Bangalore, Sep 21: Speaking on the Direct Tax Code, Finance Minister Pranab Mukherjee emphasized that the new code is not a modified old law but it is a new futuristic tax regime.
On Saturday, Sep 19, Confederation of Indian Industry and Ministry of Finance had organised a special interactive session with Pranab Mukherjee.
Mukherjee said, "The Direct Tax Code was placed on the website of the ministry within 45 days of presentation of the budget. It has already received very thoughtful feedback on the site from trade and industry associations."
He mentioned that the introduction of MAT is an additional revenue generation method. The proposed legislation intends to be beneficial for everyone in the medium and long term.
PV Bhide, Revenue Secretary, Ministry of Finance stated that, "The new code is a compact offer and the applicable rates have been substantially reduced from the old one."
R Seshasayee, former President, CII & MD, Ashok Leyland said that the objective of introducing the new tax code is to widen the tax base, concept of income, and the concept of taxpayers.