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The Dollar Business Bureau  A recent ‘Buy American, Hire American’ executive order from the Trump administration is the latest to cause flutters and bring jitters to the Indian IT sector, especially TCS, Cognizant and Infosys. The executive order brings to life, President Trump’s pre-election rhetoric of bringing jobs for Americans. A report made available on the White House website named TCS, Infy and Cognizant of indulging in unfair-practices to secure H1B visas. The press release remarked that these companies applied for more number of visas, under the lottery system for H1B, than they could get. This was done to gain a lion share of H1B visas. Furthermore, the release added that 80% of such workers were paid below the average while only ...

The Dollar Business Bureau The move by the Australian government to abolish the 457 visa for foreign workers would not have much impact on visas provided to Indian IT workers, said industry body National Association of Software and Services Companies (NASSCOM). “...it is a surprise and seems to be have been driven by domestic political compulsions where we are seeing immigration as a matter of huge political concern within the current geo political environment,” the industry body said in a statement on Wednesday. In order to tackle the rising unemployment, Australia has eliminated the 457 visa programme, which was used by more than 95,000 temporary international workers, with many of them being Indians. The Australian government will replace this visa with another programme by ...

The Dollar Business Bureau During Australian Prime Minister Malcolm Turnbull’s visit to Mumbai, the financial capital of India, he showed keen interest in the activities of innovation centres operated by TCS. After landing in Mumbai, post his first diplomatic meet with PM Narendra Modi in Delhi, on April 11, the Australian leader visited the TCS campus. Impressed by progress in innovation and technology made in the Mumbai and Chennai centres of TCS, he invited TCS to open a similar facility in Australia. To boost employment and growth, Turnbull thought fit for Indian software giant TCS to establish an innovation centre in the island country of Australia. He also expressed appreciation for the company’s efforts to promote education in the technical fields of STEM. Turnbull ...

The Dollar Business Bureau To allow enough time for Central Board of Excise and Customs (CBEC) to address industry concerns, the government has appointed around 10 different committees to individually look into the problems faced by specific sectors in making a shift to GST. Textiles, banking, insurance, exports, information technology, telecom, gems and jewellery, oil and gas, logistics, and MSMEs, are sectors marked for a thorough review to ensure smooth economic transition to the new tax regime. These groups, responsible for reporting and resolving sectoral issues, will be headed by senior tax officials, who will be required to file a report by April 10, 2017. Although GST is a progressive, forward-looking reform, many have expressed doubts over India's readiness to adopt ...

By Ranjeet Mahtani and Sweta Rajan Draft GST laws The Union Cabinet chaired by the Prime Minister has approved the Integrated GST, Central GST, Union Territory GST and GST Compensation bills on March 20, 2017. These four bills will now have to be passed by the Parliament. It is expected that the bills will be introduced in the Parliament early next week as a ‘money bill’ (note that the Rajya Sabha does not have the power to amend or reject money bills and is required to return it to the Lok Sabha within 14 days). Should the July 1, 2017 target for the introduction of GST in India be met, the Parliament will have to pass these bills before the end of ...

PTI Tata Consultancy Services Ltd (TCS) today announced Rs 16,000 crore share buyback -- biggest in the Indian capital market, as it looks to return surplus cash to shareholders.The decision comes at a time when India's largest software services provider is under pressure of losing revenue from its clients in the US, which accounts for 65 per cent of of the USD 155 billion industry, under President Donald Trump's protectionist measures.TCS said in a stock exchange filing that its board approved buyback of up to 5.61 crore shares, or 2.85 per cent of its share capital, at Rs 2,850 apiece.The share buyback, if successful, will be India's biggest, surpassing Reliance Industries' 2012 share repurchase of Rs 10,400 crore.TCS shares rallied 4.08 ...

Ranjeet Mahtani & Sweta Rajan The Central Government is in the process of vetting the drafts of the Model GST laws. The game plan is for the revision of the drafts to conclude during the next meeting of the Goods and Services Tax Council on February 18, 2017, to ensure that they can be tabled before the Parliament in the second leg of the Budget Session commencing on March 9, 2017.  GST Rates The classification of goods across the 5-tier rate slabs (0%, 5%, 12%, 18% and 28%) is expected to be decided in May-June, 2017. Meanwhile, the Revenue Secretary has indicated that the applicable tax slab can be estimated based on a simplistic formula – the rate slab closest to the existing ...

The Dollar Business Bureau  Amidst fears of a stricter US Visa regime and an overhaul of the H1-B visa program, Indian IT bigwigs are to meet power-wielders in Washington DC later in February. The meet will underscore the ongoing 'economic partnership' being built between the two countries, alongside lobbying for a softer approach to alterations in the H1-B visa regime.  Trump's election promise of scrapping H1-B visa has shook India's largely export dependent IT sector, which gets 60% of its export business from USA. The special visa was incorporated for businesses in USA to hire foreign talent in the field of STEM (science, technology, engineering and mathematics). Since America faces a shortage of qualified people for such technical jobs, the program is mutually beneficial to both nations. The recent ...