Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: ACCOUNTING STANDARDS :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: form 3cd :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India
Indirect Tax »
 All education loans do not get income tax benefits
 FM Arun Jaitley to focus on direct and indirect taxes
 Income Tax For Individuals – Assessment Year 2019–20
 States set separate dates to implement e-way bill
 What are direct and indirect taxes?
 Indirect transfer conundrum continues
 We expect significant changes in income tax slabs, say taxpayers
 Indirect taxes collection could fall short of target due to GST
 Indirect Tax Collection Under Gst Goes Down By 30 Percent
 What is a belated income tax return and what are its consequences
 Why rejig of financial year could upset your tax planning

Cleaning up of indirect tax regime a must
October, 08th 2013

To counter the impact of economic slowdown and dwindling investor confidence, the government has recently taken a slew of measures aimed at reforming the overall legal and regulatory framework in India.

A committee was constituted under the chairmanship of former Sebi chairman M Damodaran to suggest regulatory reforms for doing business in India. This was in response to the ‘Doing Business Report, 2012’ of the World Bank, which placed India at low ranks in almost all parameters. Earlier this month, the committee presented its report to the government. The report strongly advocates review of the current laws and regulations, including tax laws.

While the report does not talk about it specifically, however, there is growing realisation that the plethora of complex indirect tax laws are clearly a major hindrance to India's industrial growth. They have resulted in supply chain inefficiencies, widespread litigation and increased cost of business.

The industry was hopeful that the introduction of GST would simplify things and doing business would be easier. However, with the general election early next year and opposition from several states on various contentious issues, the wait for GST could get longer.

Clearly, therefore, one does not expect a big bang tax reform till after the election. However, the question that begs an answer is that should the status quo be maintained till then? Can something still be done to provide some relief to the industry?

A closer look at the existing woes of industry suggests that many of the challenges being faced on tax-related matters can actually be addressed without any serious legislative interventions. These are several cases where the desired outcome can be accomplished by issuing appropriate notifications or clarifications, or by overhauling the administrative setup in some cases.

For instance, the rationalisation of the Cenvat credit regime has been a long-standing demand of the industry, cutting across sectors. The M K Gupta committee constituted by the government to look into the credit scheme has apparently recommended a very liberal Cenvat credit regime. The time has come to simplify this mechanism and allow credit of all legitimate business expenses, except

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions