As the basic law and rates settle down, authorities are bracing for the next round – legal challenges from businesses.
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.
This story is from the January 21, 2019 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 21, 2019 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Time To Unshackle?
Young India Is Obsessed With Apps. But The Gateway To Them Is Closely Guarded By Two Tech Behemoths-google And Apple-who Control 99% Of The Market In India. Is It Time For India To Break Free From This Duopoly And Have Its Own App Store?
"Understand what drives key talent"
Novartis India is a part of the Basel, Switzerland-headquartered pharma major Novartis AG
MILLENNIALS MISSING HOME
SKY-HIGH PROPERTY PRICES, COUPLED WITH SLOW INCOME GROWTH, HAVE MADE THE DREAM OF OWNING A HOME A DISTANT ONE FOR MANY MILLENNIALS. THIS COULD LEAD TO STAGNATION IN SOCIAL MOBILITY AND POTENTIALLY DEEPEN EXISTING SOCIAL INEQUALITIES
SIGNATURE MOVE
SIGNATURE GLOBAL, A LEADER IN AFFORDABLE HOUSING, IS LOOKING TO GET BACK IN THE BLACK WITH A SHIFT IN FOCUS TO MID-SEGMENT AND PREMIUM HOUSING AFTER LOW-COST PROJECTS BECAME UNVIABLE FOR DEVELOPERS
MAKING A MARK
PHARMA MAJOR GLENMARK IS STRATEGICALLY PLOTTING ITS WAY UP, ALL BY SHIFTING ITS FOCUS TO BRANDED AND SPECIALITY MEDICINE AND ENSURING IT GETS ITS R&D RIGHT
DIGITAL DICHOTOMY
Where does one draw the line between protecting consumer interests and maintaining market freedom? Industry and experts are debating this even as the Digital Competition Bill seeks to rein in Big Tech firms in India, the world's second-largest internet market
"ChatGPT helped people understand the benefits of using AI"
Humane Inc. Co-founders Imran Chaudhri and Bethany Bongiorno on AI, their product, the company's vision, and more
ON THE FAST TRACK
THE DEDICATED FREIGHT CORRIDORS (DFC) NETWORK OF THE INDIAN RAILWAYS HAS STARTED ATTRACTING MORE FREIGHT PLAYERS. FROM CONNECTING MAJOR PORTS TO CRISS-CROSSING MULTIMODAL LOGISTICS PARKS, DFCS ARE SET TO BE A GAME CHANGER FOR FREIGHT SERVICES IN INDIA
WE HAVE A MODEL MADE IN INDIA, FOR INDIA, AND BY INDIA"
Manish Tiwary, Country Manager of Amazon India, on the opportunities in the country, digital, and more
WHAT THE FUTURE HOLDS FOR AMAZON INDIA
THE E-COMMERCE GIANT HAS SEEN STEADY GROWTH SINCE ITS ENTRY INTO INDIA IN 2013, BUT THE OFFLINE PIECE REMAINS A CHALLENGE. AFTER LOSING OUT ON THE FUTURE RETAIL ACQUISITION, HOW DOES IT PLAN TO KEEP THE GROWTH ENGINES REVVING?