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  3. DTC to come into effect from April 1, 2012: Mukherjee

DTC to come into effect from April 1, 2012: Mukherjee

07 Dec 2011 Evaluate

Finance Minister Pranab Mukherjee has articulated hope that the Direct Taxes Code (DTC) will come into force from next financial year. The proposed DTC bill, seeks to modernize Indian tax system by replacing five decade old Income Tax Act, which was introduced in 1961. He said, ‘the proposed Direct Taxes Code brings together the policy initiatives on direct taxes. It is slated to come into force from the next financial year.’

On the issue of indirect tax reforms, Mukherjee said, ‘we are moving towards an economy-wide, generalised value-added tax system of Goods and Service Taxes (GST) at all levels in the country. The GST is a Value Added Tax (VAT), which is also going to be implemented from next financial year, will replace all indirect taxes levied on goods and services by central and state governments.

Referring to tax reforms within the country, Mukherjee said, the tax reforms are aimed at rationalization of tax rates, broadening of the tax base, special focus on sunrise areas like transfer pricing and international taxation, and strengthening of the tax information exchange network. The progressive personal income tax policy has resulted in a ten-fold increase in revenue collections, which went up from $8.62 billion in 1996-97 to $87 billion in 2010-11.

Finance minister also called for greater international cooperation to deal with the problem of tax evasion and black money. With reference to strategies adopted by the Indian government to deal with the issue of tax evasion and black money, he said, tax evasion undermines the intended benefits of a progressive tax policy. By adding further he said, ‘resolution of these issues requires international cooperation and alignment of tax systems for better cross-border compliance.’

On the global financial integrity report, minister said annual illicit outflows from emerging economies and developing countries average between $725 billion and $810 billion. 

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