Tax Compaas

We were searching for a reason to post a group photo in our new tshirts! As always, MS Excel came to our rescue. We completed 500 days yesterday! So... that is the reason!! 😂 Thankful to everyone who has supported us during these initial days.

Our views on the procedural aspects of APA released by the @uaetax. We highlight one very commendable aspect which would act as the foundation of the entire program.

Please find attached our latest Tax Brief on the recent changes to the U.S. H-1B visa program and their potential tax implications for companies with operations in India/planned hiring of Indian professionals. The update highlights key considerations around transfer pricing, permanent establishment (PE) risks, GST, and global tax rules, which could significantly impact hiring and structuring decisions going forward. We hope you find this note useful.

We are pleased to present our alert providing a quick summary of the recommendations of the GST Council announced in the 56th meeting concluded yesterday. The sweeping rate rationalisation represents a pivotal and welcome transformation of India’s indirect tax structure. The decision to consolidate the existing four-tier system—5%, 12%, 18%, and 28%—into predominantly two broad slabs of 5% (merit rate) and 18% (standard rate), with a de‑merit rate of 40% reserved for sin and super‑luxury goods, marks a bold and decisive leap toward simplicity and equity. While there is more work to be done, particularly in the area of tax administration, compliances and litigation, the measures announced last evening does take GST one more step closer to its desired state! Please feel free to contact us should you need more information.

We are delighted to announce that Salil Goyal has joined Tax Compaas as the Managing Director for the EMEA and SEA regions. With a robust background of 15 years in international taxation and transfer pricing, Salil has led the international tax division at RSM Indonesia in his last role. In recent years, Tax Compaas has provided tailored managed services to numerous clients, streamlining their tax functions without the necessity of an internal tax team. This service extends to listed companies and clients with multinational operations, where Tax Compaas manages tax compliance and advisory across different jurisdictions. The demand for senior professionals capable of overseeing tax operations and providing guidance internationally is escalating. Salil's presence bolsters the team in Tax Compaas UAE , ensuring seamless managed services for clients with global ventures. We are thrilled to have Salil join us on this journey of expanding our global footprint and shaping a contemporary, impactful tax advisory firm. Welcome to Tax Compaas, Salil Goyal! 🚀

Check out our @LinkedIn post for an update on PPT and MLI. #Important linkedin.com/feed/update/ur…

Kicking off the year-end holiday season, we organized a thrilling cricket tournament among ourselves. The four teams, led by captains who engaged in an IPL-style bidding with a budget and minimum, were creatively named: Withholding Warriors Assessment Avengers Surcharge Super Kings REIT Rangers The quirky team names might remind you of tax-related brainstorming sessions! 😂 As the final date of the tournament approached, few players were absent for various reasons, we consolidated into three larger teams for the matches. Surcharge Super Kings merged with other teams, bidding farewell to the Surcharge! We ended the Surcharge whether the Government ends it or not!!! 🤣 After an exhilarating 4-hour cricket showdown, the hashtag #REITRangers emerged victorious, claiming the top spot in this friendly competition. 🏏🏆

The due date (December 31, 2024) to file GST Annual return (GSTR-9) and Annual Reconciliation statement (GSTR-9C) for financial year 2023-2024 is fast approaching. The Annual compliances, in short, consolidates all the information furnished by a taxpayer in monthly returns filed during the particular financial year. However, the process of filing GSTR-9 (annual return) and GSTR-9C (Reconciliation) is more than merely consolidating all the monthly returns filed during a financial year. Businesses have an option to meet this compliance with a ‘check-the-box’ approach of merely submitting the annual return on or before December 31st or with a "holistic compliance" approach by conducting an effective review of its GST positions at the end of the year aimed at mitigating risks and safeguarding the organization from future litigation. It is a choice! Our thoughts on the same attached herewith.

Do catch us at the #TaxSutraConclave 2024

We are pleased to share our quick Alert with the key recommendations of the GST Council. The recommendations on the keenly watched areas of GST on health insurance premium and GST on gaming are both deferred to another day!

A quick snapshot of the amendment to the Finance (No 2) Bill, 2024 relating to long term gains on real estate assets and indexation. #Indexation #UnionBudget

Our alert on the tax issues arising for non-residents due to the proposed regime of taxation of buy-back proceeds. Please do reach out to us if you have questions. linkedin.com/posts/tax-comp…

We are offering Bespoke Sessions to discuss the impact of the GST Circulars. Please do book your slots by emailing us. Details below.

A development which could have a far reaching impact. Of course an "interim ex parte order" by SEBI, but important to understand its impact. Particularly important for large groups or MNCs undertaking RPTs with listed group entities.

Important update! 📢 India and Mauritius signed a protocol amending their tax treaty. While the Protocol is yet to come into force, we present our comments on the same. #IndiaMauritiusDTAA #InternationalTax #Incometax #BEPS #MLI #AntiAbuse

Thrilled to share some exciting news! We have just opened our newest office in Gurugram to serve our clients in the NCR of Delhi better! #Expansion #NCR #Tax

#WomensDay2024 #Womeninfinance

Welcoming Ganesh Pai as our Consulting CFO.