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SANKET HOLAM   19 September 2021

Significant economic presence

The Significant Economic Presence (SEP) provisions are applicable in India from FY 2021-22.

As per the current provisions, a non-resident having SEP in India shall be deemed to have a business connection in India.

Accordingly, income attriibutable to the transactions or activities referred to in these provisions shall be deemed to accrue or arise in India and hence taxable in India.

On the practical side, taxpayers would need to monitor if the SEP provisions are triggered in case of non-resident payee, so that appropriate taxes (TDS) are withheld.

We wish to know that -

Whether the said provision is applicable to us as we import our raw material and pay to the foreign supplier?
What safeguards we should take in this regards?

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