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SINGLE REGISTRATION UNDER GST There are media reports that, the GST Council is contemplating the demand of certain service providers, including e-commerce players, for single registration under Simplified Registration Scheme, proposed to be prescribed under the draft Model GST law 1....
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  By *Vijay Pal Dalmia, Advocate Partner Vaish Associates Advocates Mobile: +919810081079 Email: * The author is a senior litigator with 30 years of experience in court trials and deals with cases relating to prosecution under the Income Tax...
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Section 145 of the Income tax Act, 1961 (“the Act”), as amended by the Finance Act, 1995, empowered the Central Government to notify the Accounting Standards to be followed for computing income under the head “Profits and Gains of Business or...
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Cross credits for aircraft lease taxes under the GST system will be a great boost for the local service industry.  However, the Government will need to carefully consider the inflationary impact of keeping aircraft fuels outside GST. With increasing liberalisation and...
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In a historic breakthrough, the Constitution (One Hundred and Twenty Second Amendment) Bill, 2014 (‘GST Bill’) has been passed unanimously by the Rajya Sabha of the Parliament. This is a significant step and takes the country closer to Goods and Services...
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The implementation of GST will significantly improve the competitiveness and performance of India's manufacturing sector.  However, prior to its roll out, it will be incumbent upon the Indian government to address certain stakeholder concerns, if it wants to foster long term...
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Plagued, as it is, by indirect tax disputes and ambiguities, the implementation of GST is expected to usher in a uniform tax regime and bring some clarity to indirect taxation in the e-commerce sector. Introduction   India is at the threshold...
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Dear Reader, The Government of India released the draft of the Model GST Law into the public domain earlier this week. The attached booklet contains ELP’s analysis of the provisions of the model law. ELP-Analysis-of-Model-GST-Law.pdf We trust you will find this...
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Suresh Kumar Bansal & Others vs. Union of India & Others  – Delhi High Court W.P. (C) 2235/2011 and W.P. (C)  2971/2011 (the judgement was delivered on 3rd June, 2016) FACTS Two Writ Petitions were filed before the Delhi High Court...
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Krishi Kalyan Cess of 0.5% has been recently introduced in Service tax and the effective rate of tax is now 15%. Please find enclosed our alert on various aspects of Krishi Kalyan Cess. ELP-Tax-Alert---Levy-of-Krishi-Kalyan-Cess.pdf We trust you will find this an...
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Much has been written over the past few years about the "Mauritius route" and the "Singapore route", and how these offshore island jurisdictions are in use for avoiding tax by foreign investors as well as misuse by Indian residents who route money back into...
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The Government of India has on May 10, 2016 issued a press release announcing the Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital...
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A full judge bench of the Bombay High Court holds that a scheme settled by two companies is not a document chargeable to stamp duty. Rather, an order passed by the Court sanctioning such a scheme under Section 394 of...
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In furtherance of the amendment made vide the Finance Act, 2015 (as made effective from April 01, 2016) qua the services provided by the Government or Local Authority, the Central Board of Excise and Customs (“CBEC”) has issued Circular No. 192/02/2016...
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Circular No. 4/2016-Cus and Circular No. 5/2016-Cus dated February 9, 2016 Background The Special Valuation Branch (“SVB”) specializes in investigation and assessment of transactions involving special relationships between buyer-seller and certain special features surrounding the sale of imported goods having bearing...
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The Finance Minister has announced the Union Budget 2016-17 and various proposals. The attached booklet contains ELP’s analysis of the proposed amendments. ELP-Budget-2016-Analysis.pdf We trust you will find this a useful read. Should you have any questions, feel free to reach...
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In case of transactions between associated enterprises Special Valuation Branch of Customs (“SVB”) investigates such transactions to arrive at arms’ length price in terms of the Customs Valuation (Determination of Value of Imported Goods) Rules, 2007 [“the Customs Valuation Rules”]. The...
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The Transactional Net Margin Method (‘TNMM’) is a prescribed method for determining the arm’s length price in some cases. It also enjoins the adjustment owing to capacity under-utilization differences. Sizes of entities and level of activities differ, so does the available...
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SALIENT FEATURES /FREQUENTLY ASKED QUESTIONS- GOODS AND SERVICE TAX (GST) LOK SABHA has passed the bill to pave the way for the introduction of the goods and services tax (GST), a levy that was to have been in place five years...
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