Recent Trends in GST & Income Tax

The focus of the Government to simplify tax laws with an intent to promote growth and ensure ease of doing business in India is apparent in the current economic climate. This mandate has rendered amendments to tax laws unavoidable, giving rise to many new and varied interpretations. Tax legislations, in specific, are infamous for producing numerous disputes on account of opposing positions adopted by taxpayers and the taxman.

With GST in its 7^th year the taxpayers can expect to face a flurry of notices. The frequent audits, scrutiny and investigations conducted by the GST Department are touted to proliferate more disputes. Further, various significant decisions have been taken in the 50^th GST council meeting including clarifications on ISD & Cross Charge, rate & value increase for online gaming, interest calculation for unutilised ITC, refund restrictions etc.,

Further, under Income Tax, important amendments have been made in TDS/ TCS provisions in the recent years.  Further, there are recent changes in the Income Tax Act and FEMA regarding TCS on foreign remittances under Liberalised Remittance Scheme (LRS) which created numerous practical difficulties and interpretational challenges.

With an intent to tackle such mushrooming litigations and amendments, Lakshmikumaran & Sridharan Attorneys, Hyderabad, is organizing a seminar on 21st July 2023 (Friday), from 9:30 am to 5:00 pm to discuss many recent changes in GST and Income Tax along with emerging litigation issues, and develop mitigation strategies to tackle the same.

The schedule for the seminar is as follows:

Venue: Meeting Room 1, 2, 3, Hyatt Place, Banjara Hills, Hyderabad

Speakers:

• Narendra Dave – Partner, LKS
• Jagan Grandhi – Partner, LKS
• S. Sriram – Partner, LKS