After the GST, the government in preparation for the change in direct tax
New Delhi: After implementing GST in indirect tax sector, the government has initiated a change in the direct tax sector. A committee has been set up to prepare direct tax law draft. The proposed new Direct Tax Act will replace the current income tax act that has been implemented since 1961.
If, according to the country's economic requirements, 6 members have been appointed to draft a new law instead of more than 50 years old income tax laws. CBDT member Arvind Modi will be the coordinator of this committee. According to the available information, Chief Economic Advisor Arvind Subramanian will be a specially invited member in this committee. This initiative of government to prepare a new law in the direct tax case will be presented in the last full budget of the current government of the Modi government.