati, Yediyurappa said, "It has been noticed that Vivekadeepini, which evolves the mind and illumines a person, has a great effect on students.

Parents and teachers have found a positive change among children who were inspired by Vivekadeepini." "Hence, the government has given its nod to allow teaching Vivekadeepini in the schools in Karnataka," he added.

According to the organisers of the event, around two lakh children from 50 schools participated in the event where they were taught to chant Vivekadeepini, comprising verses for the seekers in the spiritual journey.

Yediyurappa reminded the audience that the Indian culture and civilisation is the oldest and the best, which they should feel proud of. Likening Amit Shah to the first union home minister Sardar Vallabhbhai Patel, he said, "After Sardar Vallabh Bhai Patel if we have seen a union home minister, it is Amit Shah, who has successfully resolved many burning issues of the countries within a few months.

"Shah succeeded in finding a permanent solution to Kashmir issue," Yediyurappa said.

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News Network
June 13,2020

Chikkamagaluru, Jun 13: Deputy Commissioner Dr Bagadi Gautham said that movement of heavy vehicles has been banned from Tanikodi to S K Border on NH 169 (Mangaluru to Solapur) from June 15 to August 15.

In an official statement issued here on Friday evening, he said that due to heavy rain lashing in the District the minor bridges on the stretch at Umbalagere, Goravanahalli and Gulaganji are in a dilapidated condition. As a precautionary measure, the movement of heavy vehicles has been banned.

As an alternative, all the vehicles (below 15 tonnes) from Chikmagalur can travel via Baliho Nur-Magundi-Kalasa-Kudremukh-SK Border. The vehicles from NR Pura (below 15 tonnes) should travel via Koppa-Hariharapura-Bidaragodu-Agumbe.

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