United States

India: Goods and Services Tax Regime Implemented July 1, 2017

Jul 10, 2017
From KPMG TaxWatch

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July 1, 2017 marked the implementation of the long-awaited Goods and Service (GST) tax regime in India. While most businesses in India have been working over the last few months to prepare themselves for the transition, significant developments and announcements related to the GST framework were made within the last few months. While there is now more clarity around the operation of the GST and some of the implications for important sectors of the economy, many issues are still unresolved or only now becoming evident with the release of important notifications/ amendments by the Indian Government shortly before the GST became effective. Companies affected by the new GST will need to carefully consider whether they are properly implementing controls around the tax. Please contact Roopal Bhargava at 213-593-6238 or Frank Sangster at 267-256-1680 for further information on implementation of the new India GST.

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The following information is not intended to be "written advice concerning one or more federal tax matters" subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.