Govt to bring revised Direct Tax Code with comprehensive review in 6 months: Revenue Secretary

Mr Sanjay Malhotra, Secretary Revenue, Ministry of Finance, Govt of India while addressing FICCIs interactive session on Union Budget 2024-25 said that the government is working towards a comprehensive review of the Direct Tax Code, which will be prepared by the internal committee and then shared for stakeholder consultation within next 6 months. We will have a consultation process and how it will happen that we will decide. We would like to have a collaborative approach for implementation, he added.

The Revenue Secretary further stated that the efforts of the government will continue to provide a hassle free, simple and adopt a collaborative approach towards implementation of taxes. Our approach towards taxation has always been and will continue to be in the mode of collaboration and not confrontation. The purpose of our proposals, both on the policy side as well as on the implementation side, are to collect taxes from wherever they are due but do it in a manner that gives respect, trust to the taxpayers and collect them in a smooth and hassle-free manner, he added.

 

Highlighting the broad themes of the Union Budget, Mr Malhotra said that the whole effort in the budget is how to make the tax process simpler for the taxpayers. On the indirect tax front, abolition of angel tax, decriminalizing the laws, reduction in duties are some of the budget proposals benefiting industry.

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