SannamS4 Finance Newsletter Social Card
Sannam S4’s Financial Consulting practice presents a monthly newsletter with key updates and developments from India on tax, regulatory, and financial compliance aspects. The bulletin’s endeavour is to provide key updates and information about doing business in India, with emphasis on compliance aspects that affect or improve ease of operations in-country.
We present herewith key announcements introduced by the Government of India during June and July 2018. If you would like to understand more about how these updates impact your plans or operations in India, please do not hesitate to contact us.
Kapil Dua (B&W)
Kapil Dua
Co-Founder, Group CFO & Executive Director of Financial Consulting

Sannam S4 Wins Consultancy of the Year at the U.K.-India Awards 2018

Sannam S4 was selected as the leading Consultancy Firm operating between the U.K. and India by a panel of eminent leaders from business, technology, media and international trade and government recognising the positive impact Sannam S4 has had on many UK companies and universities operating in India.

Read more

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India becomes world’s sixth largest economy

  • India’s GDP amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France
  • India has doubled its GDP within a decade and its expected to power ahead as a key economic engine in Asia, even as China slows down
  • According to the IMF, India is projected to generate growth of 7.4 per cent this year and 7.8 per cent in 2019

Read more: The Times of India

India 6th largest economy

International Tax Updates

International Tax update 1

International Tax update 2

Government issues final notification on transitional provisions for foreign companies under ‘POEM Guidelines’.

Tax department issues clarifications on confidentiality regarding ‘Country by Country Reports’.

High Court of Karnataka rules that transfer pricing matters should be raised before courts if there is a question of law.

Source: Tax Scan Media

Source: Tax Guru

International Tax update 4

International Tax update 5

Clear-cut timelines for transfer pricing proposed.

India-Kazakh tax treaty amended.

Personal Tax And Regulatory Updates For Employees And Expatriates

Personal tax for employees1

Personal tax for employees2

Government of India declares a lower 8.55% interest rate on employee social security (provident fund) scheme for FY 2017-18.

Instant tax registrations (PAN) for individuals having Aadhar.

Source: Livemint

Goods And Services Tax (GST)

GST1

GST2

GST3

GST4

GST provisions on TDS / TCS and reverse charge mechanism deferred by 3 months.

E-way bill system for intra-state movement of goods rolled out in Delhi.

GST payers can approach jurisdictional tax officer to change the username, password.

Simplifications announced in the 27th meeting of GST council.

Corporate Tax & Regulatory

Corporate tax 1

Corporate tax 2

Corporate tax 3

Corporate tax 4

Modi Government proposes to dissolve and repeal UGC – the apex regulatory body for higher education in India.

Valuation of shares by a merchant banker must, instead of a local accountant, for tax purposes.

RBI issues amendments in operational aspects of Foreign Portfolio Investors investments in Debt securities.

India simplifies reporting forms for foreign investments with a new single master form (SMF); RBI issues guide for the filing of SMF.

Corporate tax 5

Corporate tax 6

Corporate tax 7

Corporate tax 8

Government issues notification defining the procedure for startups to avail tax benefits; Startups can also seek benefits under angel tax.

CBDT notifies forms for filing of tax returns for FY 2017-18.

Mandatory for all Directors to file new KYC forms issued by Ministry of Corporate Affair to remain active.

RBI issues notification for cross- border mergers.

Corporate tax 9

Corporate tax 10

Corporate tax 11

Corporate tax 12

Tax department notifies inflation index for 2018-19.

Directors Identification Number allowed for partners of LLP.

Draft labor code introduced for public review.

CSR spending in India to cross USD 7 Bn in 2019; slum re-development to qualify as CSR activity.

Corporate tax 13

Corporate tax 14

Ministry of Corporate Affairs mandates filings for all individual owners and ‘significant beneficial interest’, new rules announced.

Changes in tax audit report by CBDT.

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.
The team’s support for new companies entering India covers a wide range of services including tax advice, planning and compliance, corporate structuring, inbound merger and acquisition support and implementing legal setup (and other mandatory registrations). In addition, we also provide ongoing in-house financial management and support services such as accounting, payroll and expense management, financial reporting and corporate secretarial and legal compliance services.
We have experience in helping new international businesses set up in India in sustainable, efficient and compliant ways. We also have experience in helping the businesses, that are already operational in India in interpreting and responding to the key government-led changes and initiatives which may be imperative for them.
Please feel free to contact us for more information on how you can expand your business in India and other dynamic markets.
Contact us here : connect@sannams4.com