NEWSLETTER

The US-India Tax Forum organised a virtual consultation with Mr. Sanjay
Mangal, Commissioner, GST Policy Wing, Central Board of Indirect Taxes & Customs on September 13, 2022 to deliberate on a broad range of GST policy issues across various sectors

The US-India Tax Forum participated
in the 15th Meeting of All India Customs
Consultative Group
held virtually on August 26, 2022

The briefing focused on the significant tax changes emanating from this law and its impact on
the industry at large. The session was led by Tax Partners at KPMG in the U.S, with Rishi Chugh moderating, and speakers Stephen P Borman and Hannah Hawkins.

The US-India Tax Forum hosted a virtual interaction on July 28,2022 with Mr. Kamlesh Varshney, Joint Secretory (Tax Planning and Legislation Unit), Central Board od Direct Taxes to discuss industry challenges in implementation of TDS underSection 194Rofthe Income Tax Act.

The US-India Tax Forum hosted Mr. Vivek Johri, Chairman, CBIC, and Mr. D.P. Nagendra Kumar, Member, CBIC (GST& Tax Policy) on July 20, 2022 for an inperson interactive session with USISPF members.

Pursuant to the recommendations and decisions taken in the 47th GST Council meeting, the CBIC has given effect to the same via issue of necessary circulars…

The Government levied additional duties on exports of petroleum crude, petrol, diesel and aviation turbine fuel to tax the windfall gains earned by petroleum

The ADVAIT module was launched by CBIC earlier this year to examine and flag variances in import assessable value. The use of the above model is however leading to inordinate delays..

The GST council is expected to meet towards the end of this month. USISPF’s tax forum has done multiple…

CC, C.Ex. & ST Bangalore (Adjudication) v. Northern Operating Systems Pvt. Ltd – Wherein it has been held that …

CBIC has extended the due date for furnishing the return in FORM GSTR-3B for the month of April, 2022 till May 24, 2022 …

CBIC has extended the due date for furnishing the return in FORM GSTR-3B for the month of April, 2022 till May 24, 2022 …

Forum submitted Representation Seeking Amendment in Customs Duty Benefits Extended to Oil and Gas Sector …

Meeting minutes of US India Strategic Partnership Form (USISPF) webinar on Advanced Pricing Agreements and …

In continuation to our advocacy efforts on Customs laws and procedures, US India Tax forum will be soon organising …

In continuation to our advocacy efforts on Customs laws and procedures, US India Tax forum will be soon organising a discussion…

Directorate General of Systems and Data Management (DG Systems), CBIC has issued advisory detailing step-by-step guide for …

GSTN issues Advisory for auto-population of e-invoice details into GSTR-1, envisages that generation of e-invoice is mandatory…

The US-India Strategic Partnership Forum (USIPF) in collaboration with KPMG in India organized a post budget industry…

The US-India Strategic Partnership Forum (USIPF) in collaboration with KPMG in India organized a post budget industry…

The board has extended the due date for filing tax audit reports, report u/s 92E for AY 2021-22 to Feb 15, 2022; Extends due …

The WCO Convention on Harmonized Commodity Description and Coding System (the HS convention) came out with …

Further to feedback received from our member companies, forum has requested an urgent consideration for extension of GST compliance …

The Central Board of Direct Taxes has issued new rules for faceless collection of information from taxpayers, where mismatches are …

In continuation to our advocacy efforts on GST, Forum met with the GST secretariate to discuss specific issues of the E-commerce sector. …

In its 45th meeting held on September 17, 2021, the GST Council discussed the need to undertake GST rate rationalization including correction of inverted duty …

The US-India Strategic Partnership Forum (USIPF) in collaboration with KPMG India had organized a pre-budget industry consultation with Mr. …

To enable a policy discussion around the Budget recommendations, USISPF organised a virtual pre-budget consultation with Mr Kamlesh Varshney…

Rarely do you have global consensus between the representatives of almost 140 countries who can find common ground on most issues, let alone on taxes …

USISPF is organising a pre-budget consultation with Ms Pragya Sahay Saksena, Member (Legislation & Systems) – Central Board of Direct Taxes, Ministry of Finance on …

In its 45th meeting held on September 17, 2021, the GST Council discussed the need to undertake GST rate rationalization including correction of inverted duty structure …

45th GST council meeting under chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman….

As part of the preparation for the upcoming Budget Session (2022-23), USISPF plans to submit a Pre-Budget Memorandum to the Ministry of Finance…..

The Finance Ministry has announced an extension of the deadlines for e-filings of various income tax returns forms that come under the ambit of the Income-Tax Act,

CBIC has been receiving bulk verification request from field formations for getting verification done from verifying…

Budget 2021 proposed to review some of the existing Customs Exemption Notifications in order to make them more releva …

In continuation to our advocacy efforts on GST legislative and procedural issues, USISPF will be meeting CBIC officials and …

To enhance Ease of Doing Business, CBIC has undertaken a series of next generation reforms under the umbrella of ‘Turant …

Further to the difficulties reported in electronic filing of Forms 15CA/15CB on the portal CBDT has extended …

In continuation to our advocacy efforts on GST legislative and procedural issues, USISPF met with State Finance Minister …

Central Board of Indirect Taxes and Customs has issued clarification w.r.t. applicability of Dynamic Quick Response code on …

In continuation to our advocacy efforts on GST legislative and procedural issues, USISPF met with the commissioner of the …

GST Council slashes GST rates on COVID-19 relief material, including oxygen concentrator for personal imports

43rd GST Council meeting under chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman …

In light of the current COVID second wave several issues have emerged for our companies with regards to …

The GST council will be holding its next meeting on May 28th 2021. Basis the feedback received from our members forum ….

CBIC releases Frequently Asked Questions (FAQs) on IGST exemption given to import of specified COVID-19 relief material vide ….

Ministry of Finance COVID 19 measures on taxation…

CBIC notifies Regulations for verification of identity of importer, exporter and customs broker…

CBIC notifies ICEGATE as Common Customs Electronic Portal and relaxes timelines for filing Bill of Entry….

The Finance Bill, 2021 was presented by the Hon’ble Finance Minister (FM) Nirmala Sitharaman on 1 February 2021. In the wake of the representations received from …..

CBDT has vide a recent notification relaxed the requirement of remunerating fund managers of certain offshore funds in view of amended Rule 10V for availing the special…

The Indian Finance Minister presented the Union Budget 2021 on February 1 2021. Key tax announcements made in the Budget which include some clarifications with respect …

Recently, CBIC had issued clarifications in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of Notification No. …

Last week CBIC had issued clarifications in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of Notification …

The Central Board of Direct Taxes has notified Faceless Assessment (1stAmendment) Scheme, 2021 which seeks to amend Faceless Assessment Scheme …

The Indian Finance Minister presented the Union Budget 2021 on February 1 2021. This year’s budget lays focus on the six pillars for reviving the economy – Health and …

CBDT has vide a recent notification relaxed the requirement of remunerating fund managers of certain offshore funds in view of amended Rule 10V for availing the special …

GST Council Secretariat has taken a progressive step of constitution of the Committee of Officers for Monitoring of Businesses Run through Online Platform …

Foreign Tax & Tax Research Division of CBDT has circulated a Breach Protocol prepared as per the international standards and approved by Information Security Committee (ISC) to …

The government has notified several changes in the GST law and has also put into effect several amendments brought in vide the Finance Act, 2020.

Basis the inputs received from our members, forum has submitted detailed GST legislative and procedural issues across sectors with the CBIC and will soon engage …

On December 8, USISPF hosted an rountable discussion with Mr. Rajat Bansal, IRS who is a member of the UN’s subcommittee on Tax Challenges of the …

There is a constant debate for India becoming a sought-after and favoured destination for global MNCs and high uncertainty due to the Covid-19 pandemic …

The All India Customs consultative group meeting will be held Virtually soon. The Forum will be participating in the meeting to discuss customs issues of our member companies…

GST e-invoicing mechanism is mandatory w.e.f. 01.10.2020 for all tax payers having turnover in a financial year exceeding Rs 500 crore. Basis USISPF’s survey on the …

Ministry of Finance, Government of India, introduced the first and second phase of country-wide faceless assessment in June 2020 and August 2020, respectively …

The Central Board of Indirect Taxes and Customs has decided to roll-out the Faceless Assessment at an All India level in all ports of import and for all imported goods

On August 5 forum discussed select issues around challenges/ issues being faced in obtaining endorsements for the purpose of GST refunds with the GST council