Interactive Session on Union Budget 2019-2020 with Ministry of Finance

Kaveri Kumar, Founder and Head of Corporate Practice and Astha Sehgal, Associate participated in an interactive session on the new union budget organized by Confederation of Indian Industry. The session was addressed by eminent speakers such as:

• Mr. Pramod Chandra Mody (Chairman, Central Board of Direct Taxes)

• Mr. SM TATA (Principal Commissioner, Central Board of Direct Taxes)

• Mr. Sandeep Bhatnagar (Member- GST, Central Board of Direct Taxes)

• Mr. Vishal Malhotra and Mr. Abhishek Jain (Tax Partners at EY India) and Joint Secretaries of Central Board of Direct Taxes

Some of the key aspects of the new budget highlighted and discussed in the session were:

• Special provisions introduced in the budget for startups with respect to angel tax benefits, carrying forward of losses and vesting of the voting power with the shareholders.

• Introduction of E-invoicing from January 1, 2020.

• Rationalization of tariff lines and promotion of the Make in India initiative.

• Ability to reduce errors in tax calculation and collection by way of pre-filling of returns.

• Promoting ease of living via ease of tax compliance, both at the policy and process levels.

• The Sabka Vishwas Legacy Dispute Resolution Scheme which intends to provide relief against the dispute issues relating to taxes, which have been subsumed in GST.