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After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report | Mint

LivemintLivemint · 1y ago
After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report | Mint
Medial

Indian tax authorities may issue notices to other IT companies for alleged tax evasion related to work conducted by their overseas offices. This comes after Infosys was recently issued a ₹32,403 crore GST notice. Industry body Nasscom responded to the tax demand, stating that it reflects a lack of understanding of the IT sector's operating model and that multiple companies are facing unnecessary litigation and uncertainty. Infosys argued that GST payments are eligible for credit or refund against the export of IT services. Nasscom called for enforcement mechanisms to honour government circulars and prevent negative impacts on India's ease of doing business.

GST legacy issues can undermine government’s efforts to ease tax structure

Money ControlMoney Control · 10m ago
GST legacy issues can undermine government’s efforts to ease tax structure
Medial

- Taxpayers are hopeful for relief from the GST Council to alleviate their hardships. - Some recent decisions by the GST Council have created confusion and additional difficulties for taxpayers, such as GST rates on extruded products and car seats. - The classification of extruded/expanded savoury food products under different GST rates has led to ongoing litigation and confusion, as there is no relief granted for the past period. - The increase in GST rates on car seats to 28% has left taxpayers perplexed, particularly due to the comment made regarding motorcycle seats already attracting 28% GST, which is also under litigation. - The exemption granted to foreign airlines has sparked controversy regarding whether similar exemptions should be warranted for other industries importing services. - Careful decision-making and prioritization of important issues by the GST Council is crucial to avoid unintended consequences and turn benefits meant for taxpayers into miseries.

Prioritising a stable and simple tax regime in Budget 2024 to enhance ease of doing business

Money ControlMoney Control · 1y ago
Prioritising a stable and simple tax regime in Budget 2024 to enhance ease of doing business
Medial

Businesses in India are urging for stable and simplified tax laws to facilitate ease of doing business and support the country's growth trajectory. The recent tax policies, including corporate tax rationalization and Goods and Services Tax (GST), have led to significant tax buoyancy and increased revenues. A Deloitte survey shows that around 67% of industry leaders expect a focus on stable and simplified tax laws in the upcoming budget. Businesses are seeking a shift in the tax paradigm towards moderate tax rates and expanded tax bases, as well as the simplification of capital gains tax rules and the withholding tax regime. Simplifying the tax structure, reducing unwarranted litigation, transitioning to digital processes, and advancing research and development initiatives are crucial steps towards fostering transparency, promoting ease of doing business, and attracting foreign investments.

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