New tax regime will bring buoyancy: Revenue Secretary

Revenue Secretary P.V. Bhide has allayed concerns of the industry over the proposed new tax regime, Direct Taxes Code, 2009 (DTC) by saying that that it would bring buoyancy in tax collection and at the same time give a fillip to the country's economy and development.

Speaking at an interactive meeting organised jointly by The Federation of Andhra Pradesh Chamber of Commerce and Industry (FAPCCI) and Confederation of Indian Industry (CII) here, he explained that the proposed tax structure, a Bill on which was already introduced in Parliament, was aimed at simplifying and improving compliance of taxation.

“We are moving towards a globally acceptable taxation scenario addressing the domestic industry's concerns”, Mr. Bhide said. He asked the industry and practitioners of taxes and accounts to look at the DTC with a new perspective and not to compare it with Income Tax Act, 1961.

Stating that resistance to change was bound to be there in a free democracy like India he hoped that the new tax regime would be acceptable to all.