by CA Atul Kumar Gupta, CA Ajay Sharma & CA Swati Chutani
UAE VAT: Law and Procedures provides a comprehensive analysis of the law governing Value Added Tax (VAT) in UAE and its implementation. Divided into two parts, Part I comprises of chapters which explain the provisions of law and compliances by the industry. Part II contains the legislation on VAT and Tax procedures, User Guide issued by the Federal Tax Authority (FTA), and Clarification issued by FTA.
In line with the objectives of the GCC Economic Agreement of 2001, which seeks to reach advanced stages of economic integration, and develop similar legislation throughout the GCC, the GCC (Gulf Country Corporation) has introduced the Unified GCC VAT law to implement VAT in the Gulf Region.
The UAE has introduced the VAT decree law No. 08 of the 2017 in the parliament and made it applicable from 1st January 2018 throughout the UAE. Immediately after the introduction of the Excise law in the UAE for specified goods only, the implementation of the VAT is a challenge for industry to comply with and to understand the legislative structure.
Through this publication, the aim is to facilitate the industry in adopting the newly introduced law. The book will be a valuable addition to the tax practitioners and consultants in the UAE, judiciary, corporations and industries governed by VAT laws, and students of law and taxation.
A compilation of papers presented at various forums
These papers focus on the intricacies that arise when one interprets the law in the context of complex tax structures. It is an attempt to ignite the thought process of the readers to next level.
- Includes discussion on complex business structures in the cross border outsourcing and EPC space
- Contains reactive legislative amendments in the form of Indirect Transfer Provisions, Equalisation levy, POEM and GAAR
- Provides a concluding angle by giving an instance of judiciary stepping in when legislature stands helpless to ensure justice.
Covering the SEBI (ICDR) Regulations, 2018
Issue of Capital and Disclosure Requirements is the first publication in the, SEBI Regulations – Practical Reference Series, providing clarity on the recently introduced SEBI (ICDR) Regulations, 2018.
A first of its kind, SEBI Regulations – Practical Reference Series will cover the full gamut of key SEBI regulations in concise individual volumes covering the provisions, relevant case law and easy to refer tables. The aim is to provide a practical reference tool to the readers to quickly understand these regulations.
The current volume in addition to presenting the key provisions of the SEBI (ICDR) Regulations, 2018 also includes the following key features:
Tabular representation of the comparative study of the 2009 Regulations and 2018 Regulations
Analysis of key Informal Guidance issued by SEBI under the 2009 Regulations
Covers significant adjudication orders under the 2009 Regulations
Includes important orders issued by the Securities Appellate Tribunal
The book will be highly useful to practitioners, law firms, corporate entities and professionals, adjudicating officers, department officials, chartered accountants, company secretaries, and public sector units.
Analysis of Scope of total income under Income Tax Act, 1961
Decoding Section 5 by H Padamchand Khincha and K K Chythanya provides an in-depth analysis on Section 5 of Income tax Act, 1961 and discusses its interplay with other provisions of the Act. Largely untouched by legislative amendments, the authors of the book have attempted to peel through years of judicial exposition on the provision and adopt a fresh and unfettered approach. The authors dig deep with their research, to analyze many terms used in the legislation, which are sometimes used inter-changeably or which are bandied about without full appreciation.
The difference between Receipt and Accrual of Income has long been a bone of contention between the tax collector and tax payer. The true import and wider ramifications of “receipt”, “accrual” and “deemed accrual” are succinctly explained, as also the genesis of Double Taxation Avoidance Laws. The celebrated decision of the Apex court in Vodafone case, which also exposits concepts of accrual and deemed accrual have been explained in a manner which would be appreciated both by tax practitioners as well as a layman. The book would be an asset in any library and it is recommended in classrooms too for a better understanding of Section 5 of the Income Tax Act, 1961, which are the pillars of the Act.
Excerpt from Foreword:
"After reading this book, I realized how essential it was for every tax practitioner to periodically go back to the basics and revisit the fundamentals of tax law… Padamchand and Chythanya have literally brought sections 4 and 5 to life… It is necessary that every person dealing with the Act has a copy of this book. It should not only adorn one’s bookshelf, but all of us must also make it a point to read it periodically…"
~ Arvind P Datar, Senior Advocate
Analysing the evolution of taxation law in India
Tax, Constitution and the Supreme Court discusses the fundamental principles of taxation as expounded by the Supreme Court through its judicial pronouncements from 1950 till date in a simple and lucid manner. The author seeks to trace the evolution of taxation laws in India, which entails an in-depth and comprehensive understanding of the constitutional provisions as well as the decisions of the Supreme Court.
The book addresses some of the fundamental questions on taxation, a concept which forms a part of everyone’s lives. Presented in thematically arranged chapters, the book delves into the first principles and covers themes including Concept and components of a tax, Legislative power & legislative fields, Territorial jurisdiction, Retrospective taxation, Tax planning versus evasion, and, Interpretation of Statutes.
The book will be a valuable addition to the libraries of practitioners, law firms, chartered accountants, tax consultants, academicians, students, and law school.
About the Author:
Karthik Sundaram, is an independent advocate practicing in the Madras High Court, with over a decade of experience in the field of taxation. He extensively focuses on Indirect tax litigation including Customs, GST, erstwhile Service Tax, VAT, Excise, and, Trade Policy & Anti-dumping related measures. He has and continues to be involved in various high-stake tax disputes at the Tribunal and High Court level for various Fortune 500 companies, large MNCs, and, Indian businesses. Karthik has a significant number of articles on taxation to his credit and is a regular speaker at various conferences/seminars across India on the topic of taxation.
With free Updated Supplement Including the Amendments of the 31st GST Council meeting as on 31 December 2018
GST Audit and Annual Return Manual provides guidance on verification of the completeness and authenticity, both technically and logically, of Input Tax Credit by Companies and Auditors.
Includes checklist for Input Tax Credit health check
Clarifies position on availing of Input Tax Credit in disputed issues including CSR, work contract, Motor vehicle
Examines Input Tax Credit in relation to Gift and Business promotion
Contains checklists to ensure compliance with provisions related to Input Tax Credit
* Blocked credit
* Job work
* Input Service Distributor
* Reversal of common ITC
Provides clarity on
* True and Correct View v/s True and fair view for the Auditor
* Ambiguity on adoption of accounts of Statutory auditor/ other auditor under any other law or Separate Auditor for GST audit of accounts
* GST Audit state-wise vis-a-vis PAN India
* Annual Returns linked with other returns
* Auditor’s position in case of various kind of mismatch between GSTR – 2A & GSTR – 3B
Analysis of the relevance of September return
Highlights the role of CA/ICWA in GST Audit
Enumerates Key Actions Points in case of mismatch
Examines applicability of rate of interest under various kinds of defaults
Discusses advance ruling including the impact of 2018 Amendments
Includes checklists for the Auditors
Provides section-wise analysis of GSTR-9C with practical Illustrations
Covers FAQs on the Annual Return and GST Audit
A compilation of GST Law for quick reference
- Introduction of GST in India
- The Constitution (One Hundred and First Amendment) Act, 2016
- The Central Goods and Services Tax Act, 2017
- The Integrated Goods and Services Tax Act, 2017
- The Union Territory Goods and Services Tax Act, 2017
- The Goods and Services Tax (Compensation to States) Act, 2017
- The Central Goods and Services Tax Rules, 2017
- The Integrated Goods and Services Tax Rules, 2017
- The Goods and Services Tax Compensation Cess Rules, 2017
*To be released immediately after Presidential Assent
- 1961 Act updated till Finance Act, 2018
- Appendix consists of Text of Allied Act(s) to 1961 Act
- Bird's eye view chart depicting section along with its relevant rules and relevant Forms as also circulars/notifications, etc.
The handbook includes
- Introduction of GST in India
• The Constitution (One Hundred and Twenty-second Amendment) Bill, 2014
• The Constitution (One Hundred and First Amendment) Act, 2016
• Text of Relevant Provisions of the Constitution of India pertaining to GST
• The Central Goods and Services Tax Act, 2017
• The Integrated Goods and Services Tax Act, 2017
• The Union Territory Goods and Services Tax Act, 2017
• The Goods and Services Tax (Compensation to States) Act, 2017
• The Central Goods and Services Tax Rules, 2017
• The Integrated Goods and Services Tax Rules, 2017
• The Goods and Services Tax Compensation Cess Rules, 2017
• The Taxation Laws (Amendment) Act, 2017 as also List of Cesses abolished since 2015
• New Chapter on GST Cases “GST—Case Capsules”
• Text of Important Notifications/Circulars Relating to GST
• Table of Notifications
• Table of Circulars
• Annotated text of Acts and Rules
• Footnote references to date of enforcement, legislative developments, relevant notifications/circulars and Rules at appropriate places
• Relevant Provisions of the Constitution of India as amended by the Constitution (One Hundred and First Amendment) Act, 2016
• The Central Goods and Services Tax Rules, 2017 as amended by (Fourth Amendment) Rules, 2018
• Updated text of important notifications/circulars
• Table of Notifications as also of Circulars for quick reference
Edited by Parthasarathi Shome
Challenges in Domestic and International Taxation: Emerging Indian Experience contains a collection of rich investigations and associated policy recommendations by ITRAF researchers completed during the 2017-18 period who take up new topics that have appeared on the horizon of income taxation. Some of the key challenges that have been delved in detail in the volume through an analysis of the existing regime, the gaps therein, the new challenges in economy and recommendations on way forward are:
- Principles of taxation to be ideally adhered in formulating tax policy and administration from the perspective of tax revenue trends, Corporate tax rate structure, Goods and Services tax in India
- Charitable contributions, philanthropy and taxation in India analyzing the issues, global experience and concerns
- Taxation of Digital Economy examining a wide range of policy issues and judicial developments in India
- Tax treaties and Multilateral Instrument, impact on the role and relevance of double taxation avoidance agreements (DTAA’s) or tax treaties, and analysis of the minimum standards in the MLI
- Cryptocurrency and bitcoin that are able to assume virtual existence while enabling international payments and broader arrangements raise questions relating to circumvention of existing regulation or taxation
- International Exchange of Information and the ability of tax authorities to protect and ensure the rights of taxpayers
K.R. Girish, Founder Member and Director on the Board of ITRAF
K.R. Sekar, Tax Partner with Deloitte and Lead, Global Business Tax Practice for Deloitte India
Priya Narayanan, Director, Global Tax Business, Deloitte
Ankitha Kumari, Deputy Manager, Deloitte, Bengaluru Office
Indraneel Roy Choudhury, Tax Partner and Member of Governance Board, PricewaterhouseCoopers Private Limited
Saurav Bhattacharya, Chartered Accountant and Certified Public Accountant (CPA)
Rohit Roy, Assistant Professor of Law, Christ University (Deemed University), Bengaluru
Meyyappan Nagappan, Leader, International Tax Practice at Nishith Desai Associates
H. Padamchand Khincha, Partner, H.C. Khincha & Co., Bengaluru
Neha P. Khincha, Chartered Accountant working with H.C. Khincha & Co.
Priya Kothari, Chartered Accountant working with H.C. Khincha & Co.
*To be released immediately after the Forms have been notified
- Legislative happenings since inception till date
- Y. 2018-19 [New IT Return Forms]
- Up-to-date Allied Schemes & Rules
- Easy-to-understand Tables