Other Briefings
India Forecasts 7.2 Percent Growth, Per Capita Income Increases
Feb. 9 – India’s domestic economic growth is forecast to reach 7.2 percent for 2009-10, against the 6.7 percent recorded a year ago, according to advance gross domestic product estimates released by the Central Statistical Organization (CSO). As per forecast estimates, per capita income is set to rise to US$945 from US$864 in 2008-09, an […]
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 […]
Business Visa Norms May be Revised for IT Industry
Feb. 5 – Business visa rules that prohibit foreigners from working in the country may be relaxed to adjust to the needs of the IT industry. Indian visa rules became stricter last year to clamp down on the thousands high and low-skilled Chinese workers illegally working in the country on power and steel projects using […]
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 […]
New Goods and Services Tax Implementation Date to be Announced in April
Jan. 29 – The Indian government has officially announced the delay of the implementation of the new Goods and Services Tax (GST) with the new roll out date to be decided in April 1. The head of the empowered group of state finance ministers, Asim Dasgupta, said in a statement that the April 1 deadline […]
