Confederation of Indian Industry (CII) and Young Indians (Yi) Raipur Chapter organized an `Interaction on Domestic Transfer Pricing & Negative List’ on 19 December 2012 to discuss contemporary issues and details of the policy changes and its implication to industries.

Mr O P Singhania, Convenor, Economic Affairs, Finance & Taxation Panel gave welcome remarks and a brief about Domestic Transfer Pricing & Negative List. Eminent speakers from Ernst & Young Mr Dinesh Agrawal, Partner- Tax & Regulatory Services & Mr Siddhartha Jain, Director-Indirect Taxes were present, they talked in detail about Domestic Transfer Pricing & Negative List and how it will impact the industries, also provided an insight on how proper documentation is to be done and how the form of 3CEB is to be filled and submitted before 30 Novenber 2013, they also metioned that this has been brought into force from March 2012. They mentioned that a threshold of INR 50 M to be computed band on aggregate of payments and rejects to which the provisions, all documents to be contemprorieus there should not be backlog clearence.

Mr Siddhatha Jain mentioned that Negative List was introduced by Union Budget 2012-13, the entire network has been substituted, Hitherto (prior to 1.7.2012) specifiedservices where subjected to tax-Post, Import and Export rules replaced with place of Provision of Service Rules 2012, Individual nad specific exemption notification rescinded clubbed made one Mega Exemption, Armbit to reverse charge mechanism expand to cover instances where both service provider and beneficiary has to pay.

The key challenges which were discussed were:
• Benchmark the transactions
• Comparibility standards for bench marking profilts / margins of eligible business
• Identification demarcation of eligible business and non- eligible business of 80A (6) / 801 A (8) transactions.
•  Identifying parties with whom taxpayers have “close connection” and assessing reasons for more than ALM profit (Arm’s Length Profit)   
 
It is highly important for industries and finance professionals to keep abreast with topical and intriguing concepts. During the session Mr Ramesh Agrawal, Chairman, CII Chhattisgarh, Mr Manish Gupta, Vice – Chairman, CII Chhattisgarh, Mr Sandeep Goyal, CoChair, Yi Raipur Chapter, Mr Vinay Agrawal, Chair- Health Environment & Safety, Mr Amitava Ghosh, Chair, Learning, Mr Joydeep Mukherjee, State Head CII Chhattisgarh and CII Secretariats and various other members were present during the session. 

Mr Amitava Ghosh, Chair, Learning gave the vote of the thanks for the session. Earlier during the day a Members’ Meet for CII Chhattisgarh was also organized.