The effective rate of tax on services will be 15% (14% service tax + 0.5% Swachh Bharat Cess + 0.5% KKC). In a span of one year, the effective rate has increased from 12.36% (till 2015-2016) to 15%.
While journalists from the Indian Express which published the report on the Panama Papers leak say resident Indians couldn't have followed the law of the land in spirit, experts say media should not paint everyone with the same brush.
Budget 2016 Analysis
Pranav Sayta, Partner at EY India feels it would have been helpful if a clear roadmap was provided on rationalisation of exemptions and incentives.
Rohan Shah, Managing Partner, ELP; Sachin Menon, Partner & Head, Indirect Tax, KPMG and Harishanker Subramaniam, Partner and Indirect Tax Leader of EY, talk about the tax-related worries and needful for the Budget 2016.
Revised 'Special valuation Branch' Procedure
Foreign Trade Policy: 'Group Company'?
Swachh Bharat Cess
Amendments to the Arbitration & Conciliation Act, 1996!
Remember the 6,300 crore rupee bombshell that CCI dropped on the cement industry for cartelization in June this year?
The government's clarification on General Anti-Avoidance Rules (GAAR) provisions is still awaited. Mukesh Butani, chairman of BMR Advisors says, market is overreacting to uncertainty on GAAR. "The government is mindful of unintended consequences of GAAR," he adds.
This is among the most detailed post-budget reports we have received. Which is why we thought it fit to share it with you even though we are doing so late.
By: Pranay Bhatia, ELP
After months of waiting, we can finally declare the game is open and say let the competition begin.
So will this be the last budget in the history of budgets as we know them in India?