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India: Securities transaction tax, equity shares; medicines subject to GST

India: Securities transaction tax, equity shares

The KPMG member firm in India has prepared reports about the following tax developments (read more at the hyperlinks provided below).

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  • “External commercial borrowings” policy for oil companies: The Reserve Bank of India issued a circular liberalising certain aspects of the “external commercial borrowings” policy for public sector oil marketing companies due to rising crude oil prices in international markets and the consequential increase in prices of petrol and diesel in India. Read an October 2018 report [PDF 622 KB
  • Securities transaction tax: The Central Board of Direct Taxes (CBDT) issued guidance clarifying when the securities transaction tax applies with respect to acquisitions of equity shares and the interaction with the concessional tax rate that applies with respect to long-term capital gains. Read an October 2018 report [PDF 605 KB]
  • Medicines supplied by hospital pharmacy to out-patients is taxable: The Authority for Advance Ruling, Kerala ruled that for goods and services tax (GST) purposes, medicines and related items provided on an in-patient basis by a hospital through its pharmacy were provided as part of the composite supply of health care treatment and were not taxable. However, the supply of medicines and items provided on an out-patient basis was taxable. Read an October 2018 report [PDF 563 KB]
  • Solar equipment falls under composite supply: The Authority for Advance Ruling, Uttarakhand ruled that for goods and services tax (GST) purposes, the supply of solar energy inverters, controllers, batteries, and panels would be covered under the term “solar power generating system;” therefore, the entire supply would fall under a “composite supply” subject to a GST rate of 5%—and not a “mixed supply” subject to a GST rate of 18%. Read an October 2018 report [PDF 723 KB]
  • Merger rejected, potential revenue loss cited: The Mumbai bench of National Company Law Tribunal (NCLT) rejected an arrangement involving the merger of a promoter holding company into a listed company, given certain objections raised by the income tax authorities that this treatment could lead to a potential revenue loss. The tax authorities cited the general anti-avoidance rule provisions. Read an October 2018 report [PDF 729 KB]

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