Every individual and entity is subject to some form of tax. Industries broadly classified as manufacturing, trading and service are subject to direct and indirect taxation laws. India is seeking to usher in Goods and Services Tax (GST), a major tax reform wherein most of the existing indirect taxes, such as, Excise, Service tax and VAT would be subsumed and one common tax GST will be levied on commodities and services. While nomenclature and method of administration may vary, each industry whether automobile, aviation, biotechnology, telecommunications, or banking and insurance, small, medium and large scale units will need a client -focussed and broad-based strategy to transit into the new regime.
Customs laws, world over, are juxtaposed with anti-dumping, safeguards and other such protective measures. The increase in demand for free movement of goods, capital and labour brings industries across the globe under a consensual legal umbrella like WTO agreements on customs valuation and anti-dumping, and a wide variety of industries like automobiles, engineering, pharma, telecom and other infrastructure, information technology and agricultural products would require an informed approach to customs and foreign trade laws the world over.
Indian Income and Corporate taxation is set to be cast in a new statutory mould under Direct Taxes Code. A hand-holding approach would be necessary to help assessees to comply with the new legal framework and to adopt effective tax planning measures and avail benefits under the same.