Tax experts meet Jaitley, offer suggestions for Budget

Dated 8th December, 2016

Representatives of the Punjab Tax Bar Association met Finance Minister Arun Jaitley at his office in North Block, New Delhi, on Monday in connection with the suggestions for the forthcoming Budget. The suggestions were related to Income Tax Act and Goods and Services Tax (GST).

The main suggestions were in respect of enhancement of limit of composition scheme in the proposed GST Bill. The composition scheme provides for payment of the GST at the proposed rate of 1 per cent without maintaining the books of accounts on gross receipts of up to at least Rs 1 crore, instead of Rs 50 lakh as provided in the model GST Law.

“It was explained that it will be useful for retailers, small traders and service providers. It was suggested that the benefit of long term capital gain Tax under sections 54, 54B and 54F may be extended for investments made in the name of parents/spouse/children. It was also suggested that the rate of Income Tax may be reduced to 25 per cent from existing 30 per cent. It was also proposed that people who are 

paying taxes for the past 20 years should be made eligible for some sort 

of pension scheme,” claimed a release by the association.

The Finance Minister assured to consider the suggestions before finalising the Budget proposals. The team of representatives included president Ashok Juneja, secretary general BR Kaushal, vice-chairman Anil Sareen, co-chairman BK Gupta, vice-president KK Singla, general secretary Rupinder Kansal and some advocates.