Other Briefings
India’s Tax Treaty with Mauritius Leading to Revenue Losses
Aug. 9 – India’s tax treaty with Mauritius is leading to revenue losses amounting to at least Rs. 20 billion annually. Under India’s Double Taxation Avoidance Agreement (DTAA) with Mauritius, capital gains from the sale of shares will be taxed in the investor’s country of residence. This works in favor of companies based in Mauritius […]
New Rule to Require Shareholder Disclosure Before Listing
Aug. 9 – The Securities and Exchange Board of India (Sebi) announced a new rule that will require companies to disclose shareholding details one day before listing to give investors more information and improve transparency. Changes were also made regarding how depository receipts are reported by specifying if holdings are “promoter/promoter group” and “non-promoter.” “The […]
India Service Tax to be Levied at Invoicing
Aug. 6 – As part of India’s new Goods and Services Tax (GST), India is considering switching to a time of supply system that will allow service tax to be levied at the point of raising invoice instead of when the amount is received. “There will be a change from cash system to accrual system. […]
India Sets US$25,000 Minimum Wage for Foreign IT Hires
Aug. 5 – Authorities have revised minimum wage requirements for foreign employees hired in the IT sector to US$25,000 a year or about US$2,083 a month. “Foreigners can apply for jobs in the IT sector provided Indian firms pay each of them a minimum annual salary of US$25,000,” a senior home ministry official told Mint. […]
Delhi Proposes Exclusion of Diesel, Petrol and Healthcare from New India GST
Aug. 4 – The New Delhi government is proposing that diesel, petrol, compressed natural gas and health care services be excluded under India’s new Goods and Services Tax (GST) scheduled to be implemented next year. “Several other states have also supported our view to keep petroleum products and CNG out of the ambit of GST. […]
Demat Accounts without PANs to be Suspended
Aug. 3 – Demat account holders with no permanent account number (PAN) details will be suspended for credit and unable to buy shares starting August 16. Demat accounts are dematerialized accounts needed to be able to buy and sell stocks in the country. According to the Securities and Exchange Board of India, a PAN must […]
Income Tax Return Deadline Extended
Aug. 2 – India’s Central Board of Direct Taxes announced it would extend income tax return filing from July 31 to August 4. All returns, whether done electronically or not, as long as it is given on or before August 4 will be considered on time. The extension was announced after reports that the e-filing […]
India to Release Paper for Digital Broadcast Switch
Aug. 2 – The Telecom Regulatory Authority of India (TRAI) is slated to release its final consultation paper on the country’s plan to change from analog to digital broadcast signals by December 2013 next week. “All the industry players have welcomed the regulation by TRAI on digitalization and we are expecting to release the final […]
