Blogs

Union Budget 2014- Indirect Taxation- The Ugly Side- Tax terrorism to Continue unabated.  

In recent times, the law abiding assesses have to contend with large number of target based queries/notices, audits and summons generally high amount of tax terrorism. Infructuos demands [ 9095% bound to fail as per revenue officers themselves ] in VAT and Service Tax have been observed. These lead to demands and disputes which go on for years leading to killing the golden goose and...

One of the major challenges for the assessee is – avoiding of the disputes with the department. To avoid/ reduce such disputes with the department, one must understand the reason for such dispute. In this write up, we have analyzed the best practices of avoiding disputes with the department by using alternative measures/policies. We would understand the following in this writeup -  

1. Possible causes for the Disputes along with measures to mitigate them?  

2. How...

What The Material/ Procurement Executive/ Manager needs to know about Indirect Taxes? 

The successful material/ purchase officers knows the production needs well in terms of quality, timeliness and quantity. He also understands the cost of products / services sought to be procured , where available at economical prices. Maybe nearer the source + have a few alternative’s in case of urgent procurement. 

In this article we look at a few options/ situation in the procurement...

There are several professionals working in the Industry in India.  They are engaged in accountancy, finance, costing work in commerce, industry, financial services, education, and the public and not-forprofit sectors. They are ensuring that organizations, whether partnerships, companies or not for profit entities are more successful and sustainable. Professional accountants in business form a very diverse constituency, and can be found working as employees, consultants, and self-employed...

Study Tips and Examination Techniques:  

The taxation paper is one of the best scoring paper in the IPCC exam. This can help to make good the shortage of marks in other papers or to get exemption which can assist in the next attempt. Recently more importance has been given to taxation paper; taxation includes income tax, indirect taxes. Earlier in indirect taxes only service tax and VAT has been included and from November 2014 concept of central excise, customs and CST basics are...

What The Marketing Executive/ Manager needs to know about Indirect Taxes?  

The successful marketing man knows the customer’s needs well, understands his business, the cost of products / services sought to be sold, looks at serving the customer better. In this article we look at a few options/ situation and understand the impact. The central excise duty & service tax rate is 12.36 percent , VAT could be around 5 percent or 14 percent depending on the State and product. CST for...

One of the major challenges for the assessee is –avoiding of the disputes with the department. To avoid/ reducesuch disputes with the department, one must understand the reason for such dispute. In this write up, we have analyzed the best practices of avoiding disputes with the department by using alternative measures/policies. We would understand the following in this writeup -  

1. Possible causes for the Disputes along with measures to mitigate them?  
2. How to avoid...

The service tax law has resulted in a large number of disputes [ more than 1 lakhs + pending as on date] mainly due to the fact that the law is changing frequently and drafting has been seen to have many loose ends. The trigger happy attitude of some of the audit personnel from the Internal Audit or CAG has led to the number of cases increasing by leaps and bounds. The delays in dispute resolution and contrary judgements which are quite common has added to the woes of the service...