As India Inc. adapts to the new normal, the Finance Bill, 2021 introduced in the Lok Sabha yesterday by the Finance Minister displayed colours of restraint, resilience and self-reliance, a formula tha
Misgivings over new advance ruling body Lack of balance because of the absence of judicial members in the proposed board
The Centre’s move to replace the Authority for Advance Rulings (AAR) with the Board for Advance Rulings comprising revenue department officials has raised qualitative concerns among tax advocates and practitioners.
The AAR, which pronounces binding rulings on applications of non-residents and residents, consists of revenue members and members from the judiciary.
There are three benches of the authority and the benches cannot function if the post of chairman or vice-chairman is vacant.
Retired judges of the Supreme Court, retired chief justice of a high court or retired judges of the high court who have served for at least seven years are eligible for appointment as the chairman of the benches.
Finance Minister Nirmala Sitharaman
Sitharaman promised on February 1 to simplify tax administration, ease compliance, and reduce litigation over the coming year.
“It has been the resolve of this government to reduce litigation, which mars the present taxation system,” she said while presenting her budget proposals to Parliament on February 1.
After introducing faceless assessments and appeals, Sitharaman said the next step is to do the same with the Income Tax Appellate Tribunal.
“We shall establish a National Faceless Income Tax Appellate Tribunal Centre,” she said. “All communication between the tribunal and the appellant shall be electronic. Where personal hearing is needed, it shall be done through video-conferencing.”
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Un-fried Fryums not Papad , hence taxable at 18%
The good old traditional snack food papad or pappadam , as it is known in south India, cannot be equated with packaged âun-fried fryums and cannot have similar tax treatment, the Authority for Advance Rulings (AAR) has ruled.
In its order rejecting a petition seeking to bring irregular-sized packaged snack food as referred to as un-fried fryums at par with papad for applicability of GST, the AAR said that in the matter of the product under reference, where no clear definition has been provided in the statute, the principle of common parlance is used.