New tax establishment and its percussion on foreign companies in India

The Indian Budget 2019 has introduced a new tax regime for tax on the buyback of listed company shares, encourages start-ups and provides tax incentives to IFSC’s. It has also introduced digitization measures relating to tax returns forms, e payments modes, and faceless e-assessment.

Fully automated GST Refund module shall be implemented; multiple tax ledgers to be replaced by one; invoice details to be captured in a central system.Basic customs duty on certain items to be increased to promote the cherished goal of Makein India. Import of defence equipment not manufactured in India are being exempted from basic customs duty.To discourage the practice of making business payments in cash, the government proposes to levy TDS of 2% on cash withdrawal exceeding ₹1 crore in a year from a bank account. - Nirmala Sitharaman

Read the article “Budget 2019-New tax regime and its impact on foreign companies in India” (https://lnkd.in/fdbPb_d) by our expert Mr. Sanjeev Kumar, Chartered Accountant and Consultant, to know more about the tax proposal which may have an impact on companies planning to enter into India or already in India.

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