Other Briefings
India GST Rate Favored at 16 Percent
Feb. 9 – India’s Finance Ministry is considering a rate of 16 percent for the proposed Goods and Services Tax (GST) for both Center and states combined on companies and traders with annual turnover of US$21,609 and above. The new tax will help simplify goods production by setting one tax structure instead of India’s current […]
Varanasi Nagar Nigam Launches House Tax Drive
Feb. 8 – Varanasi Nagar Nigam in Uttar Pradesh has launched a major drive to collect pending house taxes focusing on households that have not paid house tax of more than US$1,082 initially. “The drive has started in all the five wards of the city with notices being served to big defaulters,” municipal commissioner SN […]
Paid Fringe Benefit Tax Up for Adjustment or Refund
Feb. 4 – Taxpayers can now apply for an adjustment or claim a refund for Fringe Benefit Tax (FBT) paid in advance starting this year. The FBT was dissolved by the Finance Act 2009 effective 2010. The FBT, implemented in 2005, levied added benefits or perks given by the employer to the employee. Some companies […]
New Delhi Property Tax Rates to Increase in April
Feb. 3 – India is set to increase property tax rates in New Delhi starting April 2010. The Municipal Corporation of Delhi’s (MCD) has proposed higher tax rates for residential properties in the A to H category. A two percent increased for categories A and B, three percent in categories C and D with the […]
Service Tax Refunds Available for IT, Outsourcing Companies
Feb. 2 – IT and outsourcing companies will be issued pending service tax refunds within 30 days starting January 19 according to a circular released by the Central Board of Excise and Customs (CBEC). The circular clarifies the disputed definition of services used labeled “inputs” by technology and business process outsourcing companies and will help […]
Foreign Companies Now Allowed to Appeal Transfer Pricing Taxes
Feb. 1 – Multinational companies asked to pay additional transfer pricing taxes for overseas transactions will be given the choice to appeal their case to the conventional forum of Commissioner or the Dispute Resolution Panel (DRP). Previously, a tax order coming from of a transfer pricing officer (TPO) was considered the final decision but now […]
Income Tax Verification Form Filing Extended to End of March
Jan. 28 – India’s Central Board of Direct Taxes has announced the extension income tax return verification form (ITR-V) forms filed electronically on or after April 1, 2009 to March 31, 2010 or within a period of 120 days from the date of uploading of the electronic return data, whichever is later. This announcement is […]
New Hotels to be Given 5 Year Tax Holiday
Jan. 27 – To encourage more hotels to open prior to the Commonwealth Games, India is giving a five-year tax holiday for new hotels completed in the national capital region before March 31. The rule will apply to 2, 3 and 4 star hotels and exclude 5 star hotels. An estimated 100,000 tourists are expected […]
