Sannam S4’s Financial Consulting practice presents a monthly bulletin with key updates and developments from India on tax, regulatory, and financial compliance aspects. The bulletin’s endeavour is to provide key updates and information about doing business in India, with emphasis on updates that affect or improve ease of operations in-country.
We present herewith key announcements introduced by the Government of India during August 2018. If you would like to understand more about how these updates impact your plans or operations in India, please do not hesitate to contact us @ Connect@sannams4.com
INTERNATIONAL TAX UPDATES
Notification to amend procedures and forms for advance rulings announced in line with OECD’s BEPS recommendations.
Government invites public comments on framing of rules for ‘significant economic presence in India’.
GOODS AND SERVICES TAX (GST)
GST leviable on services by employees of a corporate office to units in other states.
Due dates for filing of GST tax returns prescribed for FY 2018-19; Present system of filing GST 3B returns extended till the end of the financial year; Draft GST returns also published for stakeholder feedback.
Migration window opened again for taxpayers with provisional identification number.
Lok Sabha clears the amendments in GST Acts based on decisions taken in GST Council meeting.
Clarifications issued for IGST on goods supplied while being deposited in custom warehouse.
Government notifies amendments in GST acts as per recommendations of GST Council’s 28th meeting.
Payment of GST under reverse charge from unregistered suppliers further deferred till September 30, 2019.
Draft rules issued to amend and simplify processes related to issue of certificate for lower or nil deduction of taxes at source.
Reporting of GAAR and GST in tax audit reports deferred for the current financial year.
Know your customer requirements (KYC) for Directors extended till September 15, 2018.
Incorporation amendments in time period for intimation of registered offices, as well as dispensation of affidavit requirements by directors.
Enhancement in disclosure requirements for Companies in the Board of Directors’ Report, including compliance with prevention of sexual harassment laws.