Daily Archives: September 21, 2016

India -Samoa agreement for exchange of information with respect to Taxes

By | September 21, 2016

Cabinet approves Agreement between India and Samoa for exchange of information with respect to Taxes The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval for signing and ratification of Agreement between India and Samoa for the exchange of information with respect to Taxes. The Agreement will stimulate the… Read More »

Govt a pproved Admiralty Bill 2016 and repealed five archaic admiralty statutes

By | September 21, 2016

Cabinet approves enactment of Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill 2016 and to repeal five archaic admiralty statutes The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has given its approval to the proposal of Ministry of Shipping to enact Admiralty (Jurisdiction and Settlement of Maritime Claims) Bill 2016 and… Read More »

Govt approved enhancement of Pension for Freedom Fighters

By | September 21, 2016

Cabinet gives ex-post facto approval to enhancement of Pension for Freedom Fighters The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to enhancement of Pension for Freedom Fighters and for the spouses (widows/widowers), eligible daughters and dependent parents of deceased Freedom Fighters, under the Swatantrata Sainik Samman… Read More »

Govt approved River Ganga (Rejuvenation, Protection and Management) Authorities Order 2016

By | September 21, 2016

Cabinet approves the River Ganga (Rejuvenation, Protection and Management) Authorities Order, 2016   The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approval the River Ganga (Rejuvenation, Protection and Management) Authorities Order, 2016.  The Order lays down a new institutional structure for policy and implementation in fast track manner and empowers… Read More »

Indian Govt approved merger of rail budget with general budget

By | September 21, 2016

Cabinet approves merger of rail budget with general budget; advancement of budget presentation and merger of plan and non-plan classification in budget and accounts  The Union Cabinet has approved the proposals of Ministry of Finance on certain landmark budgetary reforms relating to (i) the merger of Railway budget with the General budget, (ii) the advancement… Read More »

Phone companies want sops to stay under GST

By | September 21, 2016

Phone companies want sops to stay under GST Mobile phone manufactures have approached the finance ministry seeking continuation of the differential duty structure and the benefits that come with it, which they fear would become a casualty when the goods and services tax comes into effect. Absence of these incentives could put at risk a… Read More »

Category: GST

Traders call to exempt tea from levy of GST

By | September 21, 2016

Traders call to exempt tea from levy of GST Tea traders here today appealed to the Centre to exempt tea from levy of the proposed Goods and Services Tax (GST) and remove it from the list of taxable items under the GST Act. If total exemption was not possible, at least tea should be exempted… Read More »

Category: GST

GST -Corporate Earnings to be Key Triggers for Markets

By | September 21, 2016

Timely GST implementation, stance of the new Monetary Policy Committee and continued improvement in corporate earnings are the key triggers for equity markets, said Sanjay Kumar, CIO, PNB Metlife, in an interview with Shilpy Sinha. He said any surprise at the FOMC meeting may negatively impact foreign portfolio inflows, thereby hurting the risk-on rally in… Read More »

Category: GST

Infosys has completed about 60% of the software for GSTN

By | September 21, 2016

“The order for hardware was placed in August this year after the Constitution Amendment Bill was cleared by Parliament slightly behind our expectation of placing the hardware order by December last year,” said Navin Kumar, Chairman, Goods and Services Tax Network (GSTN). In an interview withBusinessLine, Kumar, who is overlooking the rollout of the IT… Read More »

Category: GST

Chavan Points Out Errors in GST Notification; Govt Sees No Problem

By | September 21, 2016

Chavan Points Out `Errors’ in GST Notification; Govt Sees No Problem Former Maharashtra CM Prithviraj Chavan has claimed the finance ministry made an “error“ while notifying date of applicability of sections of the GST Constitution Amendment Act in the state. He said local body tax and Octroi collection (in Maharashtra) must stop and collections since… Read More »

Category: GST

LDF govt expresses discontent over GST proposals

By | September 21, 2016

With the CPI(M)-led LDF government in Kerala yet to ratify the GST constitutional amendment bill, state Finance Minister T M Thomas Isaac today protested against the procedures adopted for the conduct of the GST council meeting to be held on September 22 and 23. In a Facebook post, he said Kerala has strong objections to… Read More »

Category: GST

web hosting co. isn’t comparable with co. rendering software development services

By | September 21, 2016

Radisys India (P.) Ltd. v. Income-tax Officer, Ward- 5 (1), Bangalore , JUDICIAL MEMBER AND ABRAHAM P. GEORGE, ACCOUNTANT MEMBER ABRAHAM P. GEORGE IT (TP) APPEAL NOS. 345 & 371 (BANG.) OF 2015 [ASSESSMENT YEAR 2010-11] SEPTEMBER  4, 2015 Smt. Mahaveer C. Jain, CA for the Appellant. Sunil Kumar Agarwal, CIT-DR-I for the Respondent. ORDER… Read More »

Steps to Implement GST in Business in India

By | September 21, 2016

Steps to Implement GST in Business There are several steps that businesses may consider for GST readiness and they include: Map the current business transactions and over lay the GST footprint to assess impact of new law Take impact mitigation measures by restructuring transaction flows and / or supply chain Redesign the processes in line… Read More »

Transfer of shares of an Indian company under treaty with Mauritius

By | September 21, 2016

Transfer of shares of an Indian company under treaty with Mauritius The AAR determined that capital gains realized on the transfer of shares are not taxable in India under provisions of the India-Mauritius income tax treaty. The AAR found that the control and management of the company was not wholly in India. The case is: Mahindra-BT Investment… Read More »

No TDS on service fees for product promotion under India-Russia income tax treaty

By | September 21, 2016

Service fees paid to subsidiary for product promotion under treaty with Russia The Authority for Advance Ruling (AAR) determined that payments of service fees for product promotion services cannot be categorized as “fees for technical services” under the India-Russia income tax treaty or under the provisions India’s tax law. Accordingly, the payments are not subject to tax… Read More »

Review of India-South Korea income tax treaty

By | September 21, 2016

Review of India-South Korea income tax treaty: An income tax treaty between India and South Korea (signed in May 2015) is pending ratification and notification procedures for the treaty’s provisions to enter into force. Read KPMG September 2016 report [PDF 285 KB] that describes the provisions in the treaty.

AAR can’t reject application because of scrutiny notice issued u/s 143(2)

By | September 21, 2016

AAR application: The Delhi High Court held that the Authority for Advance Rulings (AAR) cannot reject an AAR application notice because the “scrutiny notice” issued by the Assessing Officer did not address any specific question and did not disclose items identified on the income tax return. The case is: Sage Publications Ltd U.K. Read KPMG September 2016 report… Read More »

Capital gain tax treatment, 150-year call option

By | September 21, 2016

Capital gain tax treatment, 150-year call option: The Mumbai Bench of the Income-tax Appellate issued a decision in a case involving a transaction involving a Singapore resident that entered into a “call option” agreement with a Mauritian company. The call option was granted for a period of 150 years to the Mauritian company, allowing it to sell… Read More »

FAQs on tax dispute resolution

By | September 21, 2016

FAQs on tax dispute resolution: India’s tax authorities (CBDT) issued a set of “frequently asked questions” (FAQs) aimed at clarifying certain direct tax dispute resolution measures. Read KPMG September 2016 report [PDF 268] Related Post CBDT Clarifications on Direct Tax Dispute Resolution Scheme 2016

Model framework for guidelines on direct selling

By | September 21, 2016

Model framework for guidelines on direct selling Model framework for guidelines on direct selling: The Direct Selling Guidelines 2016 offer guiding principles for state governments to consider regulating the businesses of direct selling and multi-level marketing. The guidelines aim to strengthen the existing regulatory rules. Read KPMG  September 2016 report [PDF 297 KB] Related Post Model guidelines on… Read More »

SEBI -Permission for trading in futures contracts and modification in contract specifications at exchange level

By | September 21, 2016

CIRCULAR SEBI/HO/CDMRD/DRMP/CIR /2016/88 September 20, 2016 To, The Managing Directors/Chief Executve Officers, National Commodity Derivatives Exchanges Sir/Madam, Sub: Permission for trading in futures contracts and modification in contract specifications at exchange level 1. As per Section 131 (4) of the Finance Act, 2015 all rules, directions, guidelines, instructions, circulars, or any like instruments, made by… Read More »

SEBI amended the Consolidated Account Statement issued to investors

By | September 21, 2016

CIRCULAR SEBI/HO/IMD/DF2/CIR/P/2016/89 September 20, 2016 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds Sir/ Madam, Subject: Consolidated Account Statement A. Please refer to SEBI circular dated March 18, 2016. Clause A of the aforementioned circular on consolidated account statement has been partially modified and shall read as follows: “Consolidated Account… Read More »

Amendment in Maharashtra Settlement of Arrears in Disputes Act 2016

By | September 21, 2016

In pursuance of clause (3) of article 348 of the Constitution of India, the following translation in English of the Maharashtra Settlement of Arrears in Disputes (Amendment) Ordinance, 2016 (Mah. Ord. XXIII of 2016), is hereby published under the authority of the Governor. By order and in the name of the Governor of Maharashtra, P. H. MALI,… Read More »

CENVAT Credit (Tenth Amendment) Rules 2016 -Service Tax Certificate-Rail

By | September 21, 2016

Seeks to amend Cenvat Credit Rules, 2004 so as to amend the requirement of enclosing photocopies of the railway receipts (RRs) with the STTG certificate-reg [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 45/2016 – Central Excise… Read More »

Service Tax Certificate for Transportation of goods by Rail

By | September 21, 2016

Circular No. 1048/36/2016-CX F. No. 267/09/2016-CX.8 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, dated the 20th September, 2016 To The Principal Chief Commissioners/ Chief Commissioners/Principal Commissioners of Central Excise (All) The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners of Central Excise & Service Tax (All)… Read More »

Assessment Module for Selection of Scrutiny cases under CASS released

By | September 21, 2016

CASS – Instruction No. 3 DIRECTORATE OF INCOME TAX (SYSTEMS) ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055 F.No. DGIT(S)/ADG(S)-2/CASS 2016-17/93 /2016 Dated: 16.09.2016 The Principal Chief Commissioner of Income-Tax/ CCsIT (By Name) Ahmadabad / Allahabad / Amritsar / Bangalore / Baroda / Bhopal / Bhubaneswar I Bareilly / Chandigarh / Chennai / Cochin /… Read More »

GST: Transcript of Amit Mitra’s interview

By | September 21, 2016

Difficult to hazard a guess on GST rate: Amit Mitra Meeting the April 01, 2017 GST deadline is a race against time, said GST Panel Chairman and Bengal Finance Minister Amit Mitra in an exclusive interview to CNBC-TV18’s Archana Shukla. In his first television interview since the GST Bill became a law, he said that… Read More »

Category: GST