Tax Structure in National Budget 2011-12 and Changesin the Indirect Tax Laws by the Finance Act 2011
DOI:
https://doi.org/10.67508/Keywords:
National Budget, Indirect Taxes, Finance ActAbstract
The paper has analyzed the tax structure as envisaged in the National Budget of 2011-12 and also portrayed the various aspects of statutory amendments made under the Finance Act 2011 in the indirect tax laws. Our tax structure has been slowly improving towards a better tax-GDP ratio and less dependency on indirect taxes. Under the Customs Act, prohibition on imported goods violating intellectual property right has been introduced and the provision on levy of transit fee has been withdrawn. Under the VAT Act, the VDS (VAT deduction at source) has been rationalized by bringing back the long practice. Some truncated rates have been prescribed which can be helpful to those entities not working under standards VAT system. The mandatory introduction of VAT accounting through software from January 1. 2012 might be a good step forword towards the formation of Digital Bangladesh.
References
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