Tax & Accounting

India to Audit Foreign Banks Operations Prior to Permitting New Branches

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Nov. 6 – The Reserve Bank of India has confirmed that it will require foreign banks to undergo a full audit of their Indian operations prior to be allowed to establish new branches. India had committed to allowing twelve new branches of foreign banks a year to be opened, however in practice has been far […]

Indirect Tax Revenues Drop 24 Percent

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Nov. 5 – India’s domestic indirect tax collection has fallen 24 percent in the past six months as the effects of the global recession continue to impact the country Finance Minister Pranab Mukherjee said. The Ministry of Tax is now relying on economic growth in the second-half and the proposed goods and services tax (GST) […]

Indian M&A and PE Financing on the Up

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MUMBAI, Nov. 3 – Driven by improved liquidity and business confidence, Indian mergers and acquisitions as well as private equity activities are showing signs of recovery and the deal space is likely to see an uptrend in the coming months. The Economic Times reports that the optimistic outlook of the global markets is now reflecting […]

Business in India under the New Tax Regime

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By Vikas Srivastava Nov. 2 – The new tax rules and regulations which are under construction once approved by the Indian government will transform the way you do business in India. The Indian government envisages three major changes under Indian taxing system. First, introduction of goods and services tax (GST) which will engulf all kind […]

India’s Finance Minister Asked to Explain Retrospective Tax Demands

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Oct. 14 – The ambassadors of the United States, European Union, Britain, New Zealand, Australia, Holland and Spain have written to Indian Finance Minister Pranab Mukherjee to explain what they refer to as the “unpredictability” in India’s tax regime and described recent events surrounding Vodafone’s acquisition of Hutchisons’ stake in Hutch-Essar as “unquantifiable risk in […]

Indian Government Releases Draft Tax Code

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Oct. 13 – The Indian government has released its draft tax code for public consultation and comments, and is set to be passed into law when any applicable changes are made on April q, 2011. Following consultation with academics, professionals and the public, the following areas of the code have been identified by the government […]

Indian Imports to Attract GST from Next Year

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Oct. 9 – Imports into India will attract goods and services tax (GST) under the new tax regime to be ushered in from next year. The Empowered Committee of State Finance Ministers has endorsed in principle the levy of GST on imports and mandated a Joint Working Group to prepare a report in four weeks […]

Government to Outsource Audit Work to Private Contractors

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Sept. 25 – The government is considering outsourcing its corporate audit duties to private contractors to improve surveillance of corporate financial statements and check for regulatory compliance for 2009-2010. Due to limited resources, the government is unable to check all the 800,000 registered companies in the country which have submitted balance sheets to the Registrars […]

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