As the basic law and rates settle down, authorities are bracing for the next round – legal challenges from businesses.
![GST's New Battlefront](https://magarticles.magzter.com/articles/161/324997/5c3c0cdd0c7d2/GSTs-New-Battlefront.jpg)
IN JUNE 2018, when the Goods and Services Tax (GST) was about to complete a year, BT had asked former revenue secretary Hasmukh Adhia if the government was worried about the more than 100 writ petitions filed in various high courts against many of the new tax system’s provisions. A confident Adhia had then said that “many writ petitions, 200-300, have been filed (against GST)” and the government was prepared to fight those petitions.
The number of writ petitions has gone up since then, and if the tax and legal fraternity is to be believed, it is beginning to worry the government as well. The revenue department, say experts, is not prepared to face these cases. “The department side was not well represented in high courts, so much so that the government had to issue a circular saying that (tax) commissioners should support (lawyers representing the revenue department) in these litigations,” says a GST consultant at a Big Four audit firm.
Even though the assessment of GST returns is yet to begin (the deadline for filing annual returns and GST audits has been extended from December 31, 2018, to June 30, 2019), tax and legal experts are expecting a flood of litigation as taxpayers begin to read the fine print of the law and take a close look at their tax liabilities, input tax claims, etc.
Initially, businesses were just filling forms, running to catch the bus, says Mekhla Anand, Partner, Tax Practice, Cyril Amarchand Mangaldas. Now, they have started reading the fine print, she adds. “There are a lot of concerns about transitional input (tax) credits, area-based exemptions, issues regarding inverted duty structure, conflicting laws, etc,” she says.
هذه القصة مأخوذة من طبعة January 21, 2019 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة January 21, 2019 من Business Today.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
![DE-RISKING THE BOOKS](https://reseuro.magzter.com/100x125/articles/161/1725442/jESmNTPWP1717765655679/DERISKING-THE-BOOKS.jpg)
DE-RISKING THE BOOKS
INDIAN BANKS ARE BEGINNING TO TAKE BABY STEPS TOWARDS ADDRESSING CLIMATE-RELATED FINANCIAL RISKS IN THEIR BOOKS. BUT THEY MUST PUT THEIR FOOT ON THE PEDAL AND ENHANCE PREPAREDNESS
![PAYING FOR CHANGE](https://reseuro.magzter.com/100x125/articles/161/1725442/oAPvDB_t71717765380982/PAYING-FOR-CHANGE.jpg)
PAYING FOR CHANGE
WITH EXTREME WEATHER INCREASINGLY PUTTING THE COUNTRY AND ITS ECONOMY AT RISK, INDIA SHOULD EXPLORE CLIMATE FINANCE PATHWAYS TO FUND ITS NET-ZERO JOURNEY TOWARDS A GREENER FUTURE
![BEYOND THE BLIP](https://reseuro.magzter.com/100x125/articles/161/1725442/tzIsAwjfd1717764881447/BEYOND-THE-BLIP.jpg)
BEYOND THE BLIP
ESG HAS BEEN UNDER SCRUTINY GLOBALLY AMID ALLEGATIONS OF GREENWASHING AND RECORD REDEMPTIONS FROM ESG FUNDS. BUT THAT MAY JUST BE ONE SIDE OF THE STORY, SINCE SUSTAINABLE PRACTICES HAVE BECOME CORE COMPONENTS OF COMPANIES' STRATEGIES
![BANDHAN AT A CROSSROADS](https://reseuro.magzter.com/100x125/articles/161/1725442/rs8PWsWlw1717761427398/BANDHAN-AT-A-CROSSROADS.jpg)
BANDHAN AT A CROSSROADS
THE BELEAGUERED LENDER, LED BY CHANDRA SHEKHAR GHOSH, HAS FACED A HOST OF CHALLENGES IN RECENT TIMES. IT HAS READIED A BLUEPRINT TO DEAL WITH THEM. BUT WILL IT SUCCEED WITHOUT GHOSH AT THE HELM?
![RESULT AND REPERCUSSIONS](https://reseuro.magzter.com/100x125/articles/161/1725442/kUbxBouy21717761103172/RESULT-AND-REPERCUSSIONS.jpg)
RESULT AND REPERCUSSIONS
After the verdict, the Street has turned cautious with analysts expecting the new government to reassess some of its policy priorities
![D-STREET ANGELS](https://reseuro.magzter.com/100x125/articles/161/1725442/cELHT8wm_1717759457537/DSTREET-ANGELS.jpg)
D-STREET ANGELS
FACED WITH A DEARTH OF PURE-PLAY THEMES IN THE SECONDARY MARKETS, SEASONED INVESTORS LIKE VIJAY KEDIA, MUKUL MAHAVIR AGRAWAL, AND THE JHUNJHUNWALAS HAVE TRAINED THEIR SIGHTS ON THE START-UP
![A Man of Multitudes](https://reseuro.magzter.com/100x125/articles/161/1725442/O-5AS37q81717767719958/A-MAN-OF-MULTITUDES.jpg)
A Man of Multitudes
IN A NEW BOOK, CAPTAINS OF INDIA INC. AND OTHERS PAY TRIBUTE TO RAHUL BAJAJ, THE TITAN OF INDIAN INDUSTRY
![HOUSE OF THE RISING SUN](https://reseuro.magzter.com/100x125/articles/161/1725442/BFI5VM4lG1717767254941/HOUSE-OF-THE-RISING-SUN.jpg)
HOUSE OF THE RISING SUN
WITH THE GOVERNMENT OFFERING SUBSIDIES UNDER THE PM SURYA GHAR MUFT BIJLI YOJANA, MANY HOUSEHOLDS HAVE TAKEN A SHINE TO SOLAR ROOFTOP PANELS. BUT HOW MUCH DO THEY COST?
![FROM GREY TO GREEN](https://reseuro.magzter.com/100x125/articles/161/1725442/Js4WF2MIA1717766932516/FROM-GREY-TO-GREEN.jpg)
FROM GREY TO GREEN
WITH THE CLIMATE CRISIS BECOMING MORE ACUTE, GREEN HYDROGEN COULD BE AN IMPORTANT SOLUTION
![ECO CHAMBER](https://reseuro.magzter.com/100x125/articles/161/1725442/yjblZGQUF1717766583387/ECO-CHAMBER.jpg)
ECO CHAMBER
DATA CENTRES ARE A VERY VITAL PART OF THE DIGITAL TRANSFORMATION THAT IS UNDERWAY, BUT THERE'S A PROBLEM: THEY CONSUME TOO MUCH ENERGY. AS DEMAND FOR SUCH CENTRES INCREASES IN INDIA, IT HAS NO OPTION BUT TO EMBRACE GREEN SOLUTIONS