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TMI BlogBUDGET 2012: PROACTIVE BUT AGGRESSION MISSING.X X X X Extracts X X X X X X X X Extracts X X X X ..... BUDGET 2012: PROACTIVE BUT AGGRESSION MISSING. - By: - Dr. Sanjiv Agarwal - Income Tax - Dated:- 24-3-2012 - - While the Union Budget 2012-13 does not lay down a clear road map for both - Direct Tax Code (DTC) and Goods and Services Tax (GST), it does make a half hearted effort to harmonies and rationalize the tax laws and streamline the procedural aspects. Service tax and Central excise hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e been brought closer in a bid to achieve eventual goal of transition to GST regime. Of course, when it may happen is not certain, nor any guidance has been provided. It took our government to move to negative list full eighteen years and country has been suffering in terms of tax disputes and litigation all these years. Even now, indirect tax tribunal has majority of service tax cases which other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wise used to be in respect of central excise. The size of the law has been trimmed but it makes the rules and notifications bulky . A common registration form and a common return form is also proposed for Central Excise and Service Tax. The new return form is just one page form but will have to be filed on a monthly or quarterly basis, as the case may be. Presently returns are filed on a half ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arly basis. Another good thing brought in is Revision Application Authority and Settlement Commission to help resolve disputes with greater ease. This would reduce the litigation at appellate level. Cenvat Credit Rules have been simplified a bit and decision not to charge interest on availing credit but only on utilizing credit is a welcome move. A large number of disputes had arisen because of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this and even high courts and apex court had decided in revenue s favour. India can also look forward to common tax code for Service Tax and Central excise which could be adopted to harmonies the two tax laws for which a study group is being constituted. Service Tax would henceforth be payable on receipt basis for all service providers upto a conditional threshold limit of Rs. 50 lakh. This w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as earlier allowed only for few services. Also, there would be no levy of penalty for landlords on Service Tax on renting of immovable property provided that all arrears are paid within six months of enactment of Finance Bill, 2012. These proposals are, no doubt, tax payer friendly but nothing much has been done to tune up tax administration, provide clarity in taxation of and valuation principl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. The overall impact would only lead to higher inflation. The county would continue to suffer because of delayed introduction of GST with no clarity even now as to when it may happen. Looking to the tax proposals, one can presume that GST may not come before 2015. = = = = = = - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... india - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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