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: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT RATES :: Central Excise rule to resale the machines to a new company :: VAT Audit :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: empanelment :: ACCOUNTING STANDARD :: cpt :: form 3cd
 
 
Indirect Tax »
 CBEC rechristened Central Board of Indirect Taxes and Customs
 Income tax department to challenge ITAT relief to Cairn Energy in HC
 5 crucial ways how doing business will be different under GST
 What is the lowdown on the Goods and Services Tax
 Ineligible Input Tax Credit Under Gst Regime
 What is GST, how is it different from now: Decoding the indirect tax regime
 Indirect tax collection can fall short of FY’17 target
 GST in last lap: What's in it for businesses, firms and most importantly, you?
 Indirect tax collection: All you want to know about stuck cases and rejected appeals
 Government achieves revised tax collection target
 Keep indirect taxes 'low, affordable' under GST

It's time to make tax system unified and simpler
July, 03rd 2014

The countdown for the Union Budget 2014 has started and the country is waiting for a systematic and unified tax system to be implemented as promised by Prime Minister Narendra Modi on various occasions, which in turn, will tune in both the micro and macro economic condition.

The tax system of our country is quite complex and is like a web of formalities for its people. Tax payers are somewhat optimistic as Arun Jaitley has rooted for an increase in the Income Tax exemption limit.

The government needs to focus on Direct Tax Code (DTC) and should implement the Goods and Services Tax (GST) regime which will make the overall system transparent, simple and accountable.

Goods and Services Tax

The GST is one of the biggest tax reforms which needs to be implemented as it will integrate the states' economies and will create a single, unified tax system for the overall boost and growth of the Indian Economy.

Arun Jaitley too is keen on rolling GST soon as it will change the growth story of our country. With GST, a transparent and corruption-free tax administration will be built. The tax burden will be divided and the existing taxes such as central sales tax, stamp duty, octroi, entry tax, tax on consumption and many such multi-layered taxes will be abolished that are existing currently.

Service Tax

Service tax goes in the government's revenue kitty. The present service tax rate is 12% plus 3%. People expect that the present service tax limit should be eased a tad as it effects their spending power. Also, it is expected that the government might remove some items from the negative list as provided in the earlier budget.

Custom and Excise Duties
People are expecting relaxation in the custom duties. If we talk about jewellery, at present, duty free allowance with respect to jewellery is Rs 50,000 for a male passenger and Rs one lakh for a lady passenger. It is a general trend that custom duty is increased usually on luxurious cars, jewellery, consumer and electronic goods.

Income Tax / Section 80C Limit

India's tax system is lopsided with an estimated 4 lakh people paying over 60 percent of income tax collected in the country. It is expected that the limit for 80C will be raised from the existing Rs one lakh limit. This move will be welcomed with open arms if the limit is raised to at least 2-2.5 lakh, as this would mean increase in the spending power for the common man, which in turn would also accelerate growth and will also encourage savings too.

Corporate Tax

Corporate tax should be brought down to the average 25 percent from the 30 percent to regain the growth momentum.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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