BUDGET 2013-14 Since from the date of presentation of the Budget for 2013-14 in the Parliament a debate by the Politicians and by the well-known and established anchors of various TV Channels has been started on the issue that without passing of the Finance Act, 2013 the Government has levied the indirect taxes w.e.f., i.e., 13th June, 2013. A huge bombardment is going on and even the Honorable Supreme Court has also taken a suo moto action on the issue. I have just nothing to do with the politics and the politicians but it is alarming when the professionals and the anchors beat the drum of politicians without going into the facts and legal position. Putting aside the persons having vested interests; I hereby clarify the real position for general knowledge and education of my friends. Since 1931, it is the practice of Central (now Federal) Governments that the Indirect Taxes, like customs, excise and sales tax, are being imposed immediately after the announcement of the Finance Bill (Budget) prior to its approval from the Legislature. This is being done on the authority of the powers granted by the Provisional Collection of Taxes Act, 1931. So be clear that it is not the first time as is being portrayed by the TV Channels. Since 1981 (the year from which I am regularly studying the budgets and Finance Bills) I have not seen a single budget which has deviated from this practice. For example I am referring to the immediately preceding three Finance Acts, 2010, 2011 & 2012 which respectively were passed by the Parliament on 30-06-2010, 29-06-2011 and 27-06-2012 BUT the provisions relating to indirect taxes were implemented respectively on 5th & 6th June, 2010, 4th June, 2011 & 2nd June, 2012. Every individual has a full right to have his own opinion and disagree with the others’. BUT ONE MUST KEEP THE LINE OF TRUTH AND AVOID TELLING LIES WHICH DEFINITELY SHAKE THE CONFIDENCE LEVEL OF THE NATION, WHICH ALREADY IS NOT SO HIGH.
Posted on: Sat, 15 Jun 2013 10:03:30 +0000