Tax & ease of doing business: Execution of GST, GAAR will play key role

As the finance minister gears up to present the Union Budget for the new financial year, Business Standard scans the 2016-17 Budget speech for a status check on key announcements made by Finance Minister Arun Jaitley last year regarding taxation and ease of doing business and assesses how much has been achieved.

Passage of Constitutional amendments to enable the implementation of the goods and service tax

Status: Constitutional amendment to enable Centre and state governments to shift to GST was passed by Parliament. Three GST bills and the compensation bill are yet to be approved by the GST council.

Rules for the determination of residency of foreign company on the basis of Place of Effective Management (PoEM) to be deferred by one year

Status: The guidelines for determining Place of effective management have been placed in the public domain on January 24, 2017. 

Implementation of General Anti-Avoidance Rules (GAAR) from April 1, 2017

Status: The government has not issued these guidelines to date.

A compliance window for domestic taxpayers to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions by paying a tax of 45 per cent of the undisclosed income

Status: By December the government announced declarations of Rs 67,382 crore under the scheme. Subsequent to demonetisation the government launched a second income disclosure scheme. Also read (click on the name to read about the sector): Infra & investment, financial sector, social sector, rural sector