TAX

Headline news –

Tax forum to submit a pre-budget memorandum to the Ministry of Finance for the full budget to be presented in July 2024.
- To share inputs please write to Shreeya Kashyap at [email protected] or Prabhat Agrawal at [email protected]

GST survey – India’s Goods and Services Tax (GST) has reached a significant milestone – its seventh year! This landmark reform has transformed the indirect tax landscape, and with consistently strong GST collections exceeding INR 20.14 trillion in FY 2023-24, the stage is set for even more positive developments.

Click here to launch the survey and submit your response before 1^st June 2024. You can also scan the survey using the QR code.

Income Tax

Forum met CBDT officials to discuss

Focused advocacy on:

need for reciprocal tax treatment upon reorganisation of foreign regulated funds investing in Indian securities as given in the home country of such funds
need for corporate tax parity for foreign banks operating as branches in India
request for release of notification for enforcement of MFN 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
Advocacy on 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 industry issues around legislative and procedural issues to GST policy wing.

Customs

Forum to submit agenda points for 18th All India Customs consultative group meeting

Ongoing advocacy on:

CAROTAR implementation issues across sectors
Addressing issues in availing benefits under the Remission of Duties and Taxes on Exported Products scheme with Directorate General of Foreign Trade (DGFT)
Pursuing exemption for specific sectors such as solar modules, pharmaceuticals, certain medical devices from the application of amendments to Manufacturing & Other Operations in Warehouse scheme
Custom duty rationalisation on select products including Cocoa

Others

Representation with DPIIT to address industry wide issues in implementing Quality Control Orders (QCOs)
Forum to share issues and feedback regarding Special Economic Zone law with DPIIT, Ministry of Commerce basis inputs received from members
Addressing issues in obtaining refunds under the erstwhile Service Exports from India Scheme
USISPF whitepaper on multilateral framework for international tax cooperation
USISPF report on trade facilitation measures for Authorised Economic Operators
USISPF report tax regulatory framework around Online Gaming