The Institute of Chartered Accountants of India e …baroda-icai.org/Module2011/MemberNewsLetter/Full/1_92.pdf · The Institute of Chartered Accountants of India ... Concept of Supply

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


Holi Celebration

Day & Date :

Time :

Faculty :

Fees :

Venue :


02.00 pm to 05.00 pm

CA. Sanjay Shah, Ahmedabad

Rs. 300/- including GST


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


Delta 9, Gorwa, Vadodara

Celebration of InternationalWomen’s day

Day & Date :

Time :

Topic :

Faculty :

Fees :

Venue :


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



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


Day & Date :

Fees :

Venue :

Thursday to Friday, 22 & 23.02.2018

RS 2000/- For Full Course


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


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



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



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.


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


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


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.


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


Tax, dated 29.12.2017


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.


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.


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


Tax, dated 29.12.2017


Tax Dt. 01.01.2018

Tax, dated 20.1.2018 extends the date to file Form GSTR 3B

up to 22.01.2018.


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


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


Tax, dated 29.12.2017


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


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


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


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


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.


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


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


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


CA. Prashant Upadhyay

FAQ on ICDS - III Part VConstruction Contracts


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TEAM 2018-19

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