Post Budget Analysis on Indirect Taxes (Episode 2)

The Union Budget 2015 has comparatively proposed more amendments on indirect tax side. The Finance Minister has also gone for undoing some of the judicial decisions but deserves kudos for making retro amendment in favour of assessees. But what has surprised the industry more is the fact that the service tax rate was indeed expected to be hiked but the corresponding relief is missing as the North Block forgot to expand the scope of CENVAT Credit to allow credit on certain services which are apparently cost to the business. Mr Vijay Kumar spoke to Mr Thirumalai, a noted exponent of law, on the possibility of catching the GST deadline and what roadblocks the Finance Minister may be confronted with.Mr Shankar Bala, Sr Advisor also spoke to Mr Vijay Kumar on the tricky issue of valuation of reimbursable expenditure for the purpose of the levy of Service Tax.