Other Briefings
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. […]
Court Ruling Says Payment in Kind Also Subject to Tax
Aug. 4 – A recent Supreme Court decision has ruled that payment made in kind will also be subject to taxes in India. This was based on an appeal made in court by local company Kanchanganga Sea Foods regarding its payment in kind to Hong Kong-based company Eastwide Shipping for lending the use of vessels […]
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 Revises Telecom License Rules
Jul. 30 – The Directorate of Telecommunications has made changes to the the unified access service license (UASL), reflecting heightened security concerns. Equipment suppliers must now disclose business details and allow their manufacturing facility to be inspected. Moreover, they are obliged to reveal design, development and supply chain details as well as allow hardware and […]
India GST: Indian States Request Central States Tax to Remain
Jul. 29 – Indian states are proposing that Central States Tax (CST) still be applicable when the pending Goods and Services Tax (GST) is implemented. The local government wants the CST to remain in the first few years of India’s GST application as a way of ensuring revenue for them. The union government recently recommended […]
India Clears FDI Proposals Worth US$479.5 Million
Jul. 28 – India has cleared 18 foreign direct investment proposals amounting to US$479.5 million with the largest investment going to the broadcasting industry. Transcend Infrastructure Ltd., the wholly-owned Indian subsidiary of American Tower Corporation, is set to invest US$412.51 million to build communication and broadcasting towers, then lease to the broadcasting sectors. Transcend Infrastructure […]
