After GST, it's time for overhaul of direct taxes
After the overhaul of indirect taxes, the government is now gearing up for the review of direct taxes, which have been in force since 1961. Kicking off the process, the government has set up a seven-member task force to draft a new direct taxes law.
The task force is headed by Arbind Modi, Member (legislation), CBDT. Arvind Subramanian, Chief Economic Adviser, will be a permanent special invitee in the Task Force. Other members of the of the task force include Girish Ahuja, practicing chartered accountant and non-official Director of State Bank of India; Rajiv Memani, Chairman & Regional Managing Partner of E&Y; Mukesh Patel, Practicing Tax Advocate, Ahmedabad; Mansi Kedia, Consultant, ICRIER, and G C Srivastava, retired IRS (1971 Batch) and Advocate.
The task force would draft direct tax laws in line with tax laws prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country.
The task force would submit its report to the government within six months.