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Understanding the new tax regime in India

 

  • The new tax rules and regulations which are under construction once approved by the Indian government will transform the way you do business in India

 

  • Introduction of goods and services tax (GST) which will engulf all kind of indirect taxes levied by the central and the state government like excise duty and value-added tax, entry tax and inter-state tax at the state level respectively

 

  • The new tax code will adhere to the International Financial Reporting System (IFRS), a globally recognized system for accounting and financial reporting which is expected to be more transparent as compared to the Indian generally accepted accounting standard

 

  • New Tax Code to be enforced from April 1, 2011 reduces overal complexity of Indian Tax rules and also eliminates exemptions and incentives

 

  • Reduction in corporate income tax from 34 percent to 25 percent

 

  • Companies can carry forward losses for an unlimited period of time

 

  • Foreign companies will be subject to branch profits tax of 15 percent

 

  • Proposed change in the residency rules would imply foreign companies as tax resident in India even if only partial control and management of their affairs is in India at any time during the financial year

 

  • Introduction of Advanced Pricing Agreements (APA)


For more information on this topic and a detailed report please email: CLOAKING

 




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