Cabinet approves direct tax bill - minister
NEW DELHI (Reuters) - The cabinet on Thursday approved a bill to simplify the country's archaic direct tax laws, law minister Veerappa Moily said.
The direct tax code bill is a key reform aimed at widening the tax net and increasing revenues for the central government.
The government will seek approval on Monday from parliament where the bill is expected to go through as the measure enjoys broad political support.
The proposed tax reform will cut tax rates to bring in more people and companies under the net, phase out profit-linked exemptions for firms and replace them with investment-linked incentives.
(Reporting by Nigam Prusty; Editing by Surojit Gupta)
(For more business news visit Reuters India)
- Tweet this
- Share this
- Digg this
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.
Trending On Reuters
The government made a push on Wednesday to bolster its strained finances, offering to sell a stake in miner Coal India and more mobile phone airwaves as it aimed to deliver on a promise to trim its fiscal deficit. Full Article