Industries
Shipping
Are you really complying u/r 33 of CGST Rules to claim as pure agent?
According to the Ministry of Shipping, around 95 per cent of India’s trading by volume and 70 per cent by value is done through maritime transport.
India has 12 major and 205 notified minor and intermediate ports. Under the National Perspective Plan for Sagarmala, six new mega ports will be developed in the country. The Indian ports and shipping industry play a vital role in sustaining growth in the country’s trade and commerce. India is the sixteenth largest maritime country in the world with a coastline of about 7,517 kms. The Indian Government plays an important role in supporting the ports sector. It has allowed Foreign Direct Investment (FDI) of up to 100 per cent under the automatic route for port and harbour construction and maintenance projects. It has also facilitated a 10-year tax holiday to enterprises that develop, maintain and operate ports, inland waterways and inland ports.
Key Issues
MANUFACTURING
What is the impact of manufacturing a main product/by-product which is exempted under GST?
Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India, Mr Narendra Modi, launched the ‘Make in India’ program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy. Government aims to create 100 million new jobs in the sector by 2022.
Key Issues
TOURISM
Is GST applicable on liquor for human consumption when included in a package?
The Indian tourism and hospitality industry has emerged as one of the key drivers of growth among the
services sector in India. Tourism in India has significant potential considering the rich cultural and historical heritage, variety in ecology, terrains and places of natural beauty spread across the country. Tourism is also a potentially large employment generator besides being a significant source of foreign exchange for the country. As of 2019, 4.2 crore jobs were created in the tourism sector in India, which was 8.1 per cent of the total employment in the country. The number is expected to rise by two per cent annum to 52.3 million jobs by 2028.
According to WTTC, India ranked third among 185 countries in terms of travel and tourism’s total contribution to GDP in 2018. India ranked 34 in the Travel and Tourism Competitiveness Report 2019 published by the World Economic Forum.
Key Issues
AGRICULTURE
Is it required to maintain books of accounts at each & every place of business related to stock meant for supply through an auction?
Agriculture is the primary source of livelihood for about 58 per cent of India’s population. Gross Value Added
(GVA) by agriculture, forestry and fishing was estimated at Rs 19.48 lakh crore (US$ 276.37 billion) in FY20(PE). Growth in GVA in agriculture and allied sectors stood at 4 per cent in FY20.
Key Issues
EXPORTS
Are you getting your refund on time? Are you claiming the optimum refund?
Foreign trade is one of the major factors that determine a country’s economic growth. Exim policies are often a matter of priority for new governments as they try to recalibrate the political and economic narratives. Today, India is the fastest growing major economy in the world.
Key Issues
IT & ITES
Your back office may be considered as intermediary under GST where GST would be applicable. Have you concluded on it?
The global sourcing market in India continues to grow at a higher pace compared to the IT & ITES industry. India is the leading sourcing destination across the world, accounting for approximately 55 per cent market share of the US$ 200-250 billion global services sourcing business in 2019-20. Indian IT & ITES companies
have set up over 1,000 global delivery centres in about 80 countries across the world.
India has become the digital capabilities hub of the world with around 75 per cent of global digital talent present in the country.
Key Issues
INFRASTRUCTURE
Dealing with small vendors is unavoidable. If ITC is not reflected in Form GSTR-2A, what is the strategic course of action?
Infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from Government for initiating policies that would ensure time-bound creation of world class infrastructure in the country. Infrastructure sector includes
power, bridges, dams, roads, and urban infrastructure development. India was ranked 44 out of 167 countries in World Bank’s Logistics Performance Index (LPI) 2018. India ranked second in the 2019 Agility Emerging Markets Logistics Index.
Key Issues
REAL ESTATE
Is transfer of developmental right taxable under GST?
Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth in the
corporate environment and the demand for office space as well as urban and semi-urban accommodations. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.
Key Issues
SERVICES
Are you providing both taxable supply & exempted supply like health care services, etc.? Have you dealt with it appropriately?
The services sector is not only the dominant sector in India’s GDP, but has also attracted significant foreign
investment, has contributed significantly to export and has provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.
As of 2018, 31.45 per cent of India’s employed population is working in the services sector.
Key Issues
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Industries
Shipping
Are you really complying u/r 33 of CGST Rules to claim as pure agent?
According to the Ministry of Shipping, around 95 per cent of India’s trading by volume and 70 per cent by value is done through maritime transport.
India has 12 major and 205 notified minor and intermediate ports. Under the National Perspective Plan for Sagarmala, six new mega ports will be developed in the country. The Indian ports and shipping industry play a vital role in sustaining growth in the country’s trade and commerce. India is the sixteenth largest maritime country in the world with a coastline of about 7,517 kms. The Indian Government plays an important role in supporting the ports sector. It has allowed Foreign Direct Investment (FDI) of up to 100 per cent under the automatic route for port and harbour construction and maintenance projects. It has also facilitated a 10-year tax holiday to enterprises that develop, maintain and operate ports, inland waterways and inland ports.
Key Issues
MANUFACTURING
What is the impact of manufacturing a main product/by-product which is exempted under GST?
Manufacturing has emerged as one of the high growth sectors in India. Prime Minister of India, Mr Narendra Modi, launched the ‘Make in India’ program to place India on the world map as a manufacturing hub and give global recognition to the Indian economy. Government aims to create 100 million new jobs in the sector by 2022.
Key Issues
TOURISM
Is GST applicable on liquor for human consumption when included in a package?
The Indian tourism and hospitality industry has emerged as one of the key drivers of growth among the services sector in India. Tourism in India has significant potential considering the rich cultural and historical heritage, variety in ecology, terrains and places of natural beauty spread across the country. Tourism is also a potentially large employment generator besides being a significant source of foreign exchange for the country. As of 2019, 4.2 crore jobs were created in the tourism sector in India, which was 8.1 per cent of the total employment in the country. The number is expected to rise by two per cent annum to 52.3 million jobs by 2028.
According to WTTC, India ranked third among 185 countries in terms of travel and tourism’s total contribution to GDP in 2018. India ranked 34 in the Travel and Tourism Competitiveness Report 2019 published by the World Economic Forum.
Key Issues
AGRICULTURE
Is it required to maintain books of accounts at each & every place of business related to stock meant for supply through an auction?
Agriculture is the primary source of livelihood for about 58 per cent of India’s population. Gross Value Added (GVA) by agriculture, forestry and fishing was estimated at Rs 19.48 lakh crore (US$ 276.37 billion) in FY20(PE). Growth in GVA in agriculture and allied sectors stood at 4 per cent in FY20.
Key Issues
EXPORTS
Are you getting your refund on time? Are you claiming the optimum refund?
Foreign trade is one of the major factors that determine a country’s economic growth. Exim policies are often a matter of priority for new governments as they try to recalibrate the political and economic narratives. Today, India is the fastest growing major economy in the world.
Key Issues
IT & ITES
Your back office may be considered as intermediary under GST where GST would be applicable. Have you concluded on it?
The global sourcing market in India continues to grow at a higher pace compared to the IT & ITES industry. India is the leading sourcing destination across the world, accounting for approximately 55 per cent market share of the US$ 200-250 billion global services sourcing business in 2019-20. Indian IT & ITES companies have set up over 1,000 global delivery centres in about 80 countries across the world.
India has become the digital capabilities hub of the world with around 75 per cent of global digital talent present in the country.
Key Issues
INFRASTRUCTURE
Dealing with small vendors is unavoidable. If ITC is not reflected in Form GSTR-2A, what is the strategic course of action?
Infrastructure sector is a key driver for the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from Government for initiating policies that would ensure time-bound creation of world class infrastructure in the country. Infrastructure sector includes power, bridges, dams, roads, and urban infrastructure development. India was ranked 44 out of 167 countries in World Bank’s Logistics Performance Index (LPI) 2018. India ranked second in the 2019 Agility Emerging Markets Logistics Index.
Key Issues
REAL ESTATE
Is transfer of developmental right taxable under GST?
Real estate sector is one of the most globally recognized sectors. It comprises of four sub sectors – housing, retail, hospitality, and commercial. The growth of this sector is well complemented by the growth in the corporate environment and the demand for office space as well as urban and semi-urban accommodations. The construction industry ranks third among the 14 major sectors in terms of direct, indirect and induced effects in all sectors of the economy.
Key Issues
SERVICES
Are you providing both taxable supply & exempted supply like health care services, etc.? Have you dealt with it appropriately?
The services sector is not only the dominant sector in India’s GDP, but has also attracted significant foreign investment, has contributed significantly to export and has provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.
As of 2018, 31.45 per cent of India’s employed population is working in the services sector.
Key Issues
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