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India-Cyprus tax treaty talks at an impasse - Livemint

India-Cyprus tax treaty talks at an impasse - Livemint | Tax Brahma | Scoop.it
Livemint
India-Cyprus tax treaty talks at an impasse
Livemint
India wants LOB to be part of its double taxation avoidance agreement (DTAA) with Cyprus to prevent investors from misusing the treaty to avoid paying taxes in India.
Total Solutions's insight:

Cyprus became the first nation to be declared a notified jurisdiction by India under Section 94A of the Income Tax Act because of its alleged failure to share more information on Indian tax avoiders based there.

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Government plans new return to plug excise, service tax evasion - Times of India

Government plans new return to plug excise, service tax evasion - Times of India | Tax Brahma | Scoop.it
Government plans new return to plug excise, service tax evasion
Times of India
...
Total Solutions's insight:

Senior officers in the department said the move to introduce the new returns will also reduce the burden on taxpayers and is part of a shift towards the introduction of Goods & Services Tax, a top priority item for the Narendra Modi government.

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Service sector lifts India's sagging tax revenues - Business Standard

Economic Times Service sector lifts India's sagging tax revenues Business Standard Despite a drop in customs and excise collections, India's mop up of indirect taxes touched nearly 25 percent of the annual budgeted target in the first four months...
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Service tax collections moved up from Rs.43,693 crore to Rs.50,850 crore during the period under review, registering an increase of 16.4 percent.

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Jadwa Investment release quarterly oil market update - CPI Financial

Jadwa Investment release quarterly oil market update - CPI Financial | Tax Brahma | Scoop.it
Jadwa Investment release quarterly oil market update CPI Financial Although the Japanese economy has been weighed down by a sales tax, which was introduced at the start of June 2014, a mild recovery is expected on the back of central bank money...
Total Solutions's insight:

Jadwa expect the EU economy to improve marginally over the second half of the year, as the fiscal position of the southern European economies continues to improve and industrial production recovers, structural changes through continuing improvements in fuel economy standards, will mean growth in oil consumption will be limited for the foreseeable future.

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Taxation Of Import Of Services In India And Levy Of Service Tax ...

N. Vijia Kumar. This article deals with the taxation of import of services in India and evaluation of levy of service tax in the light of some relevant circulars and notifications. The author has also referred to a decision of the ...
Total Solutions's insight:

The introduction of Goods and service tax, easy access to funding, the ease in getting clearances and the provision of tax incentives are the bullet issues of the start up sector who is looking forward to the budget 2014 with great expectations.

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Oil players seek end of service tax - Calcutta Telegraph

Oil players seek end of service tax - Calcutta Telegraph | Tax Brahma | Scoop.it
Oil players seek end of service tax
Calcutta Telegraph
Companies such as Reliance Industries, Cairn India and ONGC have sought a review of the service tax and suggested that either it should be refunded or exempted.
Total Solutions's insight:

Oil ministry officials said they were hopeful that the exploration and production companies could get some relief as the Modi government was keen on attracting investments, which would reduce the import bill.

 
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MTS India bats for USO fund levy reduction, single tax structure - The Economic Times

MTS India bats for USO fund levy reduction, single tax structure - The Economic Times | Tax Brahma | Scoop.it
The government should consider the reduction in USO fund levy from a current present 5% to 1% in a phased manner and implement a single tax structure.
Total Solutions's insight:

The government consider the reduction in USO fund levy from a current present 5% to 1% in a phased manner and implement a single tax structure. 

 
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United India Insurance emerges winner for insurance scheme to pensioners - The Economic Times

United India Insurance emerges winner for insurance scheme to pensioners - The Economic Times | Tax Brahma | Scoop.it
The Chennai-based company, has entered into an agreement with Government for implementing the scheme which is valid for a period of four years.
Total Solutions's insight:

The new health insurance scheme has been aimed at providing health care assistance to pensioners  family pensioners on a "cashless" basis with provision to avail assistance up to Rs 2 lakh for four-year period. 

 
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What's in a Name? Changing the Name of a Company in China - China Briefing

What's in a Name? Changing the Name of a Company in China - China Briefing | Tax Brahma | Scoop.it
China Briefing
What's in a Name? Changing the Name of a Company in China China Briefing Updating tax registration is quite complex, but is a crucial step in the overall process, as it affects the company's ability to issue fapiaos (and thereby...
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In China, the importance of finding the right name is as true for companies as for individuals, as highlighted by name approval being the first step in establishing a company in China.

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Modi government to present first Union Budget on July 10 - Chandigarh Tribune

Modi government to present first Union Budget on July 10 Chandigarh Tribune "News has appeared in various sections of the media quoting Swiss authorities that they are willing to actively cooperate with the government of India in giving details...
Total Solutions's insight:

The first Union Budget of the Narendra Modi ,Government will be presented by Finance Minister Arun Jaitley on July 10.
The Rail Budget will be presented on July 8, while the Economic Survey will be released on July 9,

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Separate MSME Policy on Cards - The New Indian Express

Separate MSME Policy on Cards - The New Indian Express | Tax Brahma | Scoop.it
Separate MSME Policy on Cards
The New Indian Express
...
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MSME  kalraj mishra said that they were exploring opportunities to get a separate policy for the sector. “Big problem before the MSME is till today is industrial policy, MSME does not have policy of its own.

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VAT and Service Tax on Restaurant Bill | VAT on Food Charge

VAT on food we eat and service tax on restaurant bill are to be paid. Service charge on restaurant bills are in addition. Service tax rate is 12.36% in India.
Total Solutions's insight:

VAT and Service Tax  is applicable only on restaurant which has air conditioning facility. 

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Roobaroo: Why India can't do away with taxes

Roobaroo: Why India can't do away with taxes | Tax Brahma | Scoop.it
RT @npbang: Why India can't do away with taxes http://t.co/f6fkJqbhU4
Total Solutions's insight:

Half of the Indian government revenues in a year come by way of tax collection. That"s the  reason India can"t do away with taxes.

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Amazon runs into tax trouble in Karnataka

Amazon runs into tax trouble in Karnataka | Tax Brahma | Scoop.it
Govt serves notices to third-party merchants ordering them to stop storing their products in Amazon’s storehouses (So *this* is how the vat issue was addressed @BERGES .
Total Solutions's insight:

The move by the Karnataka tax department has primarily affected Amazon as it owns a storehouse in the state. Snapdeal doesn’t own storehouses in Karnataka, while Flipkart’s largest seller WS Retail, which generates more than 85% of the site’s sales, has not been served with a notice

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ADB to provide up to $9 bn loan to India over 3 years - The Hindu

ADB to provide up to $9 bn loan to India over 3 years - The Hindu | Tax Brahma | Scoop.it
The Hindu ADB to provide up to $9 bn loan to India over 3 years The Hindu Going forward, he said that “it is essential to increase capital expenditures as a ratio to GDP, enhance tax revenues through tax reforms such as the introduction of Goods...
Total Solutions's insight:

Mr. Nakao, who is on two-day official visit, met Prime Minister Narendra Modi and Finance Minister Arun Jaitley and discussed macroeconomic situation and ADB’s funding programme to boost infrastructure sector.

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Need for predictable taxes, contract sanctity: Cairn India - Economic Times

Need for predictable taxes, contract sanctity: Cairn India - Economic Times | Tax Brahma | Scoop.it
Need for predictable taxes, contract sanctity: Cairn India
Economic Times
Agarwal said Cairn's production helped reduce the India's import bill by over Rs 48,000 crore.
Total Solutions's insight:

"Simple policy framework, predictability of taxes and fiscal regime, maintaining contract sanctity and facilitating private sector capital are key levers which have been effectively utilised by the US. This led to their energy renaissance."

 

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Over Rs 1 Lakh Crore Locked in Excise, Service Tax Litigation: National Auditor - NDTV

Over Rs 1 Lakh Crore Locked in Excise, Service Tax Litigation: National Auditor - NDTV | Tax Brahma | Scoop.it
Zee News Over Rs 1 Lakh Crore Locked in Excise, Service Tax Litigation: National Auditor NDTV New Delhi: Over Rs 1 lakh crore of taxes were locked up in various stages of litigation in service tax and central excise at the end of March 2013, the...
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"As no action can be initiated for recovery of revenue till the appeal is pending, locking up of revenue of Rs. 1 lakh crore is a matter of concern,"

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Budget should undertake fiscal revival to ensure growth: Max Life Insurance CEO - Business Today

Budget should undertake fiscal revival to ensure growth: Max Life Insurance CEO - Business Today | Tax Brahma | Scoop.it
Business Today Budget should undertake fiscal revival to ensure growth: Max Life Insurance CEO Business Today In response to its changing developmental strategy, India's tax system need major reforms whereby multiple taxes on same transaction is...
Total Solutions's insight:

India's growth engine has slowed considerably and FY 2014 was the second year in a row when Indian GDP grew by less than 5%. For the fiscal year 2006-07, India was the second-fastest growing economy with a 9.6%  growth rate, second only to China.

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SC dismisses ex-ASG Biswajit Bhattacharya's Vodafone tax dues ...

SC dismisses ex-ASG Biswajit Bhattacharya's Vodafone tax dues ... | Tax Brahma | Scoop.it
Bhattacharya had claimed “subversion of the rule of law” by not enforcing the retrospective amendment to the Income Tax Act 1961, leading to Rs 20,000 crore of dues payable by Vodafone, added Mint. ...
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Bhattacharya had claimed “subversion of the rule of law” by not enforcing the retrospective amendment to the Income Tax Act 1961, leading to Rs 20,000 crore of dues payable by Vodafone.

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A government in India that, for the first time in 30 years, can actually get ... - The American Bazaar

A government in India that, for the first time in 30 years, can actually get ... - The American Bazaar | Tax Brahma | Scoop.it
A government in India that, for the first time in 30 years, can actually get ...
Total Solutions's insight:

It has to re-establish the confidence of global companies to come and invest in India, so that India can jump-start the inflow of crucial FDIs. India also has to make it easier for companies to conduct business in India, which goes hand-in-hand with making India more attractive to multi-nationals said by Ravi Venkatesh.

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Switzerland's Role in India's Fight Against Tax Evasion - the Diplomat

Switzerland's Role in India's Fight Against Tax Evasion - the Diplomat | Tax Brahma | Scoop.it
the Diplomat
Switzerland's Role in India's Fight Against Tax Evasion
the Diplomat
For many in India, the issue represents the worst sort of corruption: unscrupulous elites squirreling away public funds beyond the reach of the state.
Total Solutions's insight:

Switzerland recently promised to share the details of Indian nationals “holding black money” in Swiss bank accounts.

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Airline stocks rally on fuel tax cut hopes - Times of India

Airline stocks rally on fuel tax cut hopes - Times of India | Tax Brahma | Scoop.it
Airline stocks rally on fuel tax cut hopes Times of India MUMBAI: Stocks of domestic airlines rallied on Tuesday after the aviation minister asked states to cut taxes on aviation fuel that account for a major chunk of the operating costs of...
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The aviation minister asked states to cut taxes on aviation fuel that account for a major chunk of the operating costs of airlines in India. 

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Swiss Govt Makes List of Indians With Suspected Black Money - Outlook

Swiss Govt Makes List of Indians With Suspected Black Money - Outlook | Tax Brahma | Scoop.it
Economic Times Swiss Govt Makes List of Indians With Suspected Black Money Outlook Swiss government has been refusing to share details about the Indians named in this 'HSBC list', which was stolen by a bank employee and later found its way to tax...
Total Solutions's insight:

Swiss Govt makes a list of Indians with suspected black money, while Special Investigation Team constituted by Indian government promised action if any illegality is found.

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ICAI to take action against CAs spreading Malicious information ...

ICAI to take action against CAs spreading Malicious information ... | Tax Brahma | Scoop.it
Disturbance to the original intention of legislature in Income-Tax Act, 1961 started in 1984 by the intervention of Institute of Chartered Accountants of India by way of inserting mandatory Tax Audit Certificate U/s 44AB by only ...
Total Solutions's insight:

The members of ICAI should not host, display, upload, modify, publish, update, forward or share any information, in any form which is harmful, harassing,or invasive of another’s privacy, dignity or prestige in any manner against the Institute.

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Make taxpayers' life easier: Shome panel - Times of India

Make taxpayers' life easier: Shome panel - Times of India | Tax Brahma | Scoop.it
Calcutta Telegraph
Make taxpayers' life easier: Shome panel
Times of India
Further, it said that the permanent account (PAN) number should be used by several other government agencies, including for provident funds, customs, excise and service tax.
Total Solutions's insight:

A government panel on tax reforms has recommended sweeping changes, including pre-filled returns for individuals, a common return for I-T and wealth tax.

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