Centre to implement DTC with suitable amendments: Pranab

Union Finance Minister Pranab Mukherjee said that the Centre was committed to implement a Direct Tax Code (DTC) with suitable amendments in the interest of economy.

"On 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 Customs, Central Excise, Service Tax Department and Income Tax Department 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 (DTC) would address the issues like MAT on gross assets, shift to new method of taxation on savings, exemptions on home loans and also 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 delivery standards.