Other Briefings
India to Continue Special Economic Zones Tax Benefits
Feb. 10 – The government is expected to formally clarify that special economic zones (SEZs) will continue to maintain its specific tax benefits even after the implementation of the new direct taxes code. India’s Commerce Department has been calling for the clarification on SEZ tax to assure investors that tax benefits will still be applicable […]
Purchasing Manager’s Index at 17 Month High
Feb. 10 – India’s manufacturing Purchasing Managers’ Index, a key measure that indicates the mood in the manufacturing sector, rose to a 17-month high at 57.6 in January from 55.6 in December. Exports increased for the second month running and in December it grew by 9.3 percent to US$14.6 billion. An analyst from Nomura told […]
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 […]
