Looking inward and outward – ITR’s India Special Focus launched

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Looking inward and outward – ITR’s India Special Focus launched

oranges-4566275.jpg

In the wake of India’s ambitious 25-year plan for economic growth, ITR has partnered with leading tax commentators to discuss what the future will look like for India and for the rest of the world.

Click here to read all the chapters from ITR's India Special Focus.

Against the backdrop of the pandemic, India’s Prime Minister Narendra Modi announced the 2022 Union Budget, coinciding with the 75th year of an independent India.

Modi’s 25-year roadmap lays out a plan to make India a self-reliant digital giant, including a digital banking push and the introduction of a digital rupee using blockchain.

In Dhruva Advisors’ article, our authors analyse the changes announced in the 2022 Union Budget, including alterations to input tax credit, and improved options for taxpayers who want to update their tax returns.

The Budget also introduces changes to customs laws, in order to limit the impact of a Supreme Court judgment with which the government clearly disagrees. And finally, Dhruva Advisors identifies a disturbing trend towards retrospective amendments from the Indian government, which leaves taxpayers in an uncertain position and could increase litigation.

Meanwhile, our authors from KNAV have penned an outward-looking article unpicking how the Global Anti-Base Erosion (GloBE) model rules under the OECD’s pillar two policy will interact with the OECD/G20 Inclusive Framework’s BEPS project.

KNAV provides a clear explanation of the computation mechanism to be used for calculating the amount of top-up tax, if any, that companies need to pay to reach the 15% global minimum tax threshold.

Our authors also discuss the charging mechanisms of two domestic rules: the Income Inclusion Rule (IIR) and the Undertaxed Payment Rule (UTPR), as well as the difficulties these pose when interacting with existing tax treaty frameworks.

Finally, KNAV offers some concrete advice for tax directors: with pillar two planned to come into effect in 2023, what should multinational enterprises do to prepare? Differences in timings across jurisdictions where the company operates could cause issues, as could differing transfer pricing models adopted by constituent entities within the parent group.

Being aware of these challenges in advance will put in-house tax directors, as well as advisers, in a strong position to take an active, rather than reactive, approach to ensuring compliance, mitigating risk, and saving costs.

At an exciting time both for India and for the global tax landscape, we hope that you enjoy hearing from our top thought leaders in our second India Special Focus.

Click here to read all the chapters from ITR's India Special Focus.

more across site & shared bottom lb ros

More from across our site

Thanks to operational slickness and sheer force of will, A&M Tax will continue hoovering up talent across the globe
Setu Kamal became the first practising barrister to be added to the UK’s tax avoidance promoter list; in other news, UHY expanded its network in Canada
US President Donald Trump’s tariffs may get thrown out by courts in the future and taxpayers should already be planning for that possibility, BDO’s Dustin Stamper tells ITR
Awards
ITR is delighted to reveal the first shortlisted nominees for the Middle East Tax Awards
The firm has appointed Deloitte’s former tax leader for Thailand to lead the new operation, which builds on considerable Asian investment in recent months
The Donald Trump administration could use legislation from 1930 if the Supreme Court blocks its tariffs; in other news, China has updated its VAT refund procedures
Braun gives ITR an exclusive insight into WTS Digital’s UK launch of its AI product, which can free up more than 1,500 hours per month by reducing routine tasks
Long tells ITR about her varied role, why curiosity is a key characteristic for the tax professional, and what she’d be doing if she wasn’t working in tax
The choice facing governments is not whether to adopt AI in taxation, but how to do so in a way that upholds the principles of tax fairness, writes Neil Kelley
As ITR’s client data reveals discontent with German tax advisers’ cost management, Grant Thornton’s local TP head insists it’s a two-way street
Gift this article