Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: cpt :: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
News Headlines »
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended

Don't roll back tax sops, focus on tax reform: Experts to Govt
May, 18th 2009

The new UPA government should not roll back tax cuts but focus on tax reforms like starting GST from next fiscal and putting in place a new direct tax code to replace the Income Tax Act to boost economy, analysts have said.     

"Reduction in excise duty, just let them be. They should not be rolled back," economic research body ICREAR director Rajiv Kumar told PTI.     

Foundation for Public Economics and Policy Research Director Mahesh Purohit said cuts in service tax and excise duty should not be rolled back either.     

To spur the economy, facing slowdown under the impact of global financial crisis, the government had announced three stimulus packages by cutting the excise duty by six per cent and the service tax by two per cent, among other fiscal sops.     

Aseem Chawla of the leading law firm Amarchand Mangaldas also said," I don't think it should be rolled back for the time being."      While Purohit said  the country will soon move towards Goods and Service Tax (GST) and the rates for excise duty or service tax cannot be more than GST.     

Rates of GST, proposed to be implemented from April 1, 2010, has not been decided yet. GST will replace excise duty, service tax at the Centre and VAT at the state levels.     

The Congress in its election manifesto had said that it will take decisive step and introduce a moderate tax. "A stable government is in place, we hope that the unfinished agenda of tax reforms like GST and the direct tax code will come in place," Chawla said.     

The business community and the citizens impacted by the tax reform process hope that the process will get an impetus and the correct implementation of the reforms will ensure that unwanted litigation is reduced, Chawla said.     

In fact, the implementation of the tax code assumes importance as direct tax code if brought in time and has all the anti abuse and anti avoidance provisions, will even take care of things like money laundering and tax evasion, he said.     

Direct Tax Code is expected to replace nearly five-decade old Income Tax Act to streamline the taxation structure and reduce the plethora of exemptions given to various segments of taxpayers.     

Meanwhile, leading tax consultancy firm Ernst & Young partner Srinivasa Rao said that the new government with UPA at the center will give a boost to implementation of tax reforms.     

"In terms of tax policy definitely this will give impetus to GST implementation. A lot of thought process has gone in these tax reforms so the factor of continuity and stability to the policy group will surely help," said Rao, who is also national leader Tax Practice from Ernst & Young.     

Rao said there should be pragmatism in tax administration and collection to minimise litigations which are currently too many in the area.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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