Friday , February 23 2018
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India’s monthly oil import bill growth at a year high


MUMBAI: The recent massive rise in global crude oil prices has now started inflating the oil import bill for India that meets 80 per cent of its crude requirement through inbound shipments. January’s oil import cost ballooned by a whopping 46 per cent to land at $9.6 billion as against $6.6 billion in the same month last year — the ... Read More »

Indian tax officials seize Rotomac’s bank accounts


MUMBAI: After the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED), India’s Income Tax Department has stepped up action against the Rotomac group and its promoters. The department has attached 11 of the group’s bank accounts in connection with an alleged tax evasion probe against them, officials said on Tuesday. The accounts in various bank branches in Uttar ... Read More »

India to increase oil imports from Iran


MUMBAI: In April through January, the first 10 months of this fiscal year, India imported about 17% less Iranian oil at about 442,800 bpd. Supplies from Iran were down as state refiners, which account for about two-third of India’s nearly 5 million barrels per day demand, curbed imports in protest at Tehran’s move to grant development rights for the giant ... Read More »

Indian banks may take $3b hit from PNB fraud tax dept


MUMBAI: Indian banks could take a hit of more than $3 billion from loans and corporate guarantees provided to diamond companies at the centre of a massive alleged fraud at the state-run Punjab National Bank, the tax department has estimated. As of March 2017, banks had extended loans and guarantees worth 176.32 billion rupees ($2.74 billion) to companies tied to ... Read More »

Indian government plans to issue ID cards to cows


MUMBAI: The Indian government’s move to issue biometric-based unique ID numbers to cows and buffaloes in the country has raised eyebrows. Will the proposed scheme of tagging and tracking livestock work? Murali Krishnan reports. Indian Prime Minister Narendra Modi’s government’s liking for cows is no secret. Modi’s Bharatiya Janata Party (BJP) and its Hindu nationalist allies have turned bovine protection into one ... Read More »

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

tax authority

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 »