Budget 2019 - Should Taxpayers expect something substantive?

The second demand is to trim the MAT rate which is at present 18.5%. Since the MAT has efficiently served the Exchequer as a loyal and dependable servant it is indeed the right time to trim it by a two or three percentage points as it has impacted the cash flows of a large number of business entitie...

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Bibliographic Details
Published inTax India Online
Main Authors Kumar, Shailendra, Founder Editor
Format Trade Publication Article
LanguageEnglish
Published Mumbai Athena Information Solutions Pvt. Ltd 17.01.2019
Subjects
Corporate taxes
Income taxes
Litigation
Tax exemptions
Tax rates
India
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Summary:The second demand is to trim the MAT rate which is at present 18.5%. Since the MAT has efficiently served the Exchequer as a loyal and dependable servant it is indeed the right time to trim it by a two or three percentage points as it has impacted the cash flows of a large number of business entities. [...]while designing such scheme the clear INTENT should be based on principle of natural justice rather than the greed for revenue! Since the Centre and the States have done a lot for the MSME sector on the GST front, the same spirit should guide Mr Jaitley to clean up the pending old regime cases before the CESTAT and also ITAT cases. Appeals are filed virtually in all cases which further choke the Tribunal. [...]this amendment is required to be reversed so that the DRP, a panel of CITs, could exercise its judicial wisdom to decide a case on merit.