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India’s January crude oil imports hit record high

MUMBAI: High refinery runs and expanding refining capacity amid a strong recovery in demand pushed India’s crude oil imports to a record 4.93 million bpd in January 2018, up by double digits compared to both December 2017 and January 2017, according to data compiled by Thomson Reuters Oil Research & Forecasts. India’s oil imports last month were 13.6 percent higher ... Read More »

Tax collection assumptions in India’s budget ambitious

INDIA: The IMF today said the tax collection assumptions in India’s budget is ambitious but there is a need to look into the fiscal implications of some of the initiatives that are presently unfunded. Referring to some of the implementations relating to the goods and services tax (GST) in 2017, IMF Director of Communications Department Gerry Rice said if these ... Read More »

Non resident expats salary paid in India won’t face tax

MUMBAI:  The ruling stands out because apart from providing relief from double taxation under the Indo-US tax treaty, the AAR additionally held that the sums received in India would not be taxable here under the domestic tax laws. Unlike a tribunal or court order, a ruling by AAR, a quasi-judicial body, does not set a precedent. But it does have ... Read More »

Seven cattle smugglers held in Chhattisgarh

MUMBAI: Seven people were arrested for cattle smuggling in Chhattisgarh’s Raigarh district, police said today. A total of 54 bovine animals, mostly bulls, were seized from them. According to police, the accused were taking the cattle, including 45 bulls, one cow and 8 calves, to a slaughter house in neighbouring Odisha. Acting on a tip-off, the cattle smugglers were held ... Read More »

Improving tax compliance in India

MUMBAI: In the recent Union budget, the focus on tax proposals was prominent. There was the introduction of the long-term capital gains (LTCG) tax, as well as significant tax breaks for senior citizens who earn interest income from fixed deposits. However, there is one aspect of taxation reform that often goes underreported despite its central presence in every Union budget ... Read More »

India begins second anti dumping probe on paper imports

MUMBAI: The Directorate General of Anti-Dumping & Allied Duties (DGAD), under the ministry of commerce and industry has opened at least two anti-dumping investigations concerning import of paper originating in countries such as Indonesia, Thailand, Singapore, China, European Union and the US. Dumping is a process where a company exports a product at a price lower than the price it ... Read More »

Mondelez faces India tax demand of up to 245m

MUMBAI: Indian subsidiary of Mondelez International faces a tax liability of more than $245 million, as per the multinational confectionery, food and beverages major’s 10-K filing with the U.S. Securities and Exchange Commission. In February 2013 and March 2014. Mondelez India Foods Pvt. Ltd., and other parties received showcause notices from Indian Central Excise Authority calling upon the parties to ... Read More »

Tax on LTCG is a muddled proposal that achieves little

MUMBAI: The argument is that income that an asset generates should be booked to tax, irrespective of whether it is a human asset or a capital asset. Subjecting individual incomes to tax, and exempting capital assets from tax, creates incentives to engage in acquisition of capital assets, without deploying such resources in income generating activity. The implementation, however, betrays this ... Read More »

Tax exemption snub may cost India CT 2021

MUMBAI: The International Cricket Council (ICC) has cautioned the  that unless the Indian government allows full tax exemption, the ICC Champions Trophy 2021 will be taken away from the BCCI (India). At the Board meetings in Dubai on Friday, the ICC decided to go ahead with finding an alternate host country. A press release from the ICC said: “The Board expressed its ... Read More »

Indian MP demands special product tag for Himachal apple

MUMBAI: MP Virender Kashyap today demanded the inclusion of the Himachal apple in the special product category to safeguard the livelihood and economy of apple growers. Kashyap requested Union Commerce Minister Suresh Prabhu to increase the import duty on apples from the WTO-bound rate of 50% to check the import the surge from the US, Australia, New Zealand and China. ... Read More »

Wheat imports seen surging 40% on winter crop stress

MUMBAI: India’s wheat imports are set to surge as lower plantings and poor rain threaten output in the world’s biggest grower after China. Imports may total 3.5 million metric tons in the year from 1 April, according to the median estimate of eight traders and analysts surveyed by Bloomberg. That compares with the US Department of Agriculture’s estimate of 2.5 million ... Read More »

Investors in India’s tax crosshairs

MUMBAI: India’s income tax department has issued 100,000 tax notices to cryptocurrency investors, in the latest sign of a government crackdown on the use of the digital money. People who have made investments (in cryptocurrency) and have not declared income while filing taxes and have not paid tax on the profit earned by investing, we are sending them notices as ... Read More »

India raises chickpea import duty to 40 per cent

MUMBAI: Indian government has raised its import tariff for chickpeas from 30 per cent to 40 per cent. The government said Tuesday in the Gazette of India the increased tariff is to be imposed immediately, with existing circumstances making it necessary. Chickpea prices have continued to fall over the last six months, according to reports out of the country. On Dec. 21 ... Read More »

India’s tax collections are in line with its GDP

MUMBAI: Finance minister Arun Jaitley has, on more than one occasion, said that India is a nation of poor tax compliance, and that characterisation is also in keeping with the large estimates of the country’s black economy. What really matters, however, is whether India is the laggard when it comes to poor compliance or whether, once you account for India’s low per ... Read More »

Rise in Indian vegoil import tax not expected to have major impact

MUMBAI: The increase in import duty on vegoil in the Indian budget presented last week would not have a major impact because it effectively means only a $10/mt rise in tariff for CPO imports, market sources said Friday.  The rise in import duty in November last year was much higher, around $100/mt, a Singapore-based source said. India removed the 3% ... Read More »

India looking at strategy to raise exports by 20% of GDP

MUMBAI: Union Commerce and Industry Minister Suresh Prabhurecently said India is looking at options to increase exports by at least 20 percent of the total Gross Domestic Product (GDP), as the central government is coming out with a plan for the same. It may be noted that India’s imports are generally higher in comparison to the exports, which has proved to be a ... Read More »

India planning new measure to tax major digital entities

MUMBAI: India may be looking at different options to tax major digital entities. However, considering the fact that it is a tedious process to renegotiate tax treaties, the centre is looking at base a multilateral instrument (MLI) to implement the fresh tax related framework. The report also says that India may propose the new condition under the international tax framework of ... Read More »

India lifts export curbs on onions as prices plunge

MUMBAI: India will allow unrestricted export of onions, the government said in an order on Friday, as prices of the politically-sensitive vegetable fell over a third in a month. The world´s biggest exporter of onion had imposed curbs on overseas sales late last year in an attempt to soften local prices. In November, the government set a minimum price of ... Read More »

Higher import duty takes fun out of imported toys

MUMBAI: International branded toys are all set to become costlier in India, with the government hiking customs duty on toys and games. The Union Budget presented by Finance Minister Arun Jaitley on Thursday proposed to increase customs duty from 10 per cent to 20 per cent on toys such as dolls, puzzles, tricycles, toy scooters among others. Industry players believe ... Read More »

India struggles to match China as elite world weapons exporter

MUMBAI:  Day by parading troops and locally made weapons in front of New Delhi’s colonial-era sandstone buildings and past 10 Southeast Asian heads of state — all potential buyers. New Delhi hopes to export made-in-India military technology, including its BrahMos missiles, to smaller countries in Asia that fear China’s rise. India will have another chance to show off at the ... Read More »