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    Report: Foreign Service Recipients Account for Majority of Tax Evasion Cases

    Apr. 26 – Local firms receiving services from overseas firms accounted for a quarter of service tax evasion during the period 2008-09, according to a Comptroller and Auditor General (CAG) report. Current tax regulations dictate that the receiver of services in India must pay service tax for services received from a non-resident with no office[…..]

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    Ford to Expand Figo Car Production in India

    Apr. 23 – Ford plans to expand production of the Figo compact car in its Chennai plant in response to strong consumer demand. The American car company is planning to add 700 more people to its workforce. “We do need to ramp up production to cope with the increasing demand for Figo and so we[…..]

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    India to Impose Minimum 25 Percent Public Holding Rule for Listed Companies

    Apr. 23 – India’s Ministry of Finance said that it will likely implement a minimum 25 percent public holding rule for all listed companies next month. Currently, only future public issues are required to follow the 25 percent rule but now existing listed companies may be asked to comply as well. The minimum public holding[…..]

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    IMF: India to Grow by 8.8 Percent, Inventory Demand Growing

    Apr. 22 – The International Monetary Fund (IMF) says strong domestic demand will support recovery in India when total world output increases by 4.2 percent and its  economy grows by 8.8 percent this year. The agency has revised its January estimates for India by 1.1 points for 2010 and 0.6 points for 2011 in its[…..]

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    India Forecast to Become Largest Direct-to-Home Market by 2012

    Apr. 22 – India is forecast to become the biggest direct-to-home market globally by 2012, based on an annual study made by information services provider Media Partners Asia (MPA). The Indian market is expected to surpass the U.S. market in terms of size with its projected subscriber base expanding from 17 million last year to[…..]

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    India Raises Interest Rates

    Apr. 21 – India’s central bank raised interest rates for the second time in a month to curb double-digit inflation spurred on by the economic stimulus plan. Inflation rates rose to 9.9 percent in March compared to 0.5 percent in September, the highest rate in 17 months. The Reserve Bank of India raised the repo[…..]

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    3G License Bidding Reaches US$1.36 Billion

    Apr. 20 – On the eighth day of India’s ongoing auction of third generation (3G) licenses, bids increased by an estimated 73 percent from the original base price set by the government to Rs.60.7 billion, or about US$1.36 billion. “Earlier, I said the auction could fetch Rs. 30,000-35,000 crore, but now I am optimistic that[…..]

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    India to Seek Tax Avoidance Agreements with Nine Territories

    Apr. 20 – India is considering negotiating tax treaties in nine territories to help curb tax avoidance. The nine identified territories include: Cayman Islands; Bermuda; British Virgin Islands; Gibraltar, all British overseas territories; Guernsey; Isle of Man; Jersey, all British crown dependencies; Netherlands Antilles, an autonomous part of the Kingdom of Netherlands; and Macau, a[…..]