Other Briefings
Himachal Pradesh Increases VAT on Luxury Items
Jul. 19 – The north Indian state of Himachal Pradesh has announced that it would increase value-added tax on luxury goods from 12.5 percent to 13.75 percent beginning July 15. The higher tax will apply to goods classified under the Part III of Schedule A. Excise and Taxation Commissioner Jagdish Sharma said that petroleum products […]
Court Ruling Says No Tax on Transfer of Goods at SEZs
Jul. 15 – The transfer of goods to special economic zones from outside suppliers are not subject to export duty said a Supreme Court ruling made on Tuesday. The court denied an appeal from the national government that defined any transfer of goods from an area outside the zone referred to as a domestic tariff […]
India’s Direct Tax Code Versus Double Tax Avoidance Agreements
By Vikas Srivastava Jul. 14 – As India moves ahead with the revised version of its new direct tax code, the intricacies of taxation get complicated and this time the battle is between the new revised direct tax code and double tax avoidance agreement. At present, the DTAA in India supersedes the domestic tax law […]
Companies Now Required to Electronically File Income Tax Returns with Digital Signatures
Jul. 14 – Companies are required to file their income tax returns electronically with a digital signature by July 31 according to an announcement made by the Central Board of Direct Taxes (CBDT) last Monday. Form No ITR-6 must be submitted with digital signatures as opposed to an earlier regulation that accepted forms without digital […]
India Becomes Member of Anti-Money Laundering Group
Jul. 6 – India is now a member of the Financial Action Task Force (FATF), an inter-governmental body that aims to develop national and international policies to prevent money laundering and terrorist financing. India was able to comply with the FATF’s 40+9 Recommendations and was admitted as its 34th Country Member in June. The membership […]
Goods on India GST Exempted List May Qualify for Lower Tax Rate
Jul. 2 – India may allow lower tax rates for goods taken out of the tax exemption list when the new Goods and Services Tax (GST) is implemented next year. The tax exemption list currently names 350 goods. Goods taken out of the list will be considered to be the same level as essential goods, […]
New Regulations on Issuing Checks Effective December 1
Jul. 1 – The Reserve Bank of India has released a circular advising that new regulations on issuing checks will be effective starting December 1 and not July 1 as announced earlier. The directive instructs banks not to clear checks with overwriting and checks with changes made to the amount or the payee’s name despite […]
India to Impose Service Tax on Plane Tickets in July
Jun. 28 – India will soon impose a 10 percent service tax on local and international airfares of Rs. 100 and Rs. 500 respectively whichever is less beginning July 1. According to the Department of Revenue, 10 percent of the gross value of the ticket or Rs. 100 per journey, whichever is less will be […]
