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The Indian government is set to unveil the long-awaited Direct Tax Code (DTC) within the next six months, as announced by the Revenue Secretary. This move marks a crucial step towards overhauling the country’s tax system and aligning it with contemporary economic realities.
The new Direct Tax Code is expected to streamline existing tax provisions, simplify compliance procedures, and enhance transparency in the taxation regime. It aims to create a more taxpayer-friendly environment while bolstering revenue collections for the government.
Stakeholder consultations will commence shortly after the release of the DTC draft, providing an opportunity for feedback and suggestions from various sectors, including industry experts, tax professionals, and the general public. This participatory approach is intended to ensure that the new tax code reflects diverse perspectives and addresses the needs of all stakeholders.
According to the Revenue Secretary, the government is committed to thorough deliberations during the consultation period to incorporate comprehensive reforms that align with the broader economic goals of the country. The Direct Tax Code is expected to introduce reforms that promote investment, boost economic growth, and foster a conducive environment for business and entrepreneurship.
The announcement comes amidst ongoing efforts by the government to revamp the tax structure and attract investments in key sectors. The introduction of the DTC is seen as a significant policy initiative aimed at simplifying tax administration and reducing compliance burdens, ultimately enhancing India’s attractiveness as a business destination.