'Goods and Services Tax' and 'Direct Taxes Code' to come into effect from April 1
New Delhi, Feb 26 (ANI): Union Finance Minister Pranab Mukherjee on Friday tabled the General Budget for 2010-2011 in Parliament eyeing upon bringing back the deficits of the country to manageable level and said he was certain of introducing major reforms on direct and indirect taxes front in the form of Goods and Services Tax (GST) along with Direct Taxes Code (DTC) that would come into effect from April 1, 2011.
Mukherjee said the Indian economy had weathered the economic crisis well, but the foremost challenge was to make inclusive growth.
"The focus is to get a double digit GDP growth rate," said Mukherjee adding that the social sector reforms would also be on the agenda set by the government.
Mukherjee claimed the need now is to make the growth more broad-based.
Mukherjee said Rs 400 crore would be earned from the Green Revolution in Bihar, Jharkhand, West Bengal and Orissa, and Rs 300 crore would be spent for creating 6000 pulse and oilseed villages.
The listing of Public Sector Units (PSUs) would improve corporate governance, said Mukherjee adding that there would be a new system for direct subsidies to farmers.
There are a lot of expectations from Mukherjee, who has earlier tabled four budgets as the Finance Minister of the country and it is speculated that during the presentation of the budget, he will address the key issue of curtailing prices while ensuring the overall growth of the economy.
The Economic Survey 2009-2010 presented on Thursday favoured the gradual rollback of stimulus measures that were introduced following the global economic meltdown in late 2008.
However on the eve of the Union Budget, Mukherjee talked about the measures that would be taken by the government to deal with 17.85 percent food inflation and certain aspects of the economy. (ANI)
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