Tax & Accounting

New Direct Tax Proposal to be Released within 45 Days

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Jul. 8 – India’s Finance Minister Pranab Mukherjee indicated during his Union Budget speech last Monday that a new Direct Taxes Code will be released within 45 days to streamline the tax structure. The code will finally address the problems of the currently used Income Tax Act of 1961. When the new code is released […]

Tax on Fringe Benefits Dissolved

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Jul. 6 – India’s Finance Minister Pranab Mukherjee has announced the cancellation of the fringe benefit tax applied to non-salary perks given by companies to their employees. The tax has been in place since 2005 but Indian businesses have since rallied to have the tax removed. Soon the fringe benefit taxes charged on a company’s […]

Government Forecasts US$15 Billion Income from New Tax

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Jun. 30 – India’s new tax system is projected to earn the government US$15 billion annually through the Goods and Service Tax as well as provide more employment, spread the tax burden and increase exports when it is implemented in April, 2010. The new tax system, which will replace all major central and state taxes, […]

India Considers Tax Incentives In Energy Sector

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Jun. 24 – The Indian government is considering a series of tax holidays, including a seven year tax break, to assist with the development of exploration in its oil and gas sectors and lessen its dependence on imports. Currently three quarters of India’s oil and gas consumption is imported, and the decision to approve tax […]

India May Rollback Service Tax to 12 Percent

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Jun. 11 – The Indian government is considering a rollback of service tax to its previous level of 12 percent in the wake of rising state expenses and shrinking revenue. Last February, the service tax rate was lowered to 10 percent as part of the country’s third stimulus package. According to estimates, service tax collection […]

New Indian Goods and Services Tax Regime in Place by 2010

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May 26 – The Indian government is studying tax reforms that will sweep away part of the current VAT system, a variety of state level direct and indirect taxes, excise duties, service tax and luxury tax and replace them with a single Goods and Services Tax (GST). The GST will require legislative and constitutional changes […]

Indian Markets Up 20 Percent on Election Results

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MUMBAI, May 19 – The Indian business community reacted strongly to the national election results yesterday, sending the primary Sensex up over 2,000 points to close at 14,284. In unparalleled scenes, the markets rose in just two minutes worth of trade before the exchange was forced to bring an end to the session as the […]

Gov’t Planning to Change Audit System

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May 7 – The Indian government is planning to change to a new accounting system for its annual financial statements in five years time to accrual-based accounting for transparency. The new system will allow the government to record transactions although cash will change hands later on. This will be more effective in showing the government’s […]

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