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We met with Mr. Vimal Anand, Joint Secretary, Ministry of Commerce and Industry to discuss issues pertaining to Special Economic Zones (SEZs)
Submitted industry recommendation to Ministry of Commerce and Industry and requested for extension of Quality Control Order (QCO) 2024 for footwear industry

Income Tax

Focused advocacy on
- The need to reassess Angel Tax provisions.
- Request for concessional rate for Maintenance Repairs and Operations (MRO) companies
- Need for safe Harbour rules for MRO companies
- Clarity on Employee Stock Ownership Plan taxability in India
- Need for reciprocal tax treatment upon reorganisation of foreign regulated funds investing in Indian securities as given in the home country of such fund
- Need for corporate tax parity for foreign banks operating as branches in India
- Request for release of notification for enforcement of Most Favoured Nation clause in specific bilateral treaties
- Request to extend benefit available to companies under section 115BAB specifically for manufacturing of automobile industry products, renewable generation projects such as solar power, wind power, hybrid power, green hydrogen, green ammonia
- Transfer pricing issues such as mark-up relating to share-based payments made to Indian employees, secondary adjustments rationalisation, safe harbour rules etc.

GST

Forum to submit feedback on legislative and procedural amendments proposed in the 53rd GST council meeting on the following issues:-
1. Clarification with respect to MRO services
2. Need for Clarification around place of supply for data hosting service providers in India
3. Need for clarity on issues pertaining to the logistics sector
4. Recommendations on the Amnesty Schemes
Findings of the USISPF supported Deloitte’s survey on GST@7 can be accessed here.
Focussed advocacy on implications of 28 per cent GST on online gaming platforms including retrospective impact on the industry.

Customs

Submitted industry recommendations on Draft Central Excise Bill, 2024 to the Central Board of Indirect Taxes & Customs – June 26
Initiate advocacy on implications of duties and taxes on import of lubricants and spare parts
Ongoing advocacy on:
1. Use of different Harmonized System of Nomenclature for different categories of medical devices
2. Addressing general and technical issues arising from interpretation of Circular No. 08/2023 regarding classification of telecom products
3. Customs (Administration of Rules of Origin under Trade Agreements) Rules, 2020 (CAROTAR) implementation issues across sectors
4. Addressing issues in availing benefits under the Remission of Duties and Taxes on Exported Products scheme (RoDTEP) with Directorate General of Foreign Trade
5. Pursuing exemption for specific sectors such as solar modules, pharmaceuticals, certain medical devices from the application of amendments to Manufacturing & Other Operations in Warehouse Regulation scheme (MOOWR)

Ease of doing business challenges

Continued advocacy around liberalisation of export control norms pertaining to Special Chemicals, Organisms, Materials, Equipment and Technologies (SCOMET) license.
Representation with Department for Promotion of Industry and Internal Trade to address industry wide issues in implementing Quality Control Orders
Shared issues and feedback regarding SEZ laws with Department for Promotion of Industry and International Trade, Ministry of Commerce based on inputs received from members
Initiate advocacy on tax issues pertaining to semiconductors industry.
Addressing issues in obtaining refunds under the erstwhile Service Exports from India Scheme
Custom duty rationalisation on select product

Others

USISPF –EY submitted a joint report on the Impact of new GST law on skill-based online games. Please access the report here
Report on Ease of Doing Business in the Telecom Sector
Whitepaper on multilateral framework for international tax cooperation
Submitted report on trade facilitation measures for Authorised Economic Operators (AEO) to the CBIC appointed assessment committee on AEO Programme