Here you will find our latest tax and regulatory related publications and newsletters. Find monthly updates on all tax related issues in India.
Migration of Existing Taxpayers into GST
The Government has issued a detailed schedule for the smooth migration of existing tax payers into Goods and Services Tax (“GST”), who are presently registered under existing laws i.e. State Sales Tax/VAT, Central Excise, Service Tax etc. All the existing taxpayers are required to enroll themselves under GST, the enrolment under GST includes the validation of data of existing taxpayers and filling up the remaining key fields.
The Goods and Services Tax (GST) Council has decided on a four-tier rate structure of 5%, 12%, 18% and 28%. This is effectively a five-tier rate structure the fifth tier being zero tax.
The Finance Ministry of India has released the Draft GST Rules relating to registration, invoice and payment. This leaves the Businesses with very little time to gear up and prepare for GST which the Government seeks to implement by April 01, 2017. These Draft GST Rules are proposed to be finalised by the GST Council on Friday i.e. September 30, 2016.”
EOU / STP / EHTP/ BTP units not to be bonded warehouses
EOU / STP / EHTP/ BTP units (‘units’) will not be bonded warehouses w.e.f. August 13, 2016. Currently the units are required get their premises bonded by way of obtaining a license for warehouse under Customs provisions.
Tax Residency Certificate & Tax Identification Number to claim relaxation from higher withholding tax
Tax Residency Certificate and Tax Identification Number to claim relaxation from higher withholding tax (for those who are not having PAN) u/s 206AA of the Income Tax Act
OECD BEPS- The 2015 Final Reports and the next steps
The BEPS Action plan will dramatically reshape the existing international tax rules. The OECD/G20 Base Erosion and Profit Shifting (BEPS) Project provides governments with solutions for closing the gaps in existing international rules that allow corporate profits to ‘disappear’ or be artificially shifted to low/no tax environments, where little or no economic activity takes place.
May 2016 edition of the Mazars monthly tax alert. This newsletter tracks the key amendments in the laws and judgments rendered by the Courts during the months of April-May 2016