GST bill can be passed in current fiscal: Chidambaram

August 28th, 2012 - 9:21 pm ICT by IANS  

New Delhi, Aug 28 (IANS) The constitution amendment bill to introduce the Goods and Services Tax (GST) regime could be passed by parliament by the end of the current financial year, Finance Minister P Chidambaram said Tuesday.

Chidambaram said he had discussed the issue with Bihar Finance Minister Sushil Modi, who is chairman of the empowered committee of state finance ministers on GST.

“We can get the GST bill passed by the end of this financial year,” Chidambaram said at a media briefing after addressing officials of the Central Board of Excise and Customs here.

On the proposed direct tax reform, Chidambaram said the Direct Tax Code (DTC) needed a fresh look.

“DTC has gone through various versions. I need time to look at DTC. I am only 28 days old. It requires a fresh look,” the finance minister said, adding that the government is waiting for the Shome Committee report on General Anti-Avoidance Rules (GAAR).

Chidambaram said the government is committed to liberalise the taxation system and make it more “tax payer friendly”.

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