Doing Business in India
India is presently aligning its transfer pricing regulations with global standards. However, there are some remarkable differences that are unique to the Indian regulations, like the concept of ‘deeming fiction’. On the global front, the OECD achieved substantial progress in its BEPS project with the release of the country-by-country reporting implementation package. This issue of Transfer Pricing 360° discusses the major Indian and global transfer pricing developments in the last quarter.
India’s erstwhile company law was over 57 years old and was recently transformed into the Indian Companies Act, 2013, which came into force on 1 April 2014. Over the past year, the government has made significant efforts to improve the ease of doing business in India. In this Issue we discuss the concept of Internal Financial Controls, Corporate Social Responsibility regulations in India and key updates in the Companies Act, 2013.
With initiatives such as ‘Make in India’, the government realises that becoming a manufacturing hub will need several strategic reforms, including the implementation of GST. All major business dynamics will have to be thoroughly analysed to assess its impact. In this article, we look at the possible impact of GST on the manufacturing sector.