Budget 2013 through the proposals contained in the Finance Bill, 2013 seeks to bring several significant changes in both direct and indirect tax laws. On the corporate tax side, investment allowance, transfer of immovable property, royalty and FTS and a host of issues have been included in the proposals.
On the indirect tax side, changes in customs law to reduce interest-free period for customs duty payment and providing time-limit for warehousing of imported goods are contemplated. Prosecution provisions in both Customs and Excise laws are set to become stringent with several offences set to be made cognizable and non-bailable.
To make stop-filers and non-filers file their service tax return, an amnesty scheme viz., Voluntary Encouragement Compliance Scheme or VCES is planned. Penalty on directors or officers of company is also proposed in respect of service tax violations.
To discuss these and other major tax proposals in the India Budget 2013, a conference is being organised in Paris on 26th March, 2013. This conference is being organised by Light House Law Firm (LHLF) along with Lakshmikumaran & Sridharan. Mr. V. Lakshmikumaran, Managing Partner, Lakshmikumaran & Sridharan will deliver the lecture in this conference.