Other Briefings
Orissa State Wants GST Deferred to 2011
Jan. 7 – The east coast state of Orissa has requested that the Goods and Services Tax (GST) set to be implemented in April 1 be deferred to April 1,2011 and its Purchase Tax on foodgrain continued instead. Local officials say the state is not ready to adopt the new GST. “We are not at […]
India’s Corporate Direct Tax Collection Climbs 44 Percent in December
Jan. 6 – India’s corporate direct tax collection reported a 44 percent growth year-on-year in December 2009 and a 14 percent climb for April-December 2009 period reports The Times of India. From April to December, corporate taxes rose to Rs 1.66 lakh crore (US$36.1 billion) compared to Rs 1.46 lakh crore (US$31.7) during the same […]
Commerce Ministry to Confirm Tax Breaks for SEZs
Jan. 4 – India’s Commerce Ministry will consult with the Finance Ministry to confirm the tax breaks available to special economic zones (SEZs) reports The Economic Times. This is to clarify the security of existing SEZ tax breaks for developers despite the draft of the direct taxes code proposing to cut down on tax benefits […]
India Raises Export Duties on Iron Ore by 5 Percent
Dec. 29 – In an attempt to curb exports and feed growing domestic demand for iron ore, the Indian government has increased the export duty on iron ore by 5 percent. According the Indian Finance Ministry, the government has raised export duty on iron ore lumps to 10 percent from 5 percent and on iron […]
Indian Government Scraps Royalty Limits
Dec. 28 – In part of its ongoing effort to liberalize cross border trade and promote technology transfers, the Indian government in November eliminated prescribed threshold limits for royalty payments. Previously, Indian companies were permitted to pay royalties under the automatic route without specific prior approval of the regulatory body if they qualified under the […]
P.M.’s Advisory Committee Wants One Rate Each for Goods, Services Under New GST
Dec. 21 – The Indian Prime Minister’s Economic Advisory Committee favors a single tax rate each for goods and services or one common rate for both under the proposed goods and services tax (GST), according to the committee’s chairman. “The Centre could follow the pattern in which there is only one rate for goods and […]
Reserve Bank of India Modifies Commercial Borrowing Policy
Dec. 14 – The Reserve Bank of India has modified its external commercial borrowing (ECB) policy; the changes will take effect from January 1, 2010. Loan agreements signed on or after this date will attract an all-in-cost ceiling as shown in the chart. Eligible borrowers using ECB after December 21, 2009, where the loan agreement […]
Foreign-Owned Indian Assets May Be Excluded from Capital Gains Tax
Dec. 9 – The Federation of Indian Chambers of Commerce and Industry has suggested that transactions in respect of Indian assets of foreign companies are to be excluded from capital gains tax. In submissions to Revenue Secretary P.V. Bhide on Tuesday, the FICCI president, Harsh Pati Singhania, suggested that certain transactions of foreign companies in […]
