PNB fraud due to failure of internal control, says RBI.:      Celeb jeweller Nirav Modi named in PNB’s $1.77-b fraud. Bank suspends 10 officers, lodges complaint with CBI; more banks may be hit. :      Bombay High Court in a hearing on 6th Feb, 2018 says GST regime is not user friendly. :      GST Network Chairman Ajay Bhushan return simplification panel to meet industry this week to simplify the return filing process.:    Finance Secretary Hasmukh Adhia said the Government stares at a Rs 50,000 crore GST revenue shortfall in the current fiscal. :    E-Way Bill which was to be rolled-out on 1st Feb is deferred to month-end due to technical glitches.:      TN raked in 22% more GST at Rs 23,318 crore between Jul-Dec 2017, against Rs 19,018 crore under VAT in the corresponding period the previous year. :      MoS,Corp Affairs PP Chaudhary says in Rajya Sabha that Govt has detected GST evasion of Rs 5.70 Crores in 16 cases during Jul-Nov 2017 - 6th Feb 2018. :      FM, Arun Jaitley says that States are not in favour of bringing the petroleum products under GST. :      The Finance Secretary, Hasmukh Adhia says out of 7 lakh tax payers who opted for composition scheme 5 lakhs had a turnover less than Rs 5 lakhs pa, though the exemption limit is upto Rs 20 lakhs. :     

Mr AP Kala Principal/Lead Consultant



Mr. AP Kala, Tax Quotient’s Principal/ Lead Consultant, will provide guidance and advice on all tax related technical and legal matters. 
 
Mr.  A.P.  Kala,  joined  the Indian Revenue Service in  August  1973  and  had  a  very illustrious Government career spread over 36 years in the Union Ministryof Finance.  During  these years he  successfully served in various critical roles relating to tax policy, administration and enforcement.
 
The more notable among the various positions he held include:
 
1.Special  Secretary,  Ministry  of  Finance  &  Director  General  Central Economic Intelligence Bureau;

2. Director General Revenue Intelligence, Department of Revenue;

3. Chief Commissioner of Customs;

4. Special Director, Enforcement  Directorate  [enforcing the Foreign Exchange Management Act,1999  (FEMA) and Prevention of Money Laundering Act, 2002 (PMLA);

5. Deputy Director General Narcotics Control Bureau 3. Chairman of the Working Group on Enforcement of the World Customs Organization.

6. Led and participated in Indian delegations to various bilateral, Regional,multilateral and UN Conferences.

7. Visiting faculty at various academies including :

a)The National Academy of Customs Excise and Narcotics
b)The National Police Academy
c)The CBI Academy
d)The National Academy of Direct taxes
e)The  Indian  Institute  of  Foreign  Trade  and  numerous  other  training institutions.

 

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AF

Anthony Fernandes, Founder Tax Quotient

 

Anthony Fernandes is a tax specialist with over three decades of experience particularly in indirect taxation. He cut short his successful tax career in the corporate world to realize his long term desire to set out on his own and reach out to a larger number of tax payers.

Having begun as an Inspector in the Central Excise & Customs, Ministry of Finance, GOI, he quickly moved over to the industry. Since then he served several Indian and multinational companies to formulate tax policies and strategies to meet financial and governance goals. To set standards aimed at 100% compliance while getting the best out of tax and his team. His aim always was 100% tax compliance while balancing tax optimization, tax risk management and compliance costs.

He has held various roles including as Group Head and Sr. VP of Indirect Taxation at Essar Group, Sr. VP & Head of Taxation & Regulatory at Essar Steel India Ltd., Head of Taxation in Castrol India Ltd., Mumbai and Excise Manager at Asian Paints India Ltd. apart from the initial stint in the Ministry of Finance.

His areas of expertise includes :

  • Interpretation of tax legislation and foreign trade policy
  • Structuring transactions tax efficiently within the framework of the law
  • Defining and introducing internal controls (IT driven controls) to ensure accurate tax processes and reporting.
  • Defending client organizations against various tax proceedings in several complex cases and litigation upto Supreme Court effectively including appearances  before adjudication and appellate authorities upto Tribunal.
  • His experience covers major sectors including steel, oil & gas, power, projects, aviation, shipping, lubricating oils, paint industry and pharmaceuticals.

Represented his organizations before the Central and State Government on tax law changes and clarifications including the CBEC. Anthony served on various Committees and also was involved in other  activities. They include :

  • Member of Indirect Tax Committee of Bombay Chamber of Commerce & Industry and  Member of EXIM Committee CII
  • Member of the National Committee of the CII for implementation of GST in India.
  • Member of CII’s National Committee for GST
  • Ex-Chairman, Indirect Tax Committee of Indian Paint Association (1994-2003) and led many industry representations to the Senior Officials in the Min of Finance.
  • Was a regular faculty training Excise Officers at the National Academy for Customs, Excise and Narcotics, (NACEN), MoF, Mumbai

Mumbai Customs Revives Yacht Club

The Bombay Customs Yacht Club which was set up in 1980 by the then Customs Collector Shri J Dutta was revived after 10 years.

On 26th Jan, 2018, Republic Day this year, the Customs Cup Regatta 2018 - Mumbai Harbour Race  was held. There were a total of 42 yachts and 150 participants including customs officers participating in the event.

This brings up glorious memories when an Indian Customs Officer, Mr Gulshan Rai  set sail and circumnavigated the earth. He later went on to receive the Arjuna and Padma Shri Awards.

 

 

Central & Integrated Tax Notifications

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Integrated Tax

2017

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Integrated Tax Rate

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Seven questions to know if you 

are paying taxes 

correctly?

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  • 24th Jan 2018 - Allahabad High Court directs Govt to extend the period to file GST Tran-1 as petitioner's application for transitional credit as  electronic GST system was not accepted on the last date i.e. 27.12.2017. As a result, the petitioner was likely to suffer loss of credit due to delay. - Continental India Private Limited  Vs UOI & Ors
  • 6th Feb 2018 - Bombay High Court passed an order against a petition filed on GST. The petitioner was unable to access GST Network. E-Way Bills are yet to come into force and without it,  petitioner was unable to move goods anywhere, paralysing its business and making it unable to comply. Though the petitioner was provided partial access after the petition was filed, they are still unable to file returns. Payment of tax was not possible without filing return. The matter was posted for another hearing on 16th February.
    The Court noted that similar grievances were raised before the Allahabad High court in Continental India Private Ltd. Vs UOI Writ (Tax) No. 67 of 2018. The Division Bench directed the respondents to reopen the portal and and entertain the application of the petitioner. - Abicor and Binzel Technoweld Pvt. Ltd. V/s UOI

Economic Survey of India 2017-18

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Our Main Services 

in Indirect Taxes

 

  • Business structuring and tax planning
  • Review of end-to-end business processes for indirect taxes
  • Strategy to prevent litigation, representation and litigation support
  • Tax compliance and tax control framework
  • Support on specific issues


 

Brief update on CESTAT judgements passed during June 2016 to July 2016. Please note this update is not a summary of the cases but only leads on important issues decided. The links to the judgments are also provided for the full text.

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