Through the proposed DTC / GST legislations, the Government has acknowledged the need of revamping existing revenue system but the proposed new laws appear to be even more intricate and complex then the present one. Through the proposed DTC / GST legislations, the Government has acknowledged the need of revamping existing revenue system but the proposed new laws appear to be even more intricate and complex then the present one. The Consolidated Revenue Act can be drafted on the followings lines. 1. Consolidation of Old Revenue Acts Income Tax, Wealth Tax, Service Tax, Security Transaction Tax, Dividend Distribution Tax, Excise, Customs Acts etc. can be consolidated in one single act on the following lines. The new act can be named “The Consolidated Revenue Act of India”. 2. Components – The Consolidated Revenue Act of India The “Consolidate Revenue Act of India” will consist of following chapters such as Direct Tax (Income and Wealth), Central Excise, Custom, Service Tax and Common Provisions. 3. The Salient Features – The main provisions of each of the chapter can be highlighted as follows. 3 A. Direct Taxation 3 A 1. Basic Income Tax exemption for all the individual… Read full this story
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