Other Briefings
India May Rollback Service Tax to 12 Percent
Jun. 11 – The Indian government is considering a rollback of service tax to its previous level of 12 percent in the wake of rising state expenses and shrinking revenue. Last February, the service tax rate was lowered to 10 percent as part of the country’s third stimulus package. According to estimates, service tax collection […]
New Indian Goods and Services Tax Regime in Place by 2010
May 26 – The Indian government is studying tax reforms that will sweep away part of the current VAT system, a variety of state level direct and indirect taxes, excise duties, service tax and luxury tax and replace them with a single Goods and Services Tax (GST). The GST will require legislative and constitutional changes […]
Indian Markets Up 20 Percent on Election Results
MUMBAI, May 19 – The Indian business community reacted strongly to the national election results yesterday, sending the primary Sensex up over 2,000 points to close at 14,284. In unparalleled scenes, the markets rose in just two minutes worth of trade before the exchange was forced to bring an end to the session as the […]
Gov’t Planning to Change Audit System
May 7 – The Indian government is planning to change to a new accounting system for its annual financial statements in five years time to accrual-based accounting for transparency. The new system will allow the government to record transactions although cash will change hands later on. This will be more effective in showing the government’s […]
Private Banks to be Excluded from New FDI Guidelines
Apr. 30 – India’s private sector banks may be excluded from the new foreign direct investment guidelines if their status is changed from “resident” to “‘foreign.” “There is a probability that we will exempt these banks from the guidelines on the lines of the exemptions in the insurance sector,” an official said told The Economic […]
India Cuts Tax Relief on Commercial Rentals
Apr. 24 – The Delhi High Court has announced that it would abolish service tax on commercial rentals, cutting central government earnings by Rs 8,000 crore annually. The regulation will help realtors, specially companies like retailers and call centers. Ernst & Young associate director Bipin Sapra told The Economic Times: “The high court order is […]
Dezan Shira & Associates Reorganizes Mumbai Office
Apr. 24 – The professional services firm Dezan Shira & Associates, taking advantage of recent regulatory changes, have registered an LLP in Mumbai, increased staff, and confirmed that the founder of the practice, Chris Devonshire-Ellis, will become the firm’s managing partner in India. Devonshire-Ellis, who resigned from the firm’s China practice in February, will formally […]
Reserve Bank of India Cuts Rates By 25 Points
Apr. 22 – The Reserve Bank of India (RBI) cut basis points on interest rates by 25 basis points yesterday, with interest loans for homes, cars and consumer goods set to drop further. Other banks are expected to follow. The RBI also cut it’s repo rate or the rate at which it lends to other […]
