The current indirect tax regime contains comprehensive provisions for valuation of transactions of goods and services, with specific rules provided under excise laws, service tax laws and state VAT laws.  Being detailed and voluminous, valuation provisions under the current indirect tax laws are often riddled with ambiguity.  For instance with respect to goods, there are […]

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The presentation of the Union Budget 2014-15 is about a fortnight away. It is everyone’s hope that the policies are “business friendly” and conducive to accelerated growth of the Indian economy. The fiscal role of Government has been comprehensively outlined by Richard Grave (1959) by means of the triad of allocation, distribution and stabilization. Among […]

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The Supreme Court has ruled against L&T and in favor of the revenue on the subject of competence of the States to levy VAT on contracts for sale of immovable property. Many post ruling analyses have suggested that the Apex Court ruling may impact real estate developers.   In this context, this piece tries to […]

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The Rajya Sabha passed the Constitution (122nd Amendment) Bill, 2014 (‘the GST Bill’) on August 03, 2016 unanimously, paving way for the largest tax reform since independence.  With passage of the GST Bill in Rajya Sabha, the introduction of Goods and Service Tax (‘GST’) is only a matter of time.   While the passage of […]

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A stable government, not dependent on the support of coalition partners, has come to power after 14 years. Given its sweeping victory in the recent elections, the new government does not need to oblige any political partners unlike the preceding coalition government that was in power for a decade. It is this that gives hope […]

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