India’s federal tax body has come down heavily on bitcoin traders in an attempt to address tax evasion. Here, we briefly discuss the country’s tax position on cryptocurrencies and ICOs.
In this week’s Regulatory Brief, we cover the latest amendments to the Insolvency and Bankruptcy Code, which will be implemented by government ordinance; the shocking tax bill issued to IT/ITeS companies; and infrastructure status awarded to the logistics sector.
Last year, India’s federal government led by Prime Minister Narendra Modi announced the demonetization of high value currency. Here we take stock of the policy’s genesis and its major outcomes.
Insolvency board enforces stringent tests for reviving defaulting companies The Insolvency and Bankruptcy Board of India (IBBI) has amended its rules governing lenders who invest in bankrupt companies. Promoters or any party proposing a rescue plan for a sinking company will be subject to strict tests of creditworthiness and credibility. The rescue plan must provide[…..]
Government has made it mandatory to link Aadhaar to all banking and financial identification and documents, to avail government services. This article lists the accounts and services that must be linked to the 12-digit Aadhaar number to avoid discontinuation of services.
The festive season in India involves the exchange of gifts; however, companies should note that certain exchanges may attract liability under various domestic and foreign anti-corruption statutes. This article highlights key compliance strategies for firms to minimize such risk exposure.
Under GST, the tax rate on all staffing firms is pegged at 18 percent. This article discusses the impact of GST on the flexible staffing industry, and its impact on doing business in India.
Bitcoin trading in India peaked to over US$3.5 million this September, albeit insignificant when compared to the U.S. trading volume. However, it is indicative of a growing appreciation of cryptocurrencies in India, and the country’s regulatory mechanisms are taking note.