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The computer software and hardware sector accounted for about 43 per cent in the total $59.63 billion foreign inflows that India attracted in 2020-21. ....
Tax tribunal lays out ground rules for taxing such expenses, should benefit Indian arms amidst Covid pandemic. It said that there should be a one-to-one direct correlation between the outgo of the payment and inflow of the receipt. Secondly, the receipt and payment must be of identical amount that is without the profit element. ....
ITAT rules in favour of Hero MotoCorp in an inter group transfer pricing case SECTIONS Share Synopsis The tax department had questioned certain inter group transactions regarding purchase of auto components within units were questioned under the transfer pricing provisions. Reuters Transfer pricing is a regulation that determines the price two related parties (companies part of the same group) must pay. Hero MotoCorp, one of the country’s largest two-wheeler manufacturers in a recent ruling by Income Tax Appellate Tribunal (ITAT) got a reprieve from a tax demand levied on certain inter group transactions. As per the details of the case the tax department had questioned certain inter group transactions regarding purchase of auto components within units were questioned under the transfer pricing provisions. Transfer pricing is a regulation that determines the price two related parties (companies part of the same group) must pay. ....
Interest for delayed payment on imported goods liable to GST: AAR SECTIONS Share Synopsis AAR observed that the holding company had “tolerated the act” of receiving payment after a lapse of a period of 120 days from the date of the invoice in respect of the goods supplied by them to the Indian arm. For this interest had to be paid by the Indian arm and is liable for GST on reverse charge mechanism, a research note by Nangia Anderson said. Reuters Clarity was being sought as to whether GST was payable on delay in payment of imported goods. In what could impact several businesses at a time when Covid pandemic has disrupted supply chains and payment mechanisms, an Authority for Advance Ruling (AAR) has ruled that that interest for delayed payment on imported goods is liable to GST under reverse-charge. ....