BUSINESS
Budget 2023: Faceless assessments are game changing, but should be less taxing
Budget 2023-24: Faceless income tax proceedings are a success. But Budget 2023 must signal to the tax department the virtues of fair hearing, predictability in final orders, and focused proceedings
BUSINESS
Budget 2023: Impose capital gains-like tax on profits from crypto transactions
Budget 2023 should amend the tax regime to ensure that investors return to trading on domestic virtual digital asset exchanges. That will help widen the tax base and improve the traceability of transactions, which were the key objectives of introducing the tax
BUSINESS
GST Council recommendations only have a persuasive value, clarifies Supreme Court
The Supreme Court reiterates that the GST Act is supreme, and the principles enunciated in the Act cannot be disregarded by passing notifications that are not in conformity with the Act
BUSINESS
Budget 2022 must continue to provide an impetus to domestic market
It is expected that the central theme of Budget 2022 would continue to provide an impetus to the market to boost it for domestically-manufactured goods to reduce import dependency, and promote the ‘Make in India’ initiative
BUSINESS
Needed, clarity on equalisation levy and cryptocurrencies
Even though virtualisation of assessment and appellate procedures is needed, doubts still linger in the minds of taxpayers. The government should take these steps in a transparent manner. Also, it would be better if the equalisation levy is restricted to the e-commerce sector alone
