DELHI VALUE ADDED TAX ACT

Budget 2024: DPIIT seeks Angel tax, inverted duty removal in Budget

The Department for Promotion of Industry and Internal Trade (DPIIT) has proposed eliminating the Angel Tax for startups ahead of Budget 2024, said Secretary Rajesh Kumar Singh. Introduced in 2012 under Section 56(2)(viib) as an anti-abuse measure to prevent tax evasion, the tax is levied above 30%. DPIIT asserts this removal could enhance capital formation in India.

High taxes, selective bans drive 30% growth in illegal online gambling in India, says study

The illegal betting market, already thriving in India, is expected to grow by 30% in the coming years, as per a new study. Inadequate legal frameworks, selective banning, and high taxation on legitimate online gaming platforms seem to be key factors contributing to this trend.

Discounting wars in quick commerce; tax relief for ecommerce suppliers

The recent funding raised by Zepto may trigger a discounting war in the quick commerce space. This and more in today’s ETtech Morning Dispatch.

Alliance with TDP, JanaSena a 'case study': Andhra Pradesh BJP chief Daggubati Purandeswari

The BJP-TDP alliance in Andhra Pradesh, with the involvement of JanaSena Party, is highlighted as a successful coalition model by BJP's Andhra Pradesh unit president, Daggubati Purandeswari. Despite BJP joining the alliance later, strong coordination mechanisms have been established at all levels, leading to a consolidated electoral and governance approach. The alliance's synergy is attributed to shared ideological values, such as 'Antayodya' and 'Sabka Saath, Sabka Vikas', emphasizing the common ideologies of the partners.

Central Excise Bill may be introduced in budget session

The Centre is set to introduce the Central Excise Bill, 2024 to replace the outdated Central Excise Act, 1944 and align excise law with GST and customs. The bill aims to reduce compliance burden, enhance transparency, and address excise duty exemptions for SEZs. It also empowers authorities to demand duty and introduces the concept of 'related persons' from customs and GST laws.

Gas sector may come under GST purview in Modi 3.0, GAIL, MGL to be top beneficiaries: Citi

Citi Research suggests yet-to-form NDA government could bring gas sector under GST tax. Top bets in energy sector are GAIL (India) and Mahanagar Gas Limited (MGL).

Forex remittances worth Rs 50,000 crore under ED scanner

Delhi-based entity made illegal sale of cryptocurrencies, sent proceeds to Hong Kong and Canada. Bank officials too being probed for leaking info, helping accused. The agency has carried out searches on residences of one of the suspects, Manideep Mago, and his company, Birfa IT Services.

Hindalco unit Novelis to debut on NYSE in 2 weeks at likely valuation of $12.6 bln

Hindalco will raise up to $945 million at the upper end of the proposed price range. Including a green-shoe option, whereby it could offer another 6.75 million shares, or a 1.1% stake, in case of overallotment, the total proceeds for the sole shareholder of Novelis could go up to $1.09 billion.

Granules India Q4 Results: Net profit rises 8% YoY to Rs 130 crore

Drug firm Granules India on Wednesday reported 8 per cent increase in consolidated profit after tax at Rs 130 crore for the fourth quarter ended March 31, 2024. The drug firm had posted a profit after tax (PAT) of Rs 120 crore for January-March FY23.

Delhi govt cleared proposal to increase pecuniary jurisdiction of civil courts, HC told

Delhi govt approved raising pecuniary jurisdiction of civil courts to Rs 20 lakh, pending Centre's amendment. Amit Sahni plea on hold since high court decision. Request to increase appellate jurisdiction for district judges.

SC asks Centre to not use "threat and coercion" in GST recovery operations

The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals time to seek advice and settle liabilities.

Serum Institute of India challenges tax amendment in SC; claims capital subsidies as non-taxable

Vaccine manufacturer Serum Institute of India (SSI) has filed a challenge to the Supreme Court against a 2016 amendment to the Income Tax Act that made subsidies, grants, waivers, concessions, or reimbursements by the Centre or states or incentives in cash or kind as taxable. The amendment had inserted sub-clause (xviii) to Section 2(24), which defines taxable "income". The case was filed under the Package Scheme of Incentives-2013, which provided various incentives to major industries for five years.

Corporate affairs ministry bats for effective cost audits to curb corporate frauds

Corporate Affairs Ministry highlights the importance of cost audits in preventing manipulation by companies, such as misleading banks and evading taxes like GST. Compliance with the Companies Act, 2013 is crucial for monitoring cost records.

Report all high-value transactions of FY23 by June 30: CBDT

CBDT mandated SROs to report high-value transactions by June 30. 6,000 entities failed to comply, lacking data. Form 61A enforcement in progress for Income Tax Act adherence.

Assessment proceedings against Congress were set to get time-barred: Sources

Assessments against the Congress party were reopened for 7 years (assessment years 2014-15 to 2020-21), based on incriminating material seized, the sources added. During search operations, specifically in April 2019, extensive use of cash in the electoral process was found, sources added.

Recovery of Rs 135 cr from Congress as per provisions of Income Tax Act: Sources

The Congress party lost its income tax exemption for the 2018-19 fiscal year due to extensive cash usage in the electoral process, resulting in a Rs 135 crore tax recovery, in accordance with the Income Tax Act. Seized material during search operations in April 2019 indicated significant cash usage, prompting assessments to be reopened for seven years.

After being imposed income tax on Rs 1.48 cr payout from surrendered pension policy, NRI filed appeal in ITAT and wins

Income tax appeal: A non-resident Indian (NRI) has won a appeal in the Mumbai bench of Income Tax Appellate Tribunal (ITAT). What happened was the NRI surrendered a pension policy purchased from ICICI Prudential Life Insurance Company and got Rs 1.48 crore. Income tax assessing officer however imposed tax on this income of Rs 1.48 crore.

CBIC working to weed out duplicate notices

Courts have made adverse comments in many such cases of parallel investigations. The matter was discussed at a recent meeting of enforcement officials from the central and state GST departments, chaired by union finance minister Nirmala Sitharaman. "There are instances where both the Centre and states have issued notices or have started investigations in the same case. We are working on a detailed directive on that," a senior official told ET.

Asian Paints gets GST demand notices worth Rs 2.07 crore

The three orders related to the availing of "alleged ineligible Input Tax Credit (ITC)," were received on December 30, the leading paints maker said in a regulatory filing. These include an order passed under the Central Goods and Services Tax Act and Andhra Pradesh Goods and Services Tax Act for FY18-FY20, raising a demand of Rs 1.01 crore, disallowing ITC pertaining to repair and maintenance, travelling, and promotional expenses, and a penalty of Rs 5.72 lakh.

Delhi HC dismisses NewsClick's plea for stay on income tax demand

The Delhi High Court has rejected a plea by news portal NewsClick seeking a stay on the income tax demand during the pendency of an appeal before the Commissioner of Income Tax (Appeals). The court stated that NewsClick failed to establish a prima facie case in its favor and has "a lot to answer" in the appeal. The assessing officer had made findings against the portal, stating that the transaction between NewsClick and a foreign entity was based on "reverse engineering."

Delhi High Court asks taxman to process Flipkart India's ₹6.63 crore claim in three weeks

A division bench of Justices Yashwant Varma and Dharmesh Sharma said "...we note that the respondents (VAT tax officer) clearly appear to have acted arbitrarily in making numerous adjustments post May 31, 2015 and, thus illegally depriving the petitioner (Flipkart) of the refund as claimed."

No relief for actor Anushka Sharma; HC disposes of pleas against sales tax demand, says alternate remedy of appeal available

The Bombay High Court on Thursday refused relief to actor Anushka Sharma and disposed of her petitions challenging orders passed by the state Sales Tax department demanding tax for assessment years between 2012 to 2016 under the Maharashtra Value Added Tax Act. Sharma had filed four petitions challenging four orders passed by the Sales Tax department levying tax for assessment years 2012-13, 2013-14, 2014-15 and 2015-16 under the Act.

No relief for actor Anushka Sharma; HC disposes of pleas against sales tax demand, directs to appeal to appellate arbitration