Sannam S4 Wins Consultancy of the Year at the U.K.-India Awards 2018
Sannam S4 was selected as the leading Consultancy Firm operating between the U.K. and India by a panel of eminent leaders from business, technology, media and international trade and government recognising the positive impact Sannam S4 has had on many UK companies and universities operating in India.
India becomes world’s sixth largest economy
- India’s GDP amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France
- India has doubled its GDP within a decade and its expected to power ahead as a key economic engine in Asia, even as China slows down
- According to the IMF, India is projected to generate growth of 7.4 per cent this year and 7.8 per cent in 2019
Read more: The Times of India
International Tax Updates
Government issues final notification on transitional provisions for foreign companies under ‘POEM Guidelines’.
High Court of Karnataka rules that transfer pricing matters should be raised before courts if there is a question of law.
Clear-cut timelines for transfer pricing proposed.
India-Kazakh tax treaty amended.
Personal Tax And Regulatory Updates For Employees And Expatriates
Government of India declares a lower 8.55% interest rate on employee social security (provident fund) scheme for FY 2017-18.
Instant tax registrations (PAN) for individuals having Aadhar.
Goods And Services Tax (GST)
GST provisions on TDS / TCS and reverse charge mechanism deferred by 3 months.
E-way bill system for intra-state movement of goods rolled out in Delhi.
GST payers can approach jurisdictional tax officer to change the username, password.
Simplifications announced in the 27th meeting of GST council.
Corporate Tax & Regulatory
Modi Government proposes to dissolve and repeal UGC – the apex regulatory body for higher education in India.
Valuation of shares by a merchant banker must, instead of a local accountant, for tax purposes.
RBI issues amendments in operational aspects of Foreign Portfolio Investors investments in Debt securities.
India simplifies reporting forms for foreign investments with a new single master form (SMF); RBI issues guide for the filing of SMF.
Source: Financial Express
Government issues notification defining the procedure for startups to avail tax benefits; Startups can also seek benefits under angel tax.
CBDT notifies forms for filing of tax returns for FY 2017-18.
RBI issues notification for cross- border mergers.
Source: Income Tax Department : News
Tax department notifies inflation index for 2018-19.
Directors Identification Number allowed for partners of LLP.
Draft labor code introduced for public review.
CSR spending in India to cross USD 7 Bn in 2019; slum re-development to qualify as CSR activity.
Ministry of Corporate Affairs mandates filings for all individual owners and ‘significant beneficial interest’, new rules announced.
Changes in tax audit report by CBDT.