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read here Taxes Code (DTC) may have brought some cheer to the industry and the taxpayers by dropping several of the 'harsh' proposals suggested in the first draft, but the party may not last for long. Just three days after the discussion paper was released, Revenue Secretary
SUNIL MITRA said eventually most exemptions would have to be phased out. In an interactive session with mediapersons on Friday, he said the finance ministry acknowledged that trade and industry needed to grow, but that could not be always supported by tax exemptions. He spoke candidly on various aspects of DTC. Excerpts:
Tax exemptions:
Ican certainly tell you that we will have fewer exemptions. It is not possible to phase out all the exemptions at one go, but progressively they have to be withdrawn.
Specifying tax rates:
You will know about the rates when the legislation goes to the Parliament. Before that we cannot tell you anything. Moreover, the rates in the first discussion paper were illustrative. We have not given rates in the revised document because it will be an overall decision.
Moderation of tax rates:
Our philosophy has been to moderate the rates and to increase the tax base. Moderation of rates has resulted in increased tax compliance and thereby revenue collections. If you compare the existing rates with international standards you will see these are not very high - be it corporate tax or the personal income tax. My colleagues were showing me some data yesterday. It was evident that the rates are at par or more beneficial compared to rates in other countries, whether developed or emerging. Tax rates have been considerably lowered over the years. In the last Budget also we widened tax slabs. But what will happen in the future is difficult to predict at this point in time.
Dilution of DTC:
We have never said that we are moving away from the original purpose of DTC. The basis of the reform was to simplify the Income Tax Act, 1961. The whole objective was to simplify the language that we have had in the earlier law. There have been amendments in many Acts in line with the changes in the country's social, economic and political scenario. Many countries have amended their Constitution more frequently than India. After so many amendments the Income Tax Act, 1961 had become very complicated for taxpayers as well as for tax officers and there were problems in its implementation.
Income-Tax refund:
DTC is not about administration of taxes. It's about the law of imposing taxes.
Source: http://epaper.business-standard.com/
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