IRISGST on LinkedIn: FASTag integrates with GST Eway bill | FASTag with GST e-way bill system (2024)

The #g20india summit has ended with the release of the New Delhi Declaration, which contains ambitious goals. As finance leaders, it is crucial for us to carefully review the contents of the document, particularly the international taxation section, which is covered in Section F. In October 2021 the OECD released the statement on a Two-Pillar solution model to address the Tax challenges arising from the Digitization and Globalization of the economy.'We remain committed to the swift implementation of the two-pillar international tax package' https://lnkd.in/dUKTCt4mThe above reiterates the G20's determination to implement the solution by the Fiscal year 2023 - 2024. Let's look at how will the Two-Pillar Solution make sure that Multinationals pay their fair share of tax. The proposed pillars aim to close loopholes in current regulations that allow multinational enterprises (MNEs) to evade tax obligations. The first pillar focuses on the largest and most lucrative MNEs by redistributing some of their profits to the countries where they sell their goods and services, ensuring they pay taxes where their customers are based. Without this policy, these companies can earn significant profits in a market without contributing much to its tax base. The second pillar broadens the scope to a larger group of MNEs, including any corporation with an annual revenue of over EUR 750 million. This group would now be subject to a global minimum corporate tax rate of 15%. Under these new guidelines, companies that arrange their profits to pay taxes below the minimum rate would still be taxed at 15%.We will keep an eye on the same as the Multilateral Convention (MLC) will be open for signature this month and in October the STTR (Subject to Tax Rule).

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𝐆𝐒𝐓 𝐂𝐢𝐫𝐜𝐮𝐥𝐚𝐫 202 was issued yesterday 27-Oct-23 giving Clarification relating to eligibility of export of services and consequential refund if remittances are received in Special INR Vostro account.Resharing my article written in Taxsutra on the matter with a comprehensive analysis.#GSTwithSaradha#export #exports #exporter #exporters #vostro #rbipolicy #ftp #fema #gstupdates

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During theTaxEU Forumconference held earlier this year, Daniela Zar, Tax Partner, has discussed a series of complex cases, where certain taxes are based on rules and principles that significantly differ from those that are specific to accounting regimes or to other relevant tax areas. Included in this category are, for example, particular cases of mergers, spin-offs or stock option plans. #taxeu23#evensys#conferences

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There are various operations that do not enjoy a clear tax regime under Romanian tax law. Mergers that may not qualify for corporate tax neutrality, activities of foreign entities that may generate fixed/permanent establishments, stock options plans - are some examples of operations that can prove to be quite complex and therefore difficult to tackle from a tax perspective. I am honored for the opportunity to have discussed these matters during this year's TaxEU Forum.#tax #tpa #taxeu

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We're excited to be appointed as knowledge partners for FY 2023-2024 by theExport Promotion Council for EOUs & SEZs (EPCES)once again. #GTBharat's Tax Team will provide insights on #tax and capacity building of #exporters through a series of knowledge sessions and defined mechanism for query resolution. This collaboration aims to support the Council by resolving issues of #SEZs & #EOUs operating in the country and raising industry issues before the government. Krishan Arora | Krishnan PS | R Sridhar | MALLIKARJUN N | Sakshi Pahwa | Neha Jain | Abhinay Dubey | Praveen Kashyap

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🌟 Enlightening GST Symposium with Industry Titans and Government Stalwarts! 📚✨Just attended an exceptional session focused on the challenges of GST, featuring distinguished industry leaders and government officials! 🔥🎉A big round of applause to Mr. DP Nagendra Kumar, Uday Pimprikar, Sanjeev Agarwal, Rajesh Gosain and Sanjay Mangal for their invaluable insights into the intricate world of GST! 🙌🌟 Their expertise and experience truly made this session an enlightening experience. 🎯💡The speakers provided profound insights into the myriad challenges faced by businesses when navigating the complexities of GST, showcasing remarkable knowledge and clarity. 🚀📊However, this is just the beginning of our transformative journey! 🌠 There is still much more to be explored and discussed in greater detail. We must delve deeper into the ever-evolving landscape of GST and collaborate on finding innovative strategies to overcome these challenges together. 🤝🌍Let's continue the conversation and foster meaningful dialogue surrounding the challenges of GST. I'm excited to see how we can collectively shape a brighter future for businesses and economies. 🌈✨#GSTChallenges #IndustryLeaders #GovernmentOfficials #LearningExperience #Collaboration #innovation

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Swift implementation of the two-pillar tax package and the crypto-asset reporting framework

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The text relating to #internationaltax in the #g20 #declaration is below. Swift implementation of the #oecd's two-pillar solution, amendments to the #commonreportingsystem (#crs) and new reporting on #cryptoassets under the CryptoAsset Reporting Framework (“CARF”). #tax "We reaffirm our commitment to continue cooperation towards a globally fair, sustainable and modern international tax system appropriate to the needs of the 21st century. We remain committed to the swift implementation of the two-pillar international tax package. Significant progress has been made on Pillar One including the delivery of a text of a Multilateral Convention (MLC), and work on Amount B (framework for simplified and streamlined application of the arm’s length principle to in-country baseline marketing and distribution activities) as well as the completion of the work on the development of the Subject to Tax Rule (STTR) under Pillar Two. We call on the Inclusive Framework to resolve swiftly the few pending issues relating to the MLC with a view to preparing the MLC for signature in the second half of 2023 and completing the work on Amount B by the end of 2023. We welcome the steps taken by various countries to implement the Global Anti-Base Erosion (GloBE) Rules as a common approach. We recognise the need for coordinated efforts towards capacity building to implement the two-pillar international tax package effectively and, in particular, welcome a plan for additional support and technical assistance for developing countries. We note the 2023 update of the G20/OECD Roadmap on Developing Countries and International Taxation. We call for the swift implementation of the CryptoAsset Reporting Framework (“CARF”) and amendments to the CRS. We ask the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”) to identify an appropriate and coordinated timeline to commence exchanges by relevant jurisdictions, noting the aspiration of a significant number of these jurisdictions to start CARF exchanges by 2027 and to report to our future meetings on the progress of its work. We note the OECD Report on Enhancing International Tax Transparency on Real Estate and the Global Forum Report on Facilitating the Use of Tax-Treaty-Exchanged Information for Non-Tax Purposes."

Intresting to read! #gst #taxlaw #tax #commerciallitigation #advocate

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There are special rules to ensure that goods sent from abroad are taxed appropriately and to ensure thatUK businesses supplying goods in the UK - for example by having to compete with VAT free imports - are not disadvantaged.This includes goods that are new or used and purchasedonline, purchasedabroad and shipped to the UK and goods received as gifts. #ImportDuty #ImportTaxes