GST Council releases draft amendments to GST Laws for public comments
|
|
- Gladys Hill
- 5 years ago
- Views:
Transcription
1 from India Tax & Regulatory Services GST Council releases draft amendments to GST Laws for public comments July 10, 2018 In brief The GST Council has released a set of draft amendments in the CGST Act, IGST Act and GST (Compensation to the States) Act for public comments, which are requested to be submitted by 15 July, The significant amendments proposed and its impact are described in this tax insight. In detail Amendments in definitions Amendments proposed in the CGST Act, (4) Definition of adjudicating authority to be amended to exclude the National Anti- Profiteering Authority (NPPA). 2 2(102) An explanation to be inserted in definition of services to clarify that services includes facilitating or arranging transactions in securities. 3 7 The definition of supply is proposed to be amended to remove the deemed inclusion of activities mentioned in Schedule II of the definition of supply. Further, a new sub-section (1A) has been inserted to clarify that specified transactions, when constituting a supply, shall be treated as supply of goods or services as specified in Schedule II. This would mean that any orders passed by the NPPA will not be statutorily appealable to the appellate authority. This appears to be clarificatory. This amendment will cure the anomaly that in some cases, even though an activity mentioned in Schedule II did not amount to supply, due to deemed inclusion of such activities in definition of supply, it attracted tax. This defeated the objective of Schedule II, which was to give guidance on whether specified activities were to be treated as supply of goods or services.
2 4 Schedule I, entry 4 The entry is proposed to be amended to include import of services from a related person or from any of his other establishments outside India without consideration even by a non-taxable person in the course of business as supply without consideration. Due to this amendment, import of services without consideration from a related person in the course of business by all persons, irrespective of whether such entities pay GST on their outward supply, will attract GST. 5 Schedule III The following activities are proposed to be added to the list of activities which do not amount to supply of goods or services: Supply of goods from a place in nontaxable territory to another place in nontaxable territory without entry in taxable territory. Supply of warehoused goods to any person before clearance for home consumption. Supply of goods by endorsement of documents of title before clearance from home consumption. 6 9(4) GST liability under reverse charge on supplies received from unregistered persons is now proposed to be restricted to only specified class of recipients, instead of all recipients The upper limit of turnover for being eligible for composition scheme has been increased to INR 15 million from INR 10 million. The persons opting for composition scheme will also be allowed to supply services up to 10% of their turnover in preceding financial year in a State or INR 0.5 million, whichever is higher. The activities of merchant trade transactions where the goods do not enter India and are directly dispatched to customer outside India, sale of goods stored in customs bonded warehouse and high sea sales transactions are specified as activities which do not amount to supply of goods, resolving the ambiguity of treatment of such transactions. This proposal also links up with recent changes to taxability and valuation of in-bond sales. This will reduce procedural compliance for significant number of assessees. However, similar amendment is not proposed in section 5(4) of IGST Act. These amendments are aimed to expand the ambit of composition scheme to cover more small businesses, which have limited service revenues. 8 16(2) second proviso It is proposed that in case of reversal of credit due to non-payment of consideration to a supplier within one hundred and eighty days from the date of invoice, no interest will be payable. This is a welcome change and will reduce burden for taxpayers. 9 17(3) The value of exempt supply for the purpose of reversal of input tax credit (ITC) will exclude the activities/ transactions mentioned in Schedule III, i.e. activities not amounting to supply (except sale of land and sale of building) (5) The broad based restriction on claim of credit of tax paid on motor vehicles and conveyances is proposed to be diluted to restrict credit only on motor vehicles used for transport of passengers having a maximum seating capacity of thirteen persons, vessels and aircrafts. This will allow the assessees to claim ITC relatable to these transactions, which do not amount to supply by virtue of Schedule III. (e.g. merchant trade, high seas and inbond sales, actionable claims etc.) The entitlement to ITC on vehicles is proposed to be relaxed as previously all type of motor vehicles were made ineligible for credit. This relaxation results in operating vehicles such as dumpers, trucks, fork lifts etc. becoming eligible for credits. Further, credits of GST paid on insurance and PwC Page 2
3 The credit on vehicles etc. is also proposed to be allowed when they are used to transport money for or by a banking company or a financial institution. ITC on general insurance, servicing, repair and maintenance of such vehicles etc., when ineligible for credit, is also proposed to be barred. ITC will be eligible when any provision of goods or services or both are to be provided by an employer to an employee under any law for the time being in force. repairs, and maintenance of vehicles etc., which are ineligible for credit are also proposed to be restricted (x) The mandatory registration requirement for electronic commerce operator is restricted to only such electronic commerce operators who are required to collect tax at source under section (2) An option is proposed to be given to every person to obtain separate registration for each place of business in a State, instead of a single registration for all the places in a State, (even if operating under a single business vertical). Further, provisions for individual registration of multiple SEZ units in a State have also been proposed to be introduced. This will relax compliance requirements for smaller electronic commerce operators. This could benefit certain businesses; however, entities operating multiple SEZ units in a State may be impacted (1) and 34(3) The present provision of issuing one credit/ debit note for each invoice is proposed to be amended to allow issuance of a credit/ debit note against multiple invoices. This will be a major relaxation for industries such as FMCG, pharma etc., where a significant/ multiple levels of credit notes/ discounts are issued (9) The section proposes to now allow an amendment of a previous return to rectify the errors or omissions, while also maintaining the current provision of rectifying the error in the return for the period in which error is identified A This is a new section proposed to be introduced to enable new return filing procedure. The procedural aspects of this change will need examination. While the procedural rules will need to be examined, this is an enabler for the simplified return filing mechanism and claiming ITC, which is a priority of the Government. 16 Explanation 2(e ) of section 54 The relevant date from which the period of limitation for filing refund claim of unutilised ITC in cases of inverted tax structure is proposed to be computed from the due date of filing return, instead of, from the end of the financial year. This will require businesses to be more upto-date with their refund claims (8)(a) The claim of refund of tax paid on supplies made to SEZ developer/ unit or of It is proposed to allow ITC to SEZ developers/ units and to allow the supplier PwC Page 3
4 accumulated credit due to zero rated supplies made to the SEZ unit will be subjected to unjust enrichment. in the domestic tariff area to recover the tax from SEZ etc. Consequently, the provisions for refund claim made by the supplier to the SEZ unit are amended to prescribe test for unjust enrichment in such cases. 18 Explanation 2(c )(i) to section 54 The relevant date from which the period of limitation for filing refund claim of tax paid on services exported or on inputs/ input services relating to such services is proposed to be computed from receipt of consideration in convertible foreign exchange or in Indian Rupees where permitted by the Reserve Bank of India (RBI) instead of earlier reference to only the receipt in convertible foreign exchange. This amendment will allow to claim refund in case of receipt in Indian Rupees as permitted by RBI, especially in case of exports to Nepal and Bhutan, where the consideration is received in Indian Rupees as per the RBI regulations. A similar amendment is also proposed in section 2(6)(iv) of the IGST Act as well (6) The amount of pre-deposit for filing an appeal before the Appellate authority to be capped at INR 250 million (8) The amount of pre-deposit for filing an appeal before the Appellate Tribunal to be capped at INR 500 million (1) Provisions for transitional credit are proposed to be amended to deny credit of accumulated balances of Education Cess, Secondary and Higher Education Cess, Krishi Kalyan Cess, Additional Duties of Excise (Textile and Textile articles) etc. Only the accumulated credit balance of the duties/ taxes specifically mentioned in the explanations will be allowed to be carried forward (1) The Commissioner is given powers to extend the time limit for bringing back or supply the inputs/ capital goods sent to the job worker for another period of one year and two years for inputs and capital goods respectively. This is a welcome gesture as pre-deposit of 10% of high value disputes was onerous. This is a welcome gesture as pre-deposit of 20% of high value disputes was onerous. This will potentially impact a large number of claims of transitional credit. This is a welcome relaxation. Amendments proposed in the IGST Act, (8) The place of supply of services of transportation of goods, including by mail or courier, where such goods are to be transported to a place outside India, the place of supply is proposed to be the destination outside India. This amendment is aimed to remove GST on exports of goods to a place outside India. However, it needs to be assessed as to whether this proposed amendment will meet its objective. 2 Proviso to section 13(3)(a) Place of supply for any services of treatment or process on goods temporarily imported in India and exported after such process is proposed to be the location of the recipient outside India. The services of jobwork on goods imported in India specifically for that purpose can be treated as exports of services. PwC Page 4
5 The takeaways It is a welcome step to invite public comments for the proposed amendments in the GST law. The amendments such as amendment in definition of supply, widening of credits on vehicles and restricting reverse charge liability for procurements from unregistered vendors to specified set of persons are welcome. The industry will be disappointed on provisions relating to restriction on transfer of credit balance. The proposed amendments do not include some of the amendments which were already highlighted to the GST Council such as the taxability of services deemed to be provided by the branch offices to foreign offices/ parent entity. It would be interesting to see which provisions are proposed to be given retrospective effect and which come into force prospectively. Let s talk For a deeper discussion of how this issue might affect your business, please contact your local PwC advisor PwC Page 2
6 Our Offices Ahmedabad Bengaluru Chennai 1701, 17th Floor, Shapath V, Opp. Karnavati Club, S G Highway, Ahmedabad Gujarat th Floor Millenia Tower D 1 & 2, Murphy Road, Ulsoor, Bengaluru Karnataka Hyderabad Kolkata Mumbai Plot no. 77/A, /A/1, 4th Floor, Road 10, Banjara Hills, Hyderabad Telangana & 57, Block DN. Ground Floor, A- Wing Sector - V, Salt Lake Kolkata West Bengal / th Floor Prestige Palladium Bayan Greams Road Chennai Tamil Nadu PwC House Plot 18A, Guru Nanak Road(Station Road), Bandra (West), Mumbai Maharashtra Gurgaon Pune For more information Building 10, Tower - C 17th & 18th Floor, DLF Cyber City, Gurgaon Haryana th Floor, Tower A - Wing 1, Business Bay, Airport Road, Yerwada, Pune Maharashtra Contact us at pwctrs.knowledgemanagement@in.pwc.com About PwC At PwC, our purpose is to build trust in society and solve important problems. We re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at In India, PwC has offices in these cities: Ahmedabad, Bengaluru, Chennai, Delhi NCR (Gurgaon), Hyderabad, Kolkata, Mumbai and Pune. For more information about PwC India's service offerings, visit PwC refers to the PwC International network and/or one or more of its member firms, each of which is a separate, independent and distinct legal entity. Please see for further details PwC. All rights reserved Follow us on: For private circulation only This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PwCPL, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Without prior permission of PwCPL, this publication may not be quoted in whole or in part or otherwise referred to in any documents PricewaterhouseCoopers Private Limited. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers Private Limited (a limited liability company in India having Corporate Identity Number or CIN : U74140WB1983PTC036093), which is a member firm of PricewaterhouseCoopers International Limited (PwCIL), each member firm of which is a separate legal entity.
Central Government issues notification for implementation of POEM based taxation for foreign companies
from India Tax & Regulatory Services Central Government issues notification for implementation of POEM based taxation for foreign companies July 2, 2018 In brief The Central Government vide notification
More informationAmendments to the Finance Bill, 2018 as passed by the Lok Sabha
from India Tax & Regulatory Services Amendments to the Finance Bill, as passed by the Lok Sabha March 16, In brief The Finance Bill, (Bill) was passed by the Lok Sabha on 14 March, with 18 amendments in
More informationSEBI releases amended REIT and InvIT Regulations
from India Tax & Regulatory Services SEBI releases amended REIT and InvIT Regulations December 2, 2016 In brief Post extensive public consultation and stakeholder deliberations, the Securities and Exchange
More informationFinal notifications issued under section 115JG(1) for conversion of Indian branch of foreign bank into an Indian subsidiary company
from India Tax & Regulatory Services Final notifications issued under section 115JG(1) for conversion of Indian branch of foreign bank into an company December 11, 2018 In brief The Reserve Bank of India
More informationDecoding the Model GST law Impact on the Pharma sector
www.pwc.in Decoding the Model GST law Impact on the Pharma sector June 2016 India on the brink of GST The current Indirect Tax regime in India provides for a complex tax environment due to multiplicity
More informationNotification issued under section 112A specifying modes of acquisition not covered
from India Tax & Regulatory Services Notification issued under section 112A specifying modes of acquisition not covered October 12, 2018 In brief The Finance Act, 2018 withdrew the exemption provided under
More informationVoluntary Retention Route for investment in Indian debt by Foreign Portfolio Investors
from India Tax & Regulatory Services Voluntary Retention Route for investment in Indian debt by Foreign Portfolio Investors March 4, 2019 In brief The Reserve Bank of India (RBI) with a view to attract
More informationAmendments to Foreign Portfolio Investors Regulations to incorporate recent changes on eligibility criteria, clubbing of investment limits and others
from India Tax & Regulatory Services Amendments to Foreign Portfolio Investors Regulations to incorporate recent changes on eligibility criteria, clubbing of investment limits and others January 7, 2019
More informationTax Insights. from India Tax & Regulatory Services. In brief. In detail. October 31, 2017
from India Tax & Regulatory Services SC ruled that no PE of a foreign company can be formed in India where its Indian subsidiary is performing support services, which enables such foreign company to render
More informationIncome-tax return forms for the financial year notified
from India Tax & Regulatory Services Income-tax return forms for the financial year 2017-18 notified April 9, 2018 In brief The Central Board of Direct Taxes (CBDT) has amended the Income-tax rules and
More informationBusiness support/marketing support activities undertaken by Indian subsidiary do not create a PE in India for the foreign company
from India Tax & Regulatory Services Business support/marketing support activities undertaken by Indian subsidiary do not create a PE in India for the foreign company June 20, 2018 In brief The Authority
More informationMere presence of a subsidiary and virtual projection of the enterprise in India, absent other relevant factors No PE in India
from India Tax & Regulatory Services Mere presence of a subsidiary and virtual projection of the enterprise in India, absent other relevant factors No PE in India June 28, 2018 In brief The Special Bench
More informationDecoding the draft GST law Impact on Real Estate sector
www.pwc.in Decoding the draft GST law Impact on Real Estate sector June 2016 India on the brink of GST The current Indirect tax regime in India provides for a complex tax environment due to multiplicity
More informationCBDT releases draft rules on CbCR and Master File requirements for public comments
from India Tax & Regulatory Services CBDT releases draft rules on CbCR and Master File requirements for public comments October 7, 2017 In brief The prolonged wait is finally over! Reiterating India s
More informationOECD releases 2017 update to the Model Tax Convention
from India Tax & Regulatory Services OECD releases 2017 update to the Model Tax Convention November 28, 2017 In brief The OECD has released the 2017 update to the Model Tax Convention and the related Model
More informationDecoding the Model GST law Impact on Telecom Companies
www.pwc.in Decoding the Model GST law Impact on Telecom Companies June 2016 India on the brink of GST There has been significant progress on the GST front recently. With the release of the draft Model
More informationCBIC issues notifications and orders to give effect to the decisions taken in 31st GST Council meeting and issues clarificatory circulars
from India Tax & Regulatory Services CBIC issues notifications and orders to give effect to the decisions taken in 31st GST Council meeting and issues clarificatory circulars January 9, 2019 In brief The
More informationPwC ReportingInBrief. Amendments to Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance
PwC ReportingInBrief Amendments to Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance In brief The Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting
More informationTribunal Special Bench rules on principle of base erosion
from India Tax & Regulatory Services Tribunal Special Bench rules on principle of base erosion July 20, 2016 In brief The taxpayer, a non-resident, advanced an interest-free loan to its wholly owned subsidiary
More informationGST Council relaxes compliance requirements for small and medium enterprises and gives relief to the exporters
from India Tax & Regulatory Services GST Council relaxes compliance requirements for small and medium enterprises and gives relief to the exporters October 7, 2017 In brief In its 22 nd meeting, the GST
More informationCBEC issues notifications for amending tax rates on specified services
from India Tax & Regulaty Services CBEC issues notifications f amending tax s on specified services August 24, 2017 In brief The CBEC has issued notification nos. 20-23/2017-Central Tax (Rate) dated 22
More informationDecoding the Model GST Law Key features of the draft Model GST Law
www.pwc.in Decoding the Model GST Law Key features of the draft Model GST Law June 2016 India on the brink of GST The introduction of Goods and Services Tax (GST) has been one of the biggest tax reforms
More informationAPA roll back rules announced
from India Tax & Regulatory Services APA roll back rules announced March 17, 2015 In brief Provisions relating to Advance Pricing Agreements (APAs) were introduced in the Indian Income-tax Act, 1961 (the
More informationPwC ReportingInBrief. Payment of Gratuity (Amendment) Act, 2018
PwC ReportingInBrief Payment of Gratuity (Amendment) Act, 2018 In brief On 29 th March 2018, Central Government notified the Payment of Gratuity (Amendment) Act, 2018 ( the Act ). The Act increases the
More informationThe applicant was to design the curtain wall and façade, supply all materials, erect, install, inspect, test and commission the entire subcontract
from India Tax & Regulatory Services Offshore supplies held on facts to be taxable in India in case of composite contract for supplies and services; supply transaction not completed outside India September
More informationDecoding the Model GST law Impact on Automobile sector
www.pwc.in Decoding the Model GST law Impact on Automobile sector June 2016 India on the brink of GST The current Indirect tax regime in India provides for a complex tax environment due to multiplicity
More informationDecoding the Model GST Law Impact on Financial Services sector
www.pwc.in Decoding the Model GST Law Impact on Financial Services sector June 2016 India on the brink of GST India finally seems to be on the cusp of implementing the much-awaited tax reform of Goods
More informationSignificant changes in the 2016 US Model Income Tax Convention
from India Tax & Regulatory Services Significant changes in the 2016 US Model Income Tax Convention February 22, 2016 In brief On 17 February, 2016, the US Treasury Department released a revised US Model
More informationTribunal decides on taxability of conversion of company into an LLP
from India Tax & Regulatory Services Tribunal decides on taxability of conversion of company into an LLP December 12, 2018 In brief In a recent ruling, 1 the Mumbai bench of the Income-tax Appellate Tribunal
More informationDecoding the draft GST law Impact on Aviation sector
www.pwc.in Decoding the draft GST law Impact on Aviation sector June 2016 India on the brink of GST India finally seems to be on the cusp of implementing the much-awaited tax reform of Goods & Services
More informationPwC ReportingInBrief. Transitioning to Ind AS 115, Revenue from contracts with customers
PwC ReportingInBrief Transitioning to Ind AS 115, Revenue from contracts with customers In brief The Companies (Indian Accounting Standards) Amendment Rules, 2018 issued by the Ministry of Corporate Affairs
More informationGovernment issues another set of FAQs on one time compliance window scheme of The Black Money Taxation Act, 2015
from India Tax & Regulatory Services Government issues another set of FAQs on one time compliance window scheme of The Black Money Taxation Act, 2015 September 11, 2015 In brief The Black Money (Undisclosed
More informationMajor Reforms in Foreign Direct Investment Policy
from India Tax & Regulatory Services Major Reforms in Foreign Direct Investment Policy November 13, 2015 In brief With a view to boost the ease of doing business in India and to further promote 'Make in
More informationPwC ReportingInBrief. Impact of GST on Ind AS reporting
PwC ReportingInBrief Impact of GST on Ind AS reporting In brief The Government of India has introduced a single tax regime for both goods and services for the entire country with the roll out the Goods
More informationPwC ReportingInBrief MAT Ind AS committee additional recommendations on main issues relating to first-time adoption
PwC ReportingInBrief MAT Ind AS committee additional recommendations on main issues relating to first-time adoption August 2016 www.pwc.in In brief The Central Board of Direct Taxes (CBDT) had issued an
More informationIndian distributor of non-resident channel company not a PE; revenue from distribution of channels in India not taxable as royalty
from India Tax & Regulatory Services Indian distributor of non-resident channel company not a PE; revenue from distribution of channels in India not taxable as royalty August 17, 2016 In brief The Mumbai
More informationPwC ReportingInBrief. Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15
PwC ReportingInBrief Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 15 In brief The Ind AS Implementation Committee of the Institute of Chartered Accountants of India (ICAI) constituted
More informationGovernment notifies valuation rules and timelines for one-time compliance window under Black Money Taxation Act
from India Tax & Regulatory Services Government notifies valuation rules and timelines for one-time compliance window under Black Money Taxation Act July 7, 2015 In brief The Black Money (Undisclosed Foreign
More informationCompanies (Indian Accounting Standards) (Amendment) Rules, 2016
www.pwc.in Companies (Indian Accounting Standards) (Amendment) Rules, 2016 June 2016 News alert Background The Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) (Amendment)
More informationPwC ReportingInBrief. Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13
PwC ReportingInBrief Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 13 In brief The Ind AS Implementation Committee of the Institute of Chartered Accountants of India (ICAI) constituted
More informationPwC ReportingInBrief. Ind AS 109, Financial Instruments for corporates
PwC ReportingInBrief Ind AS 109, Financial Instruments for corporates In brief India has early adopted IFRS 9, Financial Instruments by notifying the corresponding Ind AS 109, Financial Instruments. Ind
More informationUse of Berry ratio as PLI upheld
from India Tax & Regulatory Services Use of Berry ratio as PLI upheld August 3, 2015 In brief In a recent ruling, the Delhi Bench of the Income-tax Appellate Tribunal (Tribunal), placing extensive reliance
More informationMutual agreement procedure Answering queries
www.pwc.in Mutual agreement procedure Answering queries What is a mutual agreement procedure (MAP)? MAP is an alternative available to taxpayers to resolve disputes giving rise to double taxation, whether
More informationProposed Amendments in GST Law
Proposed Amendments in GST Law On 09.07.2018, the Goods and Service Tax Council has issued draft proposal for the amendment in the "Goods and Services Tax" Law. The entire proposal gives brief view on
More informationSharing insights. News Alert 1 July CBDT issues revised guidance on contract R&D centres. Background.
www.pwc.in Sharing insights News Alert 1 CBDT issues revised guidance on contract R&D centres Background Almost three months ago, pursuant to the recommendations of the Rangachary Committee 1, the Central
More informationPwC ReportingInBrief FAQs on the SEBI circular on the revised format for financial results and implementation of Ind AS
PwC ReportingInBrief FAQs on the SEBI circular on the revised format for financial results and implementation of Ind AS July 2016 www.pwc.in Background The Securities and Exchange Board of India (SEBI)
More informationSharing insights. News Alert 22 April Use of hotel rooms for the purpose of business could result in a permanent establishment. In brief.
www.pwc.in Sharing insights News Alert 22 Use of hotel rooms for the purpose of business could result in a permanent establishment In brief In a recent ruling 1, the Mumbai Income-Tax Appellate Tribunal
More informationDraft Guidelines for Licensing of Small Banks and Payments Banks
from India Tax & Regulatory Services Draft Guidelines for Licensing of and Payments Banks 22 July 2014 In brief The Reserve Bank of India (RBI), recently released the much awaited draft guidelines for
More informationSharing insights. News Alert 28 February TPO not justified in recalculating royalty based on his own interpretation of term, Net Sales.
www.pwc.in Sharing insights News Alert 8 TPO not justified in recalculating royalty based on his own interpretation of term, Net Sales In brief In a recent ruling 1, the Pune Income-tax Appellate Tribunal
More informationPwC ReportingInBrief. Companies (Indian Accounting Standards) Amendment Rules, 2018
PwC ReportingInBrief Companies (Indian Accounting Standards) Amendment Rules, 2018 In brief The Ministry of Corporate Affairs (MCA) notified the Companies (Indian Accounting Standards) Amendment Rules,
More informationSharing insights. News Alert 13 February Revisionary powers available to CIT invalid where AO adopts either perfectly correct or a possible view
www.pwc.in Sharing insights News Alert 13 Revisionary powers available to CIT invalid where AO adopts either perfectly correct or a possible view In brief In the case of Reliance Communications Ltd. 1
More informationSuggestions on Proposed Amendments in GST Law
Suggestions on Proposed Amendments in GST Law Indirect Taxes Committee THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NEW DELHI 1 2 Sl No. of amendment Section/Subsection/Clause CGST Act 2017 Amendments
More informationSharing insights. News Alert 2 January, Amount paid to a non-resident net of taxes to be grossed up at the rates in force. In brief.
www.pwc.com/in Sharing insights News Alert 2 January, 2013 Amount paid to a non-resident net of taxes to be grossed up at the rates in force In brief In a recent case of Bosch Ltd 1 (the assessee), the
More informationRegulations enabling Foreign Investment in Investment Vehicles (including AIFs, REITs and InvITs) notified
from India Tax & Regulatory Services Regulations enabling Foreign Investment in Investment Vehicles (including AIFs, REITs and InvITs) notified November 20, 2015 In brief The Reserve Bank of India ( RBI
More informationGST Council reduces the tax rates of various goods, mainly goods taxed at 28% and relaxes the compliance due dates
from India Tax & Regulatory Services GST Council reduces the tax rates of various goods, mainly goods taxed at 28% and relaxes the compliance November 12, In brief In its 23 rd meeting, the GST Council
More informationUPDATE ON AMENDMENTS TO CGST ACT, 2017
UPDATE ON AMENDMENTS TO CGST ACT, 2017 Dear Person, August 31, 2018 TEAM TRD An amendment to CGST Act, 2017 has been introduced on 29 th August, 2018 with the following objective by The Central Government:-
More informationCarry forward and set off of unabsorbed losses permissible even if shareholding changes by more than 49%, so long as there is no change in control
Tax Insights from India Tax & Regulatory Services Carry forward and set off of unabsorbed losses permissible even if shareholding changes by more than 49%, so long as there is no change in control October
More informationGST Alert. Dhruva Alert Proposed amendments to GST Law. July 13, 2018
GST Alert July 13, 2018 Dhruva Alert Proposed amendments to GST Law A draft proposal for amendments to the GST Law has been released by the Government for seeking comments from various stakeholders by
More informationRationale/Remarks. Section/Subsection/Clause
CGST Act, 2017 Definitions 1. 2 (4) 2 (4) adjudicating authority means any authority, appointed or authorised to pass any order or decision under this Act, but does not include the Central Board of Excise
More informationGeneral Anti- Avoidance Rules notification October 2013
General Anti- Avoidance Rules notification October 2013 2 PwC FAQs: GAAR notification dated 23 September 2013 What are the broad contours of the GAAR notification dated 23 September 2013? Since the contents
More informationSharing insights. News Alert 23 August, 2012
www.pwc.com/in Sharing insights News Alert 23 August, 2012 For attribution of profits to PE, AO cannot simply apply Rule 10 without rejecting TP study for proper reasons In brief The taxpayer, a project
More informationSharing insights. News Alert 21 August, 2012
www.pwc.com/in Sharing insights News Alert 21 August, 2012 Transfer pricing, minimum alternate tax and filing of return applicable to capital gains earned by foreign company eligible for exemption under
More informationSharing insights. News Alert 17 May, Provisions of section 50C applicable even in respect of depreciable assets being land and/or building
www.pwc.com/in Sharing insights News Alert 17 May, 2011 Provisions of section 50C applicable even in respect of depreciable assets being land and/or building In brief In a recent decision, in the matter
More informationSharing insights. News Alert 20 May, 2011
www.pwc.com/in Sharing insights News Alert 20 May, 2011 Tax is required to be withheld from tips passed to employees by Hotel employers who have collected them from customers In brief In a recent ruling,
More informationSharing insights. News Alert 17 October, Taxability of non-compete fee as business income or capital gains. In brief. Facts.
www.pwc.com/in Sharing insights News Alert 17 October, 2011 Taxability of non-compete fee as business income or capital gains In brief The Mumbai Income-tax Appellate Tribunal (the Tribunal ) in two separate
More informationCountdown to Companies Act, 2013
www.pwc.in Countdown to Companies Act, 2013 Impact on Transactions and Corporate restructuring August 2013 Preface The wait is finally over The Companies Bill, 2012 is just a step away from becoming an
More informationSharing insights. News Alert 25 April, 2011
www.pwc.com/in Sharing insights News Alert 25 April, 2011 Interest under section 234B not payable by employee where salary income is subject to tax deduction at source under section 192 In brief Facts
More informationSharing insights. News Alert 17 February, 2011
www.pwc.com/in Sharing insights News Alert 17 February, 2011 Loss arising to a company on non-speculative transactions of the purchase and sale of shares held to be speculative loss In brief In a recent
More informationSharing insights. News Alert 19 April, 2011
www.pwc.com/in Sharing insights News Alert 19 April, 2011 Expenditure on voluntary retirement scheme is tax deductible even if the scheme is not in accordance with the exemption provision for the employees
More informationSharing insights. News Alert 26 September, New Takeover Regulations Notified. 1. Threshold limits for open offer trigger.
www.pwc.com/in Sharing insights News Alert 26 September, 2011 New Takeover Regulations Notified The Securities and Exchange Board of India ( SEBI ) has notified the SEBI (Substantial Acquisition of Shares
More informationSharing insights. News Alert 23 February, 2011
www.pwc.com/in Sharing insights News Alert 23 February, 2011 Transfer Pricing Officer cannot propose any adjustment to a transaction in the absence of a valid reference for the transaction by the Assessing
More informationSharing insights. News Alert 24 January, Discussion paper on presence of foreign banks in India Regulatory Alert. Overview.
www.pwc.com/in Sharing insights News Alert 24 January, 2011 Discussion paper on presence of foreign banks in India Regulatory Alert Overview Setting the ball rolling for the foreign banks presence in India,
More informationEPFO releases Guidelines/clarifications on Indian Provident Fund and Pension Scheme applicable to International Workers
www.pwc.com/in Sharing insights News Alert 6 September, 2011 EPFO releases Guidelines/clarifications on Indian Provident Fund and Pension Scheme applicable to International Workers In brief In October
More informationJuly Indian social security For cross-border assignments
July 2018 Indian social security For cross-border assignments Contents Section 1: The Indian social security system for cross border workers Scope International worker Exemption Contributions Allocation
More informationSharing insights. News Alert 20 March, Key amendments in TP Regulations by the Union Budget Introduction of Advance Pricing Agreement
www.pwc.com/in Sharing insights News Alert 20 March, 2012 Key amendments in TP Regulations by the Union Budget 2012 The Finance Minister presented the Finance Bill 2012 (Finance Bill) in the Parliament
More informationSharing insights. News Alert 1 February, 2012
www.pwc.com/in Sharing insights News Alert 1 February, 2012 Sharing of net revenues consistently in controlled and uncontrolled transactions held as a valid comparable uncontrolled price In brief In a
More informationSharing insights. News Alert 2 May, Itemised sale of assets, in substance, held to be a slump sale taxable under section 50-B. In brief.
www.pwc.com/in Sharing insights News Alert 2 May, 2012 Itemised sale of assets, in substance, held to be a slump sale taxable under section 50-B In brief In the recent case of Mahindra Engineering & Chemical
More informationSharing insights. News Alert 30 April 2014
www.pwc.in Sharing insights News Alert 0 Delhi High Court rules on constitution of an Association of Persons (AOP) and the taxability of offshore supplies and services in a turnkey contract In brief The
More informationEY GST News Alert. Executive summary. Highlights of the revised Model GST Law released by the Ministry of Finance.
29 November 2016 EY GST News Alert Highlights of the revised Model GST Law released by the Ministry of Finance Executive summary This Alert provides an insightful coverage of news related to GST and recent
More informationTHE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) BILL, 2018
1 As INTRODUCED IN LOK SABHA Bill No. 143 of 2018 THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) BILL, 2018 A BILL further to amend the Central Goods and Services Tax Act, 2017. BE it enacted by Parliament
More informationNews Alert* pwc. Tax & Regulatory Services. 2 March, *connectedthinking
Tax & Regulatory Services News Alert* 2 March, 2010 Taxability of consideration received upon assignment of rights and obligations under an assignment agreement - held to be business profits not taxable
More informationSharing insights. News Alert 27 July, 2012
www.pwc.com/in Sharing insights News Alert 27 July, 2012 ESOP cost accounted in books as per SEBI guidelines held to be staff welfare expenditure and eligible for deduction PVP Ventures Ltd. In Brief The
More informationSharing insights. News Alert 8 February, Trading by way of re-export of imported goods from Special Economic Zone eligible for tax holiday
www.pwc.com/in Sharing insights News Alert 8 February, 2012 Trading by way of re-export of imported goods from Special Economic Zone eligible for tax holiday In brief The Jaipur Income-tax Appellate Tribunal
More informationSharing insights. News Alert 4 March, Non-availability of indexation benefit to a non-resident does not amount to non-discrimination.
www.pwc.com/in Sharing insights News Alert 4 March, 2011 Non-availability of indexation benefit to a non-resident does not amount to non-discrimination Background Recently, the Authority for Advance Rulings
More informationSharing insights. News Alert 23 May, Payment made for airborne geophysical survey services is not FTS. In brief. Facts.
www.pwc.com/in Sharing insights News Alert 23 May, 2012 Payment made for airborne geophysical survey services is not FTS In brief In the recent case of De Beers India Minerals Pvt. Ltd. 1 (the assessee),
More informationSharing insights Tribunal upholds important transfer pricing principles on characterisation and rewards for selling activity In brief Facts
www.pwc.com/in Sharing insights News Alert 1 March, 2012 Tribunal upholds important transfer pricing principles on characterisation and rewards for selling activity In brief In a recent ruling in the case
More informationSharing insights. News Alert 14 September, 2011
www.pwc.com/in Sharing insights News Alert 14 September, 2011 Principles of Transfer Pricing critical for determining the arm's length nature of profits attributable to a PE In Brief In a recent ruling,
More informationCanada Tax Court ruling on arm s length arrangement for explicit guarantee provided by a parent to its subsidiary
Tax & Regulatory Services News Alert* 12 March, 2010 Canada Tax Court ruling on arm s length arrangement for explicit guarantee provided by a parent to its subsidiary Background On 4 December, 2009, the
More informationSharing insights. News Alert 31 May, No PE created by liaison office in absence of any violation noted by RBI. In brief. Facts.
www.pwc.com/in Sharing insights News Alert 31 May, 2012 No PE created by liaison office in absence of any violation noted by RBI In brief In the recent case of Metal One Corporation 1 (the assessee), the
More informationCapital gains exemption available under India- Mauritius tax treaty - Azadi Bachao Andolan decision followed and McDowell decision distinguished
www.pwc.com/in Sharing insights News Alert 16 November, 2011 Capital gains exemption available under India- Mauritius tax treaty - Azadi Bachao Andolan decision followed and McDowell decision distinguished
More informationMembers of a consortium formed to bid and execute a project together cannot be treated as an Association of Persons
Tax & Regulatory Services News Alert* 1 April, 2010 Members of a consortium formed to bid and execute a project together cannot be treated as an Association of Persons Background The Authority of Advance
More informationEY Tax Alert. CBEC issues clarifications on exports-related refund issues. Executive summary
19 March 2018 EY Tax Alert CBEC issues clarifications on exports-related refund issues Tax Alerts cover significant tax news, developments and changes in legislation that affect Indian businesses. They
More informationSharing insights. News Alert 8 August, 2012
www.pwc.com/in Sharing insights News Alert 8 August, 2012 Capital gains on direct and indirect transfer of shares of Indian company by Mauritius tax resident not taxable in India under the India-Mauritius
More informationGST - AN OVERVIEW I-5
Contents 1 GST - AN OVERVIEW 1.1 What is Goods and Services Tax? 1 1.1-1 Amendments made to GST Acts vide Amendment Act, 2018 3 1.1-2 Broad definition of service 6 1.1-3 Dual GST for supply of goods and
More informationCategorisation of mutual fund schemes
www.pwc.in Categorisation of mutual fund schemes What SEBI s circular means for investors and AMCs November 2017 What does the SEBI guideline say? On 6 October 2017, the Securities and Exchange Board of
More informationGST Council finalizes the GST Rules and the rates of goods and services. Executive summary
20 May 2017 EY GST News Alert GST Council finalizes the GST Rules and the rates of goods and services Executive summary This Alert provides an insightful coverage of news related to GST and recent developments
More informationSharing insights. News Alert 3 September, Expert Committee Report on General Anti Avoidance Rules. Background.
www.pwc.com/in Sharing insights News Alert 3 September, 2012 Expert Committee Report on General Anti Avoidance Rules Background General Anti Avoidance Rules (GAAR) were incorporated in the Income-tax Act,
More informationGOODS AND SERVICE TAX (GST) TRANSITIONAL PROVISIONS COMPILED AND PREPARED BY : CA SAGAR THAKKAR
GOODS AND SERVICE TAX (GST) TRANSITIONAL PROVISIONS COMPILED AND PREPARED BY : CA SAGAR THAKKAR PRESENTATION COVERAGE TRANSITIONAL PROVISIONS UNDER CGST/SGST ACT SEC. 139 TO 142 OF CGST ACT TRANSITIONAL
More informationGlobal Business Tax Alert Sharp Insights
India Tax & Regulatory For private circulation only 23 March 2018 p Global Business Tax Alert Sharp Insights In Maxopp Investment case, Supreme Court holds that expenditure incurred for acquiring strategic
More informationSUGGESTED SOLUTION CA FINAL NOVEMBER 2018 EXAM. Test Code - FNJ 7013 O
SUGGESTED SOLUTION CA FINAL NOVEMBER 2018 EXAM SUBJECT - IDT Test Code - FNJ 7013 O BRANCH - () (Date :) Head Office : Shraddha, 3 rd Floor, Near Chinai College, Andheri (E), Mumbai 69. Tel : (022) 26836666
More information