Finalise, Implement Direct Tax Code To Simplify Law, Parliament Panel Tells Government
The panel, headed by Congress leader Veerappa Moily, presented its report to Lok Sabha Speaker on March 23 but was tabled today.
A parliament panel suggested that the government should finalise and implement the Direct Tax Code to simplify and rationalise direct tax laws.
That would help widen the tax base and collections, the Parliamentary Standing Committee on Finance said in its preliminary report.
The report of the panel, headed by Congress leader Veerappa Moily, was presented to the Lok Sabha Speaker on March 23 but was tabled today. Other members of the panel include former Prime Minister Manmohan Singh, Bharatiya Janata Party leader Kirit Somaiya and Trinamool Congress’ Dinesh Trivedi, among others.
A task force led by Akhilesh Ranjan is already reviewing the Direct Tax Code and has been given two extensions. It’s expected to submit its report by July 31.
Unaccounted Wealth
The parliamentary panel also said in the report titled — Unaccounted Income Both Inside and Outside The Country — that there is no credible estimation of the unaccounted wealth inside and outside India.
Three studies on black money commissioned by the government to three think tanks—National Institute of Public Policy and Finance, National Council of Applied Economic Research, National Institute of Financial Management—gave varying estimates, the report said.
The variation ranges from 7 percent to 120 percent of the reported GDP, and there is lack of consensus regarding the most suitable method in the Indian context, Revenue Secretary Ajay Bhushan Pandey informed the panel.
The standing committee would give its detailed recommendations after examining more evidence, it said.