Other Briefings
New India Tax Laws a Boon for Audit, Consulting Firms
Jan. 19 – India’s massive overhaul of tax laws and corporate regulations will be a boon for audit and consulting firms serving the Indian market when the new laws are finally enforced. India wants to adopt International Financial Reporting Standards (IFRS), Goods and Services Tax (GST), Direct Taxes Code and the new Companies Act soon. […]
India to Change Companies Act in Compliance with Accounting Standards
Jan. 14 – The government is planning to soon revise the Companies Act to make it easier for Indian accounting standards to merge with the International Financial Reporting Standards. The schedule-VI and XIV will be changed along with other standard accounting rules to facilitate convergence. The government wants to adopt an internationally accepted accounting standard […]
GST in India Implementation Delayed
Jan. 8 – The set April 1 deadline for the introduction of the new Goods and Services Tax (GST) is likely to be rescheduled government officials said yesterday. The mechanism for revenue sharing between the central government and the states have not been finalized yet in addition to the need for constitutional amendments for the […]
Orissa State Wants GST Deferred to 2011
Jan. 7 – The east coast state of Orissa has requested that the Goods and Services Tax (GST) set to be implemented in April 1 be deferred to April 1,2011 and its Purchase Tax on foodgrain continued instead. Local officials say the state is not ready to adopt the new GST. “We are not at […]
India’s Corporate Direct Tax Collection Climbs 44 Percent in December
Jan. 6 – India’s corporate direct tax collection reported a 44 percent growth year-on-year in December 2009 and a 14 percent climb for April-December 2009 period reports The Times of India. From April to December, corporate taxes rose to Rs 1.66 lakh crore (US$36.1 billion) compared to Rs 1.46 lakh crore (US$31.7) during the same […]
Commerce Ministry to Confirm Tax Breaks for SEZs
Jan. 4 – India’s Commerce Ministry will consult with the Finance Ministry to confirm the tax breaks available to special economic zones (SEZs) reports The Economic Times. This is to clarify the security of existing SEZ tax breaks for developers despite the draft of the direct taxes code proposing to cut down on tax benefits […]
India Raises Export Duties on Iron Ore by 5 Percent
Dec. 29 – In an attempt to curb exports and feed growing domestic demand for iron ore, the Indian government has increased the export duty on iron ore by 5 percent. According the Indian Finance Ministry, the government has raised export duty on iron ore lumps to 10 percent from 5 percent and on iron […]
Indian Government Scraps Royalty Limits
Dec. 28 – In part of its ongoing effort to liberalize cross border trade and promote technology transfers, the Indian government in November eliminated prescribed threshold limits for royalty payments. Previously, Indian companies were permitted to pay royalties under the automatic route without specific prior approval of the regulatory body if they qualified under the […]
