On the taxation front

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August 26,2016
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The government had fixed the deadline of rolling out of Goods and Services Tax (GST) from April 1, 2016 which is likely to be missed as the Bill is yet to be passed due to firm opposition from the Congress in the Rajya Sabha. In the meanwhile the Finance Ministry has said that the road-map for a phased reduction of corporate tax from 30 per cent to 25 per cent will be announced in the next Budget, and the Minimum Alternate Tax (MAT) i.e the minimum tax which the companies are required to pay on book profits, will become irrelevant over a period of time once the corporate tax rate is lowered.

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