India

India 2% e-commerce withholding GST Oct 2018

September 15th, 2018

Indian e-commerce marketplaces are to be required to withhold up to 2% (to be confirmed) of the GST payments on sales by third party retailers. The split payments measure is being introduced to help reduce online GST fraud. The new requirement is obliging major marketplaces, resident and non-resident, to GST register in all Indian states …


India

India GST one year on

August 20th, 2018

It is now one year since the overhaul of India’s complex and overlapping indirect tax regime, and the introduction of a Goods and Services Tax (GST). The new unified indirect tax was designed to simplify compliance, and end large-scale double and compounding tax for business which was stifling the manufacturing sector. Good start; more progress …


India

India cuts e-book VAT to 5%

July 28th, 2018

On 21 July, India’s Central Board of Indirect Taxes & Customs approved a reclassification of the e-books VAT from the standard rate to 18% to the lower rate of 5%. One condition for the application of the lower rate is that a paper-version of the publication must also be available.


India

India cuts GST on range of goods

July 25th, 2018

On 27 July 2018, the Indian Modi government will re-categorise from 28% to 18% the Goods & Services Tax (GST) rates applicable to a range of over 80 goods. The government faces nationwide parliamentary elections next year, and is seeking to assuage a range of consumers and businesses which lost out in the July 2017 …


India

India GST returns simplifications 2019

July 15th, 2018

India is planning to introduce a single Goods and Services Tax return at the start of 2019. This will bring to close the difficult, but momentous introductory phase of the new GST tax, which replaced in July 2017 a plethora of complex and double taxing indirect levies, including VAT, CENVAT, Service Tax and over twenty other charges. …


India

India GST rate rationalisation

June 11th, 2018

India is on track to cut the number of Goods & Services Tax (GST) rates from four to three – excluding zero-rated supplies. The current rates are: 28%; 18%; 12% and 5%. The Finance Minister, Shiv Pratap Shukla, said on 8 June that details will be published in the forthcoming weeks. India GST complexity The Indian …


India

India to levy 18% GST on bitcoin Jul 2018

May 23rd, 2018

India’s Central Board of Indirect Taxes and Customs is considering a proposal to make digital currency trading subject to Goods and Services Tax at 18%. The new liability may fall due from 1 July 2018. In this case, India would be classifying cryptocurrencies, such as bitcoin, as a physical asset rather than as a currency for …


India

India GST filings reform

May 7th, 2018

The Indian GST Council, which oversees the operations of the indirect tax regime, agreed last week to reform monthly filings by the end of 2018. It also agreed to bring under full governmental control the GST Network (GSTN), the IT platform tax  payers file through. End of multiple GST Returns filings GST was launched in India in …


India

India relaunches e-way bill GST

April 2nd, 2018

India has relaunched this week its intra-state goods movement recording system, e-way bill. This requires transporters to electronically register with the GST Network any movements of goods across on the Indian 29 states’ internal borders. This system enables states to record GST liabilities since the July 2017 move to taxation in the place of destination. …


India

India GST requires more work

March 22nd, 2018

The July 2017 new Goods and Services Tax (‘GST’) regime was an ambitious reform of a complex, and business unfriendly tax regime. But more reforms to the GST system are required if it is to realise its potential to liberalise intra-state trade in the country. Areas for focus in the next months will include: Simplify …