Secondary Adjustment in Indian TP provisions: An international best practice or needs another look?

Keeping pace with the international best practices and its commitment towards OECD BEPS Initiative/ G20, India through Finance Act 2017 has brought in certain unconventional changes in the Transfer pricing (‘TP’) & International taxation regime. After EQL, CBCReporting – BEPS Action Plan 13, Lower tax on patents, now we see thin Capitalisation rules (BEPS AP 4) and Secondary Adjustments.

Let us discuss in detail, one of the most talked about amendment brought by Budget 2017 which is Secondary Adjustments. Continue reading

Posted in Transfer pricing | Tagged , , |

Gist of changes in the GST bills introduced in Lok Sabha on March 27, 2017

  • GST Law is not applicable to the State of Jammu & Kashmir.
  • Any supply of goods or services by employer to his employees without any consideration would not fall under GST ambit upto a limit of Rs. 50000/-
  • Sale of land and, sale of building will neither be treated as a supply of goods nor as a supply of services except the sale of under construction building.
  • Continue reading
Posted in GST | Tagged , |

Gearing up for Transition to GST

After being stuck in the corridors of power and countering around sixteen years of uncertainty, GST is finally going to see the light of the day.

GST, which is being pitched as the biggest tax reform since independence, will bring sweeping changes to a lot of business practices that the industry has comfortably settled into. Continue reading

Posted in GST | Tagged , , , |

Law of Limitation – Kept Intact

Section 197(C) of the Finance Act 2016 provided for assessment of undisclosed income relating to any period prior to Income Disclosure Scheme, 2016 (IDS) is proposed to repealed in the Budget 2017 presented by Hon’ble Finance Minister Mr. Arun Jaitley on 1 st February 2017. Continue reading

Posted in Direct Tax | Tagged , , , |

Key Highlights of the Revised Model GST Law

The Draft Model GST Law was released in the public domain on 14.06.2016. However, the draft law contained many anomalies / inconsistencies which needed to be addressed. After receiving recommendations / representations from various stakeholders, the government released the revised version of the Model GST Law on 26th November, 2016. Continue reading

Posted in GST | Tagged , |