Latest Blogs from SBS and Company LLP


    The modern pharmaceutical industry can be traced back to the discoveries of insulin and penicillin in the early 20th century. These products began to be mass manufactured, particularly in European countries, with other developed countries following close behind. The implementation of scientific processes to the research and discovery of new medicines has led to the industry that exists today, with companies constantly searching for new products that heal, prevent, and cure consumers.

    Back in 2014, the total pharmaceutical revenues worldwide had exceeded one trillion U.S. dollars for the first time. Increased competition owing to the growing size of the industry has noticeably increased the complexities of operations, sales and marketing, which in turn have led to an alarming spike in malpractices by stakeholders involved at various levels in the industry.


    Insertion of Transfer Pricing Clauses in Tax Audit Report (‘TAR’) for Financial Year (‘FY’) 2017-18

    Assessee’s who enter into Specified Domestic Transactions (SDT’s)/ International Transactions with related parties/ Associated Enterprises (AE’s) must furnish the said details and independent CA certificate in Form 3CEB. However, the Govt. of India vide Notification No. 33/2018 (CBDT) has amended/ inserted some of Clauses pertaining to Transfer Pricing positions and its relevant disclosures in Form 3CD (Tax Audit Report). The said amendments shall come into effect from 20th August 2018 and these are applicable from FY 2017-18 onwards wherein the Chartered Accountant (CA) must comment upon the applicability of the amended clauses.


    Foreign Investment in India-Reporting in Single Master Form (SMF) 

    As announced in the First Bi-monthly Monetary Policy Review dated 5th April, 2018, Reserve Bank of India (RBI) would introduce a Single Master Form (SMF) for reporting of Foreign Direct Investment (FDI) received as per Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations 2017, dated November 7, 2017and also for investment by persons resident outside India in an Investment Vehicle. 

    In this regard, prior to the implementation of the SMF, entities who are in receipt of/ Outstanding FDI need to upload the prescribed details, on or before 20/07/2018, in the “Entity Master” on Foreign Investment Reporting and Management System (FIRMS) Portal, All the entities registered up to 20/07/2018 on FIRMS Portal can add/edit details in Entity Master till 15th August 2018. 


    In this Article, an attempt has been made to draw the concept of

    • Input service distributor (ISD);
    • Cross Charge and
    • An explanation of ‘what is the best method to adopt in various situations’.


    Goods and Services Tax is a levy on a supply of goods or services. For the purpose of applicability of GST, the transactions are divided into two;

    • Intrastate transactions: Intrastate transactions are those where the location of supplier and place of supply are in the same state and there will be a levy of Central Goods and Services Tax (CGST) and the State goods and services Tax Act (SGST) of the state in which the supplier is located.
    • Interstate transactions: Interstate transactions are those where the location of supplier and place of supply are in different states or transactions of cross-border (supplier is located in India and recipient located outside India or vice versa). In case of inter-state transactions, Integrated Goods
      and Services Tax (IGST) will be levied and place of Supply shall be determined in accordance with sections 10, 11, 12 and 13 of the Integrated Goods and Services Tax Act, 2017.