Adv. Rohan Shah's Webinar on Union Budget 2022 – Scrutinizing Key Tax Amendments!

Episode Duration:
60 minutes

Episode Background:
With the Indian economy projected to retain the tag of fastest growing major economy, despite the pandemic, the industry draws comfort from the Union Budget 2022-23 which has prioritised long-term growth by boosting consumption. It has taken a commendable and bold step in significantly increasing capital expenditure by 35.4%. However, the details lie in the fine print, and Finance Bill 2022 does leave enough for the tax professionals to put the proposals under the microscope.

What shall the episode cover?
Against this backdrop, Taxsutra, keeping up its commitment of bringing to you road blocked, wall-to-wall coverage of B-Day, is delighted to bring to you a unique episode on “Union Budget 2022 – Scrutinizing Key Tax Amendments” with none other than Advocate Rohan Shah. In this episode, Mr. Shah has minutely dissected and analysed the key tax amendments proposed in the Union Budget 2022-23 and its possible impact on the industry and various stakeholders.
 
Key Highlights

1. The proposed legislative changes to overcome the decision of the Hon’ble Supreme Court in Canon India, and its impact on the matters (a) which are currently pending before different forums, and (b) which have been disposed of by following the decision of Canon India.
2. The applicability of Social Welfare Surcharge in cases where the aggregate of customs duties is NIL, and its impact on the pending cases.
3. The proposed amendment to Section 14 of the Customs Act, 1962 enabling the Government to place greater onus on importer, in cases where there exists “reason to believe” for under valuation.
4. The proposed replacement of the Special Economic Zones Act, 2005 with a new legislation, in the backdrop of the (a) issues that have plagued SEZs in the recent years, and (b) the Baba Kalyani Committee Report. 
5. The additional conditions narrowing the availability of input tax credit to the recipient of goods or services or both.
6. Introduction of tax on virtual digital assets without a legislative framework, and its impact on the legitimacy of virtual digital assets.
7. The unusual inclusion of anti-dumping duties (and its revocation), which is not a fiscal subject, in the Memorandum Explaining the Finance Bill and the Budget Speech.