The Ministry of Finance has released a power-point presentation on 13.07.2012 explaining the entire concept of service-tax and the changes made thereto by the Finance Act 2012 in a simple and easy-to-understand format. The presentation will be useful for all tax professionals.
Finance Ministry's Presentation On Changes To Service-tax Law In Budget 2012 (663.2 KiB, 4,254 hits)
Offhand Reactions (IMPROMPTU):
Almost everyone, including active and proactive professional tax advisers- mainly, lawyers and CAs having something to do or other with the Budget proposals of the newly installed government, have sought to and brought to focus the ‘highlights’. The media of all types have been vying with each other to present the Budget proposals , by and large, in a run-of-the -mill (over -the- surface !) fashion Even so, it is sad to observe that, in so doing, in one’s conviction, some of the deficiencies, hidden or otherwise, it is noted, have not been even touched upon, for reasons not known. One such aspect that appears to have been simplistically glossed over, despite it being of the most concern to the tax payers relates to ‘retrospective’ changes in the law. So much so, by and large, the impression floated around, unwittingly or otherwise, in learned circles is that if were to go by the effective dates specified, the empowered ministries in general, and the Revenue in particular, have done their best to live up to the repeated assurance to do away with the age old obnoxious weakness of retrospective legislation – which the towering legal luminary/tax expert of our own times (’Nani’) was never tired of referring to and ridiculing remorsefully as, ‘change mania’, ‘obsessive attitude’, the historical fact of successive governments failure to save the tax payer from being made the victim of ‘palpable injustice’, and so on. But, it seems that is not a well-founded impression.
Anyone, devoutly caring and wishing to know more, may consider it worthwhile to take a note of useful hints available on a ‘silver platter’ in public domain; random samples HERE (hyperlinks):
Govt clears confusion on date of debt MF tax hike
Higher tax may not apply to debt funds redeemed before Budget
The inevitable grave doubt taxpayer seems to have been ultimately left to live with, as ever in the past, in the words of judiciary, is whether , at best, the attempts made are tantamount to ‘small repairs’; For a brief but useful discussion, recommended to read (together with posted comments):
Retrospective Tax Legislation and ‘Small Repairs’
Now, over to active / proactive tax law experts, for an insightful exploratory exercise, with the objective of serving the common good ! And try and reach the well-meaning, -intended feedback comments to the sight of the law and Finance Ministries / the authorities concerned, for whatever purpose it would serve.
Open to ‘EDIT’
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