Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
Even if the same party returns to power, what is important to debate is that having introduced an entitlement, how challenging it is to reverse such decisions, says Mukesh Butani.
The Narendra Modi government's alacrity in promoting ease of tax administration, a critical component in the ease of doing business index, has set in motion several incremental policy and administrative reforms, says Mukesh Butani.
Chaos in Parliament threw a spanner in the government's efforts to revive the economy and kick-start reforms.
Finance minister tries to put house in order before reforms are unveiled in February.
The basics and history of India's tax policy suggests that increase in the number of taxpayers has occurred and so has compliance with a reduction of tax slabs and moderate rates of tax.
The finance minister (FM) in his speech confirmed growth forecasts in the Economic Survey that the economy is likely to grow at 8.6 per cent during the current fiscal.
The subprime crisis followed by global meltdown has had its share of fallouts; yet there is a silver line which has the world order gearing up for a new era of financial discipline, tax transparency and enhanced regulation.
The landmark Vodafone ruling was delivered last fortnight amid fiercely debated proceedings lasting nine days and putting to test skills of a battery of lawyers assisting Vodafone and the Indian government.
Initial findings reveal that the tax code has received an overwhelmingly positive feedback
The first full Budget of the new government was a deft balancing act for broad-basing sustained economic growth, rather than a 'big bang' announcement for a fresh stimulus package and tax concessions.
Tax collections so far are pointing towards the government missing on the gross tax revenue target for the first time in several years, primarily due to a continuous decline in excise, custom and advance tax payments, says Mukesh Butani.
The Interim Budget was presented as an impressive report card of the UPA government -- the FM couldn't help lauding the UPA in pulling off an unprecedented GDP growth during its tenure.
Vodafone case: Questions still remain unanswered and the whole world is eyeing final outcome. The questions remaining unanswered by the high court would have several multinationals on tenterhooks, as the consequences, both for tax payers with similar transactions and perhaps for Indian M&A fortunes may be far reaching.
The Foreign Investment Promotion Board seems to have laid to rest the controversy surrounding FDI investments routed via Mauritius.
With the liberalisation of the Indian economy and opening up of capital markets for domestic and institutional players, there was clearly a case to re-examine the 1989 guidelines.
Our regulation gives wide powers to the tax authorities, particularly at the assessment stage. The entire process is driven by 'doubt and suspicion' rather than 'trust and faith.'
Given the significant cross border trade of services with the US, the service regulations are of particular significance for India
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