Deloitte India Tax Thoughtware

August 2024

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from July to August 2024. This issue also covers some updates from the indirect tax perspective.

August 2024

India is home to over 1,580multinational companies with GlobalCapability Centres (GCCs) across variousverticals specialising in IT, businessprocess management, engineeringand Research & Development (R&D)services.

August 2024

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from July to August 2024. This issue also covers some updates from the indirect tax perspective.

August 2024

India is home to over 1,580multinational companies with GlobalCapability Centres (GCCs) across variousverticals specialising in IT, businessprocess management, engineeringand Research & Development (R&D)services.

December 2024

Here are a few important judgments/advance rulings passed under Goods and Services Tax (GST), Customs, Central Excise and Service Tax available in the public domain from November to December 2024. This issue also covers some updates from the indirect tax perspective.

December 2024

As per notification, the Government of Karnataka is considering to introduce six days of annual paid menstrual leave for women workers across various industries, including factories, IT companies, multinational corporations, garment industries, and commercial establishments

November 2024

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from September to October 2024. This issue also covers some updates from the indirect tax perspective.

October 2024

The introduction of the PMIS is a commendable step to bridge the employability gap for students coming fresh out of college and other eligible candidates. At the macro level, the PMIS is a step towards India’s goals of employment generation and skill development. Based on the list of 500 companies released, it is seen that the internships are being offered in diverse sectors, ranging from manufacturing, automotives and textiles, to banking, financial services, travel and hospitality.

September 2024

The Shram Suvidha portal was launched in October 2014 to consolidate information on labour inspection and its enforcement, leading to transparency and accountability in inspections. Through recent press releases, it has been made clearly evident t hat the MOLE is taking steps to roll out th e upcoming labour codes. One such recent update has been on the launching of the revamped Shram Suvidha Portal by the year end, to aid in improving the ease of doing business.
 

August 2024

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from July to August 2024. This issue also covers some updates from the indirect tax perspective.

August 2024

India is home to over 1,580multinational companies with GlobalCapability Centres (GCCs) across variousverticals specialising in IT, businessprocess management, engineeringand Research & Development (R&D)services.

June 2024

We are delighted to share a few important judgments/advance rulings passed under the Goods andServices Tax (GST), Customs, Central Excise, and Service Tax available in the public domain fromMay to June 2024. This issue also covers some updates from the indirect tax perspective.

June 2024

India’s export of services led by IT and business services has grown substantially. This has been underpinned by Multinational Enterprise (MNE) groups (primarily from the US) setting up Global Capability Centres (GCCs) in India using the technical and English language skills of India’s growing workforce. To maintain India’s global competitive edge in the GCC sector, the ease of doing business for these GCCs needs to be constantly monitored and improved. A common challenge for GCCs is negotiating tax certainty for their transfer pricing transactions with their foreign headquarters and other companies within their MNE group.

May 2024

TechTaxLitigation Organiser® is a robust self Litigation Organizer® is a robust self-service platform with which tax functions can service platform with which tax functions can manage the entire gamut of direct and indirect tax litigation, documentation, workflows and make use of intelligent insights available through intuitive dashboards and reports. The solution modular in built and hosted on secured cloud platform which brings scale, cost savings, speed and better user experience

May 2024

Governments are increasingly promoting sustainability objectives, requiring businesses to go beyond existing legal requirements towards adopting a more ESG based approach. These initiatives are bound to impact tax management, and the road to net zero is expected to drive new partnerships, collaborations, and related restructuring activit ies . Considering the changing scenario, businesses find tax advisory at the core of ESG, right from diligence to tax structuring.

April 2024

This newsletter captures a few important judgments/advance rulings passed under Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from January to April 2024. It also covers some of the updates from an indirect tax perspective.

March 2024

Regulatory updates

• Employee Provident Fund Organisation (EPFO) releases guidance to regulate pension entitlement for employees with multiple accounts
• Standard Operating Procedure (SOP) for handling transaction-less and inoperative accounts notified.
• Digital joint request under Para 26(6) of the EPF Scheme, 1952 mandated for new members.
• Ministry of Women and Child Development notifies National Minimum Standards and Protocol for Crèches (Operation and Management) –aims to standardisesetting up and running of creches.
• Partial withdrawal from National Pension Scheme (NPS) allowed subject to conditions.
• Amendments proposed to the sexual harassment of women at workplace (prevention, prohibition, and redressal) act, 2013 for removal of conciliation and extension of timelines for filing complaint.
• SSA between India and Brazil comes into effect, -19thagreement for India with another country.
• Welfare schemes for platform-based gig-workers proposed.
• Recommendation of 8.25% as rate of interest to EPF subscribers for FY 2023-24.
  
  

Rulings

• Claim of undue influence by an employee who has voluntarily retired and accepted benefits, not acceptable.
• Recovery of excess payment of allowance due to adoption of wrong principle and erroneous calculation of salary not permissible.
• No differentiation permissible between regular and contractual employees on woman’s right to maternity leave and benefit under the Maternity Benefit Act, 1961.

February 2024

Explore key judgments and rulings in Goods and Services .Tax (GST), Customs, Central Excise, and Service Tax from November to December 2023 in our latest newsletter. Stay informed on crucial updates in indirect taxes.

October 2023

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from September to October 2023.This issue also covers some updates from the indirect tax perspective.

September 2023

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from July to August 2023. This issue also covers some updates from the indirect tax perspective.

August 2023

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from May to June 2023. This issue also covers some updates from the indirect tax perspective.
 

July 2023

The Online Gaming industry in India has witnessed significant growth and is emerging as a thriving sector with immense economic potential. This report provides an in-depth analysis of the tax landscape of the online gaming industry in India, with a focus on the proposed GST amendments and the challenges associated with them. 

June 2023

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in public domain from March to April 2023. This issue also covers some of the updates from an indirect tax perspective.

May 2023

IT hardware PLI 2.0 - Improved incentive payouts, longer tenure, flexible domestic sourcing norms

April 2023

On the Customs front, the Union Budget 2023 placed emphasis on boosting manufacturing, enhancing domestic value addition, promoting export and encouraging green energy and mobility. In Budget 2023, Government has simplified the tax structure with fewer tax rate slabs to help in reducing compliance burden and improving tax administration. Further, the Government has proposed some legislative changes as part of the policy decision and to enhance trade facilitation. Click here to read the detailed budget publication on Union Budget 2023.

April 2023

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in public domain from January to February 2023. This issue also covers some of the updates from an indirect tax perspective.

January 2023

As India inches towards its net zero emission goal, we are pleased to share a thought paper on the "Indian Power Sector: The Future Fuel." It provides insight into the power sector, primarily discussing various tax nuances along with valuable business perspectives.

January 2023

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in public domain from November to December 2022. This issue also covers some of the updates from an indirect tax perspective.

December 2022

Extension of Foreign Trade Policy 2015-2020 (FTP) and Handbook of Procedures 2015-2020 (HBP), DGFT extends the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to chemicals, pharmaceuticals, and articles of iron and steel from 15.12.2022, DGFT extends the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme to chemicals, pharmaceuticals, and articles of iron and steel from 15.12.2022.

November 2022

Our survey captured responses from companies across India, where the questions spanned business priorities and evolving goals, given the dynamic ecosystem and the unforeseen impact of the pandemic. 

August 2022

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in public domain from July to August 2022. This issue also coverssome of the updates from indirect tax perspective as well.

July 2022

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from May−June 2022. This issue also covers some of the updates from the indirect tax perspective.

May 2022

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in the public domain from Customs, Central Excise, and Service Tax available in the public domain from March to April 2022. This issue also coverssome of the updates from indirect tax perspective as well.

April 2022

On the customs front, the focus of the Union Budget 2022 was on promoting 'Make in India' and taking measures to facilitate trade. In the Budget speech, the Finance Minister mentioned that Customs' reforms have played a very vital role in domestic capacity creation, providing level playing field to our MSMEs, enhancing ease of doing business and being an enabler to other policy initiatives such as Production Linked Incentive (PLI) Schemes and Phased Manufacturing Plans (PMP).

March 2022

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in public domain from January to February 2022.

March 2022

The Finance Bill, 2022 has proposed amendments to income-tax provisions on the deductibility of expenses and withholding tax on expenses incurred by pharmaceutical companies on travel, hospitality, conference expenses, etc., of medical practitioners.

February 2022

GST collection in January 2022 stood at INR 1,38,394 crore, making it the seventh consecutive month when collections crossed the INR one-lakh-crore mark. While the recovery of the economy is a major factor, measures such as the introduction of e-invoicing and the linking of inward and outward supply returns with main GST returns (GSTR3B), have played a crucial role.

February 2022

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, and Service Tax available in public domain from November to December 2021

December 2021

We are delighted to share a few important judgments/advance rulings passed under Remission of Duties and Taxes on Export Products Scheme (RoDTEP) by CBIC during October - December 2021.

December 2021

Updates: Indirect tax judgments

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, Service Tax and Value Added Tax laws during October 2021. 

October 2021

With an aim to increase profitability, Multinational Enterprises (MNEs) or multinational groups strive to achieve economies of scale and efficiencies. MNEs tend to invest excessive man hours due to lack of access to best practices/specialised knowledge that otherwise could be better utilised in discharging their key responsibilities. This is where IGS come to MNEs’ aid.  

October 2021

This newsletter talks about Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme Guideline & Rates, Auto Renewal of certification for Authorised Economic Operator (AEO)-T1 entities, Improvement in Faceless Assessment, Other changes in Customs and Foreign Trade Policy (FTP) 2015-2020, and more.

September 2021

More than 130 countries working together under the OECD/G20 Inclusive Framework1 have broadly agreed (in July 2021)2 on a two-pillar approach to address current challenges in international taxation.

July 2021

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, Service Tax and Value Added Tax laws.

July 2021

On 5 June 2021, the G7 countries announced a political agreement on Pillar One and Two. The changes proposed by the US in April 2021 formed the basis for the political agreement. This was followed by a statement by the Inclusive Framework on 1 July 2021, announcing a consensus by 130 countries. In the meeting during 9–10 July, G20 accepted the Two Pillar solution.

July 2021

Almost two years ago, in its inclusive framework with G20 nations, the Organisation for Economic Cooperation and Development (“OECD”) proposed a twopillar, consensus-based solution, to tackle two of the most prominent tax issues relating to – (i) taxing the digital economy and (ii) base erosion due to shifting of profits to low or no tax jurisdictions.

July 2021

As part of its new trade policy, the UK has been negotiating trade agreements with several countries on a war footing, even amidst the pandemic. Apart from rolling over most of the trade agreements between the EU and other countries, the UK had concluded an independent Free Trade Agreement (FTA) with Japan even before the UK’s deal with the EU. The UK and India’s Prime Ministers recently launched the “Enhanced Trade Partnership” (ETP) and announced their intent to negotiate a comprehensive FTA. They also agreed to continue removing trade barriers and have set an ambitious target of more than doubling UK–India trade by 2030, including the consideration of an Interim Trade Agreement to deliver an “early harvest”.

July 2021

This article discusses the interplay of OECD’s guidance on a new tax regime under Pillar 1, impact of COVID-19 on the digitisation roadmap, unilateral measures taken by the Indian Government to amend laws for taxing the digital economy, and the need for businesses in this space to be prepared for what lies ahead.

July 2021

With the signing of the trade agreement between the two countries, several products from both countries will enjoy the benefit of greater market access at concessional duties. Further, trade agreement would also help in providing impetus to exports from India to the Mauritius...

July 2021

Despite the magnitude of the pandemic, the government as well as the industry have been agile enough to quickly adapt to the ‘new normal’ and revive economic activity. As India enters its fifth year of GST, let us look at the last year’s key developments and the road ahead.

June 2021

To stay abreast of future demands, the tax and transfer pricing teams would need to expand their horizons, and adopt and learn new technologies to stay relevant. Multinational corporations would need to take a deep dive into their current transfer pricing approach and processes, and evaluate their needs and expectations from technology. Reimagining the entire transfer pricing process using technology could be the best way to get the most out of digitisation. This would help organisations adopt the correct technology platform suitable to their needs.

April 2021

Pulse is a quick guide to the ongoing tax and regulatory developments in India that are relevant to Foreign Portfolio Investors (FPIs). It highlights key components of changes, their impact on FPIs and the way forward. Our endeavor is to help you comprehend the changes easily and equip you with the requisite knowledge to assist you in staying ahead of the curve.

April 2021

On the customs front, the focus of the Union Budget 2021 was on promoting 'Make in India' and taking measures to facilitate trade. In the Budget speech, the Finance Minister mentioned that the thrust is now on easy access of raw materials and exports of value-added products from India.

In Budget 2021, the tax rates under customs have been rationalised per different sectors, including electronic and mobile phone; iron and steel; textile; and chemicals and renewable energy. Further, the Government has proposed some legislative changes to enhance trade facilitation and promote 'Make In India'.

March 2021

A business restructuring may typically be defined as a cross-border redeployment of functions, assets, and/or risks by a Multi-National Enterprise (MNE). High degree of globalisation, competition, digitisation, political changes, trade war, and the ‘new normal’ ushered in by the pandemic, has led to heightened focus for MNEs across the globe to identify various alternatives to optimise their supply chain.

Business restructuring may impact the profits and consequently tax payments in their respective jurisdictions and hence has been receiving increased focus by the tax authorities.

March 2021

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, Service Tax and Value Added Tax laws.

January 2021

Starting from the Goods and Service Tax (GST) reforms to the recent farm and labour law reforms, the pandemic has not been able to dampen the government’s intent for marching ahead with economic reforms coupled with tax policy rationalisation, changing the COVID-19 adversity into an opportunity. Announcing some strong measures to revive the economy via its flagship programme, “Atmanirbhar Bharat Abhiyan”, India has come out with a comprehensive economic package of US$265 billion, or approximately a tenth of India’s GDP.

December 2020

Issue 4 shares a few important topics like CAAR, CAROTAR 2020, RoDTEP, CBW, in-bond manufacturing scheme, FTP 2015–2020, Amendment related to import under Duty-Free Import Authorisation (DFIA) , Anti-Dumping Duty (ADD), and more.

December 2020

Pulse is a quick guide to the ongoing tax and regulatory developments in India that are relevant to Foreign Portfolio Investors (FPIs). It highlights key components of changes, their impact on FPIs and the way forward. Our endeavor is to help you comprehend the changes easily and equip you with the requisite knowledge to assist you in staying ahead of the curve.

December 2020

COVID-19 has created a spell of disruptions and changes that have left practically no facet of business untouched. The impact of the pandemic has extended to multinational corporations and their entities across the globe, including India. In this context of COVID-19, we are pleased to present our thought leadership publication on determination of arm’s length margins.

The pandemic has unsettled the normal price-setting mechanism that is predominantly based on historic (multiple year) data, thereby calling for a forward-looking approach to set transfer price amongst associated enterprises in a multinational group. This paper sets out the framework for an advance determination of transfer prices using a multi-pronged approach of predictive modelling, quarterly trends, and adjustments to costs.

November 2020

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, Service Tax, and Value Added Tax laws.

November 2020

Electronic invoicing or e-invoicing is perhaps the biggest transformation to the goods and services tax (GST) regime, after introduction of GST in July 2017. The GST council has introduced e-invoicing in phases to enhance and make the GST structure effective. This staggered approach is intended to provide an opportunity to both the government and the businesses to prepare for a major transformation in GST compliance construct. E-invoicing is running successfully in many countries across the globe already. India has also adopted contemporary international best practices for e-invoicing of business transactions during the first phase introduced from 1 October 2020. Essentially, GST e-invoicing introduces a process of authenticating an electronically generated invoice through the reporting platform of the Indian GST Authorities.

October 2020

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, Service Tax, and Value Added Tax laws.

October 2020

The world is changing and so are the businesses. The new leaner business organisationslook at factors, internal and external, for improving productivity and while doing so, reducing work cycles and costs. These can be achieved by channelling sources in core business operations and outsourcing non-core operations, such as tax compliance and controversy management. Read the report for insights on ‘Tax Operate’ and how it can help organisations’ tax function to achieve efficiencies in operations.

October 2020

In this issue, we will share a few important topics like CAROTAR 2020, FAQs on manufacturing and other operations in Customs Bonded Warehouse (CBW),  Other changes in Customs and FTP 2015–2020,  Step towards digitalisation of compliance plus procedures under customs and FTP,  News on levy of ADD and News on levy of Safeguard duty.

September 2020

We are delighted to share a few important judgments/advance rulings passed under the Goods and Services Tax (GST), Customs, Central Excise, Service Tax, and Value Added Tax laws.

August 2020

We are delighted to share a few important judgments passed under the Goods and Services Tax (GST), customs, central excise, service tax, and value-added tax (VAT) laws.

August 2020

Deloitte Pulse is a quick guide to ongoing tax and regulatory developments in India that is relevant to Foreign Portfolio Investors (FPIs). It highlights key components of changes, their impact on FPIs, and the way forward. 

August 2020

Electronic invoicing or e-invoicing is the next big phase in the goods and services tax (GST) ecosystem. The GST council has introduced e-invoicing in phases to enhance and make the GST structure effective. This staggered approach is intended to provide an opportunity to both the goods and services tax network (GSTN) and the businesses to prepare for a major transformation in GST compliance construct. E-invoicing is running successfully in many countries across the globe already. India will also be following contemporary international best practices for e-invoicing of business transactions with the introduction of this measure. Essentially, GST e-invoicing introduces a process of authenticating an electronically generated invoice through the reporting platform of the Indian GST Authorities.

July 2020

The COVID-19 outbreak posed unprecedented challenges for every country, and has adversely affected global trade and business. It has brought global business to a halt and the times ahead will be challenging for every nation. The pandemic has presented fresh challenges for the Indian economy too. To deal with the impact of COVID-19, the central government took a slew of trade facilitation measures to minimise its impact on business and overcome disruption in international supply chain. Some major measures taken by the government are mentioned in the Thoughtware.

July 2020

It has been three years since the introduction of Goods and Services Tax (GST), India’s biggest tax reform, on 1 July 2017. It has been a roller coaster ride for the government, industries, and consumers due to the amount of changes and reforms introduced in the past three years. These changes were primarily focused on rationalising rates, simplifying procedures, and curbing tax evasion. Stabilising one of the world’s biggest online tax systems, GSTN, was also a key focus area for the government.

May 2020

At present, India is one of the world’s fastest-growing economies in the world.Make in India is a flagship programme of the Government of India designed to facilitate investment, foster innovation, enhance skill development, protect intellectualproperty, and build best-in-class manufacturing infrastructure in the country. This initiative’s primary objective is to attract investments from across the globe andstrengthen India’s manufacturing sector, while generating widespread employment opportunities.

May 2020

India has emerged as one of the strongest markets for Mergers and Acquisitions (M&A). In 2018 and 2019, thevalue of M&A activity was US$ 129 billion and US$ 64 billion, respectively 1 . During 2019, Private Equity (PE)investments witnessed an increase of 13.8 percent in terms of value 2 . Across the globe, the trend of using debtto fund acquisitions has increased.

May 2020

Buying an existing business, which is already generating cash flows and profits, is often a more prudent decision than starting from scratch. An existing business has an established client base, reputation, and employees who are familiar with different aspects of the business. There is no need to reinvent the wheel with respect to setting up new procedures, systems, and policies as a successful formula for running the business has already been put in place.

April 2020

Travel-related restrictions triggered by COVID-19 pose significant challenges to businesses. While the decisions are being driven keeping in mind the emotional and physical well-being of employees, unplanned travel could trigger a series of compliance obligations and issues from an individual as well as corporate tax perspective. It is important for companies to look at cost optimisation opportunities keeping in mind the existing tax and social security treaties amongst countries. Companies need to track employee locations, assess compliance requirements, review mobility-related compensation, revisit related policies for agility, and strategise for the future.

April 2020

Taking a cue from the G20 / OECD Base Erosion and Profit Shifting (BEPS) Action 1 dealing with digital economy, India introduced an Equalisation Levy (‘ EL’) in 2016 at the rate of 6 percent on non-resident companies engaged in online advertisement and related activities.

The scope of the said provision has now been expanded to include EL of 2 percent on consideration received or receivable by an ‘e-commerce operator’ from ‘e  commerce supply or services’, and is effective from 1 April 2020.

March 2020

The Direct Tax Vivad se Vishwas Act, 2020 introduced a dispute resolution scheme, which was applicable to all appeals/petitions filed by the taxpayers or the income tax department, which were pending until 31 January 2020, before any appellate forum. In essence, it offered complete waiver of interest and penalty if the taxpayer agreed to pay the disputed tax amount by 31 March 2020.

In connection with this scheme, the much awaited Rules laying out the forms and procedures for the Direct Tax Vivad se Vishwas Act, 2020 (the VsV Act) were released by the Central Government vide notification dated 18 March 2020. These Rules are titled as “The Direct Tax Vivad se Vishwas Rules, 2020” (the VsV
Rules). The Rules have laid out five forms in numerical order for declaration, undertaking, granting of certificate, intimation of payment alongwith proof
of withdrawal and issuance of order. As expected, the forms must be filed online under digital signature or through electronic verification code and therefore,
taxpayers may still be able to achieve resolution of their tax disputes within the first window, which ends by 31 March 2020 per the VsV Act.

The second window starts from 1 April 2020 until a date to be specified per the VsV Act, (likely to be 30 June 2020 per the finance minister’s Union Budget
2020 speech) In this window, the taxpayer may still be able to settle his disputes and get complete waiver of interest and penalty, subject to paying an additional amount as specified in the VsV Act which in most cases, will be 10 percent of the disputed tax.

March 2020

The focus of Union Budget 2020 was, amongst other things, on increasing ease of doing business and ensuring level playing field for domestic industry. With a focus to boost domestic manufacturing and entice large investments in mobile phones, electronic equipment, and semiconductor packaging, a detailed scheme will be announced.

Further, Finance Minister also mentioned that customs duty exemptions will be comprehensively reviewed by the government by September 2020. Customs law and procedures will also be reviewed for their alignment with needs of changing times and ease-of-doing business.

March 2020

Government vide Finance Act 2020, has introduced a new chapter under the Customs Act 1962 with respect to Administration of Rules of Origin (ROO). This can have multi-fold impact on the companies availing benefit under the Free Trade Agreements (FTA) and hence, companies need to be fully prepared to handle the forthcoming changes.

India has signed more than eighteen trade agreements, including Generalised System of Preferences (GSP) benefits offered by developed countries. India has signed up key trade agreements with ASEAN countries, Japan, Korea, Singapore, SAARC countries, SAPTA and is eligible for benefits under GSP offered by developed countries.

The Government has witnessed that there is growth in the benefits being claimed by the importer under various FTAs and there are instances where undue claims of FTA pose threat to domestic industry, thus such imports require stringent checks. Hence, with this backdrop, Hon’ble Finance Minister has proposed to introduce governing provisions for administration of Rules of Origin (ROO) by customs authorities.

March 2020

The Direct Tax Vivad se Vishwas bill, 2020” was tabled on 5 February 2020, in the Lok Sabha, to provide a resolution for pending income-tax disputes. Thereafter, official amendments to the bill were proposed for accommodating the representation received from key stakeholders. However, several aspects of the scheme required clarifications, which the government provided in the form of an amended bill, passed by the Lok Sabha on 4 March, and by way of a circular issued by the Central Board of Direct Taxes (CBDT). The amended
bill was passed by the Rajya Sabha on 13 March 2020. The President of India provided his assent to the bill on 17 March 2020, thus enacting the "Direct Tax Vivad se Vishwas Act, 2020" (Act or VsV scheme).

February 2020

The Direct Tax Vivad se Vishwas Bill, 2020 (VsV Bill) has been introduced by the Government of India to settle pending direct tax litigations for litigants, and enable the government to collect revenues locked up in litigation.

January 2020

Building India’s infrastructure assets remains an important area for the government. Road and rail networks in the country need to be built or upgraded. Moreover, power production still relies on coal, telecom companies are in distress, networks are patchy, airports are congested, and airlines are in trouble. To address these issues, the Indian government has set out a plan to spend US$ 1.4 trillion on infrastructure in the next five years and achieve its ambitious target of making the country a US$ 5 trillion economy.

December 2019

Over the past few years, India’s commercial real estate sector has seen a sequential growth, largely driven by the continued demand traction from the country’s technology sector and with new demand coming in from the rapid strides in the start up ecosystem. Currently, the estimated size of commercial office space that can be transitioned to Real Estate Investment Trusts (REITs) is nearly 300 million square feet, translating to a potential market size of over US$ 35 billion.

November 2019

Multinational companies looking for alternate manufacturing destinations to diversify their supply chain and reduce costs present India an opportunity to be the next emerging manufacturing hub. Not to mention India’s reputation in services exports is an advantage that is likely too difficult for global investors to ignore.

November 2019

Disruptions in the digital environment are constant and varied. Some are simply noise while others are disintermediating. There are cultural dimensions resident in the organization that either support or detract from the  organization’s ability to work in an environment of constant disruption. 

November 2019

Transforming a tax function relies on technology as an integral component of any transformation strategy in an organisation. Any investment in digitisation of tax technology solutions should assess the feasibility and utility of such solutions. Upon adoption of tax technology, the organisation might face challenges of integrity of data being fed. However, the joined efforts of various teams related to IT technology, tax function, and analytics can overcome such limitations.

September 2019

The transfer pricing practice in the Asia Pacific has witnessed significant development in the past few years. Read what our expert has to say about these changes and their impact on businesses. 

September 2019

The Supreme court on 28 February 2019 ruled that all allowance in questions are to be treated as wages for the purpose of PF, effectively widening the definition of pay for the purpose of PF. Download the thoughtware to know more.

August 2019

Overview

• Under the OECD*/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS), more than 125 countries are collaborating to put an end to tax avoidance strategies that exploit gaps and mismatches in tax rules to avoid paying tax
• MLI is an outcome of BEPS Action Plan (AP) 15 of the OECD/G20 Inclusive Framework, which offers solutions for governments to plugs loopholes in international tax treaties by transposing results from the BEPS project into bilateral tax treaties worldwide
• MLI allows governments to modify application of its network of bilateral tax treaties in a synchronised manner without renegotiating each of these treaties bilaterally
• In November 2016, MLI was agreed upon by more than 100 participating jurisdictions**
• MLI came into force on 1 July 2018***
• More than 1,500 tax treaties are expected to be modified
• Till now 89 jurisdictions**** have signed the MLI (30 of these have deposited their instruments of ratification, acceptance or approval [‘ratification instrument’] along with the OECD Secretariat along with its list of reservations and notifications [‘MLI positions’])

April 2019

GST regime has replaced the plethora of indirect taxes levied by States and the Central Government. However, there is a huge backlog of appeals pending across various levels and under different statutes, both at State and Central level. This has a dual negative impact, on one hand there is a working capital blockage as well as increasing cost of litigation in the hands of the assesse/dealer/taxpayer and on the other hand, thousands of crores of revenue in taxes are blocked for the State and Centre.

Different types of schemes are being announced by various States with the basic objective of  mobilizing collection of revenue, mitigating existing litigation and reducing the workload on the departmental staff so as to concentrate on stabilizing GST mechanism.

March 2019

The tax function is no longer all about compliance. Cognitive technologies and new digital models are driving changes in how tax leaders are looking to the future, aiming to add both value and transparency.

March 2019

Real Estate Investment Trusts (REITs) are companies that own or finance income-producing real estate in a range of property sectors. They provide all investors the chance to own valuable real estate, present the opportunity to access dividend-based income and total returns, and help communities grow, thrive and revitalise.

February 2019

We are delighted to introduce you to our special tax publication for the Indian Telecommunication, Media, and Technology (TMT) industry.

February 2019

This thought paper deals with the following subjects:

1. Intangibles and Disallowance of Advertisement Marketing Promotion (AMP) Spends.
2. India Inbound Secondment of Employees: Is it a Case of Rendering Services?
3. Digitalised Businesses: Tax Characterisation Issues
4. Intra Group Charges: Transfer Pricing Considerations
5. Restricting the transfer pricing adjustment only to the value of “international transactions”.
6. Situations in which Income Tax Appellate Tribunal (ITAT) can remand back (Sony and Kodak decisions).
7. Section 14A disallowances
8. Using MAP/APA for non-covered years
9. Profit split method – transfer pricing considerations

Each subject briefly describes the issue, the contrary views, challenges, and our thoughts on the same.

February 2019

While the Goods and Service Tax (GST) has been widely described as independent India’s biggest tax reform after the economic liberalisation of 1991, the Insolvency and Bankruptcy Code (Code), yet another landmark contemporary law, is just beginning to be assessed for efficacy. Rightly hailed as an important legislative reform, the Code is expected to resolve the prevailing nonperforming assets (NPA) crisis, the resultant logjam in availability of credit, and the consequential impact on growth.

February 2019

The Ministry of Corporate Affairs (MCA) notified 39 Indian accounting standards (Ind AS) on 16 February 2015. These standards include Ind AS 115, which was converged with the International Financial Reporting Standards (IFRS) 15. Following the deferral of IFRS 15 to 1 January 2018, the MCA also deferred the application of Ind AS 115 on 30 March 2016, and issued Ind AS 11 (construction contract) and Ind AS 18 (revenue recognition).

February 2019

Catch up on important updates and highlights from the India Interim Budget 2019 presented by the government on 1 February 2019. The government has set out a comprehensive ten-dimensional vision to create a modern, technology driven, high growth, equitable and transparent India by 2030. The proposed amendments have been positively received by the industry and the common man. Enhancement of standard deduction for the salaried class and tax exemption for all taxpayers deriving income upto INR 5 lakhs a year will provide some relief to the middle class. The budget also has a range of provisions that factor economic support for the small farmers/marginalised sections. The budget proposal is touted to boost economic growth and demand buoyancy in the economy.

January 2019

Welcome to the 22nd edition of Global Powers of Retailing. The report identifies the 250 largest retailers around the world based on publicly available data for FY2017 (fiscal years ended through June 2018), and analyzes their performance across geographies and product sectors. It also provides a global economic outlook, looks at the 50 fastest-growing retailers, and highlights new entrants to the Top 250.

January 2019

The next five years will be a period of significant technological advancement for professional services including the tax arena. It is hard to predict precisely what new developments will emerge but we can look to current and recent trends to guide our predictions for the future digital landscape and the ways in which it will impact the profession.

January 2019

Global business travellers potentially trigger compliance and withholding obligations. These can be multiple obligations (income tax, social security, immigration, and corporation tax), which can impact at either, or both the individual and the corporate level. Different tests apply to different taxes and places, but broadly all traveling employees making more than just an occasional annual visit increase these exposures.

January 2019

Deloitte has a dedicated global team working on analytics research and development for our client base across the mobility, talent and rewards subject matter area. We provide a range of services from consultancy to clients who wish to build and maintain their own solutions, through to the deployment of bespoke analytics dashboards and other technology solutions which are designed, built and also maintained by Deloitte. We are able to host secure technology solutions on behalf of our clients, managing the entire process from acquisition of data through to creation of insight support for your stakeholders.

January 2019

Over the past decade, international employee movement has significantly grown. With economies, knowledge, capital, trade and technology being highly interconnected, no business can survive without a global connection. Hence, there is a greater need for talent movement to ensure that the right people are available for the required jobs at the right places and at the right time.

January 2019

Deloitte's Transfer Pricing practice has prepared the Global Tax Reset - Transfer Pricing Documentation Summary, which compiles essential country-by-country reporting and documentation information (including master file/local file information, if applicable) for 79 jurisdictions around the world.

November 2018

The policy focuses on creating a roadmap for emerging technologies such as 5G, Artificial Intelligence, Robotics, Internet of Things, Cloud Computing and M2M by simplifying licensing and regulatory frameworks and ensuring appropriate security frameworks. Experiments with new technologies are unable to gain momentum because of the regulatory hurdles for operating in India. The policy seeks to remove regulatory challenges and create attractive investment opportunities in new technology segments and stimulate the deployment of new technologies in India.

The policy supports the growth of telecom sector in India which has constantly been in financial crisis. The implementation of the policy will unleash multiple opportunities for telecom service providers, internet service providers, infrastructure providers, handset and equipment manufacturers, satellite communication providers, academic community, the innovators and start-ups.

October 2018

Consumer businesses are witnessing evolutionary changes in India. Frequent disruptions in the retail, FMCG and e-commerce sectors have become a norm. These evolutions, driven by technology and changing consumer shopping behavior, present lucrative opportunities in the consumer markets not only for traditional players but also for multi-national brands and modern & upcoming consumer companies. The retail, FMCG and e-commerce sectors in India provide a vast scope of improvement throughout their value chains – from sourcing, manufacturing, packaging and distribution to logistics and delivery. The time is thus ripe for witnessing the true potential of growth in this sector.

October 2018

Consumer businesses are witnessing evolutionary changes in India. Frequent disruptions in the retail, FMCG and e-commerce sectors have become a norm. These evolutions, driven by technology and changing consumer shopping behavior, present lucrative opportunities in the consumer markets not only for traditional players but also for multi-national brands and modern & upcoming consumer companies. The retail, FMCG and e-commerce sectors in India provide a vast scope of improvement throughout their value chains – from sourcing, manufacturing, packaging and distribution to logistics and delivery. The time is thus ripe for witnessing the true potential of growth in this sector.

October 2018

Indian tax landscape has seen radical changes with renegotiation of its tax treaties, introduction of buyback tax, introduction of equalisation levy, limiting interest deduction, phasing-out of tax holidays, introduction of GAAR and, more recently, revision of agency PE definition and introduction of Significant Economic Presence. Follow emerging trends in BEPS arena.

August 2018

This global research bulletin provides an updated snapshot of the current state of Transfer Pricing as well as anticipated future trends.

July 2018

From 8 January to 28 February, 2018, the Deloitte Family Business Center polled 575 next-generation family business leaders in 52 countries through an online survey.

June 2018

While many companies maintain a firm focus on the "plan," "manage," and "resolve" phases, less emphasis is often placed on the "streamline" phase of the lifecycle, commonly referred to as Operational Transfer Pricing (OTP). Incorrectly recorded outcomes are increasingly a target of tax authorities and the main cause of adjustments in most tax audits. Aligning all elements of the Transfer Pricing lifecycle—policy, documentation, and tax authority interaction—with OTP is essential.

June 2018

After four consecutive years of crossing the $3 trillion annual mark, the M&A market continues to surpass expectations, it crossed the $1 trillion mark within the first three months of 2018, the fastest ever pace.

April 2018

With rapid changes in the global tax landscape, it is important to be on top of latest developments affecting cross-border business. 

April 2018

2018 Taxation and Investment guide discusses investment climate, ease of setting up business, corporate taxation, withholding taxes, indirect taxes, personal taxation, and other key developments, across countries.

April 2018

The Petroleum Tax Guide 2018 is a handbook of tax provisions and incentives for exploration and production of Petroleum.

April 2018

The report provides a detailed view of the Indian energy landscape (power, oil & gas, renewable energy), featuring economic overview, megatrends shaping the industry and the opportunity areas for investment across the value chain in the sector.

Febraury 2018

The Government’s agenda of ‘Transform, Reform and Perform’ in the budget focuses on implementation of the recent reforms. Hence there are no big bang announcements. The budget addresses needs of agricultural sector and MSMEs, through which agenda of inclusive growth, formalization of economy and boost employment generation is targeted to be realized. The FM’s promise of reducing corporate tax rate from 30 percent to 25 percent for companies remains limited to the MSMES leaving the large tax payers to wait for another year. However, 99% of MSME’s with turnover of upto Rs 250 crores would benefit from the rate reduction. Unfortunately, the large corporates will now carry a slightly higher tax burden from an increase cess of 1 percent. Rationalization of Long term capital gain taxation may be inopportune in terms of timing as their ability to raise funds through IPOs and FPOs may be impacted due to market sentiments changing.

Febraury 2018

The Government’s agenda of ‘Transform, Reform and Perform’ in the budget focuses on implementation of the recent reforms. Hence there are no big bang announcements. The budget addresses needs of agricultural sector and MSMEs, through which agenda of inclusive growth, formalization of economy and boost employment generation is targeted to be realized. The FM’s promise of reducing corporate tax rate from 30 percent to 25 percent for companies remains limited to the MSMES leaving the large tax payers to wait for another year. However, 99% of MSME’s with turnover of upto Rs 250 crores would benefit from the rate reduction. Unfortunately, the large corporates will now carry a slightly higher tax burden from an increase cess of 1 percent. Rationalization of Long term capital gain taxation may be inopportune in terms of timing as their ability to raise funds through IPOs and FPOs may be impacted due to market sentiments changing.

Febraury 2018

The Indian Finance Minister presented the Union Budget 2018. The budget was presented against the backdrop of slower economic growth, rising crude oil prices and growing protectionist tendencies in some countries. The GDP growth for the current fiscal year (April 2017 to March 2018) is estimated to be around 6.5% as compared to the growth rate of over 7% registered in last 3 financial years. The slower economic growth is generally attributed to the recent bold reforms undertaken by the government including implementation of Goods and Services Tax (GST) regime to replace the multiple indirect taxes and demonetization of higher currency notes aimed at removing black money from the economy.

Febraury 2018

For past few years, the Organisation for Economic Cooperation and Development [OECD] and G20 countries have actively worked on the base erosion and profit shifting [BEPS] project. BEPS refers to tax planning strategies that exploit gaps and mismatches in tax rules to make profit ‘disappear’ for tax purpose or to shift profits to locations where there is little or no real activity but taxes are low, resulting in little or no overall corporate tax being paid. In light of several such instances resulting in BEPS, the G20 and OECD released their recommendation on 15 BEPS action plans (15 action plans) on 5 October 2015.

Febraury 2018

Welcome to International Tax Review’s guide to intangible assets, published in association with Deloitte. Intangible assets are as central to the business function as steam-powered machines were during Industrial Revolution. Despite the evolution of businesses since the 18th century, modern business is still governed by historic tax laws.

Febraury 2018

Industry 4.0 has rapidly become a global priority for enterprises and governments alike due to multiple benefits.

Febraury 2018

This is the fifth year that Deloitte has conducted the "OECD Base Erosion and Profit Shifting (BEPS) survey." The objective of this annual survey has been to gauge the views of multinational companies regarding the Global Tax Reset and the OECD's Base Erosion and Profit Shifting (BEPS) initiative, and the expected impact on their organizations. The 2018 survey focused on understanding how multinationals' perspectives on BEPS and the tax landscape have evolved. The final 2018 survey results are below.

Full and summary survey results are available for download

Febraury 2018

On December 22, 2017, the US President signed into law a massive tax reform package which lowers tax on companies, pass-through entities, individuals, and estates and move the US toward a participation exemption system for taxing foreign-source income of domestic multinational corporations.