Historically, tax legislations in India have worked on a mutually exclusive basis with independent demarcations on taxing rights of the Union Government and that of State Governments. Goods and Services Tax(GST) is the exception to this mutual exclusivity principle. This exception was carved with the intention of having a common consumption tax.
Income Tax Act, 1961 is a comprehensive legislation covering personal income tax and corporate tax levied by the Union Government. The law covers all aspects relating to tax of income derived from India by residents and non-residents. There are various benefits or exemptions enshrined in the law. The law delineates various special provisions, be it for investment funds, shipping companies, foreign companies said to be resident in India. Express provisions are provided for benefits extended to Special Economic Zones (SEZ), Start-ups and transactions relating to mergers and acquisitions. Buy back of shares, dividend distribution, share transfers are some other areas determinative to the Direct tax landscape in India. The Income tax law provides detailed mechanism relating to Double Taxation relief and Transfer Pricing. The entry options available in India, raising of equity/debt capital, repatriation of funds and exit strategy, all trigger tax implications in one form or another.
Sarvada provides complete tax advisory around inbound-outbound investments. The team advises on tax consequences at each stage, helps bridge interpretative gaps for an efficient tax structure in conformity with regulatory norms. We specialize in all areas of corporate tax:
- assist in deriving tax optimization on investments,
- business re-organizations,
- tax implications around investment funds and;
- green field projects.
Sarvada is adept at handling the frequent amendments made in the Income tax law in India. Our team possesses expertise in handling issues relating to digital tax, e-commerce transactions including Equalisation levy.
The team at Sarvada has rich experience in handling tax disputes to provide seamless Direct tax advisory and litigation services. The team regularly argues on Direct tax matters before Constitutional Courts, the Hon’ble Supreme Court of India and the High Courts across the States of India. Sarvada handles writs and statutory remedies in Direct tax on pan–India basis. Tax Adjudicating Authorities, Settlement Commissions, Advance Ruling Authorities and Income Tax Appellate Tribunal (ITAT) are other forums where the team is called upon to argue matters.
Goods and Services Tax (GST) is the primary consumption tax or value added tax in India. GST laws have ensured a single commodity tax law for the country as against multiple Indirect tax laws that were prevalent in India prior to 2017. Essentially for this, implementation of GST laws from July 01, 2017 is considered a major Indirect tax reform in India.
Sarvada provides tax efficient advice by validating different business models from a legal standpoint, assisting clients in concluding business agreements in line with GST laws, undertaking tax diligence and review exercises to help clients build procedural safeguards from an Indirect tax stand point. Sarvada provides legal advisory on various issues relating to GST laws. Some issues which Sarvada regularly handles for clients are:
- Valuation mechanism, rate determination,
- credit entitlement and utilisation,
- related party transactions,
- refund entitlements,
- export benefits and;
- pre-litigation strategies.
The team at Sarvada has rich experience in handling tax disputes to provide seamless Indirect tax advisory and litigation services. The team regularly argues Indirect tax matters before Constitutional Courts, The Supreme Court of India and The High Courts across the States of India.
Sarvada handles writs and statutory remedies in Indirect tax on pan–India basis. Tax Adjudicating Authorities, Settlement Commissions, Advance Ruling Authorities, National Anti-Profiteering Authority (NAA) and Customs, Excise and Service Tax Appellate Tribunal (CESTAT) are other forums where the team is called upon to argue matters.
Governments also levy taxes on security transactions, banking cash transactions, land and buildings, mineral rights, vehicles suitable for use on roads, entertainments and amusements, etc.
Sarvada provides both advisory and litigation services in respect of all such taxes.