Amidst the growing pressure on global economy, NDA led Government has presented its 3rd Budget before the parliament. Despite of slowdown in global growth rate from 3.4% to 3.1%, India has been able to achieve a modest growth rate of 7.6%. The budget was considered by many experts as being pro-poor and focusing extensively on the farming sector.
On taxation front, the Finance Minister has taken various measures to reduce litigations due to compliances by removing various anamolies in taxation laws. Various amendments made/proposed in the Union Budget 2016 with respect to Service Tax are discussed hereunder according to the date of applicability of the same.read more