E-Flash
Amendments Proposed by Finance Bill, 2015
The Institute of Chartered Accountants of India
(Set up by an Act of Parliament)
`ICAI Bhawan', Post Box Number 7100. Indraprastha Marg, New Delhi - 110 002
www.icai.org
The Institute of Chartered Accountants of India
Contents
1. Message from the President Message 03
2. Message from the Vice-President 03
3. Chairmen Speak (from Direct Tax Committee; Indirect Taxes Committee;
Committee on International Taxation; and Committee on Public Finance & Government Accounting) 04
4. State of the Economy: Union Budget 2015-16 Highlights 05
5. Amendments Proposed by Finance Bill, 2015 in Direct Taxes 08
6. Amendments Proposed by Finance Bill, 2015 in Indirect Taxes 11
7. Amendments Proposed by Finance Bill, 2015 in International Taxation 19
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The Institute of Chartered Accountants of India
Message from the President
The full-fledged yearly budget was presented by Hon'ble
Finance Minister Shri Arun Jaitley on 28th February 2015. The
much anticipated budget is considered to lay the roadmap
for the ruling Government's focus on manufacturing in India
through its initiative "Make in India". It is quite evident that
budget has announced far reaching reforms especially on
the tax administration front.
The Institute of Chartered Accountants of India (ICAI) has
always been proactive in disseminating vital information to its
members and other stakeholders. Continuing with its efforts
in this direction, the ICAI has come up with this e-publication
on Changes proposed by Union Budget 2015-16 which aptly
provides crisp highlights of the Union Budget 2015-16.
I heartily appreciate the efforts put in by CA. Atul Gupta, Chairman and CA. Shyam Lal
Agarwal, Vice-Chairman, Indirect Taxes Committee (IDTC), CA. Tarun Jamnadas Ghia,
Chairman, Direct Taxes Committee (DTC), CA. Nihar N. Jambusaria, Chairman and CA.
Sanjiv Kumar Chaudhary, Vice-Chairman, Committee of International Taxation (CITAX),
CA. Vijay Garg, Chairman, Committee on Public Finance and Government Accounting
(CPF&GA), CA. Sanjay Agarwal, Vice-Chairman, (DTC & CPF&GA) and other members of
respective committees in bringing out this publication in a short span of time. I am sure
this publication would prove useful and beneficial for members in their endeavours.
Best Wishes
CA. Manoj Fadnis
President, ICAI
Message from the Vice-President
The Union Budget 2015-16, presented on 28th February 2015
by Shri Arun Jaitley, Hon'ble Finance Minister, is indeed a
very progressive budget and sets the right agenda for the
years to come i.e., to accelerate growth with focus on ease
of doing business, corporate tax rationalization, predictive
tax regime and adopting more technology. It rightly aims to
address public expectations as well as help India garner its
inclusive growth status.
A gamut of changes are introduced by the Union Budget
2015-16, paving a way for major changes expected to take
place like introduction of GST, infrastructure development,
smart cities, make in India, skill India, digital India, etc. The
budget is directed towards economic stability, improved
governance and stable growth & development. What needs
to be noted is that it intends to cater to the needs of all the sections of the society.
All the four Committees-Indirect Taxes Committee (IDTC), Direct Taxes Committee
(DTC), Committee on International Taxation (CITax) and Committee on Public Finance and
Government Accounting (CPFGA) of the Institute of Chartered Accountants of India (ICAI)
have put in tremendous efforts to bring this e-publication and I sincerely appreciate their
hard work for the same. I also compliment Chairmen of all the above Committees namely
CA. Atul Kumar Gupta, CA. Tarun Jamnadas Ghia, CA. Nihar N. Jambusaria and CA. Vijay
Garg respectively for all their untiring efforts and contribution.
This e-publication systematically brings out the crux of the Finance Bill, 2015. I wish
the members/stakeholders to have an enriching knowledge update with this initiative of
ICAI.
Warm regards
CA. M. Devaraja Reddy
Vice- President, ICAI
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Chairmen Speak
The Government's much awaited reform-oriented budget targets a higher growth in order to boost the
national economy in the days to come. It focuses on sustainable growth and development fixing the growth
rate between 8% and 8.5% and aiming to achieve durable double-digit economic growth very soon, while
the fiscal and revenue deficit target has been set at 3.9% and 2.8% of the GDP respectively for 2015-16.
In order to create more jobs, the budget aims at making India a global manufacturing hub through
Make in India programmes. The impetus to infrastructure, agriculture and education sectors is laudable.
Other significant initiatives like universal social security system for all, comprehensive law to deal with
black money, need to increase public investment in infrastructure by introducing National Investment and
Infrastructure Fund, improving the quality of life through Swachch Bharat initiative.
I sincerely hope that this e-Flash will apprise our readers with a broader view of the
Union Budget 2015-16.
CA. Vijay Garg
Chairman
Committee on Public Finance & Government Accounting
The drift of this budget is an effective abolishment of black money by introducing stringent laws, while
ensuring more transparency in the system. Highlights of the budget include more rigid punishments for the
income concealers, getting rid of wealth tax and replacing that with an additional surcharge on super rich,
reduction in corporate tax, increase in threshold limit of transfer pricing, introduction of direct tax regime
(internationally competitive on rates without exemptions), implementation of GST in April 2016, etc. It aims at
achieving the growth of 8% to 8.5%.
CA. Tarun Jamnadas Ghia
Chairman, Direct Taxes Committee
The Union Budget 2015-16 has been presented which addresses the need of all inclusive development
and sustainable economic growth. The budget is pragmatic enough to strike a chord with the masses
by targeting the development for one and all.It is quite evident that budget has announced far reaching
reforms especially on the tax administration front.
This publication is developed with an objective to acquaint the readers with amendments in taxation
brought in by Union Budget 2015-16.
CA. Atul Gupta
Chairman, Indirect Taxes Committee
The Union Budget 2015-16 presented on 28th February, 2015 is widely considered to be Industry-Friendly
and pre-reform was the first glimpse into the mindset of Shri Narendra Modi regime. This Budget has
made Commitment for the next generation of tax reforms, stability of tax regime and fiscal consolidation.
It paves the way for a strong and vibrant economy. I am confident that this progressive and growth oriented
budget would facilitate the emergence of a resurgent India.
CA. Nihar N. Jambusaria
Chairman
Committee on International Taxation
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State of the Economy
Union Budget 2015-16 Highlights
Committee on Public finance and Government Accounting
The Government in its first full-year Budget has claimed to take up several steps to
energise Indian Economy. The Union Budget for 2015-16 has attempted to strike
a balance between supporting investment, boosting social sector spending and
introducing investor and market friendly measures. It contains a series of incrementally
positive steps, with the focus firmly on reviving investments in infrastructure, improving
the ease of doing business and augmenting funds in the hands of the middle class.
The setting up of a Public Debt Office and specific inflation targeting framework are
also steps in the right direction.
The Budget 2015-16 has been presented when Indian Economy has embarked upon
a high growth trajectory when the global economy is facing a downturn. With Growth
Rate expected to be 7.4%, Inflation touching negative level (in terms of Whole-Sale-
Price Index i.e. WPI), Current Account Deficit (CAD) moving towards less than 1.3% of
GDP and maintaining fiscal deficit of 4.1 % of GDP in 2014-15, the Indian Economy is
expected to achieve dream double digit growth in near future.
By the year 2022 which will be the Amrut Mahotsav, the 75th year, of India's
independence.
The Government envisions to,
· Give Housing for allclean drinking water, a toilet, and be connected to a road
· Give basic facilities of 24 hours power supply clean drinking water, a toilet, and be
connected to a road to every household.
· Means for livelihood to every household.
· Substantial reduction of poverty.
· Electrification, by 2020
Key Highlights of the Union Budget 2015-16
· Budget 2015-16 marks the beginning of co-operative federalism and empowerment
of the states.
· GDP growth in 2015-16, projected to be between 8 to 8.5%.
· Government firm on journey to achieve fiscal target of 3% of GDP. Accordingly,
journey for fiscal deficit target of 3% will be achieved in 3 years rather than 2 years.
The fiscal deficit targets are 3.9%, 3.5% and 3.0% in FY 2015-16, 2016-17 & 2017-
18 respectively.
· Need to view public finances from a National perspective and not just the perspective
of the Central Government. Aggregate public expenditure of the Governments, as a
whole can be expected to rise substantially.
· Non-Plan expenditure estimates for the Financial Year are estimated at R13,12,200
crore.
· Plan expenditure is estimated to be R4,65,277 crore, which is very near to the R.E.
of 2014-15.
· Gross Tax receipts are estimated to be R14,49,490 crore.
· Devolution to the States is estimated to be R5,23,958.
· Share of Central Government will be R9,19,842.
· Fiscal deficit will be 3.9 per cent of GDP and Revenue Deficit will be 2.8 per cent of
GDP.
· CPI inflation projected at 5% by the end of the year, consequently, easing of
monetary policy.
· Monetary Policy Framework Agreement with RBI, to keep inflation below 6%.
Budget Highlights - State of the economy
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· Public Debt Management Agency (PDMA) bringing both external and domestic
borrowings under one roof to be set up this year.
· Proposed tax free infrastructure bonds for projects in rail, road and irrigation
sectors.
· Gold monetisation scheme to replace present gold deposit and gold metal loan
schemes. Commence work on developing an Indian gold coin, which will carry the
Ashok Chakra on its face.
· Most growth forecasts have upgraded Indian economic growth while downgrading
global economic growth.
· Game changing reforms on the anvil:
Goods and Service Tax (GST)
Jan Dhan, Aadhar and Mobile (JAM) - for direct benefit transfer.
· Direct Transfer of Benefits to be extended further with a view to increase the
number of beneficiaries from 1 crore to 10.3 crore.
· Three Key achievements:
Financial Inclusion2.5 crores families financially mainstreamed in 100 days.
Transparent Coal Block auctions to augment resources of the States.
Swachh Bharat is not only a programme to improve hygiene and cleanliness but
has become a movement to regenerate India
· To make India, the manufacturing hub of the World through Skill India and the Make
in India Programmes.
· To meet these challenges public sector needs to step in to catalyse investment,
make in india programme to create jobs in manufacturing, continue support to
programmes with important national priorities such as agriculture, education,
health, MGNREGA, rural infrastructure including roads.
· Need to create a National Agriculture Market for the benefit farmers, which will also
have the incidental benefit of moderating price rises. Government to work with the
States, in NITI, for the creation of a Unified National Agriculture Market.
· Comprehensive Bankruptcy Code of global standards to be brought in fiscal 2015-
16 towards ease of doing business.
· Sharp increase in outlays of roads and railways. Capital expenditure of public
sector units to also go up.
· National Investment and Infrastructure Fund (NIIF), to be established with an
annual flow of R20,000 crores to it.
· PPP mode of infrastructure development to be revisited and revitalised.
· Self-Employment and Talent Utilization (SETU) to be established as Techno-
financial, incubation and facilitation programme to support all aspects of start-up
business. R1000 crore to be set aside as initial amount in NITI.
· India is one of the youngest nations in the world with more than 54% of the total
population below 25 years of age. Our young people have to be both educated and
employable for the jobs of the 21st Century.
· Forward Markets commission to be merged with SEBI.
· India Financial Code to be introduced soon in Parliament for consideration.
· A student Financial Aid Authority to administer and monitor the front-end all
scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya
Lakshmi Karyakram.
· An autonomous Bank Board Bureau to be set up to improve the governance of
public sector bank.
· Proposal to reduce corporate tax from 30% to 25% over the next four years,
starting from next financial year.
· PML Act, 2002 and FEMA to be amended to enable administration of new Act on
black money.
· Rental income of REITs from their own assets to have pass through facility.
· PAN being made mandatory for any purchase or sale exceeding Rupees 1 lakh.
· General Anti Avoidance Rule (GAAR) to be deferred by two years.
Budget Highlights - State of the economy
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· Wealth-tax replaced with additional surcharge of 2 per cent on super rich with a
taxable income of over R1 crore annually.
· Tax Administration Reform Commission (TARC) recommendations to be
appropriately implemented during the course of the year.
· Service-tax plus education cesses increased from 12.36% to 14% to facilitate
transition to GST.
· 100% deduction for contributions, other than by way of CSR contribution, to
Swachh Bharat Kosh and Clean Ganga Fund.
In line with expectations, the RE for 2014-15 indicate that the fiscal deficit would be
restricted at the budgeted 4.1% of GDP. The BE for 2015-16 indicates continued fiscal
consolidation, albeit with a limited reduction in the fiscal deficit to 3.9% of GDP. The
quality of the fiscal deficit is expected to remain stagnant, with the revenue deficit
accounting for around 71% of the total fiscal deficit in both 2014-15 RE and 2015-16
BE. Some Indicators are given below:
Government of India's Fiscal Balances
Rbillion Growth
2013-14 2014-15 2015-16 2014-15 2015-16
Actual RE BE RE BE
Revenue Receipts 10,147 11263 11416 11% 1%
Tax Revenue $ 8159 9085 9198 11% 1%
Non Tax Revenues 1989 2178 2217 10% 2%
Revenue Expenditure 13718 14888 15360 9% 3%
Revenue deficit 3570 3625 3945
% of GDP 3.1% 2.9% 2.8%
Capital Receipts (Non Debt) 419 422 803 1% 90%
Capital Expenditure 1877 1924 2414 3% 25%
Fiscal Deficit 5029 5126 5556
% of GDP 4.4% 4.1% 3.9%
Source: GoI Budget Documents; CGA; ICRA Research
$ Net of Refunds, Net of States' share in Central Taxes
GoI's Revenue and Fiscal Deficit as a Percentage of GDP
7%
n Revenue Deficit n Fiscal Deficit
6%
5%
4%
3%
2%
1%
0%
- 08 - 09 -10 -11
2011
-12 -13 -14 RE -16 B
E
2007 2008 2009 2010 2012 2013 2014-15 2015
Source: GoI Budget Documents; CGA, Ministry of Finance, GoI; ICRA Research
Overall, the budget seems credible, especially pertaining to revenue growth. Gross
tax revenues are estimated to grow by 15.8%, boosted by the hike in indirect taxes,
increase in surcharge on direct taxes and the impact of the excise hikes on petrol
and diesel instituted since November 2014. However, growth of net tax revenues
is subdued on account of the sharp step up in devolution of Central taxes to State
Governments.
Budget Highlights - State of the economy
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The Institute of Chartered Accountants of India
Amendments Proposed by Finance
Bill, 2015 in Direct Taxes
Direct Taxes Committee
Tax Rates
No change in the basic exemption limit and the tax rates of individuals
Corporate tax rates proposed to be reduced from 30% to 25% over the next four
years, starting from next financial year.
The existing rate of tax on Income by way of Royalty and Fees for technical services
in case of non-residents @25% proposed to be reduced to 10%.
Additional surcharge @ 2% being levied on income exceeding R1 crore.
This surcharge would be levied in place of Wealth-tax which is proposed to
be abolished.
Deductions from Gross Total Income
Exempt-Exempt-Exempt (EEE) tax benefit proposed for assessee having a girl child
and investing under the Sukanya Samriddhi Account Scheme. The investments
made in the Scheme will be eligible for deduction under section 80C of the Act,
the interest accruing on deposits in such account will be exempt from income tax
and the withdrawal from the said scheme in accordance with the rules of the said
scheme will be exempt from tax.
In view of continuous rise in the costof medical expenditure, section 80D is
proposed to be amended to raise the limit of deduction from R15,000 to R25,000.
Further, the limit of deduction for senior citizens is also proposed to be increased
from R20,000 to R30,000.
As a welfare measure towards very senior citizens, a deduction under section
80D is proposed for any payment made on account of medical expenditure in
respect of a very senior citizen, subject to a limit R30,000.
The limit for deduction under section 80DDB is proposed to be increased to
R80,000 in respect of amount paid for medical treatment of very senior citizen.
Section 80DD and section 80U is proposed to be amended to increase the limit
from R50,000 to R75,000 and from R1 lakh to R1.25 lakh, as the case may be.
In order to promote social security, deduction section 80CCC(1) which provides for
deduction of amount paid or deposited to effect or keep in force a contract for any
annuity plan of LIC or any other insurer for receiving pension from a fund set up
under a pension schemeis proposed to beamended to raise the limit of deduction
from R1 lakh to R1.5 lakh, within the overall limit providedin section 80CCE.
Section 80G is proposed to be amended to provide for 100% deduction in respect
of donations made tothe National Fund for Control of Drug Abuse.
With a view to encourage and enhance people's participation in the national effort
to improve sanitation facilities and rejuvenation of river Ganga, section 80G is
proposed to be amended so as to provide 100% deduction for donations made by
any donor to the Swachh Bharat Kosh and to Clean Ganga Fund.
Budget Highlights - Direct Taxes
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Measures to curb black money
In order to curb generation of black money by way of dealings in cash in immovable
property transactions, section 269SS is proposed to be amended so as to provide
that no person shall accept from any person, any loan or deposit or any sum of
money, whether as advance or otherwise, in relation to transfer of an immovable
property otherwise than by an account payee cheque or account payee bank draft
or by electronic clearing system through a bank account, if the amount of such loan
or deposit or such specified sum is twenty thousand rupees or more.
Similarly, section 269T also is proposed to be amended so as to provide that no
person shall repay any loan or deposit made with it or any specified advance
received by it in relation to transfer of an immovable property whether or not
the transfer takes place, otherwise than by an account payee cheque or account
payee bank draft or by electronic clearing system through a bank account, if the
amount or aggregate amount of loans or deposits or specified advances is twenty
thousand rupees or more.
General Anti Avoidance Rule (GAAR)
The implementation of General Anti Avoidance Rule (GAAR) is proposed to be
deferred by two years. Accordingly, it would be applicable for the financial year
2017-18 (A.Y. 2018-19) and subsequent years. Further, it is also proposed that the
investments made upto 31.03.2017 shall not be subject to GAAR.
Additional Investment Allowance and provisions in respect of additional
depreciation
A new section 32AD is proposed to be inserted to provide for an additional
investment allowance of an amount equal to 15% of the cost of new asset acquired
and installed by an assessee, if--
(a) he sets up an undertaking or enterprise for manufacture or production of any
article or thing on or after 1st April, 2015in any notified backward areas in the
State of Andhra Pradesh and the State of Telangana; and
(b) the new assets are acquired and installed for the purposes of the said
undertaking or enterprise during the periodbeginning from the 1st April, 2015 to
31st March, 2020.
This deduction shall be available over and above the existing deduction available
under section 32AC of the Act.
Further, in order to incentivise acquisition and installation of plant and machinery
for setting up of manufacturing units in the notified backward area in the State
of Andhra Pradesh or the State of Telangana, it is proposed to allow higher
additional depreciation at the rate of 35% (instead of 20%) in respect of the
actual cost of new machinery or plant (other than a ship and aircraft) acquired
and installed by a manufacturing undertaking or enterprise which is set up in the
notified backward area of the State of Andhra Pradesh or the State of Telangana
on or after the 1st day of April, 2015.
To remove the discrimination in the matter of allowing additional depreciation under
section 32(1)(iia) on plant or machinery used for less than 180 days and used for 180
days or more, it is proposed to provide that the balance 50% of the additional
depreciation on new plant or machinery acquired and used for less than 180 days
which has not been allowed in the year of acquisition and installation of such plant
or machinery, shall be allowed in the immediately succeeding previous year.
Budget Highlights - Direct Taxes
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Definition of charitable purpose
The definition for charitable purpose provided under section 2(15) is proposed to
be amended to include the activity of Yoga as a special category of activity to be
considered as charitable purpose on the lines of education.
The definition is proposed to be further amended to provide that the advancement
of any other object of general public utility shall not be a charitable purpose,
if it involves the carrying on of any activity in the nature of trade, commerce or
business, or any activity of rendering any service in relation to any trade, commerce
or business, for a cess or fee or any other consideration, irrespective of the nature
of use or application, or retention, of the income from such activity, unless,-
(i) such activity is undertaken in the course of actual carrying out of such
advancement of any other object of generalpublic utility; and
(ii) the aggregate receipts from such activity or activities, during the previous year,
do not exceed 20% of thetotal receipts, of the trust or institution undertaking
such activity or activities, for the previous year .
Cost of acquisition in the hands of resulting company
There is no express provision under the Income-tax Act, with regard to value to
be considered as cost of acquisition of a capital asset in the hands of resulting
company on transfer of capital assets acquired on demerger. Accordingly, section
49is proposed to be amended to provide that the cost of acquisition of an asset
acquired by resulting company shall be the cost for which the demergedcompany
acquiredthe capitalasset as increased by the cost of improvement incurred by
the demerged company.
Direct Taxes Code
Since the jurisprudence under the Income-tax Act is well evolved and a large
number of provisions of the proposed DTC have already been included in the
Income-tax Act, 1961 and the remaining are proposed to be included through the
Finance Bill, 2015, the Government has expressed its resolve of not going ahead
with the DTC.
Budget Highlights - Direct Taxes
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Amendments Proposed by Finance
Bill, 2015 in Indirect Taxes
Indirect Taxes Committee
CENTRAL EXCISE
Rate of excise duty
Education Cess and Secondary & Higher Education Cess leviable on excisable goods
fully exempted. Further, standard ad valorem rate of excise duty increased from 12%
to 12.5%. These changes have come into force with immediate effect.
Amendments to be effective from the date on which Finance Bill receives
the assent of the President
Amendments in the Central Excise Act, 1944
1. Section 11A proposed to be amended to provide as follows:
(i) category of cases where extended period of time applies but the transactions
are recorded in the specified record, to be removed from the statute,
(ii) provision relating to relevant date also amended to provide definition of relevant
date in respect of cases where a return is not filed on the due date and where
only interest is required to be recovered,
(iii) provisions of section 11A not to apply to cases where the non-payment or short
payment of duty is reflected in the periodic returns filed and that in such cases
recovery of duty shall be made in such manner as may be prescribed in the
rules.
2. Section 11AC proposed to be substituted so as to rationalize the penalty in the
following manner:
(i) in cases not involving fraud or collusion or wilful mis-statement or suppression
of facts or contravention of any provision of the Central Excise Act or rules with
the intent to evade payment of excise duty-
a) in addition to the duty as determined under section 11A(10), a penalty not
exceeding 10% of the duty so determined or R5000, whichever is higher,
shall be payable;
b) if duty and interest payable thereon under section 11AA is paid either before
issue of show cause notice or within 30 days of issue of show cause notice,
no penalty shall be payable and all proceedings in respect of said duty and
interest shall be deemed to be concluded;
c) if duty as determined under section 11A(10) and interest payable thereon
under section 11AA is paid within 30 days of the date of communication
of order of the Central Excise Officer who has determined such duty,
the amount of penalty shall be equal to 25% of the penalty so imposed,
provided that such reduced penalty is also paid within 30 days of the date of
communication of such order.
(ii) in cases involving fraud or collusion or wilful mis-statement of suppression of
facts or contravention of any provision of the Central Excise Act or rules with the
intent to evade payment of excise duty-
a) in addition to the duty as determined under section 11A(10), a penalty equal
CENTRAL EXCISE 11
to the duty so determined shall be payable.
CUSTOMS 13
b) if duty and interest payable thereon under section 11AA is paid within 30
COMMON AMENDMENTS 13
days of communication of show cause notice, the amount of penalty payable UNDER CENTRAL
shall be 15% of the duty demanded, provided that such reduced penalty EXCISE AND CUSTOMS
is also paid within 30 days of communication of show cause notice and all SERVICE TAX 13
proceedings in respect of said duty, interest and penalty shall be deemed to
be concluded;
Budget Highlights - Indirect Taxes
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c) if duty as determined under section 11A(10) and interest payable thereon
under section 11AA is paid within 30 days of the date of communication
of order of the Central Excise Officer who has determined such duty,
CENTRAL EXCISE 11 the amount of penalty shall be equal to 25% of the duty so determined,
CUSTOMS 13 provided that such reduced penalty is also paid within 30 days of the date of
COMMON AMENDMENTS 13
communication of such order; and
UNDER CENTRAL
EXCISE AND CUSTOMS
(iii)If the duty amount gets modified in any appellate proceeding, then the penalty
SERVICE TAX 13 amount mentioned in (ii) (a) above and interest shall also stand modified
accordingly. Where the duty amount is increased in the appellate proceedings,
the benefit of reduced penalty as specified shall be admissible if duty, interest
and reduced penalty in relation to such increased amount is paid within 30 days
of such appellate order.
3. Section 32B proposed to be amended so as to enable Vice Chairman or Member of
the Settlement Commission to officiate as Chairman, in the absence of Chairman
of the Settlement Commission.
4. Penalty provided under sub-sections (4) and (5) of section 37 proposed to be
enhanced from `2000 to `5000.
5. An explanation proposed to be inserted to section 3A(3) to provide that "factor"
relevant to production, in the said sub-section, includes "factors" relevant to
production. This enables the Central Government to specify more than one factor
relevant to the production of such goods. This amendment will come into effect
immediately.
Amendments effective from 1st March, 2015
Amendments in the CENVAT Credit Rules, 2004
1. Time limit for taking CENVAT credit on inputs and input services enhanced from
the present 6 months to one year [Rule 4].
2. Time limit for return of capital goods from a job worker enhanced from the present
6 months to two years [Rule 4].
3. Provision relating to reversal for CENVAT credit, presently applicable to exempted
goods and services, made applicable to non-excisable goods also [Rule 6]
4. CENVAT credit taken, but NOT utilized, also to be recovered [Rule 14].
Amendments in the Central Excise Rules, 2002
Digitally signed invoices may be issued and records may be preserved in electronic
form by a manufacturer [Rules 10 and 11].
Simultaneous amendments in Central Excise Rules, 2002 and CENVAT Credit Rules,
2004
1. Direct dispatch of goods to registered dealer's/registered importer's customers
allowed without first bringing them to the dealer's/importer's registered premises
subject to the conditions specified therein.
2. Direct dispatch of inputs and capital goods to job worker allowed without first
bringing them to the manufacturer's /output service provider's premises subject to
the conditions specified therein.
3.Application of certain provisions of these rules, presently applicable to the
registered dealers, to apply to the registered importers also.
Other amendment
Registration process simplified to ensure that registration is granted within
2 working days of the receipt of a duly completed application form. Verification of
documents and premises, as the case may be, shall be carried out after the grant of the
registration.
Budget Highlights - Indirect Taxes
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CUSTOMS
Amendments to be effective from the date on which Finance Bill receives
the assent of the President CENTRAL EXCISE 11
CUSTOMS 13
Amendments in the Customs Act, 1962 COMMON AMENDMENTS 13
1. Section 28 to be amended to provide as follows: UNDER CENTRAL
(i) in cases not involving fraud or collusion or wilful mis-statement or suppression EXCISE AND CUSTOMS
of facts or contravention of any provision of the Act or rules with the intent to SERVICE TAX 13
evade payment of duty, no penalty shall be imposed if the amount of duty along
with interest, is paid in full within 30 days from the date of receipt of the notice
and the proceedings in respect of such person or other persons to whom the
notice is served shall be deemed to be concluded;
(ii) in cases involving fraud or collusion or wilful mis-statement or suppression of
facts or contravention of any provision of the Act or rules with the intent to
evade payment of duty, the amount of penalty payable to be reduced to 15%
(instead of the present 25%) if the amount of duty in full or in part, as may be
accepted, along with interest and such reduced penalty, is paid within 30 days
from the date of receipt of the notice.
2. Section 112 providing penalty for improper importation of goods, etc/section 114
providing penalty for attempt to export goods improperly, etc. proposed to be
amended to provide that any person who, in relation to any dutiable goods, other
than prohibited goods, does or omits to do any act which would render such goods
liable to confiscation under section 111/ section 113 respectively, or abets the
doing or omission of such an act, shall, subject to the provisions of section 114A,
be liable to a penalty not exceeding 10% of the duty sought to be evaded OR `5000,
whichever is greater.
However, in cases of short levy or non-levy or short payment or non-payment
and erroneous refund of duty for reasons of collusion or any willful mis-statement
or suppression of facts, if the duty as determined under section 28(8) and the
interest payable thereon under section 28AA is paid within 30 days from the date
of communication of the order of the proper officer determining such duty, the
amount of penalty liable to be paid under this section shall be 25% of the penalty
so determined.
COMMON AMENDMENTS UNDER CENTRAL EXCISE AND CUSTOMS
1. The scheme of Advance Ruling extended to "resident firm" in Central Excise and
Customs (effective from 1st March, 2015).
2. Proviso to section 31(c) of the Central Excise Act, 1944/ proviso to section 127A(b)
of the Customs Act, 1962 proposed to be amended to provide that when any
proceeding is referred back, whether in appeal or revision or otherwise, by any court,
Appellate Tribunal Authority or any other authority to the adjudicating authority for a
fresh adjudication or decision, then such case shall not be entitled for Settlement (to
be effective from the date the Finance Bill received President's assent).
3. Certain provisions relating to Settlement Commission, which are now redundant,
are proposed to be omitted (to be effective from the date the Finance Bill received
President's assent).
SERVICE TAX
Amendments to be effective from a date to be notified after Finance Bill receives the
assent of the President
1. Service Tax Rate
The rate of Service Tax is being increased from 12% plus Education Cesses i.e.
12.36% to 14%. The `Education Cess' and `Secondary and Higher Education Cess'
Budget Highlights - Indirect Taxes
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The Institute of Chartered Accountants of India
shall be subsumed in the revised rate of Service Tax. Accordingly, an amendment
is being made in section 66B, sections 95 and section 140 of the Finance Act. The
`EC' and SHEC will continue to be levied in Service Tax till the time revised rate
comes into effect.
2. Swachh Bharat Cess
Central Government has been empowered to impose a Swachh Bharat Cess on
all or any of the taxable services at a rate of 2% on the value of such taxable
services. This cess shall be levied from such date as may be notified by the Central
Government after the enactment of the Finance Bill, 2015.
Amendments made with immediate effect
3. Existing exemption, vide notification No. 42/12-ST dated 29.6.2012, to the services
provided by a commission agent located outside India to an exporter located in
India is being rescinded with immediate effect. This is done on account of the
amendments made in law in the previous budget making the place of provision of
a service provided by such agents as outside the taxable territory.
4. The facility of Advance Ruling is being extended to all resident firms by specifying
such firms under section 96A (b)(iii) of the Finance Act, 1994.
A. Amendment to Negative List: to be effective from a date to be notified after Finance
Bill receives the assent of the President
1.Negative list entry covering "Entry to Entertainment Events and Access to
Amusement Facilities" has been omitted. Its implications are as follows:
a) Service Tax shall be levied on the service provided by way of access to
amusement facility providing fun or recreation by means of rides, gaming
devices or bowling alleys in amusement parks, amusement arcades, water
parks and theme parks.
b) Service tax to be levied on service by way of admission to entertainment event
of concerts, pageants, musical performances concerts, award functions and
sporting events other than the recognized sporting event, if the amount charged
is more than Rs. 500 for right to admission to such an event.
c) Service by way of admission to entertainment event, namely, exhibition of
cinematographic film, circus, recognized sporting event, dance, theatrical
performance including drama and ballet is exempted from Service Tax from
notification No. 25/12-ST( Mega exemption Notification)
2. Earlier Negative List covered services by way of any process amounting to
manufacture or production of goods which includes carrying out any processes
for production or manufacture of alcoholic liquor for human consumption. Now
Service Tax shall be levied on contract manufacturing/job work for production of
potable liquor for human consumption.
3.Earlier Negative List covered services provided by the Government or a local
authority excluding certain services, as specified, which included "support
service" provided by the Government or local authority to a business entity. Now all
services provided by the Government or local authority to a business entity, except
the services that are specifically exempted, or covered by any another entry in the
Negative List, shall be liable to service tax.
CENTRAL EXCISE 11
CUSTOMS 13
B. Amendments in Service Tax Rules
COMMON AMENDMENTS 13 1.With effect from 01st March 2015, in respect of any service provided under
UNDER CENTRAL aggregator model, the aggregator, or any of his representative office located in
EXCISE AND CUSTOMS India or an agent of aggregator, is being made liable to pay Service Tax if the
SERVICE TAX 13 service is so provided using the brand name of the aggregator in any manner. In
Budget Highlights - Indirect Taxes
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The Institute of Chartered Accountants of India
this regard appropriate amendments have been made in rule 2 of the Service Tax
Rules, 1994 and notification No. 30/2012-ST dated 20.6.2012.
2.With effect from 01st March 2015, rule 4 has been amended to provide that
the CBEC shall, by way of an order will specify the conditions, safeguards and
procedure for registration in service tax. In this regard Order No. 1/15-ST, dated
28.2.2015 has been issued, prescribing documentation, time limits and procedure
for registration. It has also been prescribed that henceforth registration for single
premises shall be granted within two days of filing the application.
3. Rule 4, 4A and 5A: provision for issuing digitally signed invoices is being added
along with the option of maintaining of records in electronic form and their
authentication by means of digital signatures. The conditions and procedure in this
regard shall be specified by the CBEC. The changes are applicable with immediate
effect.
4. Rule 6 (6A): provided for recovery of service tax self-assessed and declared in the
return under section 87 is being omitted consequent to the amendment in section
73 for enabling such recovery. This change will come into effect from the date of
enactment of the Finance Bill, 2015.
5. In respect of services given in below table the service provider has been allowed
to pay service tax at an alternative rate subject to the conditions as prescribed
under rule 6 (7), 6(7A), 6(7B) and 6(7C) of the Service Tax Rules, 1994. Consequent
to the upward revision in Service Tax rate, the said alternative rates is revised
proportionately as per the table given below:
S. No. Name of Service Old Rate New Rate
1. Air Travel 0.6% 0.7%
Agent(Domestic
Bookings)
Air Travel Agent 1.2% 1.4%
(International
Bookings)
2. Life Insurance 3 % and 1.5 % 3.5 % and 1.75 %
Service respectively.
3. Money Changer (a) 0.12 per cent. of the (a) 0.14 per cent. of the
Service gross amount of currency gross amount of currency
exchanged for an amount exchanged for an amount
upto rupees 100,000, upto rupees 100,000, subject
subject to the minimum to the minimum amount of
amount of rupees 30; and rupees 35; and
(b) rupees 120 and 0.06 per (b) rupees 140 and 0.07 per
cent. of the gross amount of cent. of the gross amount of
currency exchanged for an currency exchanged for an
amount of rupees exceeding amount of rupees exceeding
rupees 100,000 and upto rupees 100,000 and upto
rupees 10,00,000; and rupees 10,00,000; and
(c) rupees 660 and 0.012 per (c) rupees 770 and 0.014 per
cent. of the gross amount of cent. of the gross amount of
currency exchanged for an currency exchanged for an
amount of rupees exceeding amount of rupees exceeding
10,00,000, subject to 10,00,000, subject to
maximum amount of rupees maximum amount of rupees
5000 5000
3. lottery R7,000/- & R10,000/- R8,200/- & R12,800/- CENTRAL EXCISE 11
distributor and respectively. CUSTOMS 13
selling agent COMMON AMENDMENTS 13
UNDER CENTRAL
The above changes will become effective from a date to be notified after Finance Bill EXCISE AND CUSTOMS
receives the assent of the President SERVICE TAX 13
Budget Highlights - Indirect Taxes
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The Institute of Chartered Accountants of India
Amendments applicable w.e.f. 1st April 2015
A. Amendment to Mega Exemption Notification
CENTRAL EXCISE 11 1. Rationalization of Existing Exemptions
CUSTOMS 13 (a)Exemption presently available on specified services of construction, repair,
COMMON AMENDMENTS 13
maintenance, renovation or alteration service provided to the Government, a
UNDER CENTRAL
EXCISE AND CUSTOMS local authority, or governmental authority ( vide S. No. 12 of the notification No.
SERVICE TAX 13 25/12-ST ) shall be limited only to:-
(a) a historical monument, archaeological site or remains of national importance,
archaeological excavation or antiquity;
(b) canal, dam or other irrigation work; and
(c) pipeline, conduit or plant for (i) water supply (ii) water treatment, or (iii)
sewerage treatment or disposal.
Exemption to other services presently covered under S. No. 12 of notification
No. 25/12-ST is being withdrawn.
(b)Exemption to construction, erection, commissioning or installation of original
works pertaining to an airport or port provide vide entry 14 is being withdrawn.
However the other exemptions covered under entry 14 will continue unaltered.
(c Exemption to services provided by a performing artist in folk or classical art
form of (i) music, or (ii) dance, or (iii) theatre, will be limited only to such cases
where amount charged is upto R1,00,000 for a performance.
(d)Exemption to transportation of food stuff by rail, or vessels or road will be limited
to food grains including rice and pulses, flour, milk and salt. Transportation of
agricultural produce is separately exempt, and this exemption would continue.
(e) Exemptions are being withdrawn on the following services:
a.services provided by a mutual fund agent to a mutual fund or assets
management company,
b. distributor to a mutual fund or AMC,
c. selling or marketing agent of lottery ticket to a distributor.
Service Tax on these services shall be levied on reverse charge basis.
(f) Consequent to imposition of Service Tax levy on service by way of manufacture of
alcoholic liquor for human consumption, an amendment is being made in the entry
at S. No. 30 of notification No. 25/12-ST to exclude carrying out of intermediate
production process of alcoholic liquor for human consumption on job work from
this entry. The change shall come into effect from a date to be notified after the
enactment of the Finance Bill, 2015.
(g) Exemption is being withdrawn on the following service,-
a. Departmentally run public telephone;
b. Guaranteed public telephone operating only local calls;
c. Service by way of making telephone calls from free telephone at airport and
hospital where no bill is issued.
2. New exemptions introduced
(a)Exemption to any service provided by way of transportation of a patient to and
from a clinical establishment by a clinical establishment. All ambulance services
are covered within the scope of this exemption.
(b)Exemption to Life insurance service provided by way of Varishtha Pension Bima
Yojna.
(c) Exemption to Service provided by a Common Effluent Treatment Plant operator
for treatment of effluent.
(d)Exemption to Services by way of pre-conditioning, pre-cooling, ripening,
waxing, retail packing, labelling of fruits and vegetables.
(e) Exemption to Service provided by way of admission to a museum, zoo, national
park, wild life sanctuary and a tiger reserve. These services when provided by
Government or local authority are covered under Negative List.
Budget Highlights - Indirect Taxes
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The Institute of Chartered Accountants of India
(f) Exemption to Service provided by way of exhibition of movie by the exhibitor
(theatre owner) to the distributor or an association of persons consisting of such
exhibitor as one of it's members.
(g)Exemption to Goods transport agency service provided for transport of export CENTRAL EXCISE 11
goods by road from the place of removal to an inland container depot, a CUSTOMS 13
COMMON AMENDMENTS 13
container freight station, a port or airport vide notification No. 31/12-ST dated
UNDER CENTRAL
20.6.2012. EXCISE AND CUSTOMS
(h)Exemption to service by way of right to admission to,- SERVICE TAX 13
i. exhibition of cinematographic film, circus, dance, or theatrical performances
including drama or ballet.
ii. recognized sporting events.
iii. concerts, pageants, award functions, musical performances or sporting
events not covered by S. No. ii, where the consideration for such admission
is upto R500 per person.
These exemptions are in lieu of activities covered by the Negative List which are
withdrawn. The change shall come into effect from a date to be notified after the
enactment of the Finance Bill, 2015.
B. Abatement Notification amended
1. The taxable portion of service of transportation by rail, road and vessel shall be
30% subject to a uniform condition of non-availment of CENVAT Credit on inputs,
capital goods and input services.
2. The taxable portion of value of air transport of passenger for higher classes shall
be 60% as against economy class for which Service Tax is payable on 40% of the
value.
3. Abatement is withdrawn for services provided in relation to chit and Service Tax
is payable by chit fund foremen on the full consideration received by way of fee,
commission or any such amount with a facility to avail CENVAT Credit on the same.
C. Reverse charge/Partial reverse charge
1. In relation to manpower supply and security services provided by an individual,
HUF, or partnership firm to a body corporate, only service receiver to pay service
tax as against present system of partial reverse charge.
2. Service Tax in respect of mutual fund agent and mutual fund distributor services
shall be paid by the assets management company or by the mutual fund receiving
such services.
3. Distributor of Lottery is required to pay Service Tax in respect of agents of lottery.
D. CENVAT CREDIT RULES
1. Earlier CENVAT credit to service receiver under partial reverse charge was eligible
only if payment of service has been made to service provider. Now with effect
from 1.4.2015 Rule 4(7) has been amended to allow CENVAT Credit of Service Tax
paid under partial reverse charge by the service receiver without linking it to the
payment to the service provider.
E. Other Amendments which shall get incorporated in the said Act on the day the
Finance Bill, 2015 is enacted.
1. Consideration for a taxable service shall include all reimbursable expenditure or
cost incurred and charged by the service provider and amount retained by the
distributor or selling agent of lottery from gross sale amount of lottery ticket or the
discount received.
2. Section 73 is being amended in the following manner:
(a)A new sub-section (1B) is being inserted to provide that recovery of the Service
Tax amount self-assessed and declared in the return but not paid shall be made
Budget Highlights - Indirect Taxes
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The Institute of Chartered Accountants of India
under section 87, without service of any notice under sub-section (1) of section
73; and
(b)sub-section (4A) that provides for reduced penalty if true and complete details
of transaction were available on specified records, is being omitted.
3. Section 76 is being amended to rationalize the provisions relating to penalties,
in cases not involving fraud or collusion or wilful misstatement or suppression of
facts or contravention of any provision of the Act or rules with the intent to evade
payment of Service Tax, in the following manner,-
(a)penalty not to exceed ten per cent. of Service Tax amount involved in such
cases;
(b)no penalty is to be paid if Service Tax and interest is paid within 30 days of
issuance of notice under section 73 (1);
(c) a reduced penalty equal to 25% of the penalty imposed by the Central Excise
officer by way of an order is to be paid if the Service Tax, interest and reduced
penalty is paid within 30 days of such order; and
(d)if the Service Tax amount gets reduced in any appellate proceeding, then the
penalty amount shall also stand modified accordingly, and benefit of reduced
penalty ( 25% of penalty imposed) shall be admissible if service tax, interest
and reduced penalty is paid within 30 days of such appellate order.
4. Section 78 is being amended to rationalize penalty, in cases involving fraud or
collusion or wilful mis-statement of suppression of facts or contravention of any
provision of the Act or rules with the intent to evade payment of Service Tax, in the
following manner,-
(a) penalty shall be hundred per cent of Service Tax amount involved in such cases;
(b)a reduced penalty equal to 15% of the Service Tax amount is to be paid if
Service Tax, interest and reduced penalty is paid within 30 days of service of
notice in this regard;
(c) a reduced penalty equal to 25% of the Service Tax amount, determined by the
Central Excise officer by an order, is to be paid if the Service Tax, interest and
reduced penalty is paid within 30 days of such order; and
(d)if the Service Tax amount gets reduced in any appellate proceeding, then the
penalty amount shall also stand modified accordingly, and benefit of reduced
penalty (25%) shall be admissible if Service Tax, interest and reduced penalty is
paid within 30 days of such appellate order.
5. A new section 78 B is being inserted to prescribe, by way of a transition provision,
that,-
(a)amended provisions of sections 76 and 78 shall apply to cases where either
no notice is served, or notice is served under subsection (1) of section 73 or
proviso thereto but no order has been issued under sub-section (2) of section
73, before the date of enactment of the Finance Bill, 2015; and
(b)in respect of cases covered by sub-section (4A) of section 73, if no notice is
served, or notice is served under sub-section (1) of section 73 or proviso thereto
but no order has been issued under sub-section (2) of section 73, before the
date of enactment of the Finance Bill, 2015, penalty shall not exceed 50% of the
Service Tax amount.
6. Section 80, that provided for waiver of penalty in certain circumstances, is being
omitted.
7. Section 86 is being amended to prescribe that remedy against the order passed by
Commissioner (Appeal), in a matter involving rebate of Service Tax, shall lie in terms
CENTRAL EXCISE 11
CUSTOMS 13
of section 35EE of the Central Excise Act. It is also being provided that all appeals
COMMON AMENDMENTS 13 filed in Tribunal after the date the Finance Act, 2012 came into effect and pending
UNDER CENTRAL on the date when the Finance Bill, 2015 receives assent of the President shall be
EXCISE AND CUSTOMS transferred and dealt in accordance with section 35EE of the Central Excise Act.
SERVICE TAX 13
Budget Highlights - Indirect Taxes
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The Institute of Chartered Accountants of India
Amendments Proposed by Finance
Bill, 2015 in International Taxation
Committee on International Taxation
Fund Managers in India not to constitute business connection of offshore
funds
It is proposed that mere presence of a fund manager in India would not
constitute PE of the offshore funds, as this is resulting in adverse tax consequences
currently.
In order to facilitate location of fund managers of off-shore funds in India a specific
regime has been proposed in the Act in line with international best practices with
the objective that, subject to fulfilment of certain conditions by the fund and the fund
manager,-
(i) the tax liability in respect of income arising to the Fund from investment in India
would be neutral to the fact as to whether the investment is made directly by the
fund or through engagement of Fund manager located in India; and
(ii) that income of the fund from the investments outside India would not be taxable
in India solely on the basis that the Fund management activity in respect
of such investments have been undertaken through a fund manager located in
India.
In the case of an eligible investment fund, the fund management activity carried out
through an eligible fund manager acting on behalf of such fund shall not constitute
business connection in India of the said fund.
Reduction in rate of tax on Income by way of Royalty and Fees for technical
services in case of non-residents-Proposed Reduction in Royalty / FTS rate
to 10% from 25%
It is proposed to reduce the rate of tax provided under section 115A on royalty and FTS
payments made to non-residents from 25% to 10%.
Clarity relating to Indirect transfer provisions-Further clarification to
Explanation 5 in section 9(1)(i)
Currently The Explanation 5 in section 9(1)(i) clarified that an asset or capital asset, being
any share or interest in a company or entity registered or incorporated outside India shall
be deemed to be situated in India if the share or interest derives, directly or indirectly, its
value substantially from the assets located in India.
The share or interest of a foreign company or entity shall be deemed to derive its value
substantially from the assets (whether tangible or intangible) located in India, if on the
specified date, the value of Indian assets,-
a) exceeds the amount of ten Crore rupees ; and
b) Represents at least fifty per cent. of the value of all the assets owned by the
company or entity.
Value of an asset shall mean the fair market value of such asset without reduction of
liabilities, if any, in respect of the asset.
The specified date of valuation shall be the date on which the accounting period of the
company or entity, as the case may be, ends preceding the date of transfer.
Raising the threshold for specified domestic transaction-Increase in limit of
specified domestic transaction from 5 Crores to 20 Crores rupees
It is proposed to amend section 92BA by increasing the limit of specified domestic
transactions entered into by the assessee from 5 Crores to 20 Crores rupees.
Budget Highlights - International Taxation
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The Institute of Chartered Accountants of India
Enabling the Board to notify rules for giving foreign tax credit-Rules will be
prescribed to claim foreign tax credit u/s 90, 90A and 91
CBDT may make rules to provide the procedure for granting relief or deduction, as the
case may be, of any income-tax paid in any country or specified territory outside India,
under section 90, or under section 90A, or under section 91, against the income-tax
payable under the Act. This amendment will take effect from 1st day of June, 2015.
Clarity regarding source rule in respect of interest received by the non-
resident in certain cases
In the case of a non-resident, being a person engaged in the business of banking,
the PE in India of such non-resident shall be obligated to deduct tax at source on any
interest payable to either the head office or any other branch or PE, etc. of the non-
resident outside India. Further, non-deduction would result in disallowance of interest
claimed as expenditure by the PE and may also attract levy of interest and penalty in
accordance with relevant provisions of the Act.
Amendment to the conditions for determining residency status in respect of
Companies
POEM is proposed to be introduced for determining the residential status of company
which is in line with DTAA
It is proposed to amend the provisions of section 6 to provide that a person being a
company shall be said to be resident in India in any previous year, if-
(i) it is an Indian company; or
(ii) Its place of effective management, at any time in that year, is in India. (Earlier the
provision was -during that year, the control and management of its affairs is situated
wholly in India)
Further, it is proposed to define the place of effective management to mean a place
where key management and commercial decisions that are necessary for the conduct
of the business of an entity as a whole are, in substance made.
Rationalisation of provisions relating to Tax Deduction at Source (TDS) and
Tax Collection at Source (TCS)-Penalty of 1 lakh proposed for providing
incorrect information or non-providing of information as per 195(6)
It is proposed to amend the provisions of section 195 of the Act to provide that the
person responsible for paying any sum, whether chargeable to tax or not, to a non-
resident individual or foreign company, shall be required to furnish the information
of the prescribed sum in such form and manner as may be prescribed.
It is further proposed to insert a new provision in the Act to provide that in case of non-
furnishing of information or furnishing of incorrect information under sub-section (6) of
section 195(6) of the Act, a penalty of one lakh rupees shall be levied.
It is also proposed to amend the provisions of section 273B of the Act to provide that
no penalty shall be imposable under this new provision if it is proved that there
was reasonable cause for non-furnishing or incorrect furnishing of information
under sub-section (6) of section 195 of the Act. These amendments will take effect
from 1st June, 2015.
Power of the Central Board of Direct Taxes to prescribe the manner and
procedure for computing period of stay in India
It is proposed to amend the Act to provide that in the case of an Individual, being a
citizen of India and a member of the crew of a foreign bound ship leaving India, the
period or periods of stay in India shall, in respect of such voyage, be determined in the
manner and subject to such conditions as may be prescribed. This amendment will
take effect retrospectively from 1st April, 2015.
Budget Highlights - International Taxation
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