And I am very much sure that within one year litigation in excess in indirect tax matter should be down by 50%, he said.Ī2Z Taxcorp LLP is a boutique Indirect Tax firm having its offices at New Delhi and Guwahati specializing in GST, Central Excise, Custom, Service Tax, VAT, DGFT, Foreign Trade Policy, SEZ, EOU, Export – Import Laws, Free Trade Policy, etc.
Whatever we could think of, whatever inputs we have got, we have done. “All of the areas (of taxes), we have addressed them. He also hoped that excess litigation in indirect tax matters would be cut down by 50% in an year’s period. In the previous budget, government had levied Swachh Bharat cess of 0.5% on all taxable services.īesides, the tax official said the government has tried to address all tax areas in the Budget. The funds generated would be used to improve agriculture situation and welfare of farmers.Ĭiting pollution and traffic situation in the country, the finance minister also proposed to levy an infrastructure cess of 1% on small petrol, LPG, CNG cars, 2.5% on diesel cars of certain capacity and 4% on other higher engine capacity vehicles and SUVs. With effective June, the government has proposed to impose a Krishi Kalyan cess of 0.5% on all taxable services. In Budget 2016-17 presented by Finance Minister Arun Jaitley last month, the government has imposed two new cesses - one related to farm and another for infrastructure. He was addressing a CII organised Finance Ministry- Industry interface.
TO PUT DOWN A GROUP SUBSUME FULL
Read our full coverage on Union Budget 2016 Once the Goods and Services Tax comes to play, hopefully by April 2017, all these taxes will be subsumed,” said Ram Tirath Member (Budget), Central Board of Excise and Customs. “Cesses have been imposed with specific purposes. Government will subsume all the additional levies like Krishi Kalyan and Infrastructure cess in the Goods and Services Tax (GST), within one year of its implementation, a senior tax official said today.
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