GST, touted to create a unified tax market will not only merge state borders but also diminish the importance of terms such as manufacture, services and sales. It is therefore important to envisage how the new tax regime impacts the services sector especially the financial services.
The tax world is changing at a rapid pace. Tax planning is being closely scrutinized and monitored, and tax evasion is not tolerated. The use of offshore jurisdictions to minimize tax liability is being frowned upon and the regular exchange of information between jurisdictions is becoming the “new normal.” The US, in 2010, enacted The … More Tax transparency: New reporting requirements
In a welcome (and rather much awaited) development for the investor community, the Government of India has clarified that it has accepted the recommendations of the A. P. Shah Committee. According to the recommendations, the provisions of Minimum Alternate Tax (MAT) are not applicable to Foreign Portfolio Investors (FPIs)/ Foreign Institutional Investors (FIIs)for the period … More MAT to rest: a sigh of relief for the FPIs!
Services constitute more than half of India’s Gross Domestic Product (GDP) today. As China has emerged as the leading global manufacturer, India is striving hard to establish its position as the best and the most cost-effective service provider for the West. Financial Services form a very important part of the service bouquet and indeed the … More India’s International Financial Services Centre: a bold new beginning