We had earlier sent you our hotline on Budget 2015 (India Budget
Insights 2015-16) on March 1, 2015 in which we had discussed some
of the key changes proposed under the Finance Bill 2015. A copy of
the hotline can be found by clicking
here.
The Finance Act, 2015 became law on May 14, 2015 after receiving
the President's assent. The Parliament has made certain
amendments to the original version of the Finance Bill, 2015 laid
in Parliament on February 28, 2015. We have discussed the key
amendments and their impact below.
Additionally, the lower house of Parliament has also passed the
Constitution (One Hundred and Twenty-Second Amendment) Bill, 2015
for introduction of a single Goods and Services Tax
("GST") subsuming most indirect taxes.
GST is expected to rationalize the indirect tax regime and reduce
the cascading effect of multiple taxes (including customs duty,
service tax etc.) and also reduce administrative costs of
compliance in relation to multiple taxes.
