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GST Update: CBIC notifies revised e-invoice schema and applicability of e-invoicing

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The Central Board of Indirect Taxes and Customs (CBIC), vide issue of Notification No. 60/2020 – Central Tax dated July 30, 2020 has notified the updated version of e-invoice schema/format (Version 1.1). The relevant API release along with validations and FAQ are yet to be issued. Further, vide issue Notification No. 61/2020–Central Tax dated 30th July 2020, the turnover limit for mandatory implementation of e-invoicing has been increased from INR 100 crore to INR 500 crore. However, the date for implementation of e-invoicing continues to be October 1, 2020. Further, exemption from issuance of e-invoice has also been extended to Special Economic Zone Unit (SEZ Unit). Accordingly, e-invoice is now mandatory w.e.f. October 1, 2020 for all tax payers (other than Insurer, Banking Company, Fina...

NASSCOM’S ANALYSIS OF CONSUMER PROTECTION (E-COMMERCE) RULES, 2020

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On 10 January 2020, NASSCOM met the Joint Secretary, Department of Consumer Affairs (DoCA), to discuss NASSCOM’s submission on the draft Consumer Protection (e-Commerce) Rules (draft E-commerce Rules) proposed to be notified under the Consumer Protection Act, 2019 (COPRA19). NASSCOM’s submission focused on greater definitional clarity, rationalising of obligations in line with activities undertaken by the relevant entity in the e-commerce supply chain, and ensuring faster and efficient redressal while addressing key business risks faced by e-commerce marketplaces such as a disintermediation risk.  The DoCA published the Consumer Protection (E-commerce) Rules, 2020 (E-commerce Rules) on 17 July 2020. In welcome news for the industry, the E-commerce Rules substantially reflect all NASSCOM re...

GST: Submission on admissibility of scanned copies of tax invoices to claim of Input Tax Credit

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Under GST, a tax invoice is an important document and a registered person cannot avail Input Tax Credit (ITC) unless he is in possession of a tax invoice. However, due to lockdown, business activities have been disrupted all over the country. With large number of vendors and huge volumes of input tax invoices, companies have been processing supplier invoices which are generally made available in scanned form. Moreover, with employees largely working from home, the practice of obtaining, tracking and retaining / filing physical copies of invoices is a challenging task. Even when businesses will resume normal functioning, it would be a humongous task amidst efforts in obtaining hard copies of vendors invoices and placing them on records. Further, Rule 46 of Central Goods and Services Tax Rul...

RegTech – Changing the regulation landscape

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What is the most significant challenge the financial services industry faces today? It is complying with ever-changing regulations. Non-compliance leads to cancellation of license, significant penalties, legal issues, and sanctions. Utilizing technology to meet the regulatory requirements like automating tasks, reducing operational risks, and reporting obligations is the need of the hour. The financial industry is increasingly looking at technology-driven transformation in regulatory affairs, popularly known as RegTech, to deal with the new directives and regulations. The global market size of Regulatory Technology (RegTech) was $1.37Bn in 2018 and is likely to reach $6.42Bn by the end of 2025, with a CAGR of 24.7% in 2019-2025* In the banking sector, there are multiple domains like Loans ...

Representation to Haryana Government on labour related challenges

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Dear Members. NASSCOM recently made a representation to Haryana Labour department citing industry concerns relating to delay in getting approvals for engaging women in night shifts as well as CLRA applications. In our representation, we suggested Government to ease the burden on the industry by processing CLRA applications without further delays. We further recommended that process of taking annual permissions for engaging women in night shift should be made simpler and replaced with one-time approval process, subject to periodic checks / inspections by labour authorities. We shall keep you posted on further developments. For any further queries / concerns kindly write to deepak@nasscom.in

Request for inputs on existing customs Laws and Procedures

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Dear All, During Budget speech, the Hon’ble Finance Minister had announced to undertake a review of existing Customs laws and procedures to for aligning them with the needs of changing times and also to identify those notifications which may have outlived their utility or have become outdated. In this context, MyGov is inviting suggestions for undertaking review of existing Customs exemption notifications. The suggestions may include:- The need for review of a particular notification Amendment in wording of the notification for bringing clarity Consolidation of similar entries Extent of use of the notification, etc. Requests for routine merit-based change of duty rates considered usually as part of the Budget proposals are not covered under this review exercise and the same need not be fur...

Key Takeaways: Government – Industry interaction on completion of three years of GST organised by NASSCOM

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On July 23, 2020, NASSCOM, in association with Deloitte India as knowledge partners, organised an interactive live Government – Industry interaction on completion of three years of GST with: D. P. Nagendra Kumar, Principal Chief Commissioner of Central Tax, Bangalore; Yogendra Garg, Principal Commissioner, GST Policy Wing; and Amitesh Bharat Singh, Additional Director General (Commissioner). The session moderated by Ashish Aggarwal, Head – Public Policy, NASSCOM and Mahesh  Jaising, Partner & National Indirect Tax Leader, Deloitte India, witnessed participation from around 100 participants. Mr. Kumar acknowledged the role of the GST Council in smoothening the challenging task of implementing the GST Law. He highlighted that unified legislations and processes across the country at...

DoT further extends the Work from Home relaxations for OSPs till December end.

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Dear all, This in the continuation of our previous updates available here and here, relating to Department of Telecommunications (DoT) relaxations pertaining to work from home (WFH) under the Other Service Providers (OSPs) licensing terms and conditions. We are pleased to share based on NASSCOM recommendation, the DoT has now vide notification (No. 18-/5 2015-CS-1 pt) dated 21.07.2020, has further extended the above relaxations upto 31.12.2020. A copy of the notification is enclosed for your kind perusal. For any further queries /feedback, kindly write to Deepak@nasscom.in  

GST: Submission on denial of GST refunds on account of treatment of overseas group entity as ‘establishment of distinct person’

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Issue:  In order to qualify as ‘export of service’ under Section 2(6) of Integrated Goods & Services tax Act, 2017 (IGST Act), one of the conditions is that “the supplier of service and the recipient of service are not merely establishments of a distinct person in accordance with Explanation 1 in section 8.” Further, Explanation 1 to Section 8 of the IGST Act, states that “where a person has an establishment in India and any other establishment outside India, then such establishments shall be treated as establishments of distinct persons”. In this regard, Central Board of Indirect Taxes and Customs (CBIC) had, vide issue of FAQs (3rd Edition) dated 15 December 2018, clarified that “if the Indian arm is set up as a wholly owned Indian subsidiary company incorporated under the Indian law...

Call for Inputs: NASSCOM Consultation on the Recommendations of the Draft Report on Non-Personal Data Governance

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The Committee on Non-Personal Data (NPD Committee) chaired by Shri Kris Gopalakrishnan, was constituted on 13 September 2019, with the objective of defining a regulatory framework for the governance of non-personal data. Earlier this week, the NPD Committee, released a Draft Report on Non-Personal Data Governance (Draft Report). The Draft Report is available on the MyGov Portal, along with a format for submission of formal comments before 13 August 2020. The Recommendations of the NPD Committee build upon the central objective of leveraging non-personal data towards greater innovation, and value creation, for the benefit of communities and businesses in India. To do this, the Draft Report recommends the operationalisation of several new concepts – including a nomenclature for various types...