[vc_row][vc_column][vc_column_text]According to tax experts here is a perspective on the impact of direct taxes proposals on industry and trade:
* In a huge breather to Start-ups, the budget has extended the time period for availing tax benefit for three years in the first seven years of existence of a startup company. Earlier the deduction was available for three years in first five years.
Impact of indirect tax proposals on industry and trade:
* Customs – No change in current peak rates; Central Excise and Service Tax – No change in current rates.
Common Amendments
* Benefit of settlement allowed to third parties for demands on them but connected with the application pending
* Power of rectification of mistakes apparent on record enabled with respect to orders passed by Settlement Commission
* Common authority for advance ruling for direct and indirect taxes
* Amendment have been made in the effective rate of customs and central excise duties for certain products.
CENVAT
* Time limit to transfer the cenvat credit consequent to merger extended from 3 months to 6 months on sufficient cause being shown
* The value of exempted services under Rule 6 (3) not to include amount towards interest for computation of reversal for Banking Companies & NBFC
GST
* Revised Model GST law and rules expected as State and Centre are said to be giving finishing touches
* Finance Minister assured that the preparation of IT System for GST implementation is on schedule.[/vc_column_text][/vc_column][/vc_row]
