American Chamber of Commerce in India
Apex Chamber of U.S. Industry in India
Review of the Union Budget 2021-22 by the Tax, Tariff and Regulatory Affairs Committee – 03 February 2021
AMCHAM’s Tax, Tariff and Regulatory Affairs Committee organized a detailed review of the direct and indirect tax proposals in the Union Budget 2021-22 for members on February 3rd. Ms. Ranjana Khanna, Director General CEO, AMCHAM welcomed participants and shared highlights of the AMCHAM representation in the pre-budget memorandum. Mr. Naveen Aggarwal, Chairman – Tax, Tariff & Regulatory Affairs Committee, AMCHAM and Partner – International Tax and Partner in Charge U.S. Corridor, KPMG in India, covered the macroeconomic overview and key direct tax proposals on equalization levy, dispute resolution, rationalization of TDS/TCS rates and revised timelines for compliances and assessments. His colleague, Mr. Amit Phulwani, Tax & Regulatory Expert, covered the relaxations for sovereign wealth funds, pension funds and the additional impetus to the International Financial Services Centre. Ms. Neeru Ahuja, Co-Chairperson – Tax, Tariff & Regulatory Affairs Committee, AMCHAM and Partner, Deloitte India, explained the proposed amendments in personal taxation and several other key direct tax proposals such as goodwill, definition of slump sale, turnover threshold for applicability of tax audit and other rationalization measures. Her colleague, Mr. Saurabh Kanchan, Partner, Deloitte India covered key indirect tax proposals in GST and customs. The presentation was followed by Q&A with participants.