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Budget Reactions: Focus on CST, GST reveals govt commitment: BDO Consulting

The allocation of INR 9,000 crores for first tranche of CST Compensation and the proposed introduction of Draft Constitutional Amendment Bill and the Draft GST Bill in a few months reflects the commitment of the Centre to move forward on implementation of GST at a fast pace.

  • The allocation of Rs 9,000 crore for first tranche of CST Compensation and the proposed introduction of Draft Constitutional Amendment Bill and the Draft GST Bill in a few months reflects the commitment of the Centre to move forward on implementation of GST at a fast pace.
  • Valuation disputes arising from the Supreme Court judgment in the FIAT Case expected to continue as a pain area for the industry, with the absence of any clarifications in the FM’s Budget Speech.
  • No changes in Peak Rates of Customs, Excise Duty and Service Tax a welcome move for the industry
  • Steady Progress towards a super rich tax by imposing surcharge of 10% on persons having taxable income exceeding INR 1 crore.
  • Increase in excise duties on high end luxury vehicles, SUVs and Mobile Phones
  • Reduction in abatements of high end flats having carpet area of more than 2000 sq. Ft. or valued at more than Rs 1 crore
  • With a view to curb the exemption, the FM brought all air-conditioned restaurants whether or not serving liquor brought within the ambit of service tax
  • “Wide expectation around increase in threshold exemption limit under service tax from INR 10 lacs to INR 20 lacs does not find place in the FM’s Budget Speech
  • “Announcement of Voluntary Compliance Encouragement Scheme to motivate the service tax registered assesses to file returns and pay dues since 01 October 2007 with waiver of interest and penalty does not seem to be progressive step from the point of view of honest and compliant service tax payers. However, there is no doubt that it will bring the much needed revenue to the Government
  • “Extension of Advance Ruling Provisions to resident public limited companies for seeking advance ruling on central excise and service tax matters as is available on the Customs side, is a welcome move
  • Amendments in Customs and Central Excise Laws making certain offences such as evasion or attempted evasion of duty, fraudulently availing or attempting to avail drawback/exemptions exceeding INR 50 lacs as Non-Bailable seems to be a harsh step
  • Amendments in Customs and Central Excise Laws empowering the authorities to recover the duties from any person other than from whom money is due after giving a proper notice, if that other person holds money for or on account of the first person and make such other person liable for all the consequences of non-compliance under this Act, to increase the burden on the Industry.
Prashant Raizada BDO Consulting Courtesy : MoneyControl.com
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