Monthly update on taxation, regulatory and financial aspects

Sannam S4’s Financial Consulting practice presents a monthly bulletin with key updates and developments from India on taxation, regulatory and financial aspects. We endeavour 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 (GST)

As GST continues to pick up the pace in terms of implementation and improving ease of business, the latest GST council meeting on November 10th was set up to focus on bringing major changes and relief for teething concerns amongst taxpayers. Given below are some of the major amendments announced as a result of this meeting:

  • The tax rate on multiple items reduced from the highest bracket 28% to mean bracket of 18%. Rates for other good also lowered
  • Abated GST rate of 5% allowed for small restaurants
  • Late filing charges for GST returns for Q3 2017 waived. Reduced late filing charges for NIL returns introduced
  • Manual filing facility for advance rulings announced
  • Due date of TRAN-1 returns deferred to December 31st from September 30th
  • Relief measures for foreign diplomatic missions / UN organisations announced through a centralised unique identification number (UIN)
  • Monthly due dates for GSTR-1 return announced. For small taxpayers with aggregate turnover up to INR 15 Mn (~US$ 230k), quarterly returns proposed instead of monthly

Other relief measures have also been announced in the Government’s meeting. For more details, please refer to the press release here.

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GST Webinar: Goods & Services Tax

Government notifies extended due date to file tax return forms GSTR-2 (by 30th November, 2017) and GSTR-3 (by 11th December, 2017) for July, 2017.

GST online portal unveils offline option for tax return GSTR-3B filing.

Source: The Hindu

Corporate Income Tax

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Due dates for tax audit and income tax returns for taxpayers extended to November 7, 2017 from October 31, 2017.

Tax department announces final rules for Country-by-Country reporting and Master-file maintenance; extends due date for filing of Country-by-Country Report for 2016-17 to March 31, 2018.

Direct Tax collections for FY 2017-2018 show growth of 15.2% till date.

Clarifications for place of effective management issued by the tax department.

Corporate Law

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New rules for valuation of companies under company law introduced. Company secretaries to be recognized as “registered valuers”.

Ministry of corporate affairs further simplifies filing of incorporation forms, by dispensing separate forms for tax registrations (PAN and TAN) at the time of incorporation.

Source: The Hindu

Source: MCA

Regulatory

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Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years private sector.

Cases pertaining to panama papers investigations in ‘full swing’ by Government of India.

Investigations under ‘paradise paper’ leaks to be monitored through a multi-agency group.

Tax treaty between Hong Kong and India to soon be released after Cabinet approval.

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. 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 about the above updates, please reach out to:

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Kapil Dua
Co-Founder, Group CFO & Executive Director of Financial Consulting
kapil.dua@sannams4.com

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