India

India may levy 18% GST on bitcoin

July 16th, 2017

India is considering 18% Goods and Services Tax on crypto-currencies, such as bitcoin. A special task force, studying potential tax and regulatory frameworks for bitcoin purchases and sales, is considering fiscal and supervisory issues.  It has already retracted statements indicating that it would seek a complete ban on virtual currencies – the black market in …


India

India Kashmir joins GST launch

July 13th, 2017

The last of the 29 Indian states to implement GST, Jammu and Kashmir, approved the introduction of the new consumption tax one week after the national launch. Kashmir has its own constitution, so was permitted to miss the 1 July launch of the new Goods & Services Tax.  GST has consolidated over 20 sales taxes, …


India

Indian GST returns

July 3rd, 2017

GST registered businesses typically have to file three returns per month (GSTR-1, GSTR-2 and GSTR-3) in each state where they operate.  An annual GST return is also required.  This means a business will have to complete 37 returns per annum in each state where they are trading. There are 29 states in India – although …


India

Indian GST registration

July 3rd, 2017

Businesses providing taxable goods or services in India are required to register for GST, and submit monthly returns. A business must register separately in each state where they are selling – there are 29 Indian states. GST registration thresholds Businesses must register if their taxable supplies are in excess of INR 2m. For the North …


India

Indian GST rates

July 3rd, 2017

India operates 4 GST rates.  Certain goods and services are also zero rated and exempt.  Key rates are listed below:


India

India GST goes live 1 July 2017

July 1st, 2017

India most significant tax reform, the introduction of a single Goods & Services Tax (GST), goes live today. The GST regime will replace over 20 overlapping indirect taxes – including VAT, CENVAT and Service Tax.  It will unite India’s 29 states with a single regime, simplifying compliance and eliminating double taxation to potentially boost the …


India

India drops e-Commerce withholding GST

June 28th, 2017

India has postponed a 1% Goods and Services Tax (GST) withholding tax on sales of goods and services on e-Commerce marketplaces.  The tax, Tax Collected at Source (TCS), was planned to be introduced with the 1 July 2017 launch of GST, which is replacing a range of overlapping indirect taxes. The Delhi government had planned …


India

India first GST filing delay

June 25th, 2017

India’s GST Council has confirmed that the deadline for the first returns under the new Goods and Services Tax (GST) regime is to be delayed by one month. The new regime launches 1 July 2017, and will replace a complex systems of overlapping indirect taxes. Tax payers will have to submit 3 returns per month. Under …


India

India 1 Jul GST launch challenges

June 14th, 2017

The Indian Goods and Services Council approved on 3 June the final stages of the implementation of GST for 1 July 2017. It confirmed the last outstanding GST rates, and some transitional issues around stock in transit. In terms of launch there remains a number of challenges, including: Despite consolidating many current indirect taxes, such …