Other Briefings
India Exempts Visa Facilitators from Service Tax
Apr. 25 – India’s Finance Ministry has stated that the aid provided by visa facilitators to applicants does not come under the range of service tax. According to the circular from the Central Board of Excise and Customs (CBEC), visa facilitators, while providing visa assistance directly to individuals, do not act on behalf of the […]
‘Sugam’ Return Form to Simplify Life for India’s Tax Payers
Apr. 18 – The Union Budget 2011-12 has planned a singular prominence on reducing the compliance burden of small tax payers by projecting a simplified return form called “Sugam.” The finance minister of India, while presenting the Budget, said that the small tax payers who fall within the scope of presumptive taxation can utilize the […]
India Issues Tax Benefits for Garment Companies
Apr. 15 – In the annual budget presented by the finance minister, branded garment companies can get the benefit of CENVAT (central and value added tax) credit. It means the garment companies will be taxed on inputs. In the budget, the ministry has projected 10 percent excise duty on readymade garments and textile made ups […]
India Allows 100% FDI in Several Key Sectors
Apr. 7 – India’s Department of Industrial Policy and Promotion has released the “Consolidated FDI Policy – Circular 1 of 2011,” that will allow 100 percent FDI in the development and production of seeds and planting material, floriculture, horticulture, and cultivation of vegetables and mushrooms under controlled conditions. Furthermore, animal husbandry (including the of breeding […]
Changes on Pricing of Convertible Instruments
Apr. 6 – Companies are now free to lay down a formula to transform convertible instruments (like debentures, partly paid shares, preferential shares and the like) into equity in accordance with the guidelines of FEMA and SEBI. India’s Department of Industrial Policy of Promotion has also relaxed the rules and regulations for convertible instruments to […]
India Experiencing Negative Real Rate of Interest
Mar. 24 – The government of India should address the fact that the nation’s nominal interest rate is lower than its rate of inflation to strengthen India’s economic fundamentals, Martin Feldstein, a professor of economics at Harvard University, told the Times of India. Economists call this situation a “negative real rate of interest.” It occurs […]
India Puts Accounting Practices in Line with International Standards
The Indian Ministry of Corporate Affairs recently said that it had aligned 35 Indian accounting practices with international standards, marking an important step to bringing International Financial Reporting Standards (IFRS) …
India to Use Part of Coal Tax to Improve Power Transmission
The Indian government is considering spending part of its estimated Rs.25 billion-coal tax revenue on new power transmission lines, to help power distribution to every state from the clean energy projects.
