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The Centre on Friday faced searching questions from the Supreme Court for making Aadhaar mandatory for PAN cards, despite its order that it should be optional. Attorney General Mukul Rohatgi, appearing for the Centre, made the submission as a Bench comprising Justices AK Sikri and Ashok Bhushan asked him why Aadhaar has been made mandatory for applying for PAN cards when the apex court had earlier said it should be made optional. Rohatgi said the government had found that lots of fake PAN cards had been procured on the basis of fake ration cards and other documents and these were used to divert funds to shell firms.To stop such a situation, it has been decided to make Aadhaar mandatory while applying for PAN. “There is a legislative mandate now.Section 139AA of the Income Tax Act says so. It is the only option as we have found that people were getting PAN cards on fake ration cards and such cards were used to divert funds to shell firms,” he said. The Bench observed, “Is

The Narendra Modi government is open to the idea of delaying the roll-out date for the goods and services tax (GST) to September this year, if the situation so demands. A senior government official told Business Standard that while the July 1 deadline was still the target date, it could be reviewed if the consensus was that the Centre, states, GST Network (GSTN) and the private sector were still not ready for it. “In any case, why should we announce a new date for the GST roll-out at this point in time?” he asked, while rejecting suggestions made by some quarters, including former finance minister P Chidambaram, that the GST should be rolled out from October 1. The constitutional amendment to the GST, which was notified after its passage in Parliament on September 16 last year, states that the current indirect taxation system can continue for one year from that date. The government has maintained that the GST will have to be implemented before September 15 this year. “The Constitut

Cover Intermediaries Like Transporters, But No Place For Advance Ruling On `Place Of Supply' The government is leaving no stone unturned to prevent GST leakage and to ensure complete cross-check of records. Detailed records are required to be kept not only by suppliers of goods or services (manufacturers or service providers), but also by intermediaries such as warehouse owners, transporters and agents.In addition to the goods sold, they have to also track stocks given as free samples or gifts. “Even as concepts of manufacture or trading are no longer relevant under GST, the record-keeping requirements continue to be based on these lines. Rule 1(2), covering general record keeping, provides that accounts or records shall be maintained separately for each activity , including manufacturing, trading or provision of service. Therefore, the classification of these activities will continue even in the new regime though not relevant for the concept of supply which underlines GST,

Govt Painting Us As Robbers, Say Hoteliers The hospitality indus try on Friday hit out at Union minister Ram Vilas Paswan's announcement that service charge was optional, warning that such statements could kill the booming industry . The statement comes close on the heels of a court ban on serving liquor near highways. Just last week, the minister spoke about a plan to regulate portion sizes though he later clarified that the steps would have to be voluntary . “The government talk ed of ease of doing business but the question restaurant industry asking is, where is the guarantee of business,“ fumes Riyaaz Amlani, president of National Restaurant Association of India (NRAI). NRAI is planning to hold nationwide protest against these guidelines.“The government did not talk of high taxes such as VAT, Swachh Bharat cess, Krishi Kalyan cess and service tax but talked only of service charge. Rather than clarifying that heavy taxes are resulting in inflated bills, the government is s

Entities will have to keep records of goods lost, stolen, destroyed and given as gifts or free samples under the goods and services tax (GST) regime, expected from July 1. Complying with the “accounts and record” draft rules, put in public domain on Wednesday, will add to the compliance burden of industry. “Every registered person …shall maintain accounts of stock in respect of each commodity received and supplied by him, and …particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and balance of stock, including raw materials, finished goods, scrap and wastage thereof,” the rule said.Each volume of books of account maintained by the registered person should also be serially numbered. Excise,a production based tax, was to be subsumed under GST, which is a supply based tax.Every registered person manufacturing goods will have to maintain monthly production accounts. They will now have to

More than 50 overseas investors moving to tax-friendly European nationsIndia’s new tax regime has triggered an exodus of funds from Mauritius and Singapore to tax-friendly jurisdictions in the Eurozone, including France and the Netherlands. According to sources, more than 50 foreign portfolio investors (FPIs), including well-known names like JPMorgan, Morgan Stanley and Sweden’s SKB, are in the process of shifting from erstwhile tax havens to newer, friendly jurisdictions like the Netherlands and France. The move comes after the government renegotiated tax arrangements with Mauritius and Singapore. Until the last financial year (FY17), all investments made through these countries were exempt from the short-term capital gains tax. Starting April 1, transactions originating in these countries will no longer qualify for the tax benefit. Mauritius and Singapore are the second- and third-most preferred routes for overseas investors investing in India. These two jurisdictions accou