In a high-stake matter involving tax amount of approximately INR 19,000 crore, Cognizant India filed an appeal before the Madras High Court against the decision of the Chennai Tribunal. The matter in...
Recently, Goods and Services Tax (“GST”) authorities have been conducting audits and issuing show cause notices to various companies to demand GST on the activities relating to holding of equity of another company. In transactions relating to holding of equity by a foreign company, demand is being raised by treating the transaction as an import of service, wherein the Indian company is being made liable to discharge GST thereon, on reverse charge basis. INDUSLAW's Shashi Mathews and Abhishek Boob analyse the legality of the demands raised in respect of these activities.
