No Minimum Alternative Tax on Foreign Institutional Investors
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Foreign institutional investors will not face a minimum alternate tax (MAT) in India. The Govt. has accepted the recommendation of a special committee to clarify the inapplicability of MAT to FIIs/FPIs and has decided that an appropriate amendment to the Income-Tax Act will be carried out. Through the amendment the Govt. proposes to clarify that MAT provisions will not be applicable to FIIs/FPIs not having a place of business/permanent establishment in India, for the period prior to 1st April 2015.
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India to Join U.N.-Based 'Better Than Cash Alliance'
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India is joining the U.N.-based Better Than Cash Alliance, which promotes the transition from cash to digital payments to reduce poverty and drive inclusive growth, the Government said. The Better Than Cash Alliance is a partnership of governments, companies and international organizations.
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E-Payment System Launched to Collect Funds for Increasing Forestation
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The Government has launched an e-payment gateway to receive payments for diversion of forest land from project proponents to speed up transactions and make them more transparent. The gateway will end delays in the deposit of such levies and back the Government's endeavor to simplify the administrative procedures without compromising environmental safeguards.
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FM Jaitley Promises Ease of Doing Business, Tax Reforms at G20
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Promising a rational tax regime and easier business environment, Finance Minister Arun Jaitley has asked industry leaders to invest in India including in smart cities, textiles, food processing and renewable business sectors. In an interactive session on the sidelines of the G20 Meeting of Finance Ministers and Central Bank Governors, he said the Government has made significant progress in improving ease of doing business in India and much more is being done.
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The Government has relaxed norms for sugar exports by doing away with the registration requirement with the Commerce Ministry. The industry said the move would help expedite sugar exports from India, which is saddled with surplus stock.
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