USISPF Launches U.S.-India tax Forum
Forum launched the U.S.-India Tax forum on February 25, 2020. The U.S.-India Tax Forum is an initiative to provide member companies with a platform to engage with relevant Government officials on tax issues as they conduct business in the U.S.-India corridor. The platform brought together policymakers and tax experts to discuss the future of taxation and how businesses and Governments can work together in a global digital world. The tax forum was supported by two knowledge partners – Deloitte and KPMG India.
Some of the key takeaways from the launch and focus areas where USISPF will engage in coming days are:
Corporate and International Tax:
- An assessment of the impact of the lower corporate tax rate on investment sentiment and addressing procedural issues if any.
- Indian Taxpayer charter was introduced in Budget 2020 and there is a need to understand how well it can be internationally aligned.
- Developing an understanding if there is a need for India to relook at its treaty policy on a selective basis with key treaty partners and embrace mandatory arbitration.
- Continued engagement with Government on the framework on Digital economy taxation which is increasingly important in the current landscape of ever-evolving business models.
- Sharing inputs on FAQs to be released on Vivad se Vishwas direct tax scheme for effective implementation.
- Tracking and evaluating the implications of BEPS and related provisions on tax transparency and efficiency.
- Developing an understanding of India’s stand on the settlement of MAP with the United States and on India-US bilateral APA.
- Evaluation of E-assessment and E-appeals and gathering broader industry feedback on the same.
- Recommendations to the Safe harbor committee on possible rate and law revisions across sectors.
GST and Customs:
- Sharing industry concerns on the upcoming E-invoicing scheme to be mandatorily implemented from April 1, 2020, with the GST council, CBIC, and GSTN.
- Continued engagements with the GST council and GST policy wing on legislative and procedural issues under the GST Law across sectors.
- Regular engagements on some of the key customs issues having an impact on the broad trade sentiments between India and the US.
- Understanding the impact of Sabka Vishvas scheme and sharing industry feedback with the Government.
Pragya Sahay Saksena, Chief Commissioner of Income Tax, Government of India
Mahesh Palashikar, President & CEO, GE South Asia
Malachy Nugent, Treasury Attaché, U.S. Embassy
Rashi Dhir, Senior Partner, DMD Advocates
Moderated by Akhil Bansal, Deputy CEO, KPMG India
Kajal Singh, Executive Vice-President, Goods and Services Tax Network
Amitabh Kumar, Joint Secretary – GST Council
Amit Gupta, Director – Taxation, Dell Global
Vijaya Suresh, Indirect Tax Head, Cisco
Moderated by Mahesh Jaising, National Leader- Indirect Taxes, Deloitte India
Akhilesh Ranjan, Former Member, Central Board of Direct Taxes
in conversation with
Mukesh Butani, Managing Partner, BMR Legal
Rasmi Ranjan Das, Joint Secretary (FT & TR), Ministry of Finance
Kamlesh Varshney, Joint Secretary (TPL), Ministry of Finance
Vinay Mangla, Head- Tax, Google India
K. Balasubramanian, Vice-President & Global Head- Corporate Taxation, Wipro
Moderated by Hitesh Gajaria, Co-Head Of Tax, KPMG in India