Public debate has not fully supported DTC in India. Should the Indian Government introduce a legislation which may invite serious difficulties in its implementation? It will be a national disgrace, if the code is enacted and may be withdrawn later because of chaotic situation. Will it shake the confidence of foreign investors in India?
Many of them are already baffled with Indian bureaucracy and plethora of laws. Can any one imagine; how many precious man hours of Chartered Accountants, Professionals and other related people are used for unproductive work of understanding, debating a legislation with “end result” of: either withdrawal or postponement of legislation? Taking a public opinion before enacting any law is considered a globally accepted healthy exercise but if it is not supportive, the consequences of unilateral enactment will be disastrous. Too many frequent changes in law keep the lawmakers and taxpayer confused all the time. Obviously, DTC has many good features too and it may be wise that all disturbing provisions should be taken out from the Code and may be introduced later after examining the implications properly. Tax payers must be considered as a partner in national growth instead of a party for tax collection.
RIGHT USE OF PROFESSIONAL TALENT
The precious time of professionals are meant to be used productively to contribute to National GDP and Growth. Professionals should have more time to attend clients rather than in understanding the routine comprehensive changing laws and then get involved into legal conflicts. India has abundance of human resource and if used properly there is a possibility that the world can see the return of contemporary version of “Golden Indian Era”
SIFI.COM/FINANCE a popular Indian website reports about DTC as under: Direct Taxes Code: A wild goose chase taxing offshore transactions.
The single-mindedness with which the Direct Taxes Code has been designed to enhance revenue productivity would have been praiseworthy but for the fact that the Code avowedly goes against many time-hallowed and basic concepts on the specious ground that “some assumptions which have held the ground for many years have been discarded”.