ICAI’s Pre Budget 2017 Memorandum on Direct/ Indirect Taxes to MoF (FY 2017-18)
ICAI has submitted it’s pre Budget 2017 Memorandum on Direct and Indirect Taxes, containing suggestions for FinMin, GoI for consideration while formulating the tax proposals for the financial year 2017-18.
ICAI suggestions basically revolve around improving tax administration/ collection/ compliances, reducing litigation, rationalization of the provisions of various tax laws, removal of procedural/ administrative difficulties, certain new initiatives, etc.
The Memorandum on Indirect Taxes contains suggestions on issues relating to Service Tax, CENVAT Credit Rules, 2004, Excise Duty, Customs Duty and Central Sales Tax for the consideration of the Government while formulating the tax proposals for the year 2017-18. We believe that addressing the said issues would make tax laws simple, fair and transparent and avoid litigation.
Further, in the case of Indirect Taxes, the ICAI’s suggestions have been broadly categorized as relating to i) policy & provisions of Income-tax Act, 1961; and ii) improving Tax Administration and Citizen Services. The suggestions of ICAI are given Chapter wise and are intended to serve the purposes, like i) Improve tax collection; ii) Reduce/ minimize litigations; iii) Rationalization of the provisions of direct tax laws; iv) Removal of administrative and procedural difficulties relating to Direct Taxes.