We explain how India’s GST regime benefits manufacturers/suppliers and job workers, what are the rules of compliance, and how the tax incidence is assessed.
We provide a short checklist of annual GST compliances in India and related tasks for businesses during the new financial year, starting April 1, 2021.
Key tax deadlines in India in 2021, including tax reporting dates, deadlines for audit compliance, and relevant dates for tax and finance obligations.
From April 1, 2021, companies in India are required to record audit trials of their accounts and make additional disclosures like cryptocurrency transactions.
The Indian government has clarified that its digital tax will not apply to foreign e-commerce firms with an Indian PE or paying income tax in India.
India’s DTAA regime covers a vast network of double tax treaties, which are supported by social security agreements, to provide tax relief.
The government has proposed changes to India’s GST audit regime in the Finance Bill, 2021 to ease the compliance burden for businesses and expand the tax base.
In this issue of India Briefing, we provide readers with an updated overview of India’s audit and compliance regime, including the GST audit process.