Revert to old draft not possible; DTC, GST by 2014: Shome

While the finance ministry is working on the Direct Tax Code, advisor to the finance minister Parthasarathi Shome told CNBC-TV18 in an exclusive conversation that going back to the original draft now is not possible. However, he is hopeful of both GST and DTC being introduced by 2014.

"We will have a final form, which will reflect to the extent feasible, optimal tax policy. That is what we are working on. Of course, the DTC has many improved features compared to the current I-T Act. The Parliament Committee on Finance has looked at it and given their comments and so now we are going through that process," he says.

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"Similarly on GST on one hand you say that overall structure needs further improvement etc, being a fiscal federal country, this is the best i can see in terms of experience comported to Brazil and Canada which have more resources," he told reporters.

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