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.
India is tightening GST compliance requirements for eligible MSMEs through changes to the GSTR-1 form and payment of a percent of the GST liability in cash.
India has joined other countries in evolving a specified, if arbitrary, framework of rules for taxing foreign digital economy firms and e-commerce service providers.
During the audit process, Form 3CEB is applicable for companies that have engaged in international and specified domestic transactions with any associated enterprises during a financial year.
We discuss some recent tax concessions that should be reflected in audit reports for AY 2020-21 in India; taxpayers should keep track of any extensions in relevant filing deadlines.
A Delhi appellate tribunal has held that non-resident shareholders, such as foreign investors, can access the beneficial tax rate on dividend income.
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 extends compliance deadlines and promises tax relief to key groups.
Financial, legal, tax, and HR due diligence will enable foreign companies evaluate every aspect of their potential business undertaking in India.