Other Briefings
Maharashtra Amends VAT Rules
Nov. 14 – The government of Maharashtra has decided to make amendments to the rules and regulations in the Value Added Tax Rules (2005), to dispense with the condition of the previous publication thereof under the proviso to sub-section (4) of section 83 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005). […]
New PAN Forms for India’s Non-Residents
India’s Income Tax Department has initiated a separate permanent account number application form for non-residents in which NRIs, PIOs and organizations wanting to set up an entity in India will have to provide additional information to the Central Board of Direct Taxes.
India Issues Exchange Rate Circular for Overseas Currencies
Oct. 31 – India’s Ministry of Finance (Department of Revenues) issued a circular stating that the rate of exchange for conversion of each of the foreign currencies listed in the tables below. Both Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from November 1, 2011 be the […]
New Issue of India Briefing: India’s Goods & Service Tax and Retail Sector
In this new issue of India Briefing Magazine – titled India’s Goods & Service Tax and Retail Sector – we focus on two dramatic, ongoing initiatives by the Indian government to fuel economic activity in the country: the introduction of a dual goods and service tax and further opening in the retail sector.
No Mandatory Clause for Companies to Keep Two Books of Accounts
Oct. 21 – Organizations aspiring to move around to international auditing norms, the International Financial Reporting Standard (IFRS) may be spared from preserving two books of accounts — one under the Companies Act and the other for taxation purposes – if a Finance Ministry proposal gets implemented. The application, which was drafted in a discussion […]
Hike in India PayPal Payments Ceiling to US$3,000 per Transaction
Oct. 20 – Users of online payment web site PayPal in India can now accept up to US$3,000 per export-related transaction in their accounts, with the RBI raising this limit from US$500 per transaction earlier. The payment has to be withdrawn within seven days irrespective of the currency risk. Also, RBI has barred purchases abroad […]
India Announces Special Incentives for Exporters
Oct. 19 – The government of India announced a Rs. 900-crore package for exporters to assist them to fight with the slowdown in developed markets and rising input costs. The Reserve Bank of India has already declared an interest subsidy of 2 percent on rupee export credit for handicrafts, handlooms, carpets and small and medium […]
India Grants Approval to Buy Assets Overseas for Public Sector Units
Oct. 14 – The government of India has permitted a policy to facilitate profit-making state-run firms to obtain assets overseas. The new policy also seeks to augment the power of Maharatna and Navratna companies and provide greater autonomy for acquiring raw material assets abroad. The government will also mull over setting up a dedicated Sovereign […]
