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The Union Finance Ministry has completed the nitty-gritty on both the Direct Taxes Code (DTC) and the Goods and Services Tax (GST), Parthasarathi Shome, Adviser to the Union Finance Minister, said here on Saturday. The clearance and rollout of the Bills are dependent on the “political economy” of the country.
“Both DTC and GST are complete…. But we are at the crossroads with the current status of the political economy,” Shome said during his speech at a programme organised by the Calcutta Chamber of Commerce. According to him, for GST to be implemented, further clearance from the States is also required. “…. They (DTC and GST) could come in 2014-15,” he hoped.
GAAR Speaking on the General Anti-Avoidance Rule (GAAR), Shome pointed out that he had already suggested that the Centre avoid retrospective application of the tax, except in special cases. Retrospective application of tax law should happen in the rarest cases, such as correcting anomalies in the statute, in the case of clarifications and to protect the tax base from abusive practices.
“I have been of the opinion that the retrospective effects of GAAR be applied in special cases. It is not to be used with the aim of expanding the tax base. Recommendations have been made. It is for the Centre to decide,” he said.
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