India: LLP to report foreign liabilities, assets; GST return process

India: LLP to report foreign liabilities, assets; GST

The KPMG member firm in India prepared reports about the following developments (read more at the hyperlinks provided below).

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  • LLPs to report foreign liabilities and assets: The Reserve Bank of India (RBI) issued guidance providing that a limited liability partnership (LLP) must file an annual “return” reporting its foreign assets and liabilities with the RBI. The annual return will have to be filed by all Indian LLPs that have received foreign direct investments and/or made overseas investment in the previous year(s) as well as the current year. The annual return on foreign assets and liabilities is mandatory under the exchange control regulations, and will be required to be submitted by 15 July of every year. Read an October 2015 report [PDF 275 KB]
  • Goods and services tax (GST) returns:  Concerning goods and services tax (GST) registration, payments, and refunds, the Joint Committee on GST issued a report on the GST return process. The report provides eight types of returns for different taxpayers. Read an October 2015 report [PDF 380 KB]

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