ICAI Invites Suggestions for Pre Budget Memorandum 2019

ICAI Invites Suggestions for Pre Budget Memorandum 2019

ICAI’s Direct Taxes Committee, GST & Indirect Taxes Committee and Committee on International Taxation have invited suggestions from stakeholders including Members for submission of Issues/ Concerns for consideration of Govt. in the matter of Direct Taxes including International Taxation, Indirect Taxes including GST, etc. by way of Pre Budget Memorandum 2019, latest by 5 May 2019.

ICAI Invites Suggestions for Pre-Budget Memorandum-2019 (Announcement dt. 9 April 2019)

Direct Taxes (including International taxation)Submission details
  • Suggestions for widening the tax base and increasing the tax revenue
  • Suggestions to check tax avoidance
  • Suggestions to reduce/minimize litigations
  • Suggestions for rationalization of the provisions of Direct Tax Laws
  • Suggestions for removing administrative and procedural difficulties
Link for submission of Suggestions
Indirect TaxesSubmission details
  • Goods & Services Tax
  • Customs Law
  • Central Excise Law (to the extent applicable on specific goods)
  • The suggestions for widening the tax base, increasing the tax revenue, check tax avoidance and to reduce/minimize litigations may also be provided.
Link for submission of Suggestions

ICAI’s Pre Budget 2018 Memorandum on Direct/ Indirect Taxes to MoF (FY 2018-19)

ICAI has submitted it’s pre Budget 2018 Memorandum on Direct, International and Indirect Taxes, containing suggestions for FinMin, GoI for consideration while formulating the tax proposals for the financial year 2018-19.

ICAI suggestions basically revolve around improving tax administration/ collection/ compliances, reducing litigation, rationalization of the provisions of various tax laws, removal of procedural/ administrative difficulties, certain new initiatives, etc.

The Memorandum on Indirect Taxes contains suggestions on issues relating to Service Tax, CENVAT Credit Rules, 2017, Excise Duty, Customs Duty and Central Sales Tax for the consideration of the Government while formulating the tax proposals for the year 2018-19, to make indirect tax laws simple, fair and transparent and to avoid litigation

Further, in the case of Direct Taxes/ International Taxes, the ICAI’s suggestions have been broadly categorized as relating to i) policy & provisions of Income-tax Act, 1961; and ii) improving Tax Administration and Citizen Services. The suggestions of ICAI are given Chapter wise and are intended to serve the purposes, like i) Improve tax collection; ii) Reduce/ minimize litigations; iii) Rationalization of the provisions of direct tax laws; iv) Removal of administrative and procedural difficulties relating to Direct Taxes.

ICAI’s Pre Budget 2018 Memorandum on Direct Taxes/ International Tax dt. 11 Dec. 2017 

ICAI’s Pre Budget 2018 Memorandum on Indirect Taxes dt. 11 Dec. 2017

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