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Finance Bill, 2017 – A look at further amendments

 
By Subhashree & Shashank Sharma

This year’s Budget was different in many ways. While the Finance Minister opted to present it on 1st February and departed from the decades-old tradition of presenting it on the last day of February, it also saw the merger of the rail budget alongside. The changes in this budget hav...

GST - Credit entitlement on free samples


By Ekansh Agrawal

In the past year our country has witnessed some bold decisions taken by the Government, one of which was passing of 101st Amendment Act to the Constitution paving the way for Goods and Services Tax Act (GST). At the time of writing this article, the revised Model GST law issued in November, 2016 remains in draft form and is...

Invoicing under GST


By Gagan Gugnani
 
India’s decade long wait for a national tax on supply of goods and services that will create one of the world’s biggest single market could be almost over by July 1. Government is planning to introduce GST Law in Parliament in the second half of current Budget Session. In its 11th meeting, GST Council approved d...

AD investigations – Rate of duty for non-cooperating exporters


By Bhargav Mansatta

The recent Panel Report in Canada – Welded Pipe has reinforced the disciplines for applying “facts available” standard under the WTO Anti-dumping Agreement (AD Agreement) and has clarified the extent of analysis expected from investigating authorities while applying the standard. Article 6.8 read wit...

Transfer of title without registration - Finance Bill 2017 addresses the dilemma


By Gayatri Sridharan
 
The Supreme Court in the case of Shoorji Vallabhdas reported in [1962]  46 ITR 144 (SC) held that “No doubt, the Income-tax Act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt; but the substance of the...

Preparing for transition to GST


By Hitesh Arora

GST being the largest indirect tax reform in Indian tax history is on the verge of implementation. Every business, small or big, will get impacted by GST. Amidst other changes in Indian economy, like demonetization, application of IND AS, changing business environment etc. GST implementation is likely to be the biggest change and ...

Implications of facilitating trade — India and the Trade Facilitation Agreement


By Greetika Francis

The Trade Facilitation Agreement (TFA) negotiations were concluded in 2013, and the Agreement is set to come into force, in terms of Article X:3 of the Marrakesh Agreement, upon domestic ratification by two-thirds of the WTO membership, i.e., by 110 members. Nepal recently became the 108th member to ratify the TFA, setting off...

TDS on sea freight – Good times for time charter?


By Sumeet Khurana

Computation of income of non-resident shipping entities posed many challenges and to ease the same Section 44B was enacted vide Finance Act, 1975 w.e.f. 1 April 1976. It provided that income of a non-resident assessee engaged in the business of operation of ships, 7.5% of the gross freight will be deemed to be profits a...

EU-Biodiesel: “Input Costs” in Constructed Normal Value


By Greetika Francis

The WTO Appellate Body (AB) has recently delivered the final word on construction of normal value. In European Union - Anti-Dumping Measures on Biodiesel from Argentina (DS 473) [see end note 1], the Appellate Body rendered its decision in the matter in October, 2016 and the key issue in the dispute was with respect t...

Inter-State supplies under Model IGST Law – Treatment of FOR & Ex-works supplies


By Sonal Singh

One of the many disputes that have continued to exist in the present regime of taxation of sale of goods are the disputes pertaining to determination of the nature of transaction as inter-State sale subject to Central Sales Tax or local sale subject to VAT. Such disputes especially arise when assessee in a State sells goods to a bu...

Challenges in availment of Input Tax Credit under GST


By Gagan Gugnani

The Revised Model GST Law (hence forth "RMGL") was made available in public domain in November, 2016. The commitment of the government is to roll out a simplified and easier indirect tax regime, yet the provisions reveal a different picture. The whole concept of availment of input tax credit (ITC) is set to change from ...

Customs valuation and transfer pricing – different valuations for the same transaction ?


By Sriram.S

Globalization has brought along with it various taxation issues, the most talked about being, transfer price of goods being traded amongst enterprises forming part of a same business group (‘related entities’). The price at which related entities transact is of significance to both taxpayers as well as revenue authorities....

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