Other Briefings
P.M.’s Advisory Committee Wants One Rate Each for Goods, Services Under New GST
Dec. 21 – The Indian Prime Minister’s Economic Advisory Committee favors a single tax rate each for goods and services or one common rate for both under the proposed goods and services tax (GST), according to the committee’s chairman. “The Centre could follow the pattern in which there is only one rate for goods and […]
Reserve Bank of India Modifies Commercial Borrowing Policy
Dec. 14 – The Reserve Bank of India has modified its external commercial borrowing (ECB) policy; the changes will take effect from January 1, 2010. Loan agreements signed on or after this date will attract an all-in-cost ceiling as shown in the chart. Eligible borrowers using ECB after December 21, 2009, where the loan agreement […]
Foreign-Owned Indian Assets May Be Excluded from Capital Gains Tax
Dec. 9 – The Federation of Indian Chambers of Commerce and Industry has suggested that transactions in respect of Indian assets of foreign companies are to be excluded from capital gains tax. In submissions to Revenue Secretary P.V. Bhide on Tuesday, the FICCI president, Harsh Pati Singhania, suggested that certain transactions of foreign companies in […]
Report: No Client Should Exceed 10 Percent of Audit Firm Revenue
Nov. 30 – A corporate governance committee established by the Indian Industry (CII) said in a report that no corporate client or group should comprise more than 10 percent of an audit firm’s revenues. The recommendations are part of government efforts to prevent conflict of interest scenarios with the 10 percent limit applicable to earnings […]
United States is Largest Equities Investor in India
Nov. 26 – The United States is now India’s largest equity market investor with a net investment worth Rs 213,450,000,000 as of November 10. This represents a major shift for the United States when two years ago it was not even part of the top ten investors in the Indian stock market. Luxembourg and France […]
India Considers Expanding Tax Refund Scheme
Nov. 23 – The Indian government is deliberating whether to expand the current coverage of its tax refund scheme to include export industries that have been severely affected by the global slowdown. This could help alleviate hard hit export manufacturers like gold jewelery, glass art ware and handicrafts and to help them maintain competitiveness. A […]
Dual Structure Proposed for Goods and Services Tax
Nov. 11 – A dual goods and service tax (GST) structure has been proposed by the state that would allow for two rates for goods and one rate for services. The new GST regime is slated for implement on April 1, 2010 with the goal of streamlining taxation for the manufacturing and services industry. The […]
India to Audit Foreign Banks Operations Prior to Permitting New Branches
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 […]
