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India To Study Direct Tax Law Reform Options

by Mary Swire, Tax-News.com, Hong Kong

24 November 2017


Following the overhaul of the country's indirect tax system which culminated in the introduction of the new Goods and Services tax earlier this year, the Indian authorities have announced their intention to undertake comprehensive direct tax reform.

In September, Prime Minister Narendra Modi had observed that the Income Tax Act 1961, having been drafted more than 50 years ago, requires updating to reflect the modern economic environment.

In a statement published on November 22, the Ministry of Finance said a task force will be created to investigate the issues and logistics surrounding such an undertaking. It said: "The Terms of Reference of the Task Force is to draft an appropriate Direct Tax Legislation keeping in view: the direct tax system prevalent in various countries; the international best practices; the economic needs of the country; and any other matter connected thereto."

The task force is to submit a report to the Government within six months.

TAGS: tax | India | corporation tax | goods and services tax (GST) | individual income tax | services | Tax

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