Seminar on GST and Angel Tax organised by Bombay Chamber

Seminar on GST and Angel Tax organised by Bombay Chamber

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Session on GST :

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.

Session on `Angel Tax’ :

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.

Programme :

Time Schedule
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
Commissioner Of State Tax

10.05 a.m. Panel Discussion : GST – Deliberations on the next phase

Moderator :
Mr. Uday Pimprikar, Partner and Indirect Tax Leader, EY India

Panellists :

Ms. Anuprita Mehta, Head-Taxation at ArcelorMittal Nippon Steel India Ltd.
Mr. Amit Patwardhan, Head-Tax, HSBC India Ltd.
Mr. Atul Agarwal, Sr. Vice President, Star India Pvt. Ltd.
Mr. Vinod Mandlik, Global Head-Indirect Tax, Tata Consultancy Services

10.55 a.m. Q&A Session
11.15 a.m. Tea
11.30 a.m. Presentation on Angel Tax

Mr. Tejas Desai, Partner, Private Equity & Financial Services – Tax & Regulatory services

12.00 noon Panel Discussion

Moderator :
Mr. Ravikant Kamath, Chairman, Direct Taxation Committee, Bombay Chamber
and Partner, Direct Tax Knowledge & Solutions, Ernst & Young LLP

Panelists :

Mr. Ashith Kampani, Chairman, CosmicMandala 15 Securities Pvt. Ltd.
Mr. Darshana Kadakia, Partner, Grant Thornton Bharat LLP
Mr. Tejas Desai, Partner, Private Equity & Financial Services – Tax & Regulatory services, Ernst & Young LLP

12.45 p.m. Q&A Session
1.00 p.m. Vote of thanks
Lunch & Networking

Participation Fee :

 

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
Account No. 10996680930
IFSC CODE SBIN0000300
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”

Contact Details :

Mr. R. Ganesh
Email : ganesh.r@bombaychamber.com
Tel : 61200218/ 9987042149

Ms. Winnie
Email : winnie.m@bombaychamber.com
Tel : 61200263

Additional Details

Event Fees Type - Paid Event

Event or Seminar - seminar

Event registration closed.
 

Date And Time

November 02, 2023 09:45 AM to
November 02, 2023 01:00 PM
 

Registration End Date

November 02, 2023
 
Paid Event
 
Seminar
 

Committee

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