Taxation Laws

Himachal Excise, Taxation Dept inspects stocks of Adani Wilmar at Parwanoo

The Parwanoo South Zone Enforcement wing of Himachal Excise and Taxation Department inspected stocks of Adani Wilmar Ltd at Parwanoo late Wednesday evening. It was a routine inspection of stock, officials of the excise and tax department told the PTI on Thursday. The company, engaged in warehousing of Kirana (grocery items), also provides goods to the civil supplies department and police department in the state. It has recorded a business of Rs 135 crore last year. The company's entire GST input was adjusted through tax credit but no payment was made in cash, the excise department has said. Seven companies of the Adani Group are doing business in the state.

GST Council defers GoMs reports on appellate tribunal, capacity-based tax

Clarifies compensation cess of 22 per cent on SUVs, said tax treatment of MUVs to be examined; nods to the decriminalisation of GST offences

Laid off? Seek advice before claiming tax exemption on severance pay

You can claim only if the payout is voluntary and you have documentary proof to this effect

House panel flags poor placements, under-utilisation of funds in PMKVY 3.0

The committee is particularly concerned about the third edition of the scheme, as placement figures fall below 10%

GoM on casinos, online gaming taxation may finalise report in 7-10 days

A panel of state finance ministers on taxation of casinos and online gaming on Monday met and decided to seek legal opinion on valuation criteria for all these segments. The Group of Ministers (GoM) headed by Meghalaya chief minister Conrad Sangma said, "After taking the opinion of stakeholders and after successive meetings to seek the suggestions of all members, we will take legal opinion before submitting the final report". The GoM on casinos and online gaming taxation is likely to finalise its report in 7-10 days, he said after the meeting here. The panel in an earlier report had proposed to the GST Council to levy 28 per cent GST on gross sales value as horse racing, online gaming and casinos are akin to betting or gambling. Sources said the GoM is open to considering different rates and valuation mechanisms for online gaming, casinos, and horse racing. The government in May last year set up a panel of state ministers for better valuation of services of casinos, online gaming

Delhi HC allows Vivo to operate accounts frozen by ED in tax evasion probe

Vivo can operate its bank accounts to the extent that a balance of Rs 250 crore is maintained in its accounts at all times, the court said

Taxing pizzas, ice cream or vehicles: GST is neither good nor simple

Separate state-wise Appellate Authority for Advance Ruling don't serve a useful purpose: there is a need for a national one.

ITAT refuses to stay tax demand on former owner of Raw Pressery brand

Rs 123 crore of tax demanded on shares sold for huge premium to actress Jacqueline Fernandes, Mauritius-based entities

Tax laws made complicated by exemptions, need to be simplified: Tarun Bajaj

Revenue Secy says govt wanted a stable and predictable tax regime, so very little tinkering was done in the Union Budget

IT raids on 2 cellphone firms find Rs 1,400-crore understating of profit

Evidence has emerged that the two companies could be under-stating taxable profit by more than Rs 1,400 crore.

Wanted, a panel to settle tax disputes

The government should constitute a panel to examine disputes, especially those where the Department has lost in the lower forums and appealed in a higher one

New terms for settling retrospective tax cases may be unwieldy: Experts

Any dispute subject to jurisdiction of Indian courts could be a prickly issue, say experts

Cairn, Air India seek stay on New York court proceedings

The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn

Govt approaches 17 companies to settle retrospective tax cases

The rules under the Taxation Laws (Amendment) Act, 2021, are expected this week

Reading down retro tax law gives govt opportunity to renew BIPA

Several law firms representing interests of companies abroad hope this will happen soon

Govt's retro tax settlement with Cairn Energy may hinge on Vedanta case

India lost the international arbitration with Cairn Energy at The Hague in December and the former was given an award of $1.2 billion

Retro tax gone, industry must revive animal spirits: Revenue Secretary

Revenue Secretary Tarun Bajaj says withdrawal of retrospective tax amendments is the government's policy to provide a stable and predictable tax regime

Retrospective tax: India eyes entry into global bond indices in a year

An entry into some of these indices is expected to generate an additional $20 billion of foreign investment into the economy

Govt buries retrospective tax, introduces Bill to amend Income Tax Act

Bill to scrap the law tabled; proposed refund at around Rs 8,100 crore

Retrospective tax policy burial does not come as a surprise

While it is good to see the government take this step, the question remains whether investors who have obtained an award that comprises of interest component will take up the offer.