Centre to implement amended direct tax code: FM

Union finance minister Pranab Mukherjee on Sunday said that the Centre was committed to implementing the Direct Tax Code DTC with suitable amendments in the interest of the economy. On the direct tax side,the government is deliberating on the proposal to introduce Goods and Services Tax GST to ensure uniform tax rates and simple tax procedure, Mukherjee said addressing senior officers of the customs,central excise,service tax and income tax departments here.

Mukherjee also emphasised that the introduction of DTC and GST would also be in the best interest of both the departments. He had last week said that the proposed Direct Taxes Code would address the issues like MAT on gross assets,shift to new method of taxation on savings,exemptions on home loans and also the taxation of foreign companies.

The DTC proposes to tax all savings schemes at the time of withdrawal by the subscriber,as against the current practice of exempting withdrawals of schemes like Employees Provident Fund,General Provident Fund and Public Provident Fund.

Meanwhile,lauding the performance of both the wings of the revenue department,particularly during the last five years,Mukherjee asked the officers to discharge their responsibilities to improve the delivery standards.

In respect of the direct tax collection,the West Bengal region has achieved a budget collection of Rs 10,578 crore under corporate and personal income tax during April-November 2009,officials said.