Tax insights

Newsflash - 49th GST Council Meeting’s Outcome

23 February 2023
The GST Council, headed by Union Finance Minister Smt. Nirmala Sitharaman conducted its 49th meeting on 18 February 2023 at New Delhi. The key recommendations made by Council are encapsulated in the newsflash.  
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Summary of Recent Circulars issued under GST

11 January 2023
In accordance with the recommendations made by the GST Council in its 48th meeting, Central Board of Indirect Taxes and Customs (CBIC) has issued several clarificatory circulars on prevalent issues under GST.  
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UAE releases Federal Decree on Taxation of Corporations and Businesses

11 January 2023
United Arab Emirates (‘UAE’) has issued the Federal Decree-Law No. 47 of 2022 on the taxation of Corporations and Businesses in December 2022 and which would be effective from period commencing on or after 1 June 2023.
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Newsflash: Central Government brings into force the changes notified under CGST Act 2017 vide Finance Act 2022 with effect from 1 October 2022

11 January 2023
The Central Board of Indirect Taxes and Customs (CBIC) vide Central Tax Notification No. 18/2022 – C.T. dated 28 September 2022 seeks to bring into effect the changes made under the CGST Act, 2017 through the Finance Act, 2022 and to be made effective from 1 October 2022.
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Newsflash - CBIC issues Press release clarifying applicability of extended timelines in relation to several notified GST compliances from FY 2021-22 onwards

11 January 2023
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Whitepaper - GIFT City - International Financial Services Centre - Fiscal Incentives

28 September 2022
The Gujarat International Finance Tec-City ("GIFT City") is the first and only International Financial Services Centre (“IFSC”) currently operational in India and was operationalised by the Government in 2015. GIFT City is developed as a planned global financial and IT Services hub.
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Highlights of Recent Key Changes in Overseas Investment Rules Regulations 2022

26 September 2022
The Government with the aim of enhancing the 'ease of doing business' and simplifying the existing framework for overseas investment by persons resident in India to cover wider economic activity and significantly reduce the need for seeking specific approvals has issued new overseas investment rules and regulations.
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Karnataka High Court Rules - No TDS on reimbursement of seconded employees’ salary and directs Revenue to issue Nil TDS certificate

26 September 2022
Secondment of employees of foreign entity to Indian subsidiaries has been followed consistently as a general practise to support the Indian operations of the multinational enterprises. The taxability of secondment arrangements and corresponding payments have been subject to judicious examination under direct and indirect tax law over the past many years.
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47th GST Council Meeting's Outcome

26 September 2022
The GST Council headed by Finance Minister conducted its 47th meeting on 28 June 2022 and 29 June 2022 in Chandigarh.
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CBDT Extends Safe Harbour Rules to AY 2022-23

26 September 2022
On 17 June 2022, Central Board of Direct Taxes (‘CBDT’) issued Notification No. 66 /2022/F. No. 370142/26/2022-TPL. Vide this Notification, the CBDT has extended the Safe Harbour Rules (‘SHR’) to Assessment Year (‘AY’) 2022-23 relevant to the previous year 2021-22. 
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CBDT Notifies Books and Records to be maintained by Charitable Trusts and Institutions

26 September 2022
The Finance Act, 2022 had amended Section 12A(1)(b) and tenth proviso to Section 10(23C) of the IT Act so as to mandatorily provide for maintaining books of account and other documents in a prescribed form and manner and at a prescribed place where the total income of certain Trust or Institution, without giving effect to the provisions of Section 10(23C) or sectio
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Summary of Recently notified Changes in GST Rates

26 September 2022
In accordance with the recommendations made by the GST Council in its 47th meeting, Central Board of Indirect Taxes and Customs (CBIC) has given effect to several changes in GST rates applicable to supply of various goods/services. All rate changes would be made effective from 18 July 2022.  
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Mandatory requirement for Electronic Furnishing of Form 10F in case of Foreign Remittance

26 September 2022
In order to claim benefit of any Tax treaty in respect of any income earned in India, a non-resident is required to furnish certain details in Form 10F alongwith the Tax Residency Certificate (TRC), as per Section 90(5) of the Income Tax Act, 1961 read with Rule 21AB of the Income Tax Rules, 1962.
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Summary of recent Circulars issued under GST

26 September 2022
In accordance with the recommendations made by the GST Council in its 47th meeting, Central Board of Indirect Taxes and Customs has issued several clarificatory circulars on prevalent issues under GST. The gist of the said circulars is summarized in the Newsflash.  
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Summary of GST Circulars clarifying GST applicability on Liquidated damages, Notice pay recovery etc. and Clarifications on several rate related aspects

26 September 2022
The Central Board of Indirect Taxes and Customs has issued circulars dated 3 August 2022 clarifying applicability of GST on payments in the nature of liquidated damages, notice pay recovery from employees, cancellation charges, etc. and several taxability and rate related aspects as well.  
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