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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....

Anti-Profiteering measure and price control mechanism under GST

By Brijesh Kothary

The revised model Goods and Services Tax (GST) law has been released by the Government, taking into consideration various representations received from the stake-holders. The revised model law is widely viewed by the industry to be liberal in many aspects, as it has done away with taxability of securities and free supplies betw...

Treatment of China in Anti-dumping investigation after 11 December 2016 – The EU proposal

By Edouard Descotis

On 11 December 2016, specific provisions of Section 15 of the Protocol of Accession of China to the WTO will expire. Under the specific provisions, WTO members are allowed to deviate from the general rules laid down in the WTO Anti-dumping Agreement when dealing with investigations against China. The specific provisions allow ...

Implication of amalgamation on assessment proceedings

By Sumeet Khurana

A company is a juristic personality which not only comes into existence by operation of law but its cessation also takes place by operation of law.  Section 170 of the Income Tax Act, 1961 deals with cases of succession in general and can be applied to succession of companies by way of amalgamation. It provides that in a case where...

Input Tax Credit under GST regime – Make it seamless

By Amutha Balasubramanian

The new Goods and Services Tax (GST) is a comprehensive indirect tax on manufacture, sale and consumption of goods and services across India. GST is a destination-based, value added taxation system. GST will be a dual levy in India and the eligible transactions will be subject to levy of both CGST and SGST in the case of...

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