The Institute of Chartered Accountants in India (ICAI) submitted Pre-budget memorandum for indirect taxes other than Goods and Services Tax (GST) for the upcoming Budget 2018-19.
The Memorandum contains suggestions on issues relating to Service Tax, CENVAT Credit Rules, 2017, Excise Duty, Customs Duty and Central Sales Tax for the consideration of the Government while formulating the tax proposals for the year 2018-19.
The memorandum suggests for a suitable amnesty scheme must be thought of for all Central Laws and State Laws which have been merged in GST in ‘one go’ to reduce existing litigation.
With regard to balance credit of Krishi Kalyan Cess, it was suggested that the credit of KKC be allowed to be carried forward under GST regime to be set off against GST liability.
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