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India signs 11 more APAs to reduce tax disputes
The Central Board of Direct Taxes (CBDT) has signed 11 more advance pricing agreements (APAs) with MNCs on Tuesday,
taking the total number of such deals that would spare them from
rigorous tax audits under certain conditions to 31 so far. Of this, 22
were signed this year. The department had earlier set an internal target
of about 150 APAs for this year, mostly with US-based companies in the
IT and ITeS sector to avoid future tax disputes. So far, it has covered
about a fifth of this target. [….] Read more at:
Govt inks 11 pacts to sort transfer-pricing issues
The
government has concluded 11 agreements to tax multi-national companies
via the transfer-pricing mode. Of these, one advance pricing agreement
(APA) has a 'rollback provision', which means those relating to previous
years. The government has signed 22 APAs so far in the current
financial year and 30 more are expected to be inked in FY16, providing a
climate of certainty and non-adversarial tax regime to foreign
companies.The APAs were signed with companies in sectors rang [….]
Read more at:
Indirect Tax
Delhi government tells ecommerce companies to file returns by month end
The
Delhi government has given time till November end for ecommerce
companies to start filing mandatory quarterly returns, providing
specific information on sellers from the national capital on their
platform."Attention! All ecommerce web portals," a half-page ad issued
by Delhi government's department of trade and taxes on Monday
said. "It is compulsory to enrol with the department by filing form
EC-1 online." In a bid to check tax evasion by Delhi-based sellers on
online platforms, the [….] Read more at:
Prospects brighten for key tax reform; Arvind Subramanian panel may suggest 18% GST rate
A
key panel on goods and services tax is likely to recommend a
revenue-neutral rate of about 18 per cent. The group, headed by Chief
Economic Adviser Arvind Subramanian, has zeroed in on the rate after
considering various scenarios, brightening the chances for this
important reform as the low rate should be acceptable to everyone."It
has worked out to about 18 per cent," a government official privy to
discussions said. GST, which seeks to replace a host of central and
state indirect taxes on goods [….] Read more at:
PM Narendra Modi willing to speak to everyone on GST Bill: Arun Jaitley
Offering
an olive branch to the Opposition to get the GST bill passed, Finance
Minister Arun Jaitley today said that Prime Minister Narendra Modi is
willing to speak to everyone to get the landmark indirect tax law
through. Jaitley, who needs Parliament approval for the Goods and
Services Tax (GST) Bill in the winter session to roll out the new
indirect tax regime from planned April 1,
said he has spoken to "almost all Congress leaders" on the issue. "We
have absolutely no hesitation even at [….] Read more at:
30 of 32 parties back GST Bill: Government claims, hopeful of its passage
Amid
all the uncertainty over the fate of the goods and services tax bill,
the government has claimed that 30 of the 32 political parties are
supporting the proposed legislation and it is confident about the
passage of the Constitution amendment bill in the winter session of
Parliament. "We are making efforts for its passage. The public mood is
almost one-sided in favour of the GST," Parliamentary Affairs Minister M
Venkaiah Naidu told reporters. He claimed that of the total 32 parties
represented at t [….] Read more at:
SEBI
Sebi to set rules, offer sops for green bonds
The
Securities and Exchange Board of India (Sebi) is set to unveil rules on
monitoring the end use of green bonds, and might propose incentives for
companies to issue them at its board meeting on November 30 (next Monday).
“Sebi is working on regulations that will incentivise companies to
launch green bonds. We would like these bonds to be listed on the
domestic exchanges instead of on overseas exchanges,” said a source
privy to the development. “Regulations by Sebi are likely to be followed
[….] Read more at:
Sebi sets timeline for commodity exchanges
Markets
regulator the Securities and Exchange Board of India (Sebi) has
directed regional commodity derivatives exchanges to submit a scheme for
corporation and demutualisation for approval within a period of two
years from the date of their association with Sebi, that is September
28, 2015. Following this, Sebi would give them its assent to adhere to
the guidelines under the Securities Contracts (Regulation) Act, 1956
(SCRA) within three year from September 28, 2015, the regulat [….] Read
more at:
Sebi interim order fines Polaris founder, ex-CFO
The
Securities Exchange Board of India (Sebi) has, in an interim ex parte
(without hearing the other side's defence) order ordered impounding of
allegedly unlawful gains made by Polaris Consulting and Services
founder Arun Jain and the company's former finance head, R Srikanth, for
breaches in 2008 of insider trading rules. The company was earlier
known as Polaris Software Lab. Sebi member Prashant Saran directed
impounding of the allegedly unlawful gain for the period till the or
[….] Read more at:
RBI
RBI clears way for 'vulture' funds
The Reserve Bank of India (RBI) said on Thursday
it would allow foreign portfolio investors (FPIs) to invest in bonds
that are in default, partly or fully, if the residual maturity is at
least three years. This means banks which have given loans to companies
in stress can clean their balance sheet by selling these stressed
assets. The buyers of these bonds, usually foreign “vulture funds”
looking for distressed assets worldwide, can buy these at a steep
discount and then put a lot of pressure on com [….] Read more at:
Consumer complaints increase by 11.2% in 2014-15: RBI
The
Reserve Bank of India (RBI)’s banking ombudsman has recorded a 11.2 per
cent uptick in complaints by banking customers in 2014-15. The
regulator said it received 85,131 complaints in the last financial year
compared with 76,573 a year ago. Public sector lenders accounted for 34
per cent of the total complaints, followed by State Bank of India (SBI)
and its associates at 31 per cent, private banks at 23 per cent and four
per cent against foreign banks. While PSBs, private sector banks and
[….] Read more at:
Govt plans to put 98% sectors for FDI under automatic route
India
is planning to put around 98% of sectors that are open to foreign
investments under the automatic route so that investors are spared of
the trouble of approaching either the finance or the commerce ministry
for any approval, a senior government official said on Tuesday.“We
are putting maximum sectors (of FDI) through automatic route. Our
belief is that nobody should come to the government. So we get 92% of
FDI coming through automatic route. We are targeting that almost 97-
[….] Read more at:
DIPP notifies easing of FDI policy in several sectors
The Department of Industrial Policy and Promotion on Tuesday
notified the recent liberalization of foreign direct investment (FDI)
policy in several sectors including defence, retail and construction
development sector. The DIPP has also defined the term “manufacturing”
for attracting FDI. In a recent decision, the government has permitted a
manufacturer to sell products made in India through wholesale, retail
including through e-commerce platforms without government approval. The
[….] Read more at:
NPCI relaxes norms to claim personal accident cover for RuPay
National
Payments Corporation of India (NPCI) has relaxed the time period to
claim personal accident insurance under RuPay Classic cards to 90 days
from 45 days, with immediate effect. The card holders will have to carry
out at least one banking transaction within 90 days of accident
including the accident date, to be eligible for the personal accident
cover, the company said in a release on Wednesday. The card holders are entitled to a sum insured of Rs 1 lakh under personal accident [….] Read more at:
Economy & News
Indian black pepper production to decline in 2016 due to inclement weather
Inclement
weather will once again crimp the production of black pepper, one of
the top export earning spices of India, in 2015-16. The International
Pepper Community, an inter-governmental organisation of pepper producing
countries in the world, has projected the Indian black pepper output to
touch 53,000 tonnes, down by 12,000 tonnes from previous year. dropped
to 37,000 tonnes in 2014 before rising to 65,000 tonnes in the current
year. With Brazil and Sri Lanka increasing th [….] Read more at:
Cross-border e-commerce to grow more than 75% in 2016: PayPal
Indian
online shoppers will spend Rs 54,700 crore buying products from other
countries, and that is expected to rise by more than 75 per cent in
2016, a report by payment firm PayPal said."The Indian ecommerce space
is experiencing an exciting time where innovation is the key. Our
research reveals that the advent of technology is slowly diminishing
borders for online shopping. With the number of online shoppers set to
grow exponentially, it will lead to increase in the number of sho
[….] Read more at:
Rs 20k crore worth crops lost due to February-April unseasonal rains: Report
Farmers
have lost more than 10 million tonnes of rabi crops, valued at above Rs
20,000 crore, due to unseasonal rainfall and hailstorm in
February-April this year, CSE said in a report. India may have to import
10 lakh tonnes of wheat in 2015-16 as about 68.2 lakh tonnes were lost
due to unseasonal rainfall, the Centre for Science and Environment (CSE)
said in its report, titled 'Lived Anomaly'. In February-April 2015,
standing crops on 182.38 lakh hectares or 29.61 per cent of the entire
rabi sown ar [….] Read more at:
New Development Bank appoints 4 new Vice Presidents, allocates roles
As
it prepares to rival multilateral funding agencies like World Bank and
IMF, newly-launched New Development Bank of five BRICS countries has
allocated formal responsibilities to four vice presidents. The
Shanghai-based bank in a release said, "Following the second meeting of
its Board of Directors on November 23-24, the NDB is pleased to announce
the allocation of formal responsibilities to the four Vice Presidents
of the Bank." NDB BRICS is multilateral development bank operat [….]
Read more at:
FAME-India scheme to save Rs 60,000 crore on oil import bill: Government
The
FAME-India scheme offering incentives on hybrid and electric vehicles
will help save Rs 60,000 crore annually on the country's oil import bill
by 2020, the government said today. "The successful rollout of the
FAME-India scheme will result in an annual savings worth Rs 60,000 crore
on India's oil import bill by 2020," Additional Secretary in the Heavy
Industries Ministry Ambuj Sharma told PTI. "We will spend about Rs 800
crore in the first two years. Overall, Rs 14,000 crore are needed to
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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