the BJP, have spoken disapprovingly of retrospective changes to the law in general, no BJP leader has committed that the 2012 amendments to the Income Tax Act may be applied only prospectively.
“Efforts to tax offshore sale of national assets by Indian authorities is not an isolated instance. But what hurt investor sentiment was the way it was done,” said SP Singh, senior director, Deloitte Haskins & Sells, referring to the amendments made to the Act after Supreme court ruled that Vodafone need not pay tax on its purchase of Hutch Essar.
The global trend in taxation is to move towards source-based taxation from the residence-based one. “Wrongful claim of duty credits is rampant in the iron and steel sector,” said an official.
“Modiji does not believe in segregating work into short-term or long-term agenda, but believes in doing everything at the right time. He would indicate his thoughts on various key issues soon after the government is formed,” said a BJP functionary.
He said many suggestions that are reportedly being considered by the next government are loud thinking and indicate its openness to fresh ideas.