Volume - I | February 2018
Baroda Branch of Western India Regional Council ofThe Institute of Chartered Accountants of India
The Institute of Chartered Accountants of India(Setup by an Act of Parliament)
EditorialTeam
Contents
CA. Dhiren Parikh 93762 11099Chairman
CA. Hitesh Agrawal 99980 28737
CA. Krunal Bhrambhatt 78748 11551
CA. Vin d Pahilwani 98980 78176
CA. Pradeep Agrawal 98985 60967
CA. Arpan Dodia 98983 83530
CA. Abhijit J Kotecha 98254 83173
CA. Manoj Sahu 90990 94500
CA. Rikin Patel 88667 09509
Vice-Chairman
Secretary
Treasurer
Ex-officio
IP - Chairman
Committee Member
Committee Member
Committee Member
o
CA. Dhiren Parikh CA. Manoj Sahu
CA. Rahul Parikh CA. Nayan R Kothari
CA. Neena Patel CA. Gunjan Agrawal
CA. Jigita Shah CA. Dhruti Vaidya
CA. Parth Patel CA. Chintan Popat
Forthcoming Events ... 2
Direct Tax Updates ... 3
Judicial Decisions onIndirect Taxes ... 4
...
Taxation of Bitcoins ...
Life and Learning ... 8
FAQ on ICDS - III Part V
Snap Gallery ... 11
GST Update 4
5
... 10
Pg. No.
ManagingCommittee
Chairman Communication
Dear Colleagues,
I feel extremely elated and privileged to
pen this message as the chairman of Baroda
Branch of WIRC of ICAI, the most vibrant
branch of our institute. It would be my
earnest endeavor to contribute to this
mighty institution and to strive to be of
value to the profession. This occasion to
rise to the post of Chairman brought with it
a sense of mixed emotions; of joy, of pride,
of honour, and of responsibility, to me.
My predecessors have served the branch to the best of their abilities and
I salute all our past chairmen and their teams who have worked hard to
bring our branch to the standards that we are today. The Bench mark
which our branch has set is example and inspiration for others to look up
to with respect and admiration.
Success is based on attaining a series of small goals that, step by step,
lead to a major objective. It is easy to stay motivated from each peak to
the next - and ultimately achieve a bigger success. Baroda branch has
made a history within 50 years of its existence. This is a first year after
the peak of 50 years. The journey of progress and success continues
beyond…to achieve a new peak.
Taking these things into consideration the theme for the year is
“Marching towards a New peak” with three main objective …Conceive,
Believe andAchieve… To put it into simple words …when we conceive
(vision) we start believing (in our vision, our strengths, our team) and
we take action to achieve what we conceive.
In the present time it is really a great opportunity to the professionals as
GST, IFRS, RERA, Insolvency and Bankruptcy code and various other
areas are providing a huge demand and need for CA professionals. Our
endeavor will be to increase capacity building of members and make
them ready to grab the opportunities in the profession.
Therefore, I will try my best to give different programme on different
topic and subject with new perspective to ensure the members get
maximum benefit out of the programme. During the year also, we
continue to organize programmes on conventional as well as new
professional avenues to equip our members for these and other areas of
professional development.
To enable the members to build on their core competences in area of
GST, we have started GST Clinic with new concept where members can
discuss and share their issues in details. In addition to that, we have also
planned to organise GSTRC (Goods and Service Tax Refresher Course)
this year to have more focus on GST. Besides this, another area of focus
would be to organise various programme which caters to new members,
veteran members in practice as well as members working in industry.
These will go a long way in helping our members in honing their
professional skills.
January month was full of various activities consisting of RRC at
Indore, lecture meeting onAudit Report and E-way bill under GST, Full
day seminar on Advance Excel, GST Clinic and sports event Cricket
Match with WICASAand CAAssociationAhmedabad.
I would like to end this communique by saying that what we need for
continued growth and development of our profession, is your
constructive suggestions and feedback, based on which we shall
improve and improvise continuously.
With kindest regards,
Chairman
CA. Dhiren Parikh
e-Newsletter
Baroda Branch of WIRC of ICAI
Branch Events
Day & Date :
Time :
Topic Faculties
Fees :
Venue :
Saturday, 17.02.2018
09:30 am to 05:30 pm
Input Tax Credit(ITC) - CA. Dhruvank Parikh,What to claim & what not Vadodarato claim
Concept of Supply under Adv. Sailesh Sheth, MumbaiGST- Meaning, Scope &Implications
Valuation & Classification – CA. Naresh Sheth, MumbaiPossible Disputes &Solutions
Refunds & Returns – CA. Nirav Shah, VadodaraIssues & Solution
For Members: Rs. 550 + 18% GST till 15thFebruary afterwards Rs.650/- + 18% GSTFor Non- Members: Rs. 650 + 18% GST till15th February afterwards Rs.750/- + 18% GST
ICAI Bhawan, Vadodara
Full Day Seminar on GST - PracticalIssues & Solutions
HrsCPE 6
Day & Date :
Time :
Venue :
Saturday & Sunday, 17-18.02.2018
06:00 pm. onwards
SRP Ground, Makarpura, Vadodara
Chartered Accountants Premiere League(Night Cricket Tournament on Tennis Ball)
Day & Date :
Time :
Venue :
Friday, 02.03.2018
09:30 am. onwards
ICAI Bhawan, Vadodara
Holi Celebration
Day & Date :
Time :
Faculty :
Fees :
Venue :
Saturday, 03.03.2018
02.00 pm to 05.00 pm
CA. Sanjay Shah, Ahmedabad
Rs. 300/- including GST
ICAI Bhawan, Vadodara
Workshop on Filing the documents &legal issues in Partnership Firm
HrsCPE 3
Day & Date :
Time :
Topics :
Fees :
Venue :
Thursday, 08.03.2018
06.00 pm to 09.00 pm
Box Cricket League for Female Members
Rs. 750/- including GST
Delta 9, Gorwa, Vadodara
Celebration of InternationalWomen’s day
Day & Date :
Time :
Topic :
Faculty :
Fees :
Venue :
Saturday, 10.03.2018
02:00 pm to 05:00 pm
Tax Planning through HUF & Familyarrangement including Case studies & Practicalaspects and Prepara t ion of Wil l &documentation in relation to HUF & Familyarrangement
CA. Vimal Punmiya, Mumbai
Rs. 300/- including GST
ICAI Bhawan, Vadodara
Half day seminar
HrsCPE 3
WICASA Events
Day & Date :
Topics :
Fees :
Venue :
Monday to Wednesday, 05 to 21.02.2018
Company Law & Other Laws, Indirect Tax
RS 2000/- For Full Course
ICAI Bhawan, Vadodara
Day & Date :
Fees :
Venue :
Thursday to Friday, 22 & 23.02.2018
RS 2000/- For Full Course
ICAI Bhawan, Vadodara
Topics : Income Tax
IPCC GST Workshop
Day & Date :
Fees :
Venue :
Wednesday to Sunday, 21 to 25.02.2018
RS 500/- per Student for Full Series
ICAI Bhawan, Vadodara
Virtual Coaching Classes for IPCC Students
Day & Date :
Time :
Topics :
Faculty :
Fees :
Venue :
Thursday, 08.03.2018
03.00 pm to 05.00 pm
Paint your Life
Dr. Darshna Thakkar
Rs. 50/- including GST
ICAI Bhawan, Vadodara
Accounting and ActuarialFundamentals of Standard on EmployeeBenefits – Ind AS 19.
Day & Date :
Time :
Faculty :
Fees :
Venue :
Wednedday, 21.02.2018
06.00 pm to 08.00 pm
CA. Kartikey Kandoi, Mumbai
Mr. Rudresh Pandit, Mumbai
Rs. 120/- including GST
ICAI Bhawan, Vadodara
HrsCPE 2
2
An Appeal to Members of WIRC of ICAIfor contribution to CABF
Chartered Accountants Benevolent Fund (CABF) established in1962 by ICAI, is one of the largest bodies providing welfare andsupport to the Chartered Accountants fraternity. It providesfinancial assistance for medical treatment, education, maintenanceor any other similar purpose to necessitous persons of the CAfraternity. Financial assistance in lump sum is also given to thewidows / relatives of the deceased member in case of accidental /unnatural death at age below 55 years. A considerable number ofmembers / family is already getting such assistance from CABF.
To continue this endeavour, CABF invites contribution from ourCAmembers. The contribution can be made in the form of:
1. Life Membership - Rs. 2,500/-
2. Ordinary Membership - Rs. 500/- annually
3. Voluntary Contribution - An honourable amount up to anyextent
All subscriptions and contributions made towards CABF is eligiblefor deduction under section 80(G) of Income TaxAct, 1961.
Please contribute generously towards the Fund through at parcheque / DD favouring “Chartered Accountants Benevolent Fund”and send it to Baroda Branch for onward submission to the saidFund.
Baroda Branch of WIRC of ICAI
1. Adjustments in intimation under section 143(1)
site
f
Many taxpayers including the taxpayers deriving
income by way of Salary, had received intimation
under section 143(1), alongwith resultant demands, on
account of difference between amounts as per their
Returns and as per Form 16 uploaded by their
employers.
Taxpayers raised objections on the ground that the
differences were logical and did not indicate need for
adjustment.
The CBDT has issued a Circular/ Order under section
119 of the Income-tax Circular No. 01/2018 dated 10th
January, 2018, prescribing the procedure for
Processing of Returns under section 143(1)(a)(vi), i.e.
relating to adjustment/ addition of income appearing in
Form 26AS/ Form 16A/ Form 16 which has not been
included in computing the total income as per the ITR.
For furnishing the in this regard,
taxpayer is required to login in his account in the
and choose the Option (View-
R e t u r n s / F o r m s ) . I n a c a s e w h e r e
communication/intimation has been issued to the
taxpayer u/s 143(1)(a)(vi) of the Act, the status will be
displayed in the dashboard as Response to
Communication/Intimation u/s 143(1)(a) is pending’.
The taxpayer can click on the same and submit his
response.
To the extent that the taxpayer agrees with the
proposed adjustment, he is required to
statement in
the format to be provided by CPC-ITR on the e-filing
response to notice
e-
filing
ile a revised
return and for remaining amount of the proposed
adjustment he is to file a reconciliation
site).
Following observations in the Report of the C&AG for
the year ended March 2017 attracted my attention:
-There has been
in respect of corporation tax and income tax
assessments cases over the years despite being pointed
out repeatedly in the earlier Audit Reports particularly
in Maharashtra and Delhi.
-
by resorting to methods
that were irregular and unwarranted. The demands so
collected were refunded in the next financial year along
with the interest under section 244A, which resulted in
burden of avoidable interest.
- records out of 3,23,532
records requisitioned for audit
- Action for
In many case, ex parte assessments resulting in large
demands are made when the Assessing Officer is not
able to serve notices at the address provided by the
taxpayer on the website/Return of income. In many
cases, Appeals involving substantial stakes are
dismissed for similar reason. Notification dated 20th
December, 2017 amended to provide that
where the communication cannot be
2. Report of the Comptroller and Auditor General of
India
Exaggerated demands were raised to achieve
revenue collection targets
3. Notices not served due to change in address etc
persistent and pervasive irregularities
Non-production of 26,823
prosecution initiated in case of Assessees
who delayed payment of tax deductible at source for
genuine reasons.
rule 127
delivered or
transmitted to the address available, it shall be
delivered or transmitted to the address of the assessee
as available with a bank, Post Master General,
insurer as defined in clause (9) of section 2 of the
Insurance Act, other Government Departments, local
authority etc
4. Linking of Linking Of Aadhaar Number With Pan
Number
5. Consequences of failure to deduct tax at source
when deductee is assessed
6. Helpline for Efiling
By ORDER dated 8-12-17 the CBDT, in exercise of
powers conferred under section 119 of the Act,
extended the time for linkingAadhaar with PAN
According to the first Proviso to Section 201(1), a
person who fails to deduct tax at source, will not be
considered to be in default on providing documentation
to the effect that the deductee has paid tax due as per his
return.
Apparently, if no tax is payable by the deductee, the
deductor may consider himself as not liable to deduct
tax at all, subject to the need for appropriate
documentation in Form 26A. This may effectively
bypass the stringent mechanism for processing
application for certificates authorizing payments
without deduction of tax at source or after deduction of
tax at lower rate.
However, it appears that in such cases, under
section 201(1A) is where assessee failed to
deduct tax at
and had no tax liability. It was so
held in case of (2017) TaxCorp(LJ) 13719 (ITAT)
Aayush NRI LEPLHealth Care Pvt. Ltd. Vs.ACIT
income tax( IT) department notified a new help line
number for tax payers who efile their returns and
conduct other tax related businesses online. The
department issued an advisory stating:“ E-filing help
desk number has been changed. New help desk number
is India toll free 18001030025. Direct number:
+918046122000.”
till 31-
3-2018.
Interest
chargeable
source even though deductee had filed
nil return of income
Contributed by :can be reached at [email protected]
CA. Narendra Hindocha
Direct Tax Updates
3
Baroda Branch of WIRC of ICAI4
Contributed by :can be reached at [email protected]
CA. Anirudh Sonpal
Judicial Decisions onIndirect Taxes
I. APPEALS
II. REFUND
An appeal before the Cestat cannot be dismissed ex-
parte due to non-appearance of the appellant or the
counsel; the Honourable High Court observed that
even in such cases, the Cestat needs to decide the
appeal on merits.
2.1 The bar of unjust enrichment and limitation u/s 11B of
the Central Excise Act, 1944 is not applicable when
service was paid in excess by mistake and the works
contract had been executed on cum-tax price.
2.2 Since service tax was erroneously paid on construction
services on which service tax was not payable, the
limitation period u/s 11B of the CEA, 1994 would not
apply for refund of service tax erroneously paid under a
mistake of law.
2.3 Finished goods supplied to projects in India financed
by Asian Development Bank cannot be considered as
exports or ‘deemed exports’ so as to justify refund of
accumulated cenvat credit under Rule 5 of the CCR,
2004.
2.4 Refund was allowed of service tax paid by the assessee
to Airport Authority of India on rent charged on duty
[Shri Ambika Ispat (India) Pvt Ltd vs CCE -
Chhattisgarh HC]
[Satya Prakash Builders Pvt Ltd vs CCE, Bhopal –
Delhi Cestat]
[Parijat Construction vs CCE, Nashik – Bombay HC]
[Premier Rolling & Forging Works Pvt Ltd vs
CCE&ST, Raipur – Delhi Cestat]
free - shops in the departure and arrival lounges of
international airports in India. The Honourable
Tribunal observed that such duty – free shops were
located beyond Customs frontiers, outside taxable
territory of India and hence service tax was not
applicable on renting of such properties; further,
provisions of unjust enrichment cannot be invoked to
deny refund when tax was not leviable as per law.
Since supply of food and drinks in restaurants and
hotels also had an element of service, the provisions of
Standard Weights & Measure Acts were not ipso facto
applicable. Hence a price higher that the MRP can be
charged since the price charged for such MRP based
products was a composite charge, including a price for
the service element provided by such restaurants and
hotels.
4.1 Branded herbal shikakai powder and herbal reetha
powder cannot be classified as medicines even if they
had ayurvedic ingredients but did not have any
properties for curing diseases; further these products
were never sold in the market as medicinal products
and the products were also advertised, and understood
by the public, as cosmetics.
4.2 Fair Plus face cream and face lotion can be classified as
medicines since these are ayurvedic medicinal
preparations and the products contained several
ingredients which serve the purpose of curing such
conditions like dilated veins, sunburn, rashes etc.
[CST-VII vs Flemingo Duty Free Shop Pvt Ltd –
Mumbai Cestat]
[Federation of Hotel & Restaurant Association of India
vs UoI – SC]
[CCE, Puducherry vs Madhan Labs Pvt Ltd – Chennai
Cestat]
III. MRP
IV. CLASSIFICATION
5.1 Recovery of Sales Tax arrears cannot be made from a
personal property of a director particularly when there
was no winding up order passed against the Company,
it was registered under RoC and owned properties.
5.2 Goods of petitioner consignors detained by detaining
authority on ground of mis-classification as also under
valuation were to be permitted to be released on
execution of simple bond without sureties as issue of
mis-classification and under valuation of goods had to
be gone into by respective Assessing Officers and not
by detaining officer.
[CCE, Puducherry vs Vale Exports Pvt Ltd – Chennai
Cestat]
[A. Venkatchalam Chettiar vs Asst Comm of Com Taxes
– Madras HC]
[Sameer Mat Industries vs State of Kerala – Kerala
HC]
V. RECOVERY& DETENTION
Contributed by :can be reached at [email protected]
CA. Manilal Parsiya
GST Update
Central Government vide
waives the amount of late fee payable,
for failure to furnish the return in FORM GSTR-4 by the due
date, which is in excess of an amount of twenty five rupees
for every day during which such failure continues. Provided
that where the total amount payable in lieu of central tax in
the said return is nil, the amount of late fee payable, shall
stand waived to the extent which is in excess of an amount of
ten rupees for every day.
Central Government vide
notifies the effective date 01.02.2018
for CGST Rules in respect of E-way bill. Rule 138 –
Information to be furnished prior to commencement of
Notification No. 73/2017 Central
Tax, dated 29.12.2017
Notification No. 74/2017 Central
Tax, dated 29.12.2017
Baroda Branch of WIRC of ICAI
movement of goods and generation of e-way bill; Rule 138A
– Documents and devices to be carried by a person-in-charge
of a conveyance; Rule 138B – Verification of documents and
conveyances; Rule 138C – Inspection and verification of
goods; Rule 138D – Facility for uploading information
regarding detention of vehicle.
Central Government vide
amends Central Goods and Service
Tax Rules, 2017 as under:
1. The Unique Identity Number granted shall be
applicable to the territory of India.
2. Any particular of the application for registration shall
not stand amended with effect from a date earlier than
the date of submission of the application in FORM
GST REG-14 except with the order of the
Commissioner for reasons to be recorded in writing
and subject to such conditions as the Commissioner
may, in the said order, specify.
3. Rule 89(4A) and 4(B) inserted and Rule 89(4) of the
CGST Rules has been substituted with effect from
23.10.2017 to give effect of Notification No. 48/2017
Central Tax, Dt. 18.10.2017 in respect of deemed
export and Notification No. 40/2017 Central Tax
(Rate), Dt. 23.10.2017 in respect of concession to
deemed exporter.
4. Rule 95 of the CGST to provide option for manual
application for refund, to remove pre-condition to file
GSTR-1 and to remove condition that value of single
invoice should exceed five thousand rupees.
Central Government vide
reduced composition rate in case of
manufacture to half percent from one percent. Further in case
of supplier of goods other than manufacturer and service
provider for the words “half per cent of the turnover”, the
words “half per cent of the turnover of taxable supplies of
goods” shall be substituted.
Central Government vide Notification No. 2/2018 Central
Notification No. 75/2017 Central
Tax, dated 29.12.2017
Notification No. 1/2018 Central
Tax Dt. 01.01.2018
Tax, dated 20.1.2018 extends the date to file Form GSTR 3B
up to 22.01.2018.
Central Government vide
extends the date to file Form GST-1
by the registered persons having aggregate turnover of up to
1.5 crore rupees in the preceding financial year or the current
financial year, as the class of registered persons who shall
furnish the details of outward supply of goods or services or
both as under:
July - September, 2017 10th January, 2018
October - December, 2017 15th February, 2018
January - March, 2018 30thApril, 2018
Central Government vide
extends the date to file Form GST-1
by the registered persons having aggregate turnover of more
than 1.5 crore rupees in the preceding financial year or the
current financial year, as the class of registered persons who
shall furnish the details of outward supply of goods or
services or both as under:
July - November, 2017 10th January, 2018
December, 2017 10th February, 2018
January, 2018 10th March, 2018
February, 2018 10thApril, 2018
March, 2018 10th May, 2018
Notification No. 71/2017 Central
Tax, dated 29.12.2017
Notification No. 72/2017 Central
Tax, dated 29.12.2017
Quarter for which the details Time period forin FORM GSTR-1 furnishing the detailsare furnished in FORM GSTR-1
Months for which the details Time period forin FORM GSTR-1 furnishing the detailsare furnished in FORM GSTR-1
Contributed by :can be reached at [email protected]
CA. Abhay Desai
Taxation of BitcoinsA Comprehensive Analysis -
Part II
-
ARE BITCOINS “MOVABLE PROPERTY” ?
Goods is defined u/s 2(52) of the CGST Act, 2017 to mean
every kind of movable property other than money and
securities but includes actionable claim, growing crops,
grass and things attached to or forming part of the land which
are agreed to be severed before supply or under a contract of
supply. Presuming without admitting that bitcoins are not
money, can they be considered as “movable property” and
hence as “goods” ?
Apex Court in the case of Vikas Sales Corpn. v. Commercial
Taxes (1996) 4 SCC 433 has held relying on “Salmond on
Jurisprudence” that the expression ‘movable property’
includes corporeal as well as incorporeal property. Debt
contracts and other choses-in-action are said to be chattels,
no less than furniture or stock-in-trade. Similarly patents,
copyrights and other rights in rem which are not rights over
land are also included within the meaning of ‘movable
property’.
There are thus two kinds of rights in the world which result in
property (both corporeal as well as incorporeal) viz. rights in
rem (i.e. rights against a thing – e.g. ownership of tangible
goods) & rights in personam (i.e. rights against a person –
e.g. debts to be recovered from a debtor). Bitcoins are not
tangible in nature and hence it cannot create rights in rem.As
stated above, bitcoins are created by an algorithm. There is
no issuer of bitcoins. Hence it will be very difficult to say that
an owner of bitcoins has a right against a person to receive the
equivalent worth of bitcoins held by him. This is opposed to a
legal currency which creates rights for an owner to ensure the
receipt of equivalent value from the issuer (i.e. Central Bank
or the Government). It is because of this right that the
currencies issued by Central Bank or Government appears as
liabilities in their books and as assets in the books of person
5
Baroda Branch of WIRC of ICAI
who holds it (physically or in an account). In case of bitcoins
as there is no person who can be termed as issuer, as against
the owner of bitcoins, no corresponding liability is created.
Hence it will be difficult to say that bitcoins are property.
Hence bitcoins cannot be regarded as goods.
The Tokyo District Court (based on Japan Times accessed on
29.12.2017) has dismissed a lawsuit by a man seeking
repayment for bitcoins he kept in an account at the bankrupt
exchange Mt. Gox Co., with the ruling saying the virtual
currency is “not subject to ownership” claims. It was held
that virtual currency is not a property and hence any claim for
theft of such currency cannot be entertained by the Courts.
Money is defined u/s 2(75) to mean the Indian legal tender or
any foreign currency, cheque, promissory note, bill of
exchange, letter of credit, draft, pay order, traveller cheque,
money order, postal or electronic remittance or any other
instrument recognised by the Reserve Bank of India when
used as a consideration to settle an obligation or exchange
with Indian legal tender of another denomination but shall
not include any currency that is held for its numismatic value.
As per P Ramanatha Aiyar’s Law Lexicon, a legal tender
means a tender made in legal notes or coin. As per Sec. 22 of
the RBI Act, 1934, RBI has the sole right to issue bank notes
(except Coins and 1 rupee notes which are minted/issued by
Central Government under the Coinage Act, 2011) in India.
Further as per Sec. 26 of the RBI Act, 1934 every bank note
shall be a legal tender. As per Sec. 2 of Legal Tender
(Inscribed Notes) Act, 1964 a note bearing messages of a
political character shall not to be regarded legal tender.
Hence going by strict definition, bitcoins are not legal tender
as they have not been issued by Central Government or the
RBI.
It may be noted that laws generally evolve slowly as
compared to changes in the world and hence we are
constrained to apply archaic laws to new business models.
Before we reach any conclusion on the issue it is worthwhile
to understand whether bitcoins fulfill the characteristics of
“money” even though they are not legally recognized ?
ARE BITCOINS “MONEY” ?
Regardless of the form, money is traditionally associated
with three different functions. First, money is a medium of
exchange used as an intermediary in trade to avoid the
inconveniences of a barter system. Second, money provides
a unit of account. It acts as a standard numerical unit for the
measurement of value of goods and services to make
different offerings on the market more comparable.
However, to serve as an efficient unit of account, a currency
must be more than decimal and readily divisible. It must
provide a measure of relative worth that users can understand
on a nearly intuitive level. Otherwise, users must expend
time and effort to determine what the currency and its
associated unit of account really mean. Moreover, a currency
can serve as an effective unit of account only if users accept
its legitimacy. Third, currency serves as a store of value of
current earnings for future spending. Non-circulating money
can circulate in the future and that potential for future
circulation represents wealth or value that an individual
participant can take advantage of. It must also be noted that
money in different forms is interchangeable without losing
the absolute worth. As an example, money lying with bank
can be converted into physical currency of equal amount.
Undoubtedly, bitcoins can act as a medium of exchange.
However, given the limited number of venues accepting
digital currency, it is still a weak barter catalyst. It is
questionable whether digital currencies can be considered
intrinsically and intuitively valuable. To determine how
much digital currencies are worth, users usually translate
their value into value expressed in a familiar unit of account.
By looking at the string of data, hardly anyone can identify its
value. It is impossible to determine the value of particular
goods in bitcoins without knowing the bitcoin exchange rate
at a particular time. The question arises as to whether bitcoins
fulfills the “store of value” function in terms of being reliable
and safe. At any moment, regulators from various
jurisdictions may take action against bitcoins and its
participants. At any moment, bitcoins market may collapse
due to changing sentiments among bitcoin users: a
technically stronger decentralized currency may appear and
degrade bitcoins to a mere historic incident. And of course at
any moment, technical problems may bring bitcoins down
without any advance warnings. Given the enormous
volatility of bitcoins, possible technical problems, the lack of
oversight, and legal uncertainty surrounding bitcoins, it is
questionable whether bitcoins can be a reliable store of value.
After all, storing wealth in any medium that is easily
susceptible to collapse or price fluctuations is unwise.
Bitcoins also cannot be converted into a physical equivalent
unlike legal currencies which can be converted into a
physical equivalent. To sum up, at present, bitcoins can be
said to partially satisfy the condition of “money” in the sense
that it is used as a very limited medium of exchange for
obtaining goods or services in certain jurisdictions.
With this background let us examine the ruling of European
Court of Justice in the case of Skatteverket v. David Hedqvist
(Case C 264/14) on the issue.
In this case, Mr Hedqvist wanted to set up a company to
provide services consisting of the exchange of traditional
currency for the ‘bitcoin’ virtual currency and vice versa.
Hence he sought an opinion on taxability of same under
European VAT.
As per Article 2 of the VAT Directive transactions of supply
of goods or services for a consideration are liable to tax.
Article 14(1) of the directive provides that “supply of goods”
shall mean the transfer of the right to dispose of tangible
property as owner & Article 24(1) provides that the “supply
of services” shall mean any transaction which does not
constitute a supply of goods.
Further Article 135 of the VAT Directive provides that
following transactions amongst other transactions shall be
exempted from tax:
“………………
(d) transactions, including negotiation, concerning deposit
and current accounts, payments, transfers, debts,
cheques and other negotiable instruments, but
excluding debt collection;
(e) transactions, including negotiation, concerning
currency, bank notes and coins used as legal tender,
with the exception of collectors’ items, that is to say,
6
Baroda Branch of WIRC of ICAI
gold, silver or other metal coins or bank notes which are
not normally used as legal tender or coins of
numismatic interest;
(f) transactions, including negotiation but not
management or safekeeping, in shares, interests in
companies or associations, debentures and other
securities, but excluding documents establishing title
to goods, and the rights or securities referred to in
Article 15(2)”
Issue before the Court was whether the transaction of
exchange of traditional currency for the ‘bitcoin’ virtual
currency and vice versa is a service and whether the same is
covered by exemptions stated underArticle 135 ?
ECJ ruled that the facility of conversion of bitcoins into
traditional currency and vice versa will amount to provision
of a service. The difference between the buy rate & sell rate
will be the consideration for the said service. With regard to
exemption, EC J examined all the above referred clauses in
detail. Summary of the conclusions are as follows.
ECJ held that the transaction in question is clearly not
covered by clause (d) as it is not concerning deposit and
current accounts, payments, transfers, debts, cheques and
other negotiable instruments, but excluding debt collection.
As regards clause (f), ECJ held that the exemptions laid down
under said entry covers, inter alia, transactions in ‘shares,
interests in companies or associations, debentures and other
securities’, namely securities conferring a property right
over legal persons and ‘other securities’ that have to be
regarded as being comparable in nature to the other securities
specifically mentioned in that provision. It held that the
‘bitcoin’ virtual currency is neither a security conferring a
property right nor a security of a comparable nature and
hence cannot fall under said clause.
Coming to clause (e) ECJ opined that it covers transactions,
including negotiation, concerning currency, bank notes and
coins used as legal tender, with the exception of collectors’
items, that is to say, gold, silver or other metal coins or bank
notes which are not normally used as legal tender or coins of
numismatic interest.
ECJ observed that when one compares the said clause over
various languages (viz. German, Swedish, Finnish &
Italian), it does not lead to a conclusion without ambiguity
that it shall cover only traditional currencies. It further
observed that where there are linguistic differences, the
scope of the expression in question cannot be determined on
the basis of an interpretation which is exclusively textual.
That expression must therefore be interpreted in the light of
the context in which it is used and of the aims and scheme of
the VAT Directive.
It opined that exemption under clause (e) is intended to
alleviate the difficulties connected with determining the
taxable amount and the amount of VAT deductible which
arise in the context of the taxation of financial transactions.
Transactions involving non-traditional currencies, that is to
say, currencies other than those that are legal tender in one or
more countries, in so far as those currencies have been
accepted by the parties to a transaction as an alternative to
legal tender and have no purpose other than to be a means of
payment, are financial transactions. In essence the
difficulties connected with determining the taxable amount
and the amount of VAT deductible may be the same, whether
it is a case of the exchange of traditional currencies, normally
entirely exempt under Article 135(1)(e) of the VAT
Directive, or the exchange of such currencies for virtual
currencies with bi-directional flow, which — without being
legal tender — are a means of payment accepted by the
parties to a transaction, and vice versa. It therefore follows
from the context and the aims of Article 135(1)(e) that to
interpret that provision as including only transactions
involving traditional currencies would deprive it of part of its
effect. It was observed that the ‘bitcoin’ virtual currency has
no other purpose than to be a means of payment and that it is
accepted for that purpose by certain operators.
It was thus concluded that Article 135(1)(e) of the VAT
Directive also covers the supply of services such as those at
issue in the main proceedings, which consist of the exchange
of traditional currencies for units of the ‘bitcoin’ virtual
currency and vice versa, performed in return for payment of a
sum equal to the difference between, on the one hand, the
price paid by the operator to purchase the currency and, on
the other hand, the price at which he sells that currency to his
clients.
Above ruling shall not apply in the context of CGST Act,
2017 for the reason that definition of goods & services u/s
2(52) & 2(102) respectively only excludes money which is
defined u/s 2(75) to include only legal tender. There is also no
ambiguity in the Hindi version of the CGSTAct, 2017. Even
otherwise in our opinion, bitcoins do not fulfill all the
characteristics of “money”. Hence the same in our view is not
money. However the ruling that the transaction of buying and
selling amounts to supply of services, in our opinion shall
apply in Indian context as we shall see next.
Service is defined u/s 2(102) to mean anything other than
goods, money and securities but includes activities relating
to the use of money or its conversion by cash or by any other
mode, from one form, currency or denomination, to another
form, currency or denomination for which a separate
consideration is charged.
We have already concluded that bitcoins are not money,
securities, actionable claims or goods. From the definition of
service it appears that activities relating to the use of money
or its conversion by cash or by any other mode, from one
form, currency or denomination, to another form, currency
or denomination is regarded as a service. It is important to
note that when one purchases bitcoins with legal tender, it
may be regarded as conversion of money by any other mode
from one form to another form. The form in which legal
tender is converted can be any “form or currency” as per the
definition and not legal currency. Bitcoins can be considered
as a “virtual form” and they even do satisfy certain attributes
of currency and hence can be covered by the definition of
service. In this case, only the difference between the buying
cost and selling cost will be regarded as consideration and the
same may be subjected to GST as a service. One must note
that even if the said activity is regarded as a service, it can be
taxed only if it is in the course or furtherance of business.
Hence in case of a bitcoin exchange, in our opinion the
difference will be taxable as such exchange is in the business
ARE BITCOINS “SERVICE” ?
7
Baroda Branch of WIRC of ICAI
of converting legal tender into bitcoins and vice versa.
However in case of an individual one has to examine all the
facts before concluding as to whether the transactions are in
the nature of business.
As discussed in the beginning, bitcoins are generated
through a process called mining. Miners use their computing
power to check the authenticity of transactions (solving
cryptographic algorithms to verify bitcoin transactions)
recorded in online distributed ledger and are rewarded with
bitcoins. However there is also intense competition (mainly
from China) for this activity. Hence all miners are not
rewarded (source is media reports). Also the amount of
reward varies with time. Mining is clearly a service provided
by miner. However for a service to be taxed under GST, there
must be a contractual link between provision of service and
consideration against the same. This is clear from Sec.
7(1)(a) of the CGSTAct, 2017 which considers a transaction
of service as supply only if it is for a consideration in the
course or furtherance of business. As seen above there is no
such contractual link between miner’s and the algorithm
which issues new bitcoins. Many times it has been recorded
that miners don’t get any bitcoins for the work done. In view
of no direct link between provision of mining service and the
consideration in the form of bitcoins, we are of the opinion
that the same cannot be taxed under GST.
Section 7 of the CGST Act, 2017 provides that supply
includes all form of supply of goods and services such as
barter, exchange made or agreed to be made for a
consideration. Consideration has been defined to include any
payment made in money or otherwise as per sec 2(31) of the
CGST Act, 2017. Hence even payments made in the form of
bitcoins is a consideration against provision of goods or
service. As per Sec. 15 of the CGST Act, 2017 when
considering is not wholly in money one has to resort to
Valuation Rules.As per Rule 27 read with Rule 30 & 31 of the
CGST Rules, 2017 in case when consideration against a
supply is not wholly in money, value of such supply shall be
MINING OFBITCOINS
SALE OF GOODS OR PROVISION OF SERVICE
AGAINST BITCOINS
(i) open market value of such supply; (ii) monetary
consideration plus money value of the non-monetary
consideration; (iii) value of supply of like kind and quality;
(iv) value of supply based on cost, i.e., cost of supply plus
10% mark-up; or the Best Judgment method. Hence GST
shall be payable on the taxable supply of goods or services
made against bitcoins. Valuation shall be done as per the
methods prescribed.
Sec. 2(24) of the Income Tax Act, 1961 defines income. As it
is an inclusive definition, it has an expansive meaning and
will cover within its ambit any profits or gains. Hence any
profits made on purchase and sale of bitcoins will be taxable.
Definition of capital asset u/s 2(14) which is an exclusive
definition covers property of any kind amongst other things.
Bombay High Court in the case of CIT v. Tata Services Ltd.
[1980] 122 ITR 594 (Bom.) has held that the word 'property',
used in section 2(14) of the Act, is a word of the widest
amplitude and the definition has re-emphasised this by use of
the words 'of any kind'. Thus, any right which can be called
property will be included in the definition of 'capital assets'.
Acontract for sale of land is capable of specific performance.
It is also assignable. A right to obtain conveyance of
immovable 'property' is clearly a 'property' as contemplated
by section 2(14). Further Bombay High Court in the case of
Nila V. Shah (Mrs.) v. CIT [2012] 21 taxmann.com 324/51
SOT 461 (Mum.) has held that the word 'property' is of
widest amplitude which also includes the right and interest of
a person in a particular asset. Every possible interest which a
person can clearly hold or enjoy in an asset can be termed as
'property' within the definition of capital asset.
From the above rulings one can observe that word “property”
covers any right or interest in an asset. As concluded before,
bitcoins do not create any rights in personam (right against a
person) much less rights in rem as there is no issuer who
undertakes to honor the right. Hence in our opinion the same
cannot be treated as “capital asset”. Thus income from
bitcoins can be taxed as business income considering the
frequency of trade and means of financing or can be taxed as
income from other sources.
INCOME TAX
CONCLUSION
From the above analysis we can conclude that bitcoins are a
category by itself. It cannot be unambiguously categorized
into any presently exiting categories viz. money, securities,
actionable claim, movable property (i.e. goods) or service. In
our opinion transactions in bitcoins can at best be classified
as a service of converting legal tender into any other form or
currency (which may not be a legal tender). Difference shall
be taxable under GST only if the transaction is made in the
course or furtherance of business. Under Income Tax, we are
of the opinion that profits made on purchase and sale of
bitcoins shall be taxable but bitcoins shall not be regarded as
capital asset.
Contributed by :can be reached at [email protected]
CA. Bimal R. Bhatt
Life and Learning
Stages of life and facets of learning.
Stages of Life
Each stage of life provides opportunities for learning and
growth.
Most of us, young or old, are proud of our youthfulness. The
young man flaunts it and the old man says proudly that he is
. But what is there to be proud of in being
young, especially in chronological terms? Each stage of life,
youth, middle age and the old, has its own unique beauty and
spreads its fragrance when it is lived with the right attitude,
values and behaviour appropriate to that stage. Each stage
provides unique experiences and opportunities for learning,
growth and contribution to the society. So the old man who
wants to be young or imitates youthful behaviour or the
young man who indulges in an extravagant display of his
youthfulness, both lack maturity.
The wise men of old were aware of this truth of life. The
Chinese sage, Lao-tse, said it in simple words:
“young in spirit”
“Live
8
Baroda Branch of WIRC of ICAI
according to your age”. The ancient Indian mind had this
concept of four stages of life: student, householder,
contemplative and the renunciate. They said each stage has its
unique dharma, which means intrinsic nature and law, and
has to be lived according to its dharma. They did not give any
special importance to youth. They were aware that all these
stages of life are of equal importance for the growth and
wellbeing of the individual and the collectivity. For example,
a community that gives too much importance to youth, like
some western nations tends to relegate its senior citizens to
the old age homes as unproductive people. As a result, the
community loses the wisdom and experience of its senior
citizens for building the society and the nation. This Indian
concept has important implication for a deeper understanding
of the different facets of learning.
Let us first try to understand this Indian concept as it is
perceived by the ancient Indian mind. A human being begins
his life as a student. He learns the art and science of living
under the personal guidance of a wise mentor. He acquires the
knowledge and skill not merely for a job or a profession, but
for leading a healthy and wholesome life which will steer him
progressively towards his spiritual destiny. In the next stage,
he marries and becomes the householder. He applies
whatever he has learnt as a student for the practical conduct
and organization of his individual and communal life and the
fulfillment of his social responsibilities. In the third stage he
gradually withdraws from worldly activities and
responsibilities and spends his time more and more in
contemplation on the deeper truths and higher aims of life. He
may enter into a forest or hermitage or remain in society as a
wise mentor to the younger members of the community. We
must note here that in ancient India, the sage and
contemplative in the hermitage never shut himself off from
the society. He was a source of higher knowledge and wisdom
for the community. The secular leaders of the society like the
king, householder and the scholar constantly visited the
hermitages, listened respectfully to the guidance and advice
of the hermits and benefited by their spiritual wisdom.
In the last stage, when he acquires sufficient inner freedom
The Four Stages
from all worldly desires and attachment, he becomes a free
soul. He is no longer bound by any worldly responsibilities.
He lives according to the inner guidance of his spiritual self.
This is the Indian conception of the four stages of life. Let us
now examine this Indian concept in the context of learning.
When we look at this concept of four stages in a deeper
psychological perspective, we can discern four basic aspects
of learning: Knowledge, Application, Contemplation and
But in the context of learning they are not stages
but four aspects, which have to be put into practice
simultaneously. , conceptual or experiential, is
the foundation of learning. But knowledge is sterile without
Knowledge has to be constantly applied for
personal growth and for a progressive evolution and
wellbeing of the larger life of which we are a part, not only in
terms of efficiency, productivity and prosperity, but also in
terms of higher values like truth, beauty, quality, goodness,
harmony and unity. And to grow in knowledge requires
The nearest and the most
immediate object of contemplation is our own self. We have
to constantly look into our self and learn more and more
about our own being and consciousness. There is here a vast
ocean to be explored because, at present, most of us live in a
small fringe and surface of our consciousness.As we grow in
this self-knowledge we will find that the real key to most of
the knowledge, solutions or competencies we are seeking
from outside, is within us. The other object of contemplation
is the life around us and life as a whole. The learner has to
constantly contemplate on the deeper and higher truths, laws,
aims, values and purpose of life.
The range of contemplation have to embrace the whole of life
and also the specific activity, profession or segment of life in
which he functions. For example, a scientist has to
contemplate on the higher meaning and purpose of science in
the larger context of human development. The role model for
a scientist is Albert Einstein, who always viewed science not
in terms of his narrow specialization of physics, but in the
light of a wider humanistic, philosophical and spiritual
vision. Similarly a business leader has to reserve sometime
Aspects of Learning
Freedom.
Knowledge
Application.
deep
Contemplation or Meditation.
for contemplating on the purpose, vision, values and the
future direction of his business. He must also contemplate on
how to serve his stakeholders, especially the employees,
customer and the community, better and better. The leaders
of global business have to contemplate on the role and
purpose of business in the evolutionary destiny of humanity.
This wider contemplation makes the mind receptive to the
universal mind and as a result opens it to new ideas.
However, there are many types and stages of contemplation.
According to Indian yogic traditions there are four types of
contemplation. The first one is a thinking meditation of the
kind we have described earlier. The second type is a
concentrated focusing on the essence of a single idea. The
third type is a silent meditation, or in other words to keep the
mind silent, passive and receptive to whatever intuition or
inspiration which comes from above. The fourth form of
meditation is to keep an alert, objective, non-judgmental
attention or observation on all the inner movement of the
mind like thoughts, feelings, motives and impulse and also
on the events, objects, people and activities of the outer
world. For creative living and continuous learning we have to
learn all these four forms contemplation.
The fourth aspect of learning is . This may not be
apparent at first glance. How can freedom be part of
learning? There are two forms of freedom which can enhance
learning. First is an outer life which is free from excessive
rules, restrictions and taboos with an environment that
encourages people to take initiative, experiment, think,
imagine and learn through mistakes and failures. The other
form of freedom is the inner freedom from attachment to
fixed dogmas, opinions and viewpoints and the things of the
past and present. These are some of the major mental
obstacles to creative thinking. We cannot progress in
knowledge if our mind is inwardly attached to these
obstacles.
These are the four facets of learning. As we have said earlier,
for effective learning we have to simultaneous put into
practice all these four facets of learning.
Freedom
(Source--Fourth Dimension Inc.)
9
Baroda Branch of WIRC of ICAI
1) How ICDS III deals with the Changes in estimates of
construction costs and revenue? Say due to unforeseen
events, does the standard permit reversal of income
recognized?
In terms with Para 21 of the ICDS III, the percentage
completion method is applied on a cumulative basis in
each previous year to the current estimates of the
contract revenue and contract costs. Where there is
change in the estimate, the changed estimates shall be
used in determination of the amount of revenue and
expenses in the period in which the change is made and
in subsequent periods. Hence, in case there is revision
in the estimated revenue or estimated cost then the
percentage completion would accordingly been casted
as per revised workings, prospectively.
The above provisions of the standard seems generally
easy to apply, but creates a dicey situation if the
estimated cost increases substantially. Say in a
contract, an assesee has estimated cost amounting to
Rs. 90 in year one & actual cost incurred is Rs. 40
leading to 44% completion. In the 2nd year of the
contract, the assesse has incurred cost amounting to Rs.
50 and the revised estimated cost is Rs. 100. In such a
case the percentage completion comes to 50% and
income needs to be recognize accordingly.
Now suppose in the same example, if the estimated cost
increases to Rs. 150 in the year 2, then the percentage
completion will be reduced to 33% instead of 44%
being income recognized in earlier year. This situation
is very much possible in industrial and turnkey projects
where the contracts are covered by stringent & high
Liquidated Damages costs or where the materials used
in the project are prone to high price escalations or
where the prices of the contracts are covering thin
margin. In the present case, if the computation of
income after taking the reduced percentage completion
is adopted by the assesse, then a person needs to book
loss in the current year, since person has recognized
higher income in earlier year.Alitigation may arise that
it is nothing but reduction in income has been computed
by taking into account, the concept of prudence. A
person has booked losses in the contract without
recording full revenue and cost, which is nothing but
tantamount to booking of anticipated losses by
adopting concept of prudence. However, the ICDS I do
not recognize the concept of prudence in selection and
application of accounting policies.
Another alternative is to relate the portion of reduction
in percentage completion with the revenue recognized
and to claim the said portion as bad debts in the
computation of income. Section 36(1)(vii) of the Act
has been amended to provide that claim of the bad debt
may be allowed to assessee where the amount of such
debt or part thereof has been taken into account in
computing the income of the assessee of an earlier
previous year on the basis of ICDS then, such debt or
part thereof shall be allowed in the previous year in
which such debt or part thereof becomes irrecoverable.
2) What are the Disclosure requirements of standard?
Para 23 of the standard requires the person to disclose
following:
a) The amount of contract revenue recognized as
revenue in the period and
b) The methods used to determine the stage of
completion of contracts in progress.
Para 24 of the standard further requires a person shall
disclose the following for contracts in progress at the
reporting date, namely:
a) Amount of costs incurred and recognized profits
less recognized lossess upto the reporting date
b) The amount of advances received and
c) The amount of retentions
10
Dear Members,
The Baroda Branch of WIRC of ICAI has strong
tradition of providing the best tools and support
to CA students of Baroda, for achieving their
goal of becoming Chartered Accountants.
Finance should not be the constraint for
deserving Students who want to be a CA and
“Vidhya Daan” is considered as the best
amongst all gifts. Since past few years, with the
contribution of the big hearted members, the
Baroda Branch of WIRC of ICAI has been taking
responsibility to sponsor a part of the total
educational cost of the needy CA students.
Financial Assistance is given to students after
systematically evaluating their eligibility (i.e.)
screening their applications, interviewing
them, cross-verifying the credential and so on.
The following are current registration fees of
our Institute for a CA student:
• Foundation : Rs. 09,200/-
• Intermediate : Rs. 18,000/-
• Final : Rs. 22,000/-
The Branch seeks Members’ active support in
successful continuation of this noble cause.
Members willing to contribute any amount may
kindly write cheque favouring: “Baroda Branch
of WIRC of ICAI” and send it to CA. Manoj Sahu
(9099094500 / 0265-2363500).
Appeal for the Contributionto Financial Assistancescheme for CA students
Contributed by :can be reached at [email protected]
CA. Prashant Upadhyay
FAQ on ICDS - III Part VConstruction Contracts
Baroda Branch of WIRC of ICAI
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TEAM 2018-19
Left to Right: CA. Rikin Patel, CA. Arpan Dodia, CA. Hitesh Agrawal, CA. Dhiren Parikh, CA. Krunal Brahmbhatt, CA. VinodPahilwani, CA. Abhijit Kotecha, CA. Manoj Sahu & CA. Pradeep Agrawal
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WICASA - JANUARY 2018