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Income Tax : The assets did not fall under any of the above exceptional three conditions. The said block of assets was used for the purpose of ...
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I am grateful to the Leader of Opposition for raising the issue of high taxation of petroleum products. She is correct if taxes go down, the commodities will become cheaper and it will provide a great relief to the consumer. It is precisely for this reason that my Government has undertaken the single biggest reform in taxation in the form of GST.
On GST, stated position:-After careful consideration of the issues raised by the Empowered Committee of State Finance Ministers, we have revised our position to accommodate the concerns of the State Governments. The Central Government is willing to consider a phased approach for the introduction of GST. In a departure from its earlier stand, the Central Government is also willing to accept a dual rate structure in the transitory phase leading eventually to a “model GST”.
* Exemption threshold for both goods and services under Central Goods and Service Tax (“CGST”) and State Goods and Service Tax (“SGST”) to be INR 10 lakh. Threshold for small dealers under both CGST and SGST to be INR 50 lakh or INR 1 crore.
Calling it the biggest litigant in the entire Government, Finance Minister Pranab Mukherjee has asked the Income Tax Department to reexamine the way it handles tax disputes. He said, the Department is filing appeals in a routine manner without careful thought and examination leading to the Income Tax Department earning the dubious distinction of being the biggest litigant in the Government of India.
The revised discussion paper on the Direct Tax Code (DTC), which would overhaul the Income Tax Act, proposes tax exemptions only for the existing SEZ units. “In case no income tax benefit is provided to the new SEZ units, no entrepreneur would like to set up a unit in the SEZ,” EPCES Chairman R K Sonthalia said.
As for specific issues, let me begin with the issue of exemption threshold under GST. In this regard, it was the suggestion of the Empowered Committee that the Centre should consider retaining the exemption threshold of Rs.1.5 crore (presently available under Central Excise) for goods while the CGST threshold for services and the SGST threshold for both goods and services would be Rs.10 lakh. It is fundamental to a dual GST that every transaction constituting a supply of goods and services receive similar treatment under CGST and SGST.
Fearing that their fiscal autonomy will be impacted by the uniform tax structure, state finance ministers are likely to bargain for some flexibility on proposed Goods and Services Tax when they meet Union Finance Minister Pranab Mukherjee on July 21.
The finance ministry has set up a five-member task force to frame rules for the proposed Goods and Service Tax (GST). A bill for the GST is likely to be finalised soon. It is likely to be introduced in the monsoon session of Parliament after the states’ concurrence. Once the legislative amendments are passed by Parliament and assemblies, the Centre will frame the new Act, which will govern the indirect tax structure.
The new Citizens’ Charter will be a guiding rule book for the I-T department and its officials.Taxpayers whose premises have been searched or raided by the Income Tax (I-T) department can now expect to get possession of their sealed properties and assets in two months as compared to the usual duration of over a year.
The Commerce and Industry Minister, Mr Anand Sharma, is likely to call on the Finance Minister, Mr Pranab Mukherjee, here on Friday at the latter’s North Block office.
