This article highlights the key outcomes of 50th GST Council Meeting – July 2023, providing insights into changes in tax rates, exemptions, strengthening GST implementation, and measures aimed at enhancing compliance.
28% GST Recommended on Online Gaming, Casinos, and Horse Racing in India: Implications for Businesses
India’s 50th GST Council held in July 2023 imposed a uniform 28 percent tax on the full face value of online gaming, casinos, and horse racing. This article examines the impact of this recent decision on businesses operating in India.
Effective October 1, 2023, the Indian government has increased the tax on outbound remittances from 5% to 20% – with certain exceptions.
This comprehensive guide, applicable for the financial year 2023-24, will enable foreign investors to stay tax efficient and compliant under India’s corporate and tax laws.
Recent amendments to IAS 12 offer temporary relief to MNEs from the accounting requirements for deferred taxes arising from the implementation of the OECD’s Pillar Two. Companies can immediately benefit from the temporary exception, while specific disclosures to investors are required for annual reporting periods starting on or after January 1, 2023.
We provide a tax compliance calendar for June 2023 that highlights important India income tax and GST due dates and obligations.
GST e-invoicing will become mandatory for all businesses in India with an annual turnover of over INR 50 million starting August 1, 2023.
This tax compliance calendar for May 2023 outlines the income tax and GST related deadlines and reporting requirements for businesses in India.