This is to update you about an important decision by Bombay High Court (‘HC’ / ‘Court’) in the case of L&T IHI Consortium v. UOI, W.P. No. 2980 of 2019. The Court held that Input Tax Credit (‘ITC’) shall be allowed to the recipient on Goods and Services Tax (‘GST’) charged by the supplier on advance payments.
This Tax Alert summarizes the recent ruling of the Gujarat High Court (HC). The issue pertains to levy of goods and services tax (GST) on assignment of leasehold rights by lessee (assignor) to a third party (assignee).
|
Particulars |
Singapore |
Hong Kong |
|
Corporate Tax
rate |
17% |
16.5%. |
|
Number of
DTAA |
102 countries |
40 countries. |
|
Capital gain
tax |
NO |
YES |
|
WHT on
Dividend |
NO |
YES |
|
Local
Director |
Min 1. |
NO |
|
Political
Stability |
Stable. |
China factor
is there. |
|
IP Rights |
In terms of international IP treaties, Singapore holds a distinct
advantage over Hong Kong by being a member of a greater number of these
agreements. This includes significant treaties such as the Brussels
Convention, the Singapore Treaty on the Law of Trademarks, and the Hague
Agreement Concerning the International Registration of Industrial Designs,
among others |
|
|
Bank Account
Opening |
No need for
personal visit to branch |
Directors
require to visit bank for opening bank account. |
This Tax Alert summarizes Circular No. 20/2024 dated 30 December 2024 (Circular) issued by the Central Board of Direct Taxes (CBDT) providing extension in due date for filing declaration under the Direct Tax Vivad Se Vishwas Scheme, 2024 (VSV 2) from 31 December 2024 to 31 January 2025. The Circular provides that any declaration filed on or before 31 January 2025 will not require payment of additional amount under VSV 2. Consequently, declarations filed on or after 1 February 2025 till sunset date (to be notified) will require settlement under VSV 2 with payment of additional amount
|
Sr No |
Due Date |
Related to |
Compliance to be made |
|
1 |
11.01.2025 |
GST |
Filing
of GSTR 1 for the month of December 2024 |
|
2 |
20.01.2025 |
GST |
Payment
of GST for the month of December 2024 Filing
of GSTR 3B for the month of December 2024 |
|
4 |
07.01.2025 |
TDS/TCS (Income Tax) |
Deposit
TDS for payments of Salary, Interest, Commission or Brokerage, Rent,
Professional fee, payment to Contractors, etc. during the month of December
2024. Deposit TDS from Salaries deducted during the
month of December 2024 • Deposit TCS for collections made under section
206C including sale of scrap during the month of December 2024, if any |
|
5 |
31.01.2025 |
TDS/TCS |
Filing
of TDS/TCS quarterly return for Q3 (Oct to Dec-2024). |
The document provides an FAQ-style overview of the Input Service Distributor (ISD) mechanism, which will become mandatory under GST regulations effective April 1, 2025. The ISD mechanism aims to streamline the distribution of input tax credits (ITC) among entities with multiple GST registrations. Key highlights include:
1. Situation
I. Tax Department Summons
An employee received a summons from the tax department demanding an explanation for failing to disclose €X deposited in his German bank account.
Summary of the relevant
updates is provided below for ease of your reference:
A) Proposals relating to GST law, Compliances and Procedures
This Tax Alert summarizes Circular No. 19/2024 dated 16 December 2024 (VSV 2- December Circular) issued by the Central Board of Direct Taxes[1] (CBDT) which contains second round of 27 frequently asked questions (FAQs) on the operation of Direct Tax Vivad Se Vishwas Scheme, 2024 (VSV 2). The Circular is issued in continuation of an earlier Circular No. 12/2024 dated 15 October 2024[2] (VSV 2 - October Circular) which contained the first round of 35 FAQs.
This is to update you about a recent decision passed by Delhi High Court in the case of Centrans Logistics Pvt Ltd (W.P.(C) 7983/2023, dated December 09, 2024) wherein it was held that a separate Document Identification Number (‘DIN’) is not required for issuance of communications related to processing of refund claims under the GST laws.
