TAX

Tax updates:

The Central Board of Direct Taxes excluded RBI from the definition of specified person for the purposes of Section 206AB and Section 206CCA of the Income-tax Act. Please access the links from here and here. You can access an update of the notification here .
Tax Forum to submit a pre-budget memorandum on tax proposals with the Ministry of Finance for the full budget to be presented in July 2024. To share inputs, please write to [email protected] or [email protected]

Income Tax

Tax Forum to re-initiate advocacy around the need to reassess Angel Tax provisions
Focused advocacy on

clarity on Employee Stock Ownership Plan (ESOP) 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 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
corporate tax parity for foreign banks operating as branches in India
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

USISPF report on Ease of Doing Business in the Telecom Sector
The Directorate General of Foreign Trade (DGFT) announced new regulations for importing electronic and information technology goods into India mandating registration with Bureau of Indian Standards (BIS) for the import of electronics and information technology goods. The link to this notification can be accessed here. Please share your feedback if any with [email protected]
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