Direct Tax Home Refresher Course – 5 Know More

Society News for month of November 2023



1. Indirect Tax Laws Study Circle – Legal position w.r.t conditional rate notifications under GST held on 16th October, 2023, in Online Mode.

The group leader CA Archit Agarwal had prepared 6 case studies on various issues revolving around the topics covering live issues, circulars and AARs / HC judgments. The case studies covered the following aspects for a detailed discussion:

1. Whether GST @ 18 per cent with ITC can be paid despite the specific entry in the rate notification?

2. Whether taxpayers can change the method of payment of GST from 18 per cent with ITC to a specific rate of 5 per cent without ITC after 5 years (i.e., after the ITC portion of the aircraft gets fully depreciated)?

3. Whether the conditions of lapsing of ITC on inverted duty structure through circular is legally valid?

4. Whether procedural lapse of filing declaration for opting GST @ 12 per cent with ITC for GTA be defended after the issue of SCN and whether any other remedy is available?.

5. Issues in the claim of abatement towards land cost by Taxpayers in Real Estate and Construction.

6. Issues and remedies for a claim of ITC on delayed development projects and sale of flats after receipt of OC.

The Group Mentor CA Naresh Sheth monitored the discussion and enlightened the group with his inputs from time to time.

Around 45-50 participants all over India benefitted while taking an active part in the discussion on the bare law, circulars, AARs and SC decisions. The group mentor and the participants appreciated the efforts of the group leader.

2. Seminar on e-Filing of Form 10B, 10BB & ITR-7 for A.Y. 2023-24 for Charitable Trusts held on 13th October, 2023, @ BCAS in Hybrid Mode.

In this event organised by Direct Taxation Committee, the opening remarks were given by President CA Chirag Doshi via a Video Conference. Then CA Gautam Nayak and CA Anil Sathe gave their remarks including on the issues relating to the nitty-gritties involved in the Forms applicable to Charitable Trust and how the trust’s auditor has to be careful while mentioning their qualifications and filling the clauses, especially those which can lead to denial of exemptions u/s 11 & 12 of the Income -tax Act, 1961.

CA Ashok Mehta explained the clauses in Form 10BB that are applicable to charitable trusts which earn income before claiming exemption u/s 11 & 12 of the Income-tax Act, 1961.

CA Deven Shah elaborately led the participants through the clauses which are uncommon in Form 10B as compared to what was explained in Form 10BB.

Details were discussed about clauses related to Corpus Donations, exemptions of income of 15 per cent, accumulation, and disallowances. Section 115BBI — Tax on Specified Income was well put up through the Forms that the respected speakers spoke in detail.

ITR 7 was later taken up post-lunch, where CA Divya Jokhakar elucidated the participants, the interconnection between the schedules, the static information, how to be more ready before e-filing on the CPC Income Tax Website.

After both the sessions pre-lunch and post-lunch, questions were invited online and in person from the present audience.

A robust discussion was carried out by all the speakers and both the chair making the event a grander success as all the queries were resolved.
There were 283 participants online and 41 offline.

3. Felicitation of the ICAI Torch Bearers by BCAS on 7th October, 2023 at BCAS Hall.

A meeting between CA Aniket Talati, President and CA Ranjeet Kumar Agarwal, Vice President along with other Central Council Members of ICAI and BCAS represented by CA Chirag Doshi, President and all officer bearers, Past Presidents and Managing Committee members of BCAS was held at BCAS Hall, Mumbai to felicitate the said ICAI torch bearers and also to discuss and exchange thoughts on various aspects of the profession.

The positive perception of our profession within Government and its various instrumentalities, the areas where representation may be required for ease of compliance, the accountability of the chartered accountants as auditors and risk-mitigating measures, capacity building of small-time practitioners and regulations dealing with the formation of muti-disciplinary entities, need of chartered accountant services vis a vis marketing of those services, joint audits, developments in curriculum, examination & campus placements of fresh chartered accountants and students aspiring to become CA, global opportunities for CA were some of the topics in respect of which, members of both the institutions shared their thoughts. CA Aniket Talati addressed various concerns raised during the meeting with facts, and statistical references (wherever possible) and also educated the group about various ongoing initiatives being undertaken by ICAI. CA Ranjeet Kumar Agarwal spoke about the history and development of the profession and its contribution to this Country in the past 75 years and enthused the group with the vision that ICAI bears and its roadmap for the future growth of profession in the Amrit-kal.

Both institutions also discussed ways to work together for the betterment of the profession and society at large.

From the Central Council of ICAI, CA Chandrashekhar Chitale, CA Durgesh Kabra, CA Mangesh Kinare, CA Piyush Chhajed and CA Priti Savla were present.

4. 6th Long Duration Course on Goods and Services Tax held from 24th August, 2023 to 7th October, 2023, in Online Mode.

The 6th Long Duration Course on GST – 2023 organised by the Indirect Taxation Committee was conducted by BCAS, virtually (online mode) from 24th August, 2023 to 7th October, 2023. It was held on every Tuesday, Thursday and Saturday covering theoretical as well as practical aspects of GST.

The course covered 30 pre-recorded training videos of 90-120 minutes duration each and 30 live interactive sessions of one hour each for 15 days. The sessions were conducted by proficient faculties having immense expertise in the field of indirect taxation. The course started with the constitutional overview of GST and covered various concepts such as supply, valuation, ITC, place of supply, returns, registration, refunds, litigations etc.

Listening to pre-recorded videos helped the participants to have an interactive session by highlighting various issues in GST before 30 GST stalwarts. The course received a very good response with 183 participants enrolling from various cities.

The course ended with a positive and encouraging response and feedback from all the participants, in turn motivating the BCAS team to conduct such courses in the near future.

5. Webinar on GST Reconciliations in Tally Prime held on 6th October, 2023, in Online Mode.

The above webinar was organised by the Indirect Taxation Committee to demonstrate how businesses using tally software can optimise the software using GST reconciliation feature for executing the compliance work smartly and efficiently. The speaker CA Parth Patel presented the various means of Simplifying Books vs. Portal Comparison in Tally Prime and also displayed Glimpses of the Reconciliation Process.

The presentation covered the following aspects of the Tally Prime Software for a detailed discussion:

1. Challenges in GST Reconciliations.

2. Structural enhancements for GST Reco.

3. GST Transactional compliances from Auditors Perspective.

4. Solution Walkthrough for GSTR 1, GSTR 2A and GSTR 2B Reconciliations.

5. Future roadmap for further improvements and new features.

More than 300 participants all over India benefitted while taking an active part in the discussion on the Reconciliation Process. The speaker answered more than 80 questions raised by the participants.

Link to access the session:

QR Code:

6. Indirect Tax Laws Study Circle – ISD vs. Cross-charge: the way ahead in view of announcements made in the 50th GST council meeting held on 27th September, 2023, in Online Mode.

The group leader CA Aumkar Gadgil prepared 5 case studies on various issues revolving around the topic covering live issues, circulars and AARs/ HC judgments. The case studies covered the following aspects for detailed discussion:

1. The distinction between ISD and cross-charge and applicability vis-à-vis the scenario.

2. Determining what should be cross-charge and what should be ISD in view of Circular 199?

3. Procedural aspects relating to cross-charge, such as:
a. Is the specific classification of service required or can it be classified as “support services”? Will classification decide the eligibility to claim the input tax credit of the recipient?

b. Can any and all services received be distributed or one needs to demonstrate that the services are actually received/ enjoyed by other branches?

c. Valuation and scope of proviso to Rule 28 when the receiving branch is not entitled to full input tax credit.

4. Procedural aspects relating to ISD, such as:

a. Can multiple ISD registrations be taken under one PAN?

b. Can a cross-charge invoice be raised to ISD for further distribution to other branches?

5. Decision of the High Court in the case of JSW Steel Ltd, AAR in the case of Columbia Asia Pacific and Others.

The Group Mentor CA Mandar Telang monitored the discussion and enlightened the group with his inputs from time to time.

Around 45-50 participants all over India benefitted while taking an active part in the discussion on the bare law, circulars, AARs and SC decisions. Participants appreciated the efforts of the group leader and the active participation of the mentor in an interesting segment analysis on the automobile sector.

7. Webinar On ‘Intertwining Of Laws In The Technology World’ held on 5th September, 2023.

The Corporate and Commercial Laws Committee organised above half-day seminar dealing with the laws relating to technology and data protection, equipping participants with the knowledge to navigate legal challenges in the digital age.

The session on “Data Protection, Cyber Security, Digital IP” was dealt by Mr. Huzefa Tavawalla & Mr. Purushotham Kittane. Both experts dealt with the nuances of legal frameworks and regulations governing technology and the new Data Protection Law.

“Regulatory aspects of online gaming” was conducted by Adv. K Vaitheeswaran. He very well dealt with the international legal jurisprudence relating to the game of chance and the game of skill.
“Revenue Models and managing Gaming and E-Commerce business” was conducted by Mr. Avinash Gupta. He broadly gave a framework and the business dynamics of online gaming and how the industry is evolving.

“Anti Money Laundering Regulations with respect to Technology Companies” was dealt by Adv. Ashoo Gupta. She touched upon the recent litiwgative issues of Payment applications and briefed about PMLA provisions.

The sessions were very well received and participants had a good learning of laws relating to the technology world.

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