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Sannam S4’s Financial Consulting practice presents a monthly bulletin with key updates and developments from India on tax, regulatory, and financial aspects. The bulletin’s endeavour is to provide updates and information about doing business in India, with emphasis on aspects that affect or improve ease of operations in-country.
If you would like to understand more on how these updates impact your plans or operations in India, please do not hesitate to contact us.
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Kapil Dua (B&W)

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

International Tax Updates

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India signs a tax avoidance treaty with Hong Kong – significant move to help improve bi-lateral tax and business matters.

India signs a tax avoidance treaty with Iran, notifies a revised tax treaty with Kenya.

Protocol amending India’s tax treaty with the People’s Republic of China approved by the Cabinet.

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Central Board & Direct Taxes (CBDT) achieved milestone of signing 200 Advance Pricing Agreements (APAs) including APAs resolving transfer pricing and tax controversies related to advertising, marketing and promotion (AMP) expenses.

Resident constituent entities of international groups not required to furnish country-by-country report by March 31, 2018.

Cabinet clears revisions for taxation avoidance treaty between India and Qatar.

Source: Taxmann

Goods And Services Tax (GST)

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GST collections in February dip marginally in the recent quarter.

Food authority in India to align licensing norms with GST.

Businesses with nil GST liability may get to file return only twice a year.

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Tax authorities to standardise documents needed for GST refund for exporters.

World Bank heavily criticizes GST regime in India.

Additional recommendations introduced by the Government in GST’s 26th Council Meeting. Clarifications on GST applicability on certain services also announced.

Corporate Tax & Regulatory

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Finance Bill 2018 passed in Parliament of India with additional amendments.

Central Board of Direct Taxes (CBDT) notifies Centralised Communication Scheme, 2018.

India proposes to negotiate trade pact with Africa.

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Discontinuance of Letters of Undertaking (LOU) and Letters of Comfort (LOC) for trade credits announced.

Ministry of Corporate Affairs allows two proposed names and one re-submission for reserving names for companies through online services.

Government notifies new accounting standards for revenues from contracts and foreign exchange fluctuation.

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World bank projects India’s FY 19 GDP growth at 7.3%.

Source: The Economic Times

Employee Social Security Updates

Current Gratuity ceiling limits of INR 1mn (USD 15k) increased to INR 2mn (USD 30k) by Government.

Source: Press Information Bureau-Government of India

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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 organisations seeking to enter and expand in dynamic markets like India.

The team’s support for new companies entering India covers a wide range of services including tax advice, planning and compliance, corporate structuring, inbound M&A support and implementing legal setup (and other mandatory registrations). In addition, we also provide ongoing in-house financial management and support services such as accounting, payroll and expense management, financial reporting and corporate secretarial and legal compliance services.

We have experience in helping new international businesses set up in India in sustainable, efficient and compliant ways. We’re also helping international business already in India interpret and respond to key government-led changes and initiatives.

So, do not hesitate to contact the team for our guidance.

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