Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: ACCOUNTING STANDARDS :: form 3cd :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: TDS :: VAT Audit :: cpt :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

Vodafone, finance ministry agree on tax settlement talks
November, 26th 2013

After months of debate, the finance ministry and the British telecom giant Vodafone have agreed to sit across the table for talks on a possible settlement of the Rs 20,000 crore tax dispute after the government formally communicated that any conciliation will not be legally binding on the telecom company.

The government's reconciliation gestures with the telecom company had failed after the Centre insisted that talks have to be under Indian laws. Vodafone, however, was seeking to settle the dispute under UN arbitration laws. Vodafone CEO Vittorio Colao will be visiting India and is scheduled to meet finance ministry officials in the first week of December, sources said. Colao is also scheduled to meet finance minister P Chidambaram.

The government has made tax claims of over Rs 20,000 crore from Vodafone on account of tax, interest and penalty on gains made by Hutchinson when it sold its India assets to the company in 2007. Only the tax liability of the company was pegged at Rs 11,200 crore. Although the Supreme Court had trashed the tax claims, the government amended the law retrospectively to make a fresh demand, resulting in an uproar in the investor community. Subsequently, the Union cabinet cleared the proposal to enter into conciliatory talks.

On the one hand, the government tried to initiate conciliation talks with Vodafone, on the other it referred the matter to the Law Commission for suggestions to amend the Arbitration and Reconciliation Act where cases like Vodafone, which is arising out of retrospective amendment in Income Tax (I-T ) Act, can be settled while avoiding international arbitration.

The Law Commission's recommendation is still pending but sources indicated that the commission is of the view that any amendment in the Arbitration Act may not help the government to settle the case out of court. Instead, sources in the Law Commission suggested that the settlement with Vodafone is possible either through the I-T's settlement commission or an amendment needs to be brought under the I-T Act providing for reconciliation and settlement of tax dispute other than through the settlement commission.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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