Statements from Naveen Aggarwal , Partner – Tax , KPMG in India
· Driving fiscal prudence without compromising development agenda to invigorate growth and investment in critical sectors like agriculture and infrastructure.
· On Tax simplification
Justice Easwar Committee’s recommendations for simplification of tax laws has found favour with the FM. Extending the limit of presumptive scheme to taxpayers with annual turnover of Rs 2 crores from present limit of Rs. 1 crore is a welcome step.
Implementation of Justice Easwar Committee recommendations by rationalising deductible expenditure on dividend earning instruments, extending presumptive scheme for professionals and other taxpayers, automatic stay of demand at first appellate level with 15% part payment reinforces the Government’s commitment towards a simplified and less litigious tax regime.
· On Penalty
Simplification of penalty provisions is a welcome move and showcases government’s intention of simplifying and bringing certainty in tax laws.
· On Retrospective Taxation
Retrospective amendments not to be made going forward; special regime to settle past disputes on indirect transfer tax, showcases Government’s commitment towards creating a stable and predictable tax regime in India.
· On GAAR
Government has reaffirmed its commitment to making GAAR effective from 1 April 2017. This is likely to align Indian tax laws with legislation of BEPS action plans.
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