Tax insights

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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Turnover exemption limit for E-invoicing under GST reduced from Rs. 20 crores to Rs. 10 crores effective from 1 October 2022

26 September 2022
The Government has further slashed the existing turnover limit for availing exemption from E-invoicing from Rs. 20 crores to Rs. 10 crores and the effective date notified for the said change is 1 October 2022. Thus, all taxpayers whose annual aggregate turnover exceeds Rs.
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Supreme Court rules that gifting of freebies by Pharmaceutical Companies to medical practitioners is not allowable expenditure under the Income Tax Act, 1961

12 August 2022
Distribution of incentives (i.e. freebies) by pharmaceutical and allied health sectors industries to doctors, medical practitioners etc. and its allowability of claim as business expenditure in the light of Explanation 1 to section 37(1) of the Income-tax Act, 1961 (‘the Act’) has been one of most litigated issue.
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CBDT Extends Safe Harbour Rules to Assessment Year 2022-23

12 August 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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Extension of Due-date for filing of return in Form GSTR 3B for the month of April 2022 till 24 May 2022

12 August 2022
In view of persistent technical glitches faced by GSTN leading to non-updation of GSTR 2B report with supplier filings pertaining to April 2022 for several taxpayers, Central Board of Indirect Taxes and Customs (CBIC) vide Central Tax Notification No. 05/2022 dated 17 May 2022 has extended the due-date for filing of return in Form GSTR 3B till 24 May 2022.
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Jaipur Tribunal Rules that Mere reflection of higher income in Form 26AS not a reason to make additions to the returned income offered by the assesse

12 August 2022
Recently, the Hon’ble Income-tax Appellate Tribunal (‘ITAT’) bench - Jaipur in the case of M/s Shri Jeen Mata Buildcon Pvt. Ltd vs. the ITO has passed a verdict on 8 March 2022 in favour of the assessee and deleted the addition made based on mere reflection of higher income in Form 26AS of the assessee.  
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