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.
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.
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.
The festive season in India involves the exchange of gifts; however, companies should note that certain exchanges may attract liability under various domestic and foreign anti-corruption statutes. This article highlights key compliance strategies for firms to minimize such risk exposure.
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.
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 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.
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.