Other Briefings
Three Rate Structure Proposed for India’s Goods and Services Tax
Jul. 22 – A three-rate structure for the India Goods and Services Tax was proposed by Finance Minister Pranab Mukherjee yesterday as a way of streamlining implementation. Under his proposal, there will be a 20 percent levy on goods, 16 percent on services and 12 percent on essential items. The GST in India is scheduled […]
Six Things to Check When Filing Income Tax Returns
By Vikas Srivastava Jul. 21 – Following the Indian income tax law, filing tax returns is an annual mandatory procedure for all taxpayers in the country. This year, authorities have set the deadline for filing to Jul. 31 for the 2009-2010 financial year. Taxpayers tend to commit common mistakes while filing their returns that lead […]
Special Economic Zone Exports Up by 67 Percent
Jul. 20 – Special economic zone exports in India increased by 67 percent to Rs. 587.5 billion for the first quarter of the financial year compared to the same period last year. Top special economic zone exports included information technology, IT hardware, petroleum, engineering, leather and garments. Exports from the zones have continued to show […]
India Considers Removing Foreign Investment Caps on Limited Liability Partnerships
Jul. 19 – India may consider removing caps on foreign direct investment for limited liability partnerships says a government source. Authorities have been discussing the details of LLPs since last year.”The officials have reached a consensus for 100 percent FDI in LLPs,” the source told The Times of India.
Himachal Pradesh Increases VAT on Luxury Items
Jul. 19 – The north Indian state of Himachal Pradesh has announced that it would increase value-added tax on luxury goods from 12.5 percent to 13.75 percent beginning July 15. The higher tax will apply to goods classified under the Part III of Schedule A. Excise and Taxation Commissioner Jagdish Sharma said that petroleum products […]
Court Ruling Says No Tax on Transfer of Goods at SEZs
Jul. 15 – The transfer of goods to special economic zones from outside suppliers are not subject to export duty said a Supreme Court ruling made on Tuesday. The court denied an appeal from the national government that defined any transfer of goods from an area outside the zone referred to as a domestic tariff […]
Companies Now Required to Electronically File Income Tax Returns with Digital Signatures
Jul. 14 – Companies are required to file their income tax returns electronically with a digital signature by July 31 according to an announcement made by the Central Board of Direct Taxes (CBDT) last Monday. Form No ITR-6 must be submitted with digital signatures as opposed to an earlier regulation that accepted forms without digital […]
India Proposes Repatriation of Profits for Foreign Real Estate Companies
Jul. 13 – The Department of Industrial Policy and Promotion is studying a proposal to allow foreign real estate companies to repatriate all their profits except the minimum initial investment of US$5 million. This will apply to foreign companies in a joint venture with a local developer and will effectively limit India’s lock-in period for […]
