Doing Business In India October – 2017

Monthly update on taxation, regulatory and financial aspects

Sannam S4’s Financial Consulting practice presents monthly bulletin with key updates and developments from India on taxation, regulatory and financial aspects. We endeavor to continue bringing to you new and interesting information about doing business in India every month, with specific highlights on aspects that affect or improve the ease of operations in-country.

Goods And Service Tax

In this month’s newsletter, we bring to you our analyses and answers to few frequently asked questions (FAQ’S) by our Clients in the Higher Education sector on GST related to Commission Agents in India. Since the advent of GST in July 2017, there has been a lot of back and forth in the education agents sector on application of GST on their services. Our attempt to de-mystify the controversy surrounding agent services are provided here. And below you would find other GST Updates:

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Nearly 22 lakh GST returns for August filed

Teething concerns in GST lower business confidence

Government cracking down on service charge levied by hotels and restaurants

No extension for filling GST Returns after December

Source: Live Mint

Source:  Live Mint

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GST transitional credit: Taxpayers claim an astonishing INR 650 Bn (~USD 10 Bn) as refund against INR 950 Bn (~USD 15 Bn) collected under GST
Govt extends deadline for filing GST transitional returns
Legal Services by advocates to be included in the ambit of GST
Source:  Live Mint
Source:  TaxMann

Regulatory

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Finance Minister opens up on planned steps to boost economic growth
Moving towards digitalization – Reforms and tax rebates to consumers, traders to promote digital payments  
Bill to double gratuity ceiling to Rs 20 lakh gets green signal
US resumes premium processing of H- 1B visas
Source: VC Circle
Source: Moneycontrol
 
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Companies need to furnish new staff details online to social security (provident fund) authorities from October 
Pension regulators propose maximum entry age limit for NPS to 65 years
RBI ‘not comfortable’ with bitcoin, evaluating cryptocurrencies 
RBI releases data for foreign borrowings in the month of August’17
Source:  VC Circle
Source: RBI

Corporate Law

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Shell Companies on the radar of the Government for tracking and scrutiny
Notification aimed to restrict number of subsidiaries to two layers for a holding company released 

About Sannam S4’s Financial Consulting Practice

Sannam S4’s in-house Financial Consulting team comprises of experienced professionals who provide 24*7 support to foreign organizations seeking to enter and expand in dynamic markets like India. Our support ranges from tax planning and corporate structuring, to inbound M&A support, supporting legal setup and registrations, along with in-house financial management and support services such as accounting, payroll and expense management, tax advice and compliance, financial reporting, corporate secretarial and legal compliance, amongst others. By combining our sector and business expertise, we ensure you build a business model that is sustainable and compliant.

If you would like to understand more on the above updates, please reach out to:

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Kapil Dua
Co-Founder, Group CFO and Executive Director of Financial Consulting

We want to continue bringing to you new and interesting information about doing business in India with latest updates on finance, tax & regulatory every month. Click here to subscribe to our newsletter.

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