The Commissionerate of Taxes, Assam Government vide Circular No. 03/2018- GST dated February 2, 2018 has announced, that as per the GST Council, the E-way Bill has been put on a hold, and the date of its implementation will be announced in due course.
In the meanwhile the GST inward and outward permit of taxable goods will continue without an E-way bill, from the Commissionerate of Taxes, Assam.
Read more at:
Section 30, read with section 29, of the Gujarat Value Added Tax Act, 2003 – Interest – Assessment year 2012-13 – Assessing Authority levied interest upon assessee under section 30(5) on plea that tax leviable on overall turnover was paid late – Tribunal deleted interest levied upon assessee – Whether since assessee had furnished returns within time prescribed and had paid into Government treasury whole of amount due from it, provisions of section 30(5) would not be attracted – Held, yes [Para 11] [In favour of assessee]
Section 34 of the Gujarat Value Added Tax Act, 2003 – Search and seizure – Assessment year 2012-13 – Income Tax authorities carried out search upon assessee and found difference in stock, which was less than 5 per cent – In circumstances, assessee made disclosure of unaccounted income of Rs. 15 lakhs and also made statement before Income Tax Authorities – Assessing Authority by placing reliance upon assessee’s statement levied a tax of Rs. 15 lakhs upon it – Tribunal deleted said tax – Whether levy of tax upon assessee merely on basis of statement made by it before Income Tax authorities was rightly deleted by Tribunal – Held, yes [Para 14] [In favour of assessee]
Citation: [2018] 89 taxmann.com 413 (Gujarat)
The Commissionerate of Taxes, Assam Government vide Circular No. 03/2018- GST dated February 2, 2018 has announced, that as per the GST Council, the E-way Bill has been put on a hold, and the date of its implementation will be announced in due course.
In the meanwhile the GST inward and outward permit of taxable goods will continue without an E-way bill, from the Commissionerate of Taxes, Assam.
Read more at:
Section 30, read with section 29, of the Gujarat Value Added Tax Act, 2003 – Interest – Assessment year 2012-13 – Assessing Authority levied interest upon assessee under section 30(5) on plea that tax leviable on overall turnover was paid late – Tribunal deleted interest levied upon assessee – Whether since assessee had furnished returns within time prescribed and had paid into Government treasury whole of amount due from it, provisions of section 30(5) would not be attracted – Held, yes [Para 11] [In favour of assessee]
Section 34 of the Gujarat Value Added Tax Act, 2003 – Search and seizure – Assessment year 2012-13 – Income Tax authorities carried out search upon assessee and found difference in stock, which was less than 5 per cent – In circumstances, assessee made disclosure of unaccounted income of Rs. 15 lakhs and also made statement before Income Tax Authorities – Assessing Authority by placing reliance upon assessee’s statement levied a tax of Rs. 15 lakhs upon it – Tribunal deleted said tax – Whether levy of tax upon assessee merely on basis of statement made by it before Income Tax authorities was rightly deleted by Tribunal – Held, yes [Para 14] [In favour of assessee]
Citation: [2018] 89 taxmann.com 413 (Gujarat)
The Commissionerate of Taxes, Assam Government vide Circular No. 03/2018- GST dated February 2, 2018 has announced, that as per the GST Council, the E-way Bill has been put on a hold, and the date of its implementation will be announced in due course.
In the meanwhile the GST inward and outward permit of taxable goods will continue without an E-way bill, from the Commissionerate of Taxes, Assam.
Read more at:
Section 30, read with section 29, of the Gujarat Value Added Tax Act, 2003 – Interest – Assessment year 2012-13 – Assessing Authority levied interest upon assessee under section 30(5) on plea that tax leviable on overall turnover was paid late – Tribunal deleted interest levied upon assessee – Whether since assessee had furnished returns within time prescribed and had paid into Government treasury whole of amount due from it, provisions of section 30(5) would not be attracted – Held, yes [Para 11] [In favour of assessee]
Section 34 of the Gujarat Value Added Tax Act, 2003 – Search and seizure – Assessment year 2012-13 – Income Tax authorities carried out search upon assessee and found difference in stock, which was less than 5 per cent – In circumstances, assessee made disclosure of unaccounted income of Rs. 15 lakhs and also made statement before Income Tax Authorities – Assessing Authority by placing reliance upon assessee’s statement levied a tax of Rs. 15 lakhs upon it – Tribunal deleted said tax – Whether levy of tax upon assessee merely on basis of statement made by it before Income Tax authorities was rightly deleted by Tribunal – Held, yes [Para 14] [In favour of assessee]
Citation: [2018] 89 taxmann.com 413 (Gujarat)
The Commissionerate of Taxes, Assam Government vide Circular No. 03/2018- GST dated February 2, 2018 has announced, that as per the GST Council, the E-way Bill has been put on a hold, and the date of its implementation will be announced in due course.
In the meanwhile the GST inward and outward permit of taxable goods will continue without an E-way bill, from the Commissionerate of Taxes, Assam.
Read more at:
Section 30, read with section 29, of the Gujarat Value Added Tax Act, 2003 – Interest – Assessment year 2012-13 – Assessing Authority levied interest upon assessee under section 30(5) on plea that tax leviable on overall turnover was paid late – Tribunal deleted interest levied upon assessee – Whether since assessee had furnished returns within time prescribed and had paid into Government treasury whole of amount due from it, provisions of section 30(5) would not be attracted – Held, yes [Para 11] [In favour of assessee]
Section 34 of the Gujarat Value Added Tax Act, 2003 – Search and seizure – Assessment year 2012-13 – Income Tax authorities carried out search upon assessee and found difference in stock, which was less than 5 per cent – In circumstances, assessee made disclosure of unaccounted income of Rs. 15 lakhs and also made statement before Income Tax Authorities – Assessing Authority by placing reliance upon assessee’s statement levied a tax of Rs. 15 lakhs upon it – Tribunal deleted said tax – Whether levy of tax upon assessee merely on basis of statement made by it before Income Tax authorities was rightly deleted by Tribunal – Held, yes [Para 14] [In favour of assessee]
Citation: [2018] 89 taxmann.com 413 (Gujarat)
In a move to regulate the cryptocurrency market in India, Finance Minister Arun Jaitley today cleared that it is not legal tender and it will discourage its use.
However, he mentioned that the government will look at the utilisation of blockchain technology.
During the run-up to the budget, there have been talks that the government could come out with a roadmap to regulate the cryptocurrency market. There has been rising craze among investors to put in their hard-earned money into the highly volatile cryptocurrency market setting off alarm bells in the government.
Even before the budget Jaitley had already said that the Cryptocurrency is not legal tender in India.
There have been reports that several banks have frozen account cryptocurrency exchanges in India, while the registrar of companies (ROC) has stopped registering companies intending to act as such exchanges.
There have also been fears that devious fly-by-night operators would take advantage of the greed among those looking for quick, short term gains and disappear after collect money, causing headache for the government.
Also, there are fears that those with black money, such as the underworld, could be using the cryptocurrency route to invest their tainted money to register gains.
Digital currency, led by the Bitcoin, which has been the most popular among the plethora of options, has gained immense popularity globally. However, the underlying assets have been highly volatile with price movements swinging wildly on news flow.
Globally, there has been a move to clamp down on crypto trading, with countries such as South Korea banning anonymous trade in such currency.
There have also been issues on safety of investors’ accounts against hackers. There have been several instances where accounts of investors have been hacked into by criminal elements who have fled with investor wealth. Currently, there is no way to retrieve such money lost to hackers.
Finance Secretary Hasmukh Adhia on Friday said that the ‘grandfathering’ provision for long-term capital gains tax is equally applicable to foreign portfolio investors (FPIs) after some experts expressed concern over the wording of the amendment in the Finance Bill.
The Income-Tax Department also tweeted that ‘grandfathering’ will be applicable to FPIs.
The fear was that due to the way the amendment was made in the Income-Tax Act, it could mean that FPIs may have been excluded from ‘grandfathering’ longterm capital gains tax. “As far as ‘grandfathering’ and the limit for levy of tax (LTCG) is concerned, it applies to both residents and non-resident investors,” Adhia said.
Before the clarification, tax experts were of the opinion that the Income-Tax Act amendment allowing LTCG tax to be imposed at 10% appeared to leave out FPIs from the ‘grandfathering’ benefit. This would have meant that foreign investors would have had to pay tax on gains exceeding Rs 1 lakh in a financial year from the sale of shares and equity mutual funds. Other classes of investors are exempt from the levy for such gains made up to January 31.
Earlier on Friday, foreign investors went into a huddle with tax experts amid concerns that they may not get the benefit of ‘grandfathering’ — or exemption from — of the LTCG tax proposed in the Budget.
Tax advisors of FPIs rushed to New Delhi to meet senior tax officials and get clarity on the matter. Some experts said the exclusion of FPIs from the ‘grandfathering’ benefit may not have been intentional.
Industry experts said they expect the government to issue a clarification in the coming days. Many FPIs will now have to shell out 10% LTCG tax on their investments unless they move their base to the Netherlands or France to take advantage of tax arbitrage.
Tax-treaty shopping, a practice where foreign investors shift to a country to obtain the benefit of lower or no tax, is set to return to the Indian capital markets following the introduction of LTCG tax, ET reported on Thursday.
While India’s tax treaties with Mauritius, Singapore and Mauritius have been amended to make investors liable to pay tax on their gains, such agreements with the Netherlands and France have not been similarly revised. Many FPIs may now consider setting up a pooling or investment vehicle in the Netherlands or France to obtain the tax advantage.
Read more at: https://economictimes.indiatimes.com/markets/stocks/news/grandfathering-fears-shake-up-fpis/articleshow/62765377.cms