Any person in India, whose estimated tax liability is more than Rs 10,000 (US$145) in a financial year, after deducting TDS, must pay income tax in advance.
One year since the GST rolled out in India, businesses seek key changes in way the indirect tax system operates.
India’s indirect tax and customs department, CBIC, is working to clear long-stuck GST refunds for exporters, including through PAN-based clearance and a special refund fortnight till June 14, 2018.
Despite India’s high tax burden, foreign investors should pace themselves; the country offers a variety of regional and sector-based incentives to boost its competitiveness.
India provides a range of tax and non-tax related benefits to foreign investors. These may be industry-specific, location-based, or export-linked incentives.
India’s SEZs offer tax incentives to their resident businesses. In this article, we highlight key information relevant for companies setting up in an Indian SEZ or developing an SEZ.
We discuss the GST returns forms to be submitted by all regular business entities in India and compliance requirements under the GST system.
We discuss the GST returns for input service distributors, TDS for purchasers of goods and services when making payments to suppliers, and TCS for e-commerce operators in India.