Page 16 - Plastics News February 2021

AipmA At work

Budget 2021- Decoding the Tax Proposal

webinar was organised on February 6, 2021 to and the floor was handed over to them.
A understand the details of the fiscal budget presented Lakshmikumaran & Sridharan (L&S), the Knowledge
by the Union Finance Minister Nirmala Sitharaman on Partner to the session did a dissection and analysed
February 1, 2021 with Lakshmikumaran & Sridharan the tax proposals and their possible impact on various
Attorneys being the Knowledge Partner for the webinar.
stakeholders like manufacturers, traders, exporters,
Presenting the first ever digital Union Budget, Union importers, etc.
Minister of Finance and Corporate Affairs Smt. Nirmala The webinar was focused on three aspects namely, Direct
Sitharaman stated that India’s fight against COVID-19 Tax Amendments, Customs Amendments & Goods &
continues into 2021 and that this moment in history, Service Tax Amendments. Rationalization of Slump Sale
when the political, economic, and strategic relations in Provision was touched upon, where in the Meaning of
the post-COVID world are changing, is the dawn of a new Slump Sale, was explained as- Transfer of undertaking as
era – one in which India is well-poised to truly be the a result of ‘sale’ for a lump-sum consideration without
land of promise and hope. With this our union minister values being assigned to individual assets and liabilities.
generated new hope in all of us for the year to come.
The proposed amendment was Transfer of undertaking,
Once presented, the budget remains valid for the as a result of ‘sale’ by any means, for a lump-sum
following fiscal year that starts on April 1 and ends consideration without values being assigned to individual
on March 31 of the next year. The union budget of assets and liabilities.
India is our country's annual financial statement, the Our Speakers for the Day were:
reason businessmen, taxpayers, stakeholders etc. are
so concerned about it. • Bipin Verma, CEO & Executive Partner
• Rachit Jain, Partner
With the release of the budget, it’s very important
to understand the tax policies newly introduced or • Karanjot Singh Khurana – Principal Associate
amendments in the previous ones. • Harshit Khurana, Senior Associate
After the presentations by the experts, the floor was
This program was specially arranged with Lakshmikumaran left open for Q/A round to provide the participant a
& Sridharan Attorneys.
direct opportunity to interact and clear their doubts.
The program started with Director General – AIPMA, Mr The Moderator for the Question & Answer session was Mr
Deepak Ballani giving the introductions of Mr Chandrakant Mayur D Shah – Vice President Finance, AIPMA.
Turakhia – President, who gave the welcome address & The session ended with the vote of thanks given by
Mr Arvind Mehta- Chairman Governing Council – AIPMA, Mr Pulkit Kasliwal – CFO, AIPMA.
who set the way forward. The speakers were introduced

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