Fresh tax revisions aim to attract investments from foreign firms excluded from benefits of corporate tax cut in July
The immediate benefit is increased cash flows to corporate India that will be either channelised into debt reduction or incremental investments in increasing capacity.
CBDT member Akhilesh Ranjan said that the government has set a direct tax collection target of Rs 13.35 lakh crore for the current fiscal.
The tax panel was initially supposed to submit its report by May 22, 2018, but this was further extended till August 22.
While double taxation may be done away with, the new code will also seek rationalisation of tax incentives as the tax give-aways from such incentives account for 5-6 per cent of GDP.