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A Parliamentary panel has rejected the Government's view of there being "no merit" in going ahead with the direct taxes code (DTC).
Noting that it was "not convinced" with the Government's reply, the Standing Committee on Finance headed by Veerappa Molly has urged the Modi-Government to go ahead with the DTC.
The DTC should be implemented within a stipulated deadline along the lines of the goods and services tax (GST) regime, the Standing Committee said in a report tabled in the Lok Sabha on Friday.
The panel expressed hope that the Government would rely on its report on 'The Direct Taxes Code Bill' while implementing DTC. This should be done to ensure that a flawless legislation is finally enacted, the Standing Committee has said.
TARC REPORTS
The Standing Committee has also suggested that all the four reports submitted by the Tax Administrative Reforms Commission be implemented in a holistic manner and not in a piecemeal approach.
All the recommendations should be implemented in a fixed timeframe of not later than three months so as to achieve the intended objectives in toto, the Standing Committee report suggested.
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