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TRAVEL PLATFORMS SEE SWIFT REBOUND IN BOOKINGS

A MakeMyTrip spokesperson said travellers can opt for a full refund against
last-minute cancellations across over 90% of hotel properties listed on the
platform.

 * Anumeha Chaturvedi
 * ET Bureau
 * January 18, 2022, 09:20 IST

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New Delhi: Travel platforms expect a swift rebound in bookings, as seen in the
immediate aftermath of the second wave, although cancellations have lately
mounted after mobility and business-hour curbs were imposed across the country
to hold down Omicron infections.

"Our consumer insights continue to reflect strong pent-up demand and hence a
wait-and-watch approach, with plans being deferred rather than cancelled. In the
current environment, our immediate bookings are predominantly on account of
urgent personal and business travel," said Rajeev Kale, president and country
head, holidays, MICE and visa at Thomas Cook (India). "Additionally, the
extended work from home announcements are resulting in working professionals
travelling back home from the metros to tier 2-3 cities."

Kale said that a limited number of queries have started pouring in for the
summer vacation starting April. Similarly, weekend/extended weekend options for
closer to home destinations, like spa wellness staycations, drivecations and
villa stays, are witnessing some interest.


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"With the current sentiment of cautious optimism, we expect to see a definitive
uptick in travel sentiment and a much improved position as we move further into
the quarter and the summer booking season," he added.

A MakeMyTrip spokesperson said travellers can opt for a full refund against
last-minute cancellations across over 90% of hotel properties listed on the
platform. "Flyers who book through MakeMyTrip can easily opt for a free date
change option within the MyTrips section. Our teams are working round-the-clock
to ensure that the website and the app are updated real-time with the latest
information on evolving travel guidelines and regulations," the spokesperson
said.

Prashant Pitti, co-founder of EaseMyTrip, said the platform has seen a temporary
dip of around 15% in domestic bookings for now. "The restrictions and concerns
related to the new variant are the reasons behind this halt. But we are
optimistic that the situation will improve," he said.



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ASTER DM TO INVEST RS 140 CRORE TO SET UP SIXTH HOSPITAL IN KERALA

Aster will be investing around Rs. 140 crores on the proposed tertiary care
hospital which will be situated in the Kasaragod district of Kerala, catering to
patients from Malabar and Southern Karnataka. Aster aims to begin its operations
at the new hospital in FY25.

 * Viswanath Pilla
 * ET Bureau

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Hospital chain Aster DM Healthcare on Monday said it has entered into a 30-year
lease agreement to set up its sixth hospital in the state of Kerala, adding to
existing 14 hospitals in India.

Aster will be investing around Rs. 140 crores on the proposed tertiary care
hospital which will be situated in the Kasaragod district of Kerala, catering to
patients from Malabar and Southern Karnataka. Aster aims to begin its operations
at the new hospital in FY25.

The upcoming hospital will provide 24x7 emergency and critical care across super
specialities such as neurosciences, multi-organ transplantation, oncology,
gastro, cardiac, pulmonology, women and children, among others.



The hospital will have state-of-the-art equipment and technology including PET,
CT Scan, MRI, and ECMO. Additionally, it will have cath labs, dialysis, modular
operating theatres, ultrasound, adult, neonatal and pediatric ICUs, as well as
pharmacy and diagnostic facilities available 24 hours a day.

“Kasaragod has been facing a lot of challenges accessing good healthcare
facilities over the last 3 years which resulted in loss of lives," said Dr. Azad
Moopen, chairman and managing director of Aster.

"Our sixth hospital in Kerala will build upon our commitment to offering medical
technology and treatment that is cutting-edge, allowing quality healthcare to be
easily accessed for people in the area. Moreover, the expansion is part of our
efforts to strengthen our presence in Kerala,” Moopen said.

“Once completed this will be one of the largest hospitals in the region,” said
Farhan Yasin, regional director, Aster- Kerala & Oman.

Aster in India network in India consists of 14 hospitals, 77 pharmacies,
diagnostic labs and clinics.


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OYO HOTELS TO TARGET $9 BILLION VALUATION IN IPO

Oyo Hotels, the once hard-charging startup that struggled during the pandemic,
is eyeing a valuation of about $9 billion in its initial public offering (IPO)
after preliminary conversations with potential investors, according to people
familiar with the matter.

 * Bloomberg

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NEW DELHI: Oyo Hotels, the once hard-charging startup that struggled during the
pandemic, is eyeing a valuation of about $9 billion in its initial public
offering (IPO) after preliminary conversations with potential investors,
according to people familiar with the matter.

The SoftBank Group Corp-backed startup is expected to get the green light to
proceed with the offering this week or next after filing preliminary documents
last year, said the people, asking not to be named because the talks aren’t
public.

A formal roadshow will begin after regulatory approval and determine final
pricing.



The valuation Oyo is targeting would be lower than the $12 billion initially
reported in local media last year and probably lower than the $10 billion level
the startup hit in 2019.

The startup, led by 28-year-old Ritesh Agarwal, has discussed offering a
discount of as much as 15% on the $10 billion suggested by bankers during early
discussions, the person said.

A representative for Oyo declined to comment.

Executives are watching IPO demand as Oyo prepares to build an order book from
institutional investors, one of the people said. The decline in tech stocks in
the US may also weigh on valuations, a different person said.

Such muted expectations reflect Oyo’s financial struggles and a more measured
appetite for IPOs in India following the disastrous stock market debut of Paytm.

The digital payments provider raised a record $2.4 billion in its November
offering, but shares quickly plummeted and now trade at about half the IPO
price.

Oyo’s offering will be among the biggest IPOs since Paytm’s. In its preliminary
filing, the company said it planned to raise Rs 8,430 crore ($1.1 billion)
through the sale of new shares and some secondary shares, or those held by
existing investors.

Agarwal founded the Gurgaon-headquartered Oyo, formally known as Oravel Stays,
in 2013. He dropped out of college in his teens to travel across the country and
got to understand the troubles with India’s lodging infrastructure. He conceived
of Oyo as a way to standardise the hotel stay experience, delivering extras like
premium linens and high-speed internet service, the brand’s bright red Oyo logo
ubiquitous across Indian cities.



SoftBank founder Masayoshi Son became an early and enthusiastic backer,
encouraging Agarwal to rapidly expand beyond India into markets like Japan and
the US. The Japanese billionaire even personally guaranteed a $2 billion loan to
Agarwal so he could buy more shares in Oyo, an extremely unusual move.

The Covid-19 pandemic brought the startup’s expansion to a sudden halt. Agarwal
had to pull back in many markets and laid off thousands of employees. In an
interview with Bloomberg TV last year, he said the pandemic hit Oyo like “a
cyclone.”

The startup has overhauled its business model too. It’s now focused on selling
software and support services to hotel operators, resorts and home owners, while
providing a platform for travelers to book lodging. It no longer offers partners
guaranteed revenue though.

Revenue plummeted during the fiscal year ended in March 2021, but Oyo made
progress toward profitability. It lost Rs 3,930 crore for the fiscal year, down
from Rs 12,800 crore the year before, according to documents filed to the stock
market regulator.

Oyo filed its initial documents on the last day of September and has since
discussed a series of questions with the Securities & Exchange Board of India,
including a legal tussle with Zostel Hospitality Pvt.

The IPO will consist mainly of primary shares, or those sold by the company, and
a smaller portion of secondary stock. SoftBank, which holds about 47% of the
equity, aims to sell a small percentage of shares. Agarwal, who holds about a
third of the stock, does not plan to part with shares.

Existing investors Sequoia Capital, Lightspeed Ventures and Greenoaks Capital
Management also do not intend to sell shares.



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GOVT EXTENDS SHIPPING CORPORATION'S BID DEADLINE INDEFINITELY

Qualified bidders are said to have requested for more time to do due diligence
on the vessel operator, these people said. The bidders have not been able to
carry out physical inspection of ships, according to the people cited earlier.

 * Mohit Bhalla
 * ET Bureau

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The government has extended indefinitely the cut-off date for submission of bids
for its stake in Shipping Corporation of India (SCI), according to multiple
people aware of the matter. The due date was earlier January 18.

Qualified bidders are said to have requested for more time to do due diligence
on the vessel operator, these people said.

The bidders have not been able to carry out physical inspection of ships,
according to the people cited earlier.



SCI's ships have been sailing offshore and not all of them have been available
for inspection in India.

As of November 30, 2020, SCI owned a fleet of 59 vessels.


Another cause for the delay in the bidding process is the ongoing demerger of
the company's non-core assets, according to one of the sources cited earlier.
"The demerger process is taking longer than anticipated," an executive familiar
with the matter said. Tuhin Kanta Pandey, secretary at the Department for
Investment and Public Asset Management (DIPAM), could not be reached for a
comment. At least three bidders have qualified to bid for SCI after the
government invited expressions of interest for the company.

These include US-based Safesea, a consortium led by UK's Foresight Group, and
Hyderabad-based Megha Engineering. It is not clear if Vedanta is bidding for the
company, though its chairman Anil Agarwal has said they are evaluating SCI among
assets that the government has put up for privatisation.

The Foresight consortium has lost one of its key members.

Belgium-based Exmar NV, a company founded by the Saverys family, who are the
pioneers of Belgium's shipping industry, was initially part of the Foresight
consortium but later pulled out. Foresight has been looking for partners to
replace them.



The government recently put on hold the sale of Central Electronics.



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SEBI EYES ALTERNATIVE MECHANISM FOR DISPUTES

SEBI is looking at introducing an alternative dispute resolution mechanism in
various agreements (wherever possible) between the regulated entities and their
clients to provide an efficacious arrangement.

 * TNN

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NEW DELHI: After empowering investors through charters for them, markets
regulator Sebi said on Monday that it is looking at introducing an alternative
dispute resolution mechanism in various agreements (wherever possible) between
the regulated entities and their clients to provide an efficacious arrangement.

While there is an arbitration provision for complaints against brokers and
depositories, apart from some other market participants, Sebi will examine if a
similar arrangement can be put in place for listed companies too, sources told
TOI.

In any case, the regulator is looking to strengthen the grievance redressal
mechanism and how it can be best tailored to benefit investors.



In case Sebi receives a large number of repeated complaints on any issue, the
root causes are analysed and, if required, appropriate policy changes are made
to address the issue, Sebi said in a statement on Monday and listed out several
measures that have flowed from it.

For instance, amendments to the Investor Protection Fund to expand the scope of
dispute resolution.

In November, Sebi had published the Investor Charter for the securities market
with separate charters for brokers, exchanges, asset management companies and
others. They provide the details of services and timelines to help investors
improve the ease of investing in the Indian securities market, Sebi said.


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4 OUT OF 5 INDIANS SET TO CHANGE JOBS THIS YEAR

Leading the pack are freshers (94%) and Gen Z professionals (87%), according to
a new job-seeker study by the online professional network, LinkedIn. Based on
the responses of 1,111 workers in India, the survey — the findings of which were
shared exclusively with TOI — shows that professionals are leaving their current
jobs due to poor work-life balance (30%), not enough money (28%), or greater
career ambitions (23%).

 * Namrata Singh
 * TNN

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MUMBAI: In what indicates that India is mirroring the American phenomenon of
‘the great reshuffle’, 82% of the country’s workforce is considering changing
jobs in 2022.

Leading the pack are freshers (94%) and Gen Z professionals (87%), according to
a new job-seeker study by the online professional network, LinkedIn. Based on
the responses of 1,111 workers in India, the survey — the findings of which were
shared exclusively with TOI — shows that professionals are leaving their current
jobs due to poor work-life balance (30%), not enough money (28%), or greater
career ambitions (23%).

Ankit Vengurlekar, India managing editor, LinkedIn News, said the top three
things professionals are looking at are flexible working arrangements (29%),
sustainability/corporate responsibility element in the role (27%), and the
opportunity to take the next step in their career paths/career progress (27%).
“Overall, professionals in India are confident about their job roles (45%),
careers (45%), and overall job availability (38%) getting better in 2022,” he
said.




What’s alarming, however, is that 71% of professionals said they question their
abilities at work more now than before the pandemic, while 63% said they suffer
from “imposter syndrome”. Over 30% professionals said the pandemic has
negatively impacted their confidence at work and the reasons behind such anxiety
are, not surprisingly, a lack of face-to-face support from supervisors and peers
(40%), having to take on new responsibilities (34%), and having to use more
technology (31%).

Several reports suggest that pandemic-related disruptions have had a significant
impact on mental health of people due to factors like isolation, increasing
health concerns, and uncertainty about the future. Recently, Procter & Gamble
India (P&G) announced that it has set up a task force of certified mental health
first-aiders. This was done to strengthen its mental health support system. The
first-aiders are P&G employees from different work groups who are trained to
provide support and assist a person experiencing mental health issues and guide
them towards professional help.

On the other hand, Mariwala Health Initiative (MHI), a personal philanthropy of
Marico chairman Harsh Mariwala, launched a mental health toolkit for corporates
to help them take preventive and proactive steps to ensure employee mental
well-being.



In 2022, the LinkedIn survey said working women are more likely to quit their
current job due to poor work-life balance, when compared to working men. Over 2
in 5 (43%) working women (total 321 female respondents) are actively looking for
a new job, primarily for better work-life balance (37%), and higher pay (30%).
Working women are also more likely (49%) to say they will remain with their
current employer if they get better pay, when compared to working men (39%).

“The top reasons that can convince professionals in India to stay with their
current employer in 2022 include better salary (42%), more appreciation (36%),
and improved work-life balance (34%),” said Vengurlekar. Affiliate marketing
specialist, site reliability engineer, molecular biologist, wellness specialist
and user experience researcher are among the top 15 fastest growing jobs in
India according to LinkedIn’s ‘jobs on the rise 2022 India list’.



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RBI STUDY: OMICRON MAY BE FLASH FLOOD, NOT WAVE

The report said that while India encountered headwinds from a rapid surge in
infections due to Omicron, aggregate demand conditions are resilient amid upbeat
consumer and business confidence and an uptick in bank credit.

 * TNN

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MUMBAI: The 'State of the Economy' report published by the RBI has said that the
trajectory of the new Covid variant in South Africa has boosted hopes that
Omicron will be more of a flash flood than a wave.

The report said that while India encountered headwinds from a rapid surge in
infections due to Omicron, aggregate demand conditions are resilient amid upbeat
consumer and business confidence and an uptick in bank credit. It also pointed
out that manufacturing and several categories continue to remain in expansion
mode.


"Data from the UK and South Africa suggest that such infections are 66-80% less
severe, with a lower need for hospitalisation. This has brightened near-term
prospects and financial markets reflect this optimism," the report said. The
'State of the Economy' report is authored by RBI staff and is published in the
central bank's monthly bulletin.



In contrast, global outlook remains clouded by considerable uncertainty.
"Inflation continues to mount across geographies amid disruptions in production,
supply chains and transportation. Consequently, the divergence between monetary
policy stances across jurisdictions has widened," the report said. Despite
inflationary pressures, it made a case for policies favouring growth. "There are
indications that supply chain disruptions and shipping costs are slowly easing,
although the waning of inflation may take longer. This provides a window of
opportunity to focus all energies on accelerating and broadening the global
recovery".

The bulletin includes a study on consumer confidence. According to this, despite
the low perception of the prevailing situation, respondents' expectations for
the year ahead showed faith in economic recovery after the subsidence of the
pandemic. This is despite the pandemic severely denting consumer confidence in
India, which reached historic lows as the repercussions of Covid unfolded.
"Sentiments of households across strata were influenced by the spread of
infections and fatalities. There was the enduring impact on consumers'
sentiments on their financial conditions as well as the general economic
situation - with the latter increasingly driven by the former," the study said.



Consumers in cities severely hit by the pandemic expressed more negative
sentiments as compared to respondents in the other cities.

Another report in the RBI bulletin called for a second green revolution along
with the next generation of reforms to make agriculture more climate-resistant
and environmentally sustainable. It said that while the farm sector has been
resilient during the pandemic, there are new emerging challenges including
climate change.


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BUDGET 2022: CENTRE MAY STICK TO FISCAL GOALS DESPITE HIGHER CAPEX PLAN

Robust revenues, both on the indirect and direct taxes front, are expected to
provide enough headroom to the government to balance its fiscal goals and
spending needs for the year ahead.

 * Surojit Gupta
   &
 * Sidhartha
 * TNN

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NEW DELHI: The Centre is likely to continue with its fiscal consolidation plans
in the 2022-23 Budget, despite lower than estimated receipts from privatisation
of state-run companies, and largely stick to its deficit targets. Robust
revenues, both on the indirect and direct taxes front, are expected to provide
enough headroom to the government to balance its fiscal goals and spending needs
for the year ahead.

While there have been calls for relaxing the fiscal target to boost spending and
help the economic recovery, it is unlikely that the government will throw fiscal
caution to the wind, sources indicated to TOI. The Centre has been prudent in
its spending even in the face of first wave of the pandemic and did not succumb
to growing pressure from economists and the corporate sector.


Sources said the need for additional spending on healthcare, rural jobs and
efforts to boost capital expenditure, especially in the infrastructure sector,
would be maintained, given the need to bolster the economic recovery.



Apart from the corporate sector, many in the government also believe that
capital expenditure will spur demand for sectors such as steel and cement and
will result in higher investment in the coming quarters as excess capacity is
used. In certain segments such as steel, companies have announced expansion
plans.

In any case, the government sees it as better-quality expenditure and finance
minister Nirmala Sitharaman has said that the Centre will be more than willing
to allocate more funds for sectors that run out of cash. More money is expected
to be allocated for the highways programme for the current fiscal year when she
presents the revised estimates on February 1.

Besides, the government is keen to show that taxpayers' funds are used
judiciously to ensure that the money is not splurged in repaying debt and
interest payments. While the Centre has budgeted for tax revenues of over Rs 22
lakh crore during the current fiscal, interest payments will top Rs 8 lakh
crore.

The twin goals of higher spending and sticking to fiscal goals would call for a
balancing act, given that both fiscal and monetary policies will need to do the
heavy lifting to boost growth. "Going forward, it will tread the path of fiscal
consolidation without aggression for FY23. We expect the Budget to estimate the
fiscal deficit ratio at 6.3% of GDP. A balancing act will send a right message
to all stakeholders," said Shubhada Rao, co-founder of economic research firm
QuantEco.



Since the first wave, there has been a strong recovery which has helped garner
robust revenues and estimates show that they could be at least Rs 2.5 lakh crore
over the budgeted amount. While receipts from privatisation may be well below
the target of Rs 1.75 lakh crore, the tax receipts will fill the gap.


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HOW HCL TECHNOLOGIES CFO IS MAINTAINING EBIT MARGIN AND ATTRITION RATE

Prateek Aggarwal says hiring freshers, expanding to new geographies and
stabilising attrition are the three top three levers that would work in the
company’s favour in maintaining margins.

 * Vartika Rawat
 * ETCFO

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HCL CFO Prateek Aggarwal HCL Technologies revenue grew 15% year on year in the
third quarter of FY22 while the margins remained flattish due to attrition
pressures. The operating margin saw a five basis-point increase from the
previous quarter, coming in at 19%. The services margin, however, dropped by 190
basis points from about 18.9% last quarter to 17% this quarter. The company’s
guidance for margins this fiscal is 19-21%.

“The services margin, which has dropped around this quarter, on a total level
has been made up by the products and platforms segment (P&P) margins. Therefore,
overall the margin continued to be within the range that is guided for the full
year,” said Prateek Aggarwal, CFO, HCL Technologies.

Agarwal in the earnings call explained the 190 basis points drop-in services
margin by constituting 80 basis points to the second phase of the salary
increments in the third quarter. Then 65 basis points were taken away from the
EBIT margin due to seasonal leaves. Investments accounted for 40 basis points.
This is followed by supply-side issues -- attrition cost, recruitment cost,
which the whole industry is facing. It alone amounted to about 85 basis points.



“The last two factors were really the positives. We got 60 basis points positive
impact from operating leverage basically, from the SG&A expense, and D&A
(depreciation and amortization), so that was a positive 60 basis points and
exchange also helped to the extent of about 20 basis points. That is how the
190-basis points reduction in the services business breaks down,” said Aggarwal
in an earnings call.

HCL Technologies’ top three levers that would work in the company’s favour to
maintain margins as per Aggarwal are:

Hiring 22,000 freshers
HCL Tech plans to hire 22,000 freshers. As those freshers get trained, which
takes two to three quarters, they start getting deployed on customer projects,
etc. “This is the biggest lever that we have because when such large numbers
come to the bottom of the pyramid, the overall average cost goes down. So right
now they are more of investment while we train them, and right now they are
hitting the cost, but not giving the revenue,” Aggarwal said.

Expansion in new geographies
HCL Tech is reaching out to at least seven completely new countries, said the
finance chief.

“We are also increasing our presence in the existing countries. FY21 was the
year of investments for us. Investments planned at the beginning of the year in
April of 2021 will start adding to the topline and bottom line soon. Recently,
the company acquired a firm in Budapest, eastern Europe and plans on expanding
in central Europe as well.



Attrition
In the next three-four quarters, attrition will be stabilised. That will also
help improve the cost of efficiency of operations.

Demand and pricing
While the demand in terms of total contract value has seen a 64% rise (y-o-y) in
the third quarter, the company signed eight new large services deals and eight
significant deals in the product business. As demand is not a challenge, “we
will be also reaching out to our customers for higher prices as costs have gone
up, which is yet another event that we expect should help our margins going
forward,” Aggarwal said.

Aggarwal had told ETCFO in the previous quarter-end that attrition is a big
issue as it has been going up for the last three to four quarters. This quarter
as well, HCL Technologies saw attrition inch up to 19.8% from 15.7% as of
September 2021.

“Even though attrition has peaked on a quarterly basis, if I look at it, this
quarter versus let's say the next quarter, I would expect the next quarter to be
slightly lower than what we saw this quarter. So attrition has started
declining,” said Aggarwal expecting the attrition rate to stabilize in the short
term.


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BUDGET TRANSFER PRICING WISH LIST – THREE QUICK FIXES TO EASE COMPLIANCE

Twenty years of transfer pricing administration should be an opportune time to
relook at certain requirements and evaluate if some of them have outlived their
utility and can be done away with, without compromising on the policy objectives
behind their introduction.

 * ETCFO

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By Jitendra Jain

Transfer pricing law was introduced in India in April 2001. Since its
introduction, transfer pricing has become the most important international tax
issue for multinational enterprises operating in India.

India has detailed compliance and filing requirements to ensure that taxpayers
report their related party transaction in the prescribed transfer pricing form
and maintain prescribed documentation to demonstrate that related party
transactions have been undertaken at arm’s length. Further, India has also
introduced the requirement of maintaining a global master file and
country-by-country report, in line with the outcome of the OECD base erosion and
profit shifting project. These compliance requirements are essential as they
provide the tax administrators an opportunity to understand taxpayers’
businesses and conduct informed transfer pricing risk assessment and audit.



Ever since its introduction in 2001, the government has announced several
measures to rationalize transfer pricing provisions. Few of such notable
measures include introduction of the concept of range, introduction of safe
harbour rules and risk-based selection of cases for scrutiny. While these
measures have brought India closer to global best practices, certain provisions
in the Indian transfer pricing regulations require tweaking to improve India’s
tax and transfer pricing competitiveness.

Twenty years of transfer pricing administration should be an opportune time to
relook at certain requirements and evaluate if some of them have outlived their
utility and can be done away with, without compromising on the policy objectives
behind their introduction. Further, the Union Budget 2022-23 is scheduled to be
presented on 1 February 2022. So, it’s an opportune time to highlight such
measures.

This article focuses on three such compliance measures:

1. Remove certification requirement: Currently, all taxpayers entering into
related party transactions are required to prepare a detailed transfer pricing
disclosure form and get the same certified by an independent accountant. The
independent accountant is required to opine whether the prescribed documentation
has been maintained and whether the particulars in the form are ‘true and
correct’.



The objective of such a form is to ensure that a taxpayer doesn’t miss
disclosing a related party transaction. Further, it also provides the tax
administration sufficient information to apply risk parameters for selection of
cases for scrutiny.

It’s very common for countries to seek information on related party transactions
by way of either a separate transfer pricing form or by way of an annexure to
the tax return (e.g., China, Australia, Indonesia, USA, Spain, etc.). However,
only a handful of countries (e.g., Bangladesh and Saudi Arabia) require
taxpayers to obtain a certificate from an independent accountant. Even Sri Lanka
had such a requirement earlier, however, it has done away with it recently.


> India should replace such independent accountant certification with
> self-certification by the taxpayer. If the idea of obtaining such a
> certificate is to ensure that taxpayers don’t miss disclosing a reportable
> transaction, the existing penalty of two percent of the value of the
> undisclosed transaction should act as an adequate deterrent for taxpayers..


2. Remove compliance for non-residents: The transfer pricing provisions require
compliance by a non-resident taxpayer if it derives taxable income from
transactions with its related party in India. This is despite the fact that the
Indian entity is already required to report the same transaction and justify
that it was priced at arm’s length.

India is probably the only country in the world with such a requirement. This
requirement can be done away with as it leads to duplication of efforts.

Non-residents should be excluded from the ambit of transfer pricing compliance
in India, provided its Indian related party has undertaken the required
compliances with respect to the same international transaction.


> The Finance Act, 2020 exempted non-resident taxpayers earning certain
> prescribed categories of income from filing the return of income in India
> provided taxes have been appropriately withheld from such taxable income as
> per the India Income Tax Act. However, corresponding amendments have not been
> made to the transfer pricing provisions. Therefore, a situation arises where a
> non-resident exempted from filing a tax return in India would still need to
> comply with transfer pricing provisions. At a minimum, such non-residents
> should be exempted from transfer pricing compliance..


3. Increase threshold for compliance: Currently, taxpayers with international
related party transactions exceeding INR one crore are required to maintain
detailed transfer pricing documentation. This threshold limit is extremely low
and it has remained the same for the past two decades. Increasing the threshold
will contribute significantly towards eliminating the onus on small-sized
taxpayers of complying with such requirements.

In the last few years India has introduced various measures to align its
transfer pricing regulations with global best practices. However, the above
suggested changes will go a long way in easing compliance requirements without
diluting the policy objective behind their introduction.

About the Author: Jitendra Jain is a professional Chartered Accountant.

Disclaimer: The views expressed are solely of the authors and ETCFO.com does not
necessarily subscribe to it. ETCFO.com shall not be responsible for any damage
caused to any person/ organisation directly or indirectly.


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