October 25, 2023
India’s Goods & Services Tax (GST), implemented in 2017, was a major tax reform aimed at simplifying the tax system and enhancing compliance. However, over the years, several issues have emerged, due to which taxpayers are facing difficulties with regard to compliance. To discuss key procedural and policy issues, including compliance, the Bombay Chamber has invited Shri. Rajeev Kumar Mital, IAS, Commissioner Of State Tax for an interaction with its members.
The Finance Act, 2023, has amended Section 56(2)(viib) of the Income-tax Act popularly known as ‘angel tax’. It was first introduced in 2012 initially to penalize circular economy through the subscription of shares of a closely held company at a value that is higher than the fair market value of the company’s shares. The provision had stated that when an unlisted company, such as a start-up, receives equity investment from a resident for issue of shares that exceeds the face value of such shares, it will be counted as income for the company and be subject to income tax under the head ‘Income from other Sources’ for the relevant financial year. With the latest amendment, the Government expanded the scope of angel tax to also include foreign investors in the ambit, meaning that when a closely held company raises funding from a foreign investor, that too will now be counted as income and be taxable, if issued at a price higher than fair market value. The DPIIT- recognised startups were excluded from the angel tax levy but subject to strict compliance conditions. Responding to concerns raised by stakeholders, the Government has recently notified exempted class of non-resident investors whose investment will not be subject to angel tax and also expanded on valuation methods for non-resident investors. To discuss in detail its key aspects and the impact on the industry, the session on Angel Tax is being organized with eminent experts addressing the same.
|9.30 a.m.||Registration & Tea|
|9.45 a.m.||Welcome Address
Mr. Sandeep Khosla, Director General, Bombay Chamber
|9.50 a.m.||Keynote Address
Shri. Rajeev Kumar Mital, IAS
|10.05 a.m.||Panel Discussion : GST – Deliberations on the next phase
Ms. Anuprita Mehta, Head-Taxation at ArcelorMittal Nippon Steel India Ltd.
|10.55 a.m.||Q&A Session|
|11.30 a.m.||Presentation on Angel Tax
Mr. Tejas Desai, Partner, Private Equity & Financial Services – Tax & Regulatory services
|12.00 noon||Panel Discussion
Mr. Ashith Kampani, Chairman, CosmicMandala 15 Securities Pvt. Ltd.
|12.45 p.m.||Q&A Session|
|1.00 p.m.||Vote of thanks|
|Lunch & Networking|
|Members||Rs. 1,500 + 18% GST|
|For 3 or more participants||1,275/- + 18% GST per participant|
|Non-Members||Rs. 1,700 + 18% GST|
|For 3 or more participants||1,360/- + 18% GST per participant|
|Bank Details for NEFT|
|Bank Name||State Bank of India|
|Branch Address||Mumbai Main Branch|
Cheque /Demand Draft should be drawn in favor of “BOMBAY CHAMBER OF COMMERCE AND INDUSTRY”
Mr. R. Ganesh
Email : firstname.lastname@example.org
Tel : 61200218/ 9987042149
Email : email@example.com
Tel : 61200263
Event Fees Type - Paid Event
Event or Seminar - seminar