Society News for month of June 2023
Details:
LEARNING EVENTS AT BCAS
1. It’s about Beverages – A GST Perspective – Indirect Tax Laws Study Circle Meeting
In a meeting organised on 8th May, 2023, CA Gaurav Kenkre, group leader of the BCAS Indirect Tax Laws Study Circle presented six crisp and interesting case studies on GST rates, classification and input tax
credit on supply of Beverages. The presentation and discussion broadly covered the intricacies on the following topics:
1. Eligibility of Input Tax Credit on purchase of various beverages (including water) for consumption of staff, customers, etc.,
2. Charge of GST on Cocktails (Mix of alcoholic and non-alcoholic drink) in a Pub,
3. Charge of GST on Cover Charge towards unlimited alcoholic drinks and food,
4. Reversal of Input Tax Credit towards use of non-alcoholic drinks along with alcoholic drinks,
5. HSN classification of carbonated fruit beverages,
6. HSN classification of aerated tea beverages.
Around 102 participants across India benefitted by actively participating in the meeting held under the mentorship of Adv. A Jatin Christopher.
2. Controversies under Liberalised Remittance Scheme (‘LRS’) – FEMA Study Circle Meeting
On 28th April, 2023, a meeting of the FEMA Study Circle was organised. The meeting was led by CA Bhavya Gandhi, group leader. The topic for the meeting was “Controversies under Liberalised Remittance Scheme.”
The meeting focused on issues arising from the amendments to the LRS in August 2022, especially the restriction on holding idle funds abroad beyond 180 days, clubbing of remittances for purchase of immovable property abroad and insertion of definition of “bonafide business activity.” Other existing controversies under LRS were also taken up like extending loans under LRS, remittance out of borrowed funds, etc. The relevant provisions and issues under each controversy were presented by the speaker along with his views on the same.
Held at the Society’s premises, the meeting was attended by about 15 members in-person and over 90 members virtually. The members raised and discussed several queries and also shared their views and practical experiences.
3. GST implications on Digital Assets – Indirect Tax Laws Study Circle Meeting
The Indirect Tax Laws Study Circle of the Society held a meeting to discuss the Goods and Services Tax (‘GST’) implications of digital assets. The meeting was led by CA. Hanish S, discussing six case studies that addressed the practical issues of virtual digital assets. The presentation and discussion covered the following topics:
1. Understanding whether Virtual Digital Assets/Crypto Currency are currency as per GST Law,
2. Whether purchase or sale through mobile app tantamount to supply,
3. If consideration of supply is discharged in crypto currency whether it results in a separate supply,
4. Can crypto assets or virtual digital assets be attached as property of taxable person by the department in case of non-recovery of taxes or other dues,
5. GST implications on mining rewards w.r.t supply, employer-employee relationship and subsequently Schedule I effect and overall GST Implications.
6. Can illegal income be subjected to tax like Income tax Act.
74 participants from all over India took an active part in the meeting held under the mentorship of Adv. K. Vaitheeswaran. Participants expressed gratitude for the immense work of the group leader and expert inputs by the mentor.
4. आDaan-प्रDaan – Season 2
In the words of Galileo Galilei, “You cannot teach a man anything. You can only help him discover it within himself.”
Seminar, the Public Relations & Membership Development Committee of the Society organized the second season of the आDaan-प्रDaan meeting with an aim to nurture young professionals and give them an opportunity to explore the possibilities that await them. The meeting was held under the guidance of senior professionals who in turn derived the satisfaction of having mentored young professionals and contributed to their lives.
The Committee invited registrations from both members and non-members aged thirty-five and below. It also reserved a few seats for women participants with no age limit. The mentees performed their own SWOT analysis and shared their questions and concerns at the time of registration. They were also requested to submit their CV to enable the mentor to prepare better for the online mentoring session.
Season 2 of the special series “आDaan-प्रDaan” saw twenty-three mentors from the Core Group help twenty-nine mentees introspect, reflect and discover the potential within themselves. These twenty-nine mentees hailed from six states and included three rank-holders.
Due care was taken to pair the right mentor with the mentee, and the online session was scheduled at their mutual convenience. In most cases, the session went well beyond the planned sixty minutes, with both the mentor and mentee enjoying the conversation and identifying the prospects that lie ahead for the mentee.
The feedback obtained post the session from both the mentees and mentors to this unique program was exceptionally encouraging.
