Taxation of Services. Overlap in Centre - State division of taxing powers
|
|
- Simon King
- 5 years ago
- Views:
Transcription
1 ' = * cutting through complexity 1 Taxation of Services. Overlap in Centre - State division of taxing powers i %r-- Sachin Menon Head of Indirect Taxation, KPMG, India 07 December 2012
2 Contents The overlap Issues - Intellectual Property Rights - Information Technology Software - Works contracts/ hire purchase GST - Solution?
3 Overlap in powers of state and central governments Services -The Constitution of India gives exclusive authority to Central Government to tax 'services' and 'manufacture of goods' -Definition of service covers intangible goods as well as contracts involving materials and labour Intangibh goods/ contracts of sale involving goods & services Sale of Goods -The Constitution of India gives exclusive authority to State Government to tax 'sale of goods' -Sale of goods is defined under respective state VAT Act - also covers intangible goods as well as contracts involving materials and labour commonly known as deemed sale) Works Contract Transfer of right to use Hire purchase
4 Issues: Intellectual Property Rights (IPR) State Licencing of IPR Double Taxation Centre ^ X Taxation / J Service Tax: Declared service includes 'temporary transfer or permitting the use or eniovment of anv IPR' V VAT: Transfer of right to use goods is covered under the definition of sale. Goods include software, Patents and Trade Marks. J J Impact of BSNL Judgement: Is licensing subject to State VAT? (Decision of Maharashtra Tribunal in case of Smoking Jones Pizza) Definition of service excludes deemed sales transactions and includes the same as declared service - The final impact? Clarification issued under Taxation of Service -An Education Guide by CBEC
5 Issues: Licensing of Software Taxation Service Tax: Definition of Service includes development, design, programming, customization, adaptation, upgradation, enhancement, implementation of information technology software VAT: Software license included as goods in many state VAT schedules or covered under transfer of right to use goods Excise Duty: Preparation of Packaged software subject to excise duty Issues Programming and providing of computer software is specifically covered under VAT schedule of goods in the state of Karnataka Software licenses are covered in VAT schedule of goods in many states Whether software licensing is subject to service tax or state VAT or both? Software AMC contracts are considered as service, deemed sale or both? Taxability of Paper License (is it goods or services). Levy of Central Excise Duty on sale of packaged software Treatment of Import of packaged software licenses through the Net Whether Customisation of Software are Composite Contracts from the VAT point of view?
6 Issues: Works Contract/ Hire purchase involving goods & service Taxation: Valuation Service Tax is levied on: service portion in execution of a works contract S transfer of goods by hiring, leasing and licensing without transfer of right to use is levied on: transfer of property in goods involved in the execution of works contract delivery of goods on hire purchase Issues Valuation of service portion and value of goods is always disputed. Ambiguity arises from contradicting Laws and conflicting interpretation by the tax administrators
7 Other miscellaneous issues echarge Coupon Voucher Franchisee Fees Activation / Installation Fees for DTH J Leasing of goods: Thin line of difference between VAT and service tax Import of software in relation to goods imported from outside India Entertainment Tax and Service tax: DTH Subscription fees / Hotel etc KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member
8 Complex laws gives rise to Complex structures The tax liability on such transaction can be substantial and can impact the company's financiais significantly Businesses shall take extra care while entering into transactions with over lapping tax implications Possibilities of structuring /re-structuring of the transactions to avoid future litigation Providing adequate commercial substance and proper documentation is the key
9
10 Proposed Goods and Service Tax (GST) Regime Broad based 'consumption tax' on goods and services India proposes simultaneous levy of "dual GST" by State and Central Government, on both goods and services ft. It It : I m Input credit available across goods and services at each stage
11 Proposed Goods and Service Tax (GST) Regime Goods and Services Tax is proposed to be implemented in India shortly The GST proposed to bring in homogeneity in definitions and uniform place of supply rules across India 10
12
Seminar on industry wise analysis of indirect tax issues Media, Entertainment & Software
Seminar on industry wise analysis of indirect tax issues Media, Entertainment & Software 8 February 2014 Media & Entertainment Page 2 Basic Understanding Page 3 Basic Understanding The major segments of
More informationVirtual Certificate Course on GST Organised by: IDT Committee of ICAI
1 Virtual Certificate Course on GST Organised by: IDT Committee of ICAI Sector Specific Studies on Construction Information Technology Tourism Service Trader Manufacturer 23 of June 2017 2 HIGHLIGHTS OF
More informationNeed for preventive Indirect tax Audits for IT/ITES sector
Need for preventive Indirect tax Audits for IT/ITES sector Software has been the soft target of multiplicity of indirect taxes including Excise duty, VAT, Service tax and Customs. Almost all major indirect
More informationGST IT/ITES SECTORAL SERIES CENTRAL BOARD OF EXCISE & CUSTOMS. Directorate General of Taxpayer Services. Follow
GST SECTORAL SERIES IT/ITES Directorate General of Taxpayer Services CENTRAL BOARD OF EXCISE & CUSTOMS www.cbec.gov.in FAQ: IT/ITES Question 1: Whether software is regarded as goods or services in GST?
More informationA PRESENTATION GOODS AND SERVICES TAX AN OVERVIEW
A PRESENTATION ON GOODS AND SERVICES TAX AN OVERVIEW BY ASHU DALMIA & ASSOCIATES CHARTERED ACCOUNTANTS A-36, 2 nd Floor, Guru Nanak Pura Laxmi Nagar, Delhi-110092, INDIA Tel: +91 11 22466591, 22422707,
More informationOverlaps in Indirect Taxes. By Milind Sahasrabudhe.
Overlaps in Indirect Taxes By Milind Sahasrabudhe. Understanding Concept of Overlap. Find overlaps here A imports goods pays customs duty and sells the same goods locally also pays sales tax / vat. Taxes
More informationSoftware Product Industry Representations for Budget Feb 2017
Software Product Industry Representations for Budget Feb 2017 # ISSUE CURRENT ISSUE SUGGESTION 1. Harmonisation of tax policy for listed and unlisted equity instruments There is a disparity in the tax
More informationGST AND ITS IMPACT ON VARIOUS SECTOR
65 Journal of Management and Science ISSN: 2249-1260 e-issn: 2250-1819 Special Issue. No.1 Sep 17 GST AND ITS IMPACT ON VARIOUS SECTOR Ms.N.Ramya Assistant Professor, Department of Commerce with Professional
More informationIndirect Tax - Deemed Supply - Present Vs GST 3
Indirect Tax - Deemed Supply - Present Vs GST 3 CA Nagendra Hegde & vetted by CA Vasant K. Bhat In the previous article, we had briefed on the term supply and its scope in GST. As discussed, the definition
More informationImpact of GST on Automobile Dealers Industry
DISCLAIMER: Impact of GST on Automobile Dealers Industry The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views
More informationC. B. Thakar, Advocate
Refresher Course on GST by WIRC 26 th June,2017 Basic Concepts of GST Presentation by C. B. Thakar, Advocate B.Com., F.C.A., LLB C. B. THAKAR, Advocate 1 Journey towards GST 122 nd CAB Approved by Lok
More informationM/s PRANJAL JOSHI & CO
Introduction to GST Basic information GST stands for Goods and Service Tax. GST is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture
More informationGST Tax of 21 st Century. V S Datey Website
GST Tax of 21 st Century V S Datey dateyvs@yahoo.com Website http://www.dateyvs.com Welcome Background of Indirect Taxes Present structure of indirect taxes is based on Constitutional Provisions giving
More informationTaxation principles of GST and experience of present law as relevant to GST
Taxation principles of GST and experience of present law as relevant to GST Outline of discussion General Taxation principles Indian indirect Tax system Road to GST Introduction of GST Benefits of GST
More informationThe Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, seeks to amend the Constitution of
Concept Note on GST 1.Introduction The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, seeks to amend the Constitution of India to facilitate the introduction of Goods and Services Tax
More informationConcept of Services, Negative List & Declared Services
Concept of Services, Negative List & Declared Services July 7, 2012 Constitutional Framework 1 Constitutional Framework Taxes levied by Central Government and State Government(s) Authority to levy a tax
More informationCHARTERED ACCOUNTANTS. GST impact on India's entertainment industry and Media sector
CHARTERED ACCOUNTANTS GST impact on India's entertainment industry and Media sector Shashwat Tulsian I am a Quali ed Chartered Accountant, Lawyer and Company Secretary. As a result, I have a unique ability
More informationGoods and Service Tax (GST)
Goods and Service Tax (GST) 1. Basics of GST 2. Working Model of GST 3. GST Compliances- Monthly and Annual Filings 4. GST Impact on E-Commerce 5. GST Impact on Services ( IT/ITES) BASICS of GST GST is
More informationIndirect tax issues in the Hotel and Tourism Industry. 10 December 2011
Indirect tax issues in the Hotel and Tourism Industry Parind Mehta 10 December 2011 Contents 1 2 Background Issues for consideration under Service tax laws 3 4 Issues for consideration under VAT laws Likely
More informationImpact of GST on various sectors
of GST on various sectors S. Thirumalai November 2016 Overview of GST implications Service Provider Output Service Procurements Service tax Present regime rate is 15% GST regime - rate in the range of
More informationGST Concept and Design
GST Concept and Design GST Understanding from the First discussion paper released by the Empowered Committee of State Finance Ministers on November 10, 2009 1 Understanding GST Brief History Need for GST
More informationWIRC. Controversial Issues Relating To Overlaps In Indirect Taxes. CA Ranjeet Mahtani. Media & Entertainment Sector. 20 th August, 2011
WIRC Controversial Issues Relating To Overlaps In Indirect Taxes Media & Entertainment Sector CA Ranjeet Mahtani 20 th August, 2011 And in my opinion, entertainment in its broadest sense has become a necessity
More information26 th Year of Publication. A monthly publication from South Indian Bank. To kindle interest in economic affairs... To empower the student community...
Experience Next Generation Banking A monthly publication from South Indian Bank To kindle interest in economic affairs... To empower the student community... www.southindianbank.com Student s corner ho2099@sib.co.in
More informationGoods and Services Tax
Goods and Services Tax Overview and Impact Analysis CA Neeraj Menon THE PROPOSED GST FRAMEWORK IN INDIA Dual-GST Centre and States to levy GST on common base (CGST & SGST) Salient features IGST on interstate
More informationTAXATION OF MAJOR CORPORATES TECHNICAL KNOWLEDGE
TAXATION OF MAJOR CORPORATES TECHNICAL KNOWLEDGE Capital Gains Tax Taxation of Major Corporates Capital Gains Tax and Corporation Tax on Capital Gains The charge to tax and persons chargeable (s. to s.8
More informationIssue 1: Treatment of Supply without consideration under GST
Series of Articles on issues in Goods and Services Tax Issue 1: Treatment of Supply without consideration under GST By CA Atul Gupta & CA Rashi Paliwal The proposed Goods and Services Tax (GST) draft model
More informationSALIENT FEATURES OF PROPOSED GST
SALIENT FEATURES OF PROPOSED GST GST is a consumption based levy. Destination principle would be applicable in normal course of business to business [B2B] other than for few services and business to consumer.[
More informationGOODS AND SERVICE TAX (GST) AND ITS IMPACT
104 Journal of Management and Science ISSN: 2249-1260 e-issn: 2250-1819 Special Issue. No.1 Sep 17 GOODS AND SERVICE TAX (GST) AND ITS IMPACT P.KANAGARAJ Assistant Professor in Commerce Department of Commerce
More informationPresentation by CA RITESH MEHTA, NAGPUR. B. Com., F.C.A., D.I.S.A (ICAI).
Presentation by CA RITESH MEHTA, NAGPUR B. Com., F.C.A., D.I.S.A (ICAI). 1 Overview of GST Law Components of GST law Levy under GST Taxable event under GST Meaning & scope of the term Supply and its Implications
More informationGoods and Service Tax (GST)
Indirect Taxes Committee of ICAI Goods and Service Tax (GST) Globally Known As VAT Standardised PPT by Indirect Taxes Committee Institute of Chartered Accountants of India Major Initiative in 2014-15 Organized
More informationGoods and Service Tax (GST)
Goods and Service Tax (GST) Globally Known As VAT Standardised PPT by Indirect Taxes Committee Institute of Chartered Accountants of India copyright@idtc_icai_2015 1 Indirect Taxes Committee of ICAI Major
More informationGST: Transitional Provisions
GST: Transitional Provisions Edition 1 Contents Administration under GST [S.165] Migration of Existing taxpayers [S.166] Input Tax Credits [S.167 to 172] Goods sent for Job work [S.173 to S.177] 2 Section
More informationTransferring efficiency Advancing new options. Indirect Tax Seminar Issues and Prospects June 22, 2013 Anjlika Chopra
Transferring efficiency Advancing new options Indirect Tax Seminar Issues and Prospects June 22, 2013 Anjlika Chopra Contents Important obligations under VAT Registration Returns and payment of taxes VAT
More informationPROCEDURAL ASPECTS OF GST
PROCEDURAL ASPECTS OF GST 1. Introduction In Budget Speech 2010-2011 Pranab Mukherjee, Minister of Finance showed his keenness to introduce GST from 1 st April 2011. 1 st April 2011 is not a distant day.
More informationEmployer-employee under GST - HR
Employer-employee under GST - HR At CII Hyderabad By S V Ramachandra Rao M/s Resource Inputs Limited. www.resourceinputs.com +919849948654 INTRO GST stands for Goods and Services Tax France was first to
More informationGOODS AND SERVICES TAX Certificate Course
Digital Marketing Partner Organizer Content Partner HYDERABAD Dec 13 2 0 1 8 S E R I E S GOODS AND SERVICES TAX Certificate Course Post Implementation-Issues and Challenges SOUTH ZONE A b o u t T h e T
More informationYOJANA ANALYSIS AUGUST 2017 BY SHYAM S KAGGOD
YOJANA ANALYSIS AUGUST 2017 BY SHYAM S KAGGOD CASCADING EFFECT A B C Selling Price= 100 Tax @ 10% Will buy it at 110 & adds profit of 20 Selling Price= 130 Tax @ 10% Will buy it at 143 INPUT TAX CREDIT
More informationSERVICE TAX ON INTELLECTUAL PROPERTY RIGHTS AND RELATED TRANSACTIONS
SERVICE TAX ON INTELLECTUAL PROPERTY RIGHTS AND RELATED TRANSACTIONS (Please refer this note in conjunction with the discussions during the presentation at the session) Background Generally, the term Intellectual
More informationSai Om Journal of Commerce & Management A Peer Reviewed International Journal
Volume 4, Issue 6 (June, 2017) UGC APPROVED Online ISSN-2347-7571 Published by: Sai Om Publications GOODS AND SERVICES TAX (GST) VS CURRENT INDIRECT TAX ENVIRONMENT IN INDIA AND IMPACT OF GST ON REAL ESTATE
More informationMongolia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: June 2015
Mongolia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of Double Taxation 6 3 Indirect
More informationTHE CHAMBER OF TAX CONSULTANTS BASIC CONCEPTS O F G S T
THE CHAMBER OF TAX CONSULTANTS BASIC CONCEPTS O F G S T 1 Understanding GST Covering 2 Legislations, 174 Sections,3 Schedules TAXES IN INDIA There are mainly two types of taxes DIRECT TAXES INCOME TAX
More informationIMPACT AND ISSUES OF GST IN PHARMA AND FMCG INDUSTRY. BY CA JANAK VAGHANI
IMPACT AND ISSUES OF GST IN PHARMA AND FMCG INDUSTRY. BY CA JANAK VAGHANI GST GST is levied on each and every supply of goods and services or both with fewer exceptions like tax free goods and services,
More informationTITLE: GST LAW: AN EXECUTIVE SUMMARY
Pramod Kumar Rai, Advocate Managing Partner B.Tech (IITKanpur), LLB (Gold Medal), LLM (USA) Former Joint Commissioner of Customs, Excise & Service Tax (IRS). Email: pramodrai@ymail.com, pramod@athenalawassociates.com
More informationIMPACT OF INDIRECT TAX ON DIFFERENT AUDITS
IMPACT OF INDIRECT TAX ON DIFFERENT AUDITS By CA Madhukar N Hiregange TOPICS COVERED Impact of IDT on Various Audit Impact of IDT on Profitability Emphasis in Statutory Audit Enhanced responsibility on
More informationCHARTERED ACCOUNTANTS THE ROADMAP TO GST
CHARTERED ACCOUNTANTS THE ROADMAP TO GST Target date of GST Roll Out: 1st April 2017 R.Tulsian and Co LLP 2016 1 Shashwat Tulsian,Partner GST is one indirect tax for the whole nation, which will make India
More informationWorks Contract - VAT and Service Tax Planning
279 Works Contract - and Tax Planning Even after about 30 years of the 46 th Amendment to the Constitution of India, taxation of Works Contract is a subject matter of interpretations, controversies and
More informationIntegrated Goods and Services Tax (IGST)
1. The introduction of Goods and Services Tax (GST) is a significant reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and the States will be replaced
More informationPARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD
SIMPLIFYING THE GST CODE PARIMAL PATEL P. J. E-CONSULTANTS AHMEDABAD CURRENT STRUCTURE CASCADING EFFECT TAX ON TAX Excise/VAT/CST/Entry Tax/BCD/CVD/AED, ETC. Excise/VAT/CST Branch Transfers VAT/CST WHY
More informationINTRODUCTION TO GOODS AND SERVICE TAX
The Union Finance Minister Mr. P. Chidambaram in his budget speech in 2006 has said: It is my sense that there is a large consensus that the country should move towards a National Level Goods and Service
More information62 taxes on luxuries including taxes on entertainments, amusements, betting and gambling.
IMPACT OF GST ON HOTEL INDUSTRY DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed
More informationIntroduction to Goods and Services Tax (GST)
Introduction to Goods and Services Tax (GST) CHAPTER 2 GST is the most ambitious and remarkable indirect tax reform in India s post-independence history. Its objective is to levy a single national uniform
More informationImplementation of Goods and Service Tax (GST) in India. Opportunities and Challenges for CMA
Implementation of Goods and Service Tax (GST) in India Opportunities and Challenges for CMA CMA Rajesh Shukla At ICWA Chapter meet 14 th August 2015 Aurangabad Present Indirect Taxation Structure 2 Background
More informationGST -Some Basic Concepts. Presented By: CA Madhukar Hiregange
GST -Some Basic Concepts Presented By: CA Madhukar Hiregange Necessity for GST Present system of indirect tax has multiplicity of taxes levied by Centre & State Tax on tax, increases cost - Cascading No
More informationChapter No. - VI. Finding, Conclusions & Suggestions
Chapter No. - VI Finding, Conclusions & Suggestions This Research suggests that GST Model for the country that could be adopted in short term and identifies issues that arise in designing and implementation
More informationVAT CONCEPT AND ITS APPLICATION IN GST
CONTENTS DIVISION 1 INPUT TAX CREDIT 1 VAT CONCEPT AND ITS APPLICATION IN GST 1.1 Background of VAT 3 1.2 Basic Concept of VAT 4 1.2-1 VAT to avoid the cascading effect 5 1.2-2 Input Tax credit system
More informationGOODS AND SERVICES TAX Certificate Course
Digital Marketing Partner Organizer Content Partner CHENNAI BENGALURU Aug 29 Oct 10 2 0 1 8 S E R I E S GOODS AND SERVICES TAX Certificate Course Post Implementation-Issues and Challenges SOUTH ZONE A
More informationRespected Sir, Subject: Representation on Model GST Law
Honorable Finance Minister Government of India, Ministry of Finance, North Block, Parliament Street, New Delhi 110001. 7 th September, 2016 Respected Sir, Subject: Representation on Model GST Law The Chamber
More informationCONTENTS AT A GLANCE DIRECT TAX INDIRECT TAX CORPORATE LAWS
November 2016 / Volume VIII / ASA The key amendments introduced in statutes, policies and procedures in respect of Direct Tax, Indirect Tax, Corporate Laws & Accounting Standards, Foreign Exchange Management
More informationCambodia Tax Profile. Produced in conjunction with the KPMG Asia Pacific Tax Centre. Updated: June Cambodia (2015) (2)
Cambodia Tax Profile Produced in conjunction with the KPMG Asia Pacific Tax Centre Updated: June 2015 Cambodia (2015) (2) 1 Contents 1 Corporate Income Tax 1 2 Income Tax Treaties for the Avoidance of
More informationRELIANCE RETAIL FINANCE LIMITED 1. Reliance Retail Finance Limited
RELIANCE RETAIL FINANCE LIMITED 1 Reliance Retail Finance Limited 2 RELIANCE RETAIL FINANCE LIMITED Independent Auditor s Report To the Members of Reliance Retail Finance Limited Report on the Financial
More informationGOODS AND SERVICES TAX (COMPENSATION TO THE STATES FOR LOSS OF REVENUE) BILL, 2016
GOODS AND SERVICES TAX (COMPENSATION TO THE STATES FOR LOSS OF REVENUE) BILL, 2016 (No. of 2016) [ th, 2016] A Bill to provide for compensation to the States for loss of revenue arising on account of implementation
More informationLesson 4 Indirect Tax Laws and Practice - An Introduction
Lesson 4 Indirect Tax Laws and Practice - An Introduction LESSON OUTLINE Introduction Constitutional provisions in relation to taxation Indirect taxes Customs Provisional Collection of Taxes Act, 1931
More informationGOODS & SERVICES TAX (GST) (Status as on 01 st May, 2017)
GOODS & SERVICES TAX (GST) (Status as on 01 st May, 2017) 1 PRESENTATION PLAN WHY GST : BENEFITS EXISTING INDIRECT TAX STRUCTURE FEATURES OF CONSTITUTION AMENDMENT ACT GST COUNCIL MAIN FEATURES OF GST
More informationVAT AROUND THE WORLD
VAT AROUND THE WORLD International Seminar on Tax Reform Brasilia 4 March 2009 David Holmes Centre for Tax Policy, OECD Paris, France France 1954 SPREAD OF VAT Brazil also an early country to adopt VAT
More informationGST Implications. All India Distillers Association Hotel Crowne Plaza February 23, Discussion by: CA Gaurav Gupta
GST Implications All India Distillers Association Hotel Crowne Plaza February 23, 2017 Discussion by: CA Gaurav Gupta FCA, LLB, DISA Author GST Law & Practise - Service Tax Law & Practise Agenda GST exclusion
More informationFDI. Investment by foreign investors directly in the productive assets of another nation.
FDI Investment by foreign investors directly in the productive assets of another nation. Financial investment in stocks or bonds denotes foreign portfolio investment. Factors for Rise in Fiscal Deficit
More informationFAQ. Hindustan Shipyard Limited
FAQ Hindustan Shipyard Limited 1 Q 1. What is Goods and Service Tax (GST)? Ans. It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from
More informationGOODS AND SERVICE TAX (G.S.T.) OPPORTUNITIES AND CHALLENGES
62 News & Views 2010 NTN I II GOODS AND SERVICE TAX (G.S.T.) OPPORTUNITIES AND CHALLENGES Sudhir Kumar Arora Advocate 140, Ist Floor, Navyug Market, Implementation of G.S.T. Principal Costing Impact. Possibility
More informationKarnataka High Court rules that implementation of customized software is a service and cannot be subject to VAT
14 September 2015 EY Tax Alert Karnataka High Court rules that implementation of customized software is a service and cannot be subject to VAT Executive summary Tax Alerts cover significant tax news, developments
More informationGST- ISSUES IN REAL ESTATE SECTOR
GST- ISSUES IN REAL ESTATE SECTOR DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed
More informationBASIC CONCEPTS, SUPPLY, LEVY & COLLECTION OF GST
BASIC CONCEPTS, SUPPLY, LEVY & COLLECTION OF GST GST Basic Concepts Single Tax Payable on Taxable Supply of G&S Multi Stage & Destination based Consumption Tax GST Charged only on Value Addition No (Reduced)
More informationIndirect Taxes Committee, ICAI
1 GST Constitutional Provisions and Features of Constitution (101 st Amendment) Act, 2016 101st Constitution Amendment Act 2 Under current regime - Centre levies Excise duty on manufacture, Service tax
More informationGoods and Services Tax in India Current Update
Goods and Services Tax in India Current Update Santosh Dalvi Partner and Deputy National Head Indirect tax, KPMG in India 8 December 2018 Setting the Context 50% increase in unique indirect taxpayers under
More informationThe study of conversion of Indirect Taxes into GST in India
International Journal of Management, IT & Engineering Vol. 7 Issue 5, May 2017, ISSN: 2249-0558 Impact Factor: 7.119 Journal Homepage: Double-Blind Peer Reviewed Refereed Open Access International Journal
More informationGOODS AND SERVICE TAX IN INDIA PROBLEMS AND PROSPECTS
82 Journal of Management and Science ISSN: 2249-1260 e-issn: 2250-1819 Special Issue. No.1 Sep 17 GOODS AND SERVICE TAX IN INDIA PROBLEMS AND PROSPECTS DR.T.DURAIPANDI Assistant Professor Department of
More information1 Three major Problems for Software Product Companies. 2 Removing Confusion on Goods and Service tax for Software Products in Indirect tax regime
1 i S P I R T. i n Note on Aligning Tax Policy for Software Products in Digital Age 1 Three major Problems for Software Product Companies ispirt has been bringing to notice of the Government of India the
More informationIMPACT OF GOODS AND SERVICE TAX (GST)
244 Journal of Management and Science ISSN: 2249-1260 e-issn: 2250-1819 Special Issue. No.1 Sep 17 IMPACT OF GOODS AND SERVICE TAX (GST) Mrs. M.Shanthini Devi Assistant professor Department of Commerce
More informationAFIN208: PRINCIPLES OF TAXATION
SCHOOL OF BUSINESS, ECONOMICS AND MANAGEMENT AFIN208: PRINCIPLES OF TAXATION Page 1 of 6 UNIVERSITY OF LUSAKA BACHELOR OF ACCOUNTANCY PROGRAMME AFIN208 TAXATION COURSE OBJECTIVES The objectives of this
More informationEXECUTIVE PROGRAMME SUPPLEMENT FOR TAX LAWS & PRACTICE
EXECUTIVE PROGRAMME SUPPLEMENT FOR TAX LAWS & PRACTICE (INDIRECT TAX PART-B) (Relevant for Students appearing in December 2017 Examination) Module I-Paper 4 Disclaimer- This document has been prepared
More informationANNEXURE-I QUESTIONNAIRE FOR CORPORATE HEADS
ANNEXURE-I QUESTIONNAIRE FOR CORPORATE HEADS Name of the Respondent: _ Organization: Designation: _ E-Mail id: _ Contact No.: _ GENERAL 1. Respondent s corporate information; 1.1 State the type of industry
More informationTHE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
ICAI/IDTC/2017-18/Rep/4 27 th March, 2018 Shri Upender Gupta Commissioner, Goods and Services Tax Policy Wing Central Board of Excise & Customs, Department of Revenue, Government of India, North Block,
More information2. International taxation: Tax sovereignty. International double taxation: economic and legal. Methods to avoid double taxation.
FISCAL LAW IN THE EU TIMES: Monday, 8:45-10:00 Tuesday, 8:45-10:00 Thursday, 8:45-10:00 I. GENERAL SECTION 1. Introduction to taxation: Direct and indirect taxes. Structure of each tax. Fiscal jurisdiction
More informationAn analysis on prospects of implementation of Goods and Services Tax in India
An analysis on prospects of implementation of Goods and Services Tax in India Authored by: Mr. Vivek Kohli, (Senior Partner) Mr. Ashwani Sharma (Managing Associate) And Mr. Sudeep Vijayan (Associate) ZEUS
More information6.1 BUSINESS REGULATIONS
6.1 BUSINESS REGULATIONS OBJECTIVE: To introduce the students to various Business Regulations and familiarize them with common issues of relevance. UNIT 1: INTRODUCTION TO BUSINESS LAWS Introduction, Nature
More informationIndo-American Chamber of Commerce
Indo-American Chamber of Commerce Getting GST Ready! Sachin Agarwal October 2016 Contents Current Indirect Taxes Landscape GST Snapshot GST Where we stand? Model GST Law Impact of GST GST Transformation:
More informationPress Information Bureau Government of India Ministry of Finance
Press Information Bureau Government of India Ministry of Finance Frequently Asked Questions (FAQs) on Goods and Services Tax (GST) 03 August 2016 15:32 IST Following are the answers to the various frequently
More informationMarking Scheme. Session TAXATION (782) CLASS XII. Total marks: 100 Theory: 60 Marks Practical: 40 Marks. 1 Deduction From Gross Total Income
Marking Scheme Session 2018-19 TAXATION (782) CLASS XII Total marks: 100 Theory: 60 Marks Practical: 40 Marks UNITS UNIT NAME TOTAL 1 Deduction From Gross Total Income 2 Computation Of Ta x Liability Of
More informationTax Transparency. Macquarie Group. Year ended 31 March 2018 MACQUARIE GROUP LIMITED ACN
Tax Transparency Macquarie Group Year ended 31 March 2018 MACQUARIE GROUP LIMITED ACN 122 169 279 1 Macquarie Group Limited and its subsidiaries macquarie.com Macquarie supports the Australian Government
More informationTaxation of Software Sale of Goods or Services- Legal Controversy
Taxation of Software Sale of Goods or Services- Legal Controversy 1. Introduction Information technology services are declared services under Section 66 E (d) Development, design, programming, customization,
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 informationRegulatory Compliance - India >>
Regulatory Compliance - India >> www.asa.in Once an investor sets-up a business in India, whether it is a liaison office, project office, branch or company, that business needs to comply with Indian regulations.
More informationMost Expected Questions of GST CS EXECUTIVE (JUNE, 2018 STUDENTS) By
Most Expected Questions of GST CS EXECUTIVE (JUNE, 2018 STUDENTS) By CA Vivek Gaba 1. GST was first levied by? a) France in 1954 b) USA in 1985 c) India in 2017 d) U.K in 1970 2. Which of the following
More informationTaxation. Types of Taxation Systems. Eg-Income Tax. Incidence on one person and impact is someone else. Incidence and impact are on the same person
Taxation Tax is a compulsory levy that the state imposes on the citizens. The tax is a binding force which connects the two important pillars of the democracy i.e. state/government with citizens. Each
More informationImpact of GST on Automobile Dealers
Impact of GST on Automobile Dealers The Indian auto industry is one of the largest in the world. The industry accounts for 7.1 per cent of the country's Gross Domestic Product (GDP). Almost 13% of the
More informationGST. Valuation and Job Work under GST
372 Valuation and Job Work under With the passage of the Constitution (122 nd Amendment) Bill, 2014, (popularly known as Bill) in Parliament, a uniform indirect tax regime across India is one step closer
More informationGST Law Guide. Introduction. 1.1 Background of GST. 1.2 What is Goods and Services Tax?
GST Law Guide Chapter 1 Introduction 1.1 Background of GST The structure of indirect taxes in India (as existing upto 30-6-2017) was based on three lists in Seventh Schedule to Constitution of India, which
More informationC A. S H A S H A N K S H E K H A R G U P T A P A R T N E R - I N D I R E C T T A X
OM HARE GURVEY NAMAH GOODS AND SERVICES TAX A DISCUSSION C A. S H A S H A N K S H E K H A R G U P T A P A R T N E R - I N D I R E C T T A X J U N E 2 0 1 6 BACKGROUND WHAT IS GST? WHY GST? (a) & (b) BRIEF
More informationOVERVIEW OF GST. Knowledge update. 29 th August Introduction
29 th August 2016 Knowledge update OVERVIEW OF GST Introduction The existing indirect tax regime in India carries some inherent shortcomings which not only results in instances of double taxation, but
More informationCHAPTER 2. GST Acts : CGST ACT, SGST ACT (KARNATAKA STATE) IGST ACT
CHAPTER 2 GST Acts : CGST ACT, SGST ACT (KARNATAKA STATE) IGST ACT SALIENT FEATURES OF CGST ACT, 2017 1. A state-wise single registration for a taxpayer for filing returns, paying taxes, and to fulfil
More informationFilm Financing and Television Programming: A Taxation Guide
Film Financing and Television 1 Film Financing and Television Now in its seventh edition, KPMG LLP s ( KPMG ) Film Financing and Television (the Guide ) is a fundamental resource for film and television
More information