corporate tax update for the month of october first week

Corporate tax Update for the Month of October First week

India, US set anti-tax evasion deal in motion

Oct 01, 2015

India has sent the first set of information about Americans holding financial assets in India to the US revenue authorities after setting in motion an information-sharing deal to tackle offshore tax evasion from September 30. Sources privy to the development said that Indian asset details of Americans were collected by the tax department from all banks in India and shared with the US Internal Revenue Service (IRS) under an inter-governmental agreement signed on July 9 under the US’ Foreign Account Tax Compliance Act (FATCA).

Source: https://www.financialexpress.com/article/economy/india-us-set-anti-tax-evasion-deal-in-motion/144188/

Select services to attract lower GST rate to soften higher levy

Oct 01, 2015

With the goods and services tax likely to increase the tax rate for services and perhaps do the opposite for goods, the Centre and states want to soften the blow to a clutch of service industries that are in policy focus by keeping them under a lower-than-standard GST rate. While banking and insurance services, which are being encouraged to bolster financial inclusion, would surely be among the beneficiaries, policymakers, sources said, are drawing up a longer list of services that could attract the lower GST rate.

Source : https://www.financialexpress.com/article/economy/fe-exclusive-select-services-to-attract-lower-gst-rate-to-soften-higher-levy/144200/

Sugar exports plummet by half to 11 lakh tonne

Oct 01, 2015

India’s sugar exports plunged by a half in the current marketing year ending Wednesday from a year before, despite a government subsidy on the outbound shipment of raw sugar. The country’s sugar exports under the open general licence (OGL) are expected to have hit 11 lakh tonne in 2014-15, compared with 21.8 lakh tonne a year before, according to a preliminary estimate by the Indian Sugar Mills Association (ISMA).

Source: https://www.financialexpress.com/article/markets/commodities/sugar-exports-plummet-by-half-to-11-lakh-tonne/144138/

Gas price cut by 18%, ONGC to take Rs 1,059-cr hit

Oct 01, 2015

With the 18% reduction in domestic natural gas price effective October 1, state-owned explorer ONGC would take a hit of Rs 1,059 crore on its profit after tax (PAT) in the second half of the fiscal. According to a circular from the Petroleum Planning and Analysis Cell (PPAC), the price of natural gas from domestic fields would drop to $4.24/mBtu from October 1 on net calorific value (NCV) basis, from $5.18/mBtu previously. The revised price on a gross calorific value (GCV) basis would be $3.82/mBtu.

Source : https://www.financialexpress.com/article/economy/gas-price-cut-by-18-ongc-to-take-rs-1059-cr-hit/144189/

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