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Refund of accumulated input tax credit – Certain unresolved issues


By Nirali Akhani

The landmark tax reform of Goods and Services Tax (GST) as introduced from 1st July, 2017, is nearing completion of 5 months. The GST Council has conducted 23 meetings with continuous effort of making GST robust.  Nevertheless, there are certain issues which have not been resolved so far. One such issue pertains to the refun...

Section 40(a)(ii) and taxes paid abroad - A discussion


By Gayatri Sridharan


As per section 5 of the Income Tax Act 1961 (the Act) practically all of a resident assessee’s world income enters his total income. In the case of a non-resident assessee, however, his entire world income does not form part of  his total income under the Act.. His total income is confined only to the income receive...

The upcoming WTO Ministerial Conference: What to expect for India

By Edouard Descotis

Every two years the 164 Members of the Word Trade Organization (“WTO”) gather in a Ministerial Conference to give political direction to the world trade body and negotiate new instruments to better regulate international trade. The next meeting is scheduled to be held in Buenos Aires on 10-13 December 2017 and the agenda i...

Ocean Freight under GST – A Sea Change


By S Rahul Jain and R. Sahana

Introduction

In the landmark decision of Govind Saran Ganga Saran v. Commissioner of Sales Tax [1985 AIR1041]. the Hon’ble Supreme Court held that one of the canons of taxation is that there must be a clear indication of the person on whom the lev...

Supply by an SEZ Unit - Controversy in levy and collection


By Nitum Jain

The Goods and Services Tax regime has replaced the diverse indirect tax structure existing in the country prior to 1st July 2017, filling the various gaps and failings of the erstwhile system. However, the new regime is not without its shortcomings.
  
Supplies by an SEZ unit to a DTA ...

‘Interest’ draws interest in tax treaty interpretation


By Sumitha Krishnan & Bharathi Krishnaprasad
 
All corporate houses, big and small around the globe constantly seek in  financial innovation in raising capital and in allocating rights over sharing of profits.  From a plain vanilla equity to participative debt securities to complex warrants etc. of the hybrid derivative clan, th...

Connotation of term “Country of Export” in Anti-Dumping Duty Notification

By Aayush Singla

An Anti-dumping duty is levied against the goods originating in or exported from the subject countries. The final findings issued by the Directorate General of Anti-Dumping and Allied Duties (“DGAD”) and the Customs Notification issued by the Central Government contain a ‘duty table’ which sets out the amount of a...

Inventory valuation caught in the web of ICDS, IndAS and settled jurisprudence!

By S.Sriram
 
Valuation of inventory is not supposed to give rise to any income and therefore the same should be at lower of cost or market value, as held Apex Court in a landmark decision [see End Note 1].  However, with changing accounting and tax regulations, the old age principles need to be revisited.

Section 5(1) of the Income-tax Ac...

Classification of leasing services – An expanding quandary


By Garima Srivastava

After a long wait we have finally voyaged into the Goods and Services Tax regime, and are experiencing many teething problems. Other than filing of GST Returns, issue related to appropriate classification of goods and services and the rates thereon is one of the many burning issues which require immediate action on the part o...

Final Findings in anti-circumvention investigation concerning Cold Rolled Flat Products of Stainless Steel – An analysis


By Garima Prakash

Background

Final anti-dumping duty was imposed on cold rolled flat products of stainless steel of width between 600mm to 1250mm with certain exclusions (Product Under Consideration, hereinafter ‘PUC’) exported from China, Korea, EU, South Africa, Taiwan, Thailand and USA (here...

Understanding composite supply under GST


By Devanu Roy Choudhury
 
India embarked on its tryst with Goods and Services Tax (“GST”) on 1st July, 2017. In this regard, the Union Parliament and the State Legislatures have enacted various laws for the levy and collection of GST (hereinafter collectively known as “GST Acts”). The advent of GST has brought about ...

Limitation of Benefits clause in the India Singapore DTAA - An analysis of recent decisions

By Gayatri Sridharan

The Mumbai Bench of the Income Tax Appellate Tribunal had occasion to examine the India Singapore Double Taxation treaty in a recent judgment in the case of Citicorp Investment Bank (Singapore) Ltd v. Deputy Commissioner of Income Tax (International Taxation) Mumbai.
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