Our collection of resources based on what we have learned on the ground
Resources
Q&A
What are the incentives to operate in Indian special economic zones?
- November 2013
- Members Access
Benefits and facilities offered in these zones are: Duty free import/ domestic procurement of goods for the development, operation and maintenance of Special Economic Zones units; 100 percent income tax exemption on export income for Special Econ...
Q&A
How does Indian general anti-avoidance rules work?
- November 2013
- Free Access
Indian General Anti-Avoidance Rules relies heavily on the “substance over form” principle. It addresses directly the issue of tax avoidance. Under this new regime, the regulating ambit of transfer pricing will be widened, which will inclu...
Q&A
What taxes, other than corporate income tax and capital gains tax, might a forei...
- November 2013
- Members Access
The chief tax concern other than those mentioned would be service tax, which is currently charging a rate at 10 percent, with three percent as education cess on the value of total tax. A dividends distribution tax is applicable on the distri...
Q&A
What is service tax under Indian law?
- November 2013
- Members Access
Service tax is applicable to taxable services, at a rate around 13 percent. However, a small service provider whose value of taxable services is less than 1,000,000Rs in the previous financial year will be exempted. Currently, the Central Board ...
Q&A
How are allowances taxed in India?
- November 2013
- Free Access
In Indian taxation law, allowances are generally not taxable, given that they match certain specification and do not exceed certain amount. They can be given for house rent, transport, medical care, meal coupons, leave-time travel and education.
Q&A
How could the status of suppliers be known to foreign investors in India?
- November 2013
- Free Access
India holds an exceptional public record system. It is thus very easy to find relevant information of your suppliers therefrom. Here is a list that would help inspire: Company and personnel information (including share capital and tax issues); Co...
Q&A
What documents are required for a company to start trading in India?
- November 2013
- Free Access
The trading company should prepare the following documents, prior to trading: Import/ export license; Customs declaration form; Invoice; Certificate of origin; and All other relevant documents.
Q&A
How many classifications do Export/Import Policies in India have on goods traded...
- November 2013
- Free Access
There are 3 classifications: Restricted goods: Only ex-/importable if the relevant licence is obtained from the relevant regional licensing authorities. Canalised goods: Only ex-/importable if specific procedures or transportation means. Prohibi...
Q&A
What goods would require license in India?
- November 2013
- Free Access
The goods that require licensing under Indian law can be found in Indian Trading Classification, wich is based on a Harmonised Code (ITC(HS)). There are two "Schedules": Schedule I deals with import policies, which is subsectioned into 21 sections, w...
Q&A
What types of duties are there in India?
- November 2013
- Free Access
There are many duties levied by the Central Government. A list of the following includes the most important ones: Basic Duty; Additional Customs Duty; Additional Duty (VAT); Anti-dumping Duty; Countervailing Duty on subsidized articles; Safeg...
Q&A
Which documents are required to sell to India?
- November 2013
- Free Access
According to s. 90(4) Income Tax Act, Indian buyer has the right to request the seller to show a Tax Residency Certificate. Tax Residency Certificate is issued by national tax bureaus of the country of origin of the company or individual. However, th...
Q&A
How to register a trading company in India?
- November 2013
- Free Access
To register a company in India, the following steps are involved: Proposed directors must apply to the Ministry of Corporate Affairs of India to obtain the Director Identification Number. After obtaining so, the directors can apply to the Registr...
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