Income Tax

• Tax Forum hosted an industry interaction with Mr Rasmi Ranjan Das, Chief Commissioner of Income Tax (International Taxation) on June 12, 2024, in San Francisco, California
• Tax Forum submitted a pre-budget memorandum on tax proposals to the Ministry of Finance, for the upcoming budget in July 2024.

Focused advocacy on:

• the need to reassess Angel Tax provisions.
• 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
• transfer pricing issues such as mark-up relating to share-based payments made to Indian employees, secondary adjustments rationalisation, safe harbour rules etc.

GST

• In line with the upcoming GST council meeting on Saturday, June 22, 2024, Tax Forum submitted industry representation around legislative and procedural issues to GST policy wing. 

Customs

Ongoing advocacy on:

• use of different Harmonized System of Nomenclature (HSNs) for different categories of medical devices
• addressing general and technical issues arising from interpretation of Circular No. 08/2023 regarding classification of telecom products
• CAROTAR implementation issues across sectors
• addressing issues in availing benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) 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 Regulation (MOOWR) scheme

Others

• Tax forum to initiate advocacy on tax issues pertaining to semiconductors industry. To share your inputs, please write to @Shreeya Kashyap or @Prabhat Agrawal
• USISPF report on Ease of Doing Business in the Telecom Sector
• 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 (DPIIT) to address industry wide issues in implementing Quality Control Orders (QCOs)
• Forum to share issues and feedback regarding Special Economic Zone (SEZ) laws with DPIIT, Ministry of Commerce based on inputs received from members
• Addressing issues in obtaining refunds under the erstwhile Service Exports from India Scheme (SEIS)
• USISPF whitepaper on multilateral framework for international tax cooperation
• USISPF report on trade facilitation measures for Authorised Economic Operators (AEO)