Indian tax authorities will soon overhaul their IT systems, in order to introduce a new centralized sales tax, and improve tax compliance. Following a meeting between the Minister of Finance of India Pranab Mukherjee and the Chairman of the Empowered Committee of State Finance Ministers Sushil Modi on August 3rd, it was reveled that the country is scheduled to take its first practical steps towards implementing the long delayed Goods and Service Tax. At the conclusion of the meeting the Finance Minister announced ... Read More

Small and medium enterprises in India could soon see greater access to investment funds, as the government looks into new policies to exempt capital gains from tax liabilities. In a statement issued on July 20th in New Delhi, the Secretary of the Department of Industrial Policy and Promotion (DIPP) Rajinder Pal Singh revealed that the Revenue Department of the Finance Ministry of India has given initial support for a newly proposed policy to grant exemptions from capital gains tax liabilities for small and ... Read More

After years of delays and debates, India is looking set to see yet another hold up to the implementation of a national Goods and Service Tax, as the government and state tax authorities fail to reach a consensus on the structure of the tax. According to Sumit Dutt Majumder, chairman of the Central Board of Excise and Customs (CBEC) of India, the country is unlikely to meets its self-imposed April 1st 2012 deadline for implementing a new Goods and Service Tax (GST) system. ... Read More

The government of India intends to make alterations to the national tax system, granting some taxpayers a reprieve on their tax obligations and allowing low-income earners the opportunity to not file annual tax returns. At a press conference held in New Delhi on June 6th the chairman of the Central Board of Direct Taxes (CBDT) of India Sudhir Chandra announced that the government is making changes to the tax system which will exempt low income earners from requirements to file annual personal income ... Read More

The government of India loses millions in national tax revenues every year due to the piracy of computer software, and even a marginal lowering of the piracy rate would see an extra USD 95 million flow into the government’s coffers. A new study was jointly released on May 31st by the Business Software Alliance (BSA) of India and the International Data Corporation (IDC) of India, aiming to quantify the effects that software piracy has on tax revenues for the government of India. ... Read More