B Sriram, Tax Partner, EY India This Budget will be presented against the backdrop of two key events: demonetization and the implementation of the Goods and Services Tax Act. First and foremost, the most eagerly watched expectation would be the roadmap for GST implementation. Pursuant to the recently concluded GST Council meeting, the FM has … More Union Budget 2017: considerations for indirect tax proposals
India’s GST journey is in its critical phase with GST Council debating important issues like rate structure, administrative ease and GST law. Multiple rate structure is the pragmatic way forward, and aligned to what CEA report indicated. While debate around what will fall in which rate basket continues, it’s important we have consistent classification across … More ‘Avoid cess, increase GST peak rate’
India is on the verge of going live with the long over-due indirect tax reform, the introduction of Goods and Service Tax (GST). Despite certain delays, the Constitutional Amendment Act which empowers the Center and State to simultaneously tax the same transaction was enacted in September 2016. In the run-up to the target date of … More Can GST effectively guide the e-commerce package?
GST is expected to transform the Indian economy in the medium to long term. The new GST framework would result in the development of a common Indian marketplace, reduce the cascading effect of multiple layers of taxes and increase revenue buoyancy for the Central Government (Government) and most of the state governments. By leveraging an … More India’s looming Goods and Services Tax (GST): considerations for the pharmaceutical industry
Over the past few weeks, there has been significant progress on the GST front. On 8 September 2016, India saw its biggest indirect taxes reform taking a giant leap, as the Constitution (One Hundred and First Amendment) Bill for GST received the Presidential assent. This has enabled the Government to introduce the GST legislation in … More How GST will impact the tech life of India?
The tabling of the Constitution Amendment Bill in the Lok Sabha on Friday is indeed a welcome step, and signals the Government’s serious intention of implementing this much-awaited Goods and Services Tax (GST) in April 2016. As the Finance Minister commented, this is one of the most important tax reforms since India’s independence. It enables … More GST Constitution Amendment Bill – a significant step towards implementing the most awaited tax reform
The existing Indirect tax framework in India extends to the financial services (FS) sector. Since 2001, service tax has been made applicable on these services. The scope of the levy has been broadened over a period of time. Currently, all fee-based income is liable to tax. Interest, however, is excluded from the levy.