Post Budget Memorandum 2016 / Suggestions by ICAI to FinMin
The ICAI has submitted it’s Post Budget Memorandum 2016 to the MoF. In this memorandum, ICAI has suggested certain amendments to the proposals on direct / indirect taxes as contained in the Finance Bill, 2016 which would help the Government to achieve the objective of simple unambiguous laws, ease of doing business, dispute avoidance and resolution. Some measures in line with movement towards GST have also been suggested by the ICAI, as follows:
It may be noted that ICAI had invited suggestions from Stakeholders on the tax proposals of the Finance Bill, 2016 for consideration and inclusion of the same in the ICAI’s above Post Budget Memorandum intended to be submitted to the Ministry of Finance.