Saturday, 16 June, 2018 - Saturday, 30 June, 2018

Vistra India Update 354

INCOME TAX

Place of Effective Management (POEM) based taxation of foreign companies.

In a case where a foreign company is said to be resident in India on account of its Place of Effective Management  being in India in any previous year and such foreign company has not been resident in India in any of the previous years preceding the said previous year, the Central government has notified that the provisions of the Act relating to the computation of total income, treatment of unabsorbed depreciation, set off or carry forward and set off of losses, collection and recovery and special provisions relating to avoidance of tax shall apply to the foreign company for the said previous year with certain exceptions, modifications and adaptations.

Click to view the circular

GOODS AND SERVICES TAX

Reverse Charge under IGST Act & CGST Act – Exemption extended

The Central Board of Central Board of Indirect Taxes and Customs vide Circular No. 12 & 13 2018 – has extended the exemption from payment of taxes under reverse charge on the intra-state supply of goods or services or both as well as inter-State supply of goods or services or both received by a registered person from any supplier, who is not registered, from the whole of the CGST & IGST leviable from 30th June 2018 to 30th September 2018

Click to view the circular

CUSTOMS

Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 55 /2018 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 22nd of June 2018. 

Click to view the circular