Economy News Notes:

It is expected that the two major big ticket reforms — Goods and Services Tax (GST) and Direct Taxes Code (DTC) — are unlikely to happen during 2012.
The Bill, which seeks to replace the archaic Income-tax Act, 1961, was tabled in Parliament in 2010, with an aim to rationalise the tax rates, expand the tax base and minimise exemptions.
DTC is all set to miss the April 2012 deadline for its introduction despite the fact that Finance Ministry officials have done the groundwork, including preparing the basic rules and guidelines for its implementation.
DTC has met the same fate as the GST, which is still hanging in the balance in the absence of consensus among the States.
- While the GST can be introduced from the middle of the year, same is not the case with DTC.
Finance Ministry officials said that some of the features contained in the new legislation could be announced in the general budget 2012.
- These include provisions such as Controlled Foreign Corporation and General Anti-Avoidance Rules.