The year 2019 witnessed key changes to the GST regime, cross-border taxation framework and tax incentives for manufacturing companies and start-ups. This update summarises some of the major developments in the past year and gives a brief overview of what can be expected in 2020.


The taxation regime witnessed some significant developments in 2019. Preferential corporate tax rates were introduced for new manufacturing companies. Further, to incentivise the financial sector and boost the economy, Category II AIFs were exempted from angel tax. Buy-back tax for listed companies was also introduced to plug the loophole available to listed companies that chose buy-back as a more tax-efficient option over distribution of dividends.

On the indirect tax front, certain amendments to streamline the existing indirect tax provisions were made. Also, the year 2019 saw landmark judgments from the apex court that are likely to have a far-reaching impact.

Taxation: Legal Milestones In 2019 And A Look Ahead