Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: empanelment :: articles on VAT and GST in India :: VAT RATES :: form 3cd :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT Audit :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: TDS
« Indirect Tax »
 Income-tax (16th Amendment) Rules, 2017
 TDS, TCS deferred for smooth GST rollout
 GST may lead to better operating profit margin for multiplex operators
 Indirect taxes must equal direct taxes
  Income Tax dept issues notices to ‘farmers’ claiming suspect agricultural income
 GST would match or be lower than the multiple indirect taxes on real estate
 Tax incidence under GST lower than current indirect taxes
 Here's the complete list of pre-GST discounts being offered by companies
 Applicability of Explanation 2 to Section 132B of the I.T. Act, 1961- reg.
 Here’s all you need to know about TDS and why it is deducted
 New indirect tax regime

UP government withdraws entertainment tax exemption to F1
October, 23rd 2013

Four days before the third edition of India's F1 race gets rolling at the Buddh International Circuit (BIC), the Uttar Pradesh government on Monday sought the Supreme Court's permission to withdraw its 2011 decision to grant entertainment tax exemption to Indian Grand Prix organizer Jaypee Sports International.

A bench headed by Justice R M Lodha told additional advocate general Ravi P Mehrotra that if the state wanted to withdraw its earlier decision, then it was free to do so. However, it issued notice to Jaypee Sports on UP's application accusing it of not declaring the income from the F1 race honestly.

The withdrawal of exemption will cost Jaypee Rs 25 crore.

Just days before the first F1 race could take place in 2011, a writ petition was filed in the apex court challenging the state's decision to exempt the event from entertainment tax.

The court had on October 21, 2011 directed Jaypee Sports to "deposit in a 'no lien account' the amount of entertainment tax without taking into consideration the exemption notification". It had ordered that entertainment tax due to the state under UP Entertainment and Betting Tax Act, 1979, would be deposited in the 'no lien account' within two weeks of the event.

The UP government said for the first F1 event in 2011, Jaypee Sports deposited Rs 24.59 crore in the no lien account claiming that it had a total collection of Rs 122.97 crore. The state said the actual collection was Rs 147.96 crore with an entertainment tax liability of Rs 36.99 crore.

"Jaypee Sports had held F1 race on two occasions from October 28 to October 30 in 2011 and from October 26 to October 28 in 2012, yet the shortfall amount of Rs 12.39 crore has not yet been deposited as per the apex court's October 21, 2011 order," the state said.

In addition, the organizers have not give the district administration details of ticket sales and revenue earned in 2012 for the purpose of calculating entertainment tax. The managing director of Jaypee Sports had informed the authorities that as per the SC order for 2011, the entertainment tax had been deposited in the 'no lien' account.

UP government said Jaypee Sports also maintained that the matter was listed before the apex court several times after October 21, 2011 and there had been no further direction for subsequent F1 races. Therefore, no further calculation or deposit as per the orders of the court was warranted, it had told the government.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions