While the govt has widened the tax base and provided substantial relief to MSMEs, its U-turn on DTC means the code will not be implemented before the next govt comes to power
After a decade of deliberations by the previous governments, the Narendra Modi regime took a historic step to introduce the goods and services tax (GST) on July 1, 2017. However, it faltered on the direct tax reforms, even as it did take some substantive steps to reduce tax rates, increase the threshold limit and reduce so-called tax terrorism.
The steps were also quite far reaching in terms of the impact on the targeted people. Now, a person with even a gross annual income of Rs 10 lakh a year can escape income tax through saving instruments if his taxable income comes to Rs five …
Source- Business Standard.