For All Defence Aspirants Goods And Services Tax Appellate Tribunal

Goods And Services Tax Appellate Tribunal

For All Defence Aspirants Goods And Services Tax Appellate Tribunal

Goods And Services Tax Appellate Tribunal
Goods And Services Tax Appellate Tribunal

The Government Recently Approved The Creation Of A National Bench Of The Goods And Services Tax Appellate Tribunal (GSTAT).

GSTAT Would Serve As The Forum For Second Appeal In GST–Related Litigation. The First Appeal Against The Orders Of Adjudicating Authority Shall Lie Before The Appellate Authority Of The States.

It Will Also Be The First Common Forum Of Dispute Resolution Between The Centre And The States.

The National Bench Of The Appellate Tribunal Will Be Presided Over By A President And Will Be Situated In New Delhi.

The Bench Will Consist Of A Technical Member From The Centre And Representative Of The States.Note: Goods And Services Tax GST was Passed As The Constitution  (10 1st Amendment) Act 2016,GST is A Simple And Unified Tax Structure.

New Angel Tax Rules

The Centre Recently Notified New Rules Pertaining To Angel Tax Which Will Exempt Registered Start Ups Of A Specified Size From The Taxation.

Key Points

Start Ups Will Be Kept Out Of The Purview Of Anti Evasion Provision In The Income Tax Act Under Which Share Premium Received Beyond The Fair Value Is Taxed At 30 %.

Investments Of Up To 25 Crore In An Eligible Company Will Be Exempt From The Angel Tax.

Investments Received From Non-Residents And Alternative Investment Funds –Category I Registered With The Securities And Exchange Board Of India (SEBI) Will Also Be Eligible For The Exemption.

Eligible Startup Would Be One That Is Registered With The Government, Has Been Incorporated For Less Than 10 Years ,And Has A Turnover That Has Not Exceeded 100 Crore Over That Period.

What Is Angel Tax?

Angel Tax Is A Term Used To Refer To Then come Tax Payable On Capital Raised By Unlisted Companies Via Issue Of Shares Where The Share Price Is Seen In Excess Of The Fair Market Value Of The Shares Sold.

The Excess Realization Is Treated As Income And Taxed Accordingly. The Tax Was Introduced In The 2012 To Arrest Laundering Of Funds. This Tax Predominantly Affects Start-Ups And The Angel Investments They Attract.

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