Other Briefings
India Considers Easing Approval for FDI-Funded Investments
Jul. 27 – The Finance Ministry and the Department of Industrial Policy and Promotion is considering allowing foreign funded Indian companies to invest in subsidiaries without needing prior approval. Currently, local companies with substantial foreign direct investment must obtain approval from the Foreign Investment Promotion Board (FIPB). Most likely the pre-approval process will not be […]
Tobacco FDI Issue Referred to Reserve Bank India
Jul. 26 – The Department of Industrial Policy & Promotion (DIPP) has referred the notification issued in May that forbids foreign direct investment in tobacco manufacturing back to the Department of Economic Affairs (DEA) and the Reserve Bank of India. The RBI had requested that the DIPP check possible clauses that could prevent clandestine current […]
India Lowers Area Requirements for SEZs in Smaller Cities
Jul. 23 – India has decided to lower the minimum required area for establishing special economic zones for the IT, bio-tech, gems and jewelry industries in smaller cities around the country. “The built up area requirement for SEZs so far was too large to attract developers in small cities as investors wouldn’t want to put […]
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 […]
