Other Briefings
IT Sector in India Shocked by US$1.55 Billion in Tax Notices
India’s federal tax body has sent tax notices to more than 200 companies in the IT sector claiming for return of export benefits enjoyed by such firms over the last 5 years plus service tax and fines. Here we briefly discuss the main contention.
The GST in India: Tax Rates Slashed, Some Compliance Relaxed
Last week, the GST Council announced several revisions to the indirect tax regime, making it more business-friendly. In this article, we highlight the most significant changes announced.
Indian Income Tax Returns – Filing Date Extended to November 7 for FY 2016-17
India’s federal tax body has extended the final date for filing income tax returns (ITR) and submitting reports for audit for FY 2016-17. This time around taxpayers will need to disclose their Aadhaar number, and additional banking and financial information.
Reverse Charge Mechanism in the Import of Services under GST
The new Goods and Services Tax (GST) regime introduces the reverse charge mechanism (RCM) to ensure the government receives tax on supplies of goods and services by unregistered suppliers. This article briefly discusses the mechanism.
Flexi-Staffing Industry in India: GST Impact, Regulations
Under GST, the tax rate on all staffing firms is pegged at 18 percent. This article discusses the impact of GST on the flexible staffing industry, and its impact on doing business in India.
Exporters in India Suffer under GST Regime – Delays in Refund Processing, Malfunctioning System
Exporters in India are facing a major working capital crunch under refund rules of GST law and the malfunctioning of the GSTN system. We briefly discuss these challenges and the government response.
Anti-Profiteering under GST in India: Regulatory Measures and Compliance for Business
Under the GST regime in India, benefits of tax rebate obtained by sellers or service providers must pass on to final consumers through anti-profiteering compliance. The article explains the anti-profiteering regulation and compliance requirements for businesses in India.
MAT Audit in India: Tax Department Notifies Revised Reporting Form 29B
India’s income tax department has notified the revised Form 29B for Minimum Alternate Tax (MAT) audit reporting under the Income Tax (22nd Amendment) Rules 2017. This article tracks the latest tax update, and briefly explains the application of MAT in India.
