Govt exempts P-Notes maturity from GAAR: ASSOCHAM
The Dollar Business Bureau The government have to come out with an explanation that GAAR (General Anti-Avoidance Rules) would not be applicable to a Foreign Portfolio Investor (FPI) on maturity and redemption of the Participatory Notes (P-Notes), in order to gain confidence of the foreign investors and motivate them to keep their interest in the stock market of India, ASSOCHAM said in a memorandum submitted to the Ministry of Finance. In the memorandum, the trade body detailed that it is usual for investors to gain economic exposure in the country’s securities via P-Notes. On the maturity and redemption of these instruments, the underlying Indian securities citing the P-Notes may or may not be traded by the FPI. “While the concerned rules governing the ...
Technology to ease tax processes, reduce compliance responsibilities: Thomson Reuters
Thomson Reuters Global Tax Market Development Lead, Vinay Sethi evaluates the Union Budget 2016-17 presented by the Finance Minister Arun Jaitley. He says the budget is in the right direction however it lacked major changes. Vanita Peter DSouza | The Dollar Business Vinay Sethi , Global Tax Market Development Lead, Thompson Reuters Though the Union Budget lacked any major changes, Finance Minister Arun Jaitley managed to provide some relief to small taxpayers, push growth, mobilise resources and bring some certainty and rationalisation into the tax regime, said Thompson Reuters. Assesses have welcomed tax rebate for small tax players under section 87Aand 80GG while turnover limit under Presumptive taxation scheme under section 44AD of the Income Tax Act has been increased to Rs.2 crore. ...
Hope to roll out GST next year: PM
Source: PTI Prime Minister Narendra Modi and the German Chancellor Angela Merkel with other members at the Indo-German Summit 2015, organised by the NASSCOM & Frauenhofer Institute, in Bengaluru on Monday. Prime Minister Narendra Modi on Tuesday expressed the hope that Goods and Services Tax (GST) will be rolled out next year. Addressing Indian and German business leaders in Bengaluru, Modi said, “We have introduced GST bill in Parliament and hope to roll it out in 2016.” The Bill has already been approved by the Lok Sabha and is pending in the Rajya Sabha, where the ruling NDA does not have a majority. After its approval by Parliament, half of the state legislatures too need to approve the Constitutional Amendment ...
A review of the Budgets impact on exportsimports and foreign investments
D K Aggarwal, Chairman, SMC Investments & Advisors Ltd. The global economic situation is a major determinant of export performance of any country, thus export growth cannot be viewed separately. With the global economy continuing to be volatile, India’s export growth performance in the last one and a half years has been much below as compared to the previous years. This is because of India’s heavy dependence on petroleum products and Gems and Jewellery. The recent Union Budget tabled by the Union Finance Minister, is perceived to be a pragmatic budget in accordance with the current Indian Economic Scenario, which set the pace for addressing long-pending issues. This path-breaking budget, clearly spells the vision of the Modi-led BJP government. ...
