Post Budget Analysis on Indirect Taxes (Episode 1)

The Union Budget 2015 has not only hiked the effective tax rates for Central Excise and Service tax but has also proposed a slew of legislative amendments in the Act, Rules and procedures relating to registration, refund, adjudication and penalty. Although the expression retrospective amendment has assumed negative connotation in the context of Indian tax system but Mr Jaitley has resorted to the same for some positive end. He has retrospectively amended certain sections to give benefits to the harassed assessees. To understand the indirect tax proposals, Mr Shailendra Kumar and Mr Vijay Kumar spoke to two domain experts Ms Radha Arun, former IRS and a consultant and Mr S Suryanarayan, Director (Finance), Dr Reddy's Laboratories on various proposed changes.