Other Briefings
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 […]
India’s Direct Tax Code Versus Double Tax Avoidance Agreements
By Vikas Srivastava Jul. 14 – As India moves ahead with the revised version of its new direct tax code, the intricacies of taxation get complicated and this time the battle is between the new revised direct tax code and double tax avoidance agreement. At present, the DTAA in India supersedes the domestic tax law […]
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 Becomes Member of Anti-Money Laundering Group
Jul. 6 – India is now a member of the Financial Action Task Force (FATF), an inter-governmental body that aims to develop national and international policies to prevent money laundering and terrorist financing. India was able to comply with the FATF’s 40+9 Recommendations and was admitted as its 34th Country Member in June. The membership […]
Goods on India GST Exempted List May Qualify for Lower Tax Rate
Jul. 2 – India may allow lower tax rates for goods taken out of the tax exemption list when the new Goods and Services Tax (GST) is implemented next year. The tax exemption list currently names 350 goods. Goods taken out of the list will be considered to be the same level as essential goods, […]
New Regulations on Issuing Checks Effective December 1
Jul. 1 – The Reserve Bank of India has released a circular advising that new regulations on issuing checks will be effective starting December 1 and not July 1 as announced earlier. The directive instructs banks not to clear checks with overwriting and checks with changes made to the amount or the payee’s name despite […]
India to Impose Service Tax on Plane Tickets in July
Jun. 28 – India will soon impose a 10 percent service tax on local and international airfares of Rs. 100 and Rs. 500 respectively whichever is less beginning July 1. According to the Department of Revenue, 10 percent of the gross value of the ticket or Rs. 100 per journey, whichever is less will be […]
India’s New Direct Tax Code
Jun. 25 – The Indian government has proposed significant changes to its tax code, which is to be amended by the revised discussion paper due to be submitted, following extensive consultations, to Parliament soon. In this article we discuss the background to the tax code, the proposed changes and what they mean for the India-based […]
