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India: Interest under UK treaty; GST rates for tax collection-at-source

India: Interest under UK treaty; GST rates

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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  • “Assured return” on advance payment for commercial space, taxable as interest under income tax treaty with UK: The Chandigarh Bench of the Income-tax Appellate Tribunal held that the amount of “assured return” received by a non-resident on an advance payment made for commercial space prior to occupancy was taxable as interest under the Article 11 of the income tax treaty between India and the UK (and not taxable as a return on investment). The case is: Sh. Mohinder Singh Sanghera. Read a September 2018 report [PDF 572 KB]
  • GST rates for tax collection-at-source: The rate for goods and services tax (GST) collection-at-source is 0.5% for intra-state supplies and 1% for inter-state supplies. Read a September 2018 report [PDF 706 KB]
  • “External commercial borrowings” policy: The Reserve Bank of India issued a circular liberalising some aspects of the “external commercial borrowings” policy including the policy on rupee-denominated bonds. Read a September 2018 report [PDF 463 KB]
  • Amendment to Companies (Prospectus and Allotment of Securities) Rules, 2014: An amendment to the Companies (Prospectus and Allotment of Securities) Rules, 2014 (effective 2 October 2018) requires unlisted public companies to issue securities only in de-materialised form and to facilitate de-materialisation of all existing securities in accordance with provisions of the Depositories Act, 1996 and related regulations. Read a September 2018 report [PDF 644 KB]

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