Budget 2018: This is what the technology sector wants from FM Arun Jaitley

India Finance Minister Arun Jaitley Delivers Annual Budget Statement

Key issues

Newer technologies such as artificial intelligence, cloud, etc, are changing the rules of the game for incumbent IT players
Impact of new regulations such as H1B, GDPR could result in higher deployment costs as well as increased compliance costs
Convergence in online-offline business models in the e-commerce sector, largely due to heightened competition

What industry wants

Adjustments to past years’ income emanating from APAs should be recognised as income of those years itself
Equalisation levy should be treated as tax on income and be eligible for tax credit in a foreign country to the overseas online ad businesses

Extend the exemptions granted to STP units in relation to procurements,as before the GST roll-out

Tax collected at source (TCS) under the GST has been suspended till March 2018 for e-commerce companies. This provision should be removed, given their onerous compliance obligations

Mechanism for entering into an advance agreement (akin to APA) with tax authorities for eligibility of tax holiday claim should be introduced. Readmore

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