In this edition, we bring you an article on retrospectivity of Section 9(4) of Central Goods and Services Tax Act. The said section was omitted with effective from Oct 17 after CBIC receiving huge representations stating that the compliance burden it caused and forced many small time assesses to register. However, while the said section is omitted from Oct 17, the applicability from June 17 to Oct 17 is unknown. The tax authorities believe that the said omission is from Oct 17, the taxability would exists for the period prior to it. However, the tax payers state that considering the jurisprudence and intention to relive tax payers, the omission should be held retrospective. The article deals precisely on the said issue.
The next article is on ‘deemed residency’ which was inserted vide Section 6(1A) of ITA in the last budget. A citizen of India would be deemed to be resident if he is not resident elsewhere and accordingly tax liability is fastened in India. The article deals with consequential issues arising from the amendment, namely, whether such individual would be eligible for claiming tax treaty benefits and credit of foreign tax paid.
I hope that you will have good time reading this edition and please do share your feedback. I will also urge clients to mail us topics or issues on which you want us to deliberate in our future editions, so that we can contribute to the same.
Key Topics:
INCOME TAX
- DEEMED RESIDENCY – CONCEPT AND ISSUES THEREOF
GST
- RCM EXEMPTION ON SUPPLIES FROM URPS
