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Inheritance tax may stage a comeback

Faced with burgeoning expenses, the government is mulling over re-introduction of inheritance tax. The tax as such is not new as India had estate duty till it was abolished in 1985. As per press reports Japan, US, UK and France have high rates of estate taxes. Countries like Australia and Malaysia do not have estate taxes....

Asia has ample margin to increase tax rates

A study undertaken by Asian Development Bank concludes that even with corporate tax rates at 35% in Philippines and 33% in China, tax burden is lesser when compared to the rest of the world. A lower tax-GDP ratio may be business friendly but will depress fiscal resources to national governments affecting development programmes. The report pitches for more taxes and better collection and enforce...

Major tax sops for EOUs

The committee looking into measures to revive the EOU scheme has called for a host of measures including tax sops and provision for transfer of inter-unit inputs among group companies. It has recommended extension of investment-linked income-tax benefits, exemption from customs and central excise duty for manufacture of finished goods/services and for setting up and maintenance of infrastructur...

India-Malaysia FTA comes into force

FTA with Japan likely from 1st August India signed a Comprehensive Economic Co-Operation Agreement (CECA) with Malaysia and a Comprehensive Economic Partnership Agreement with Japan (CEPA) in February, 2011. Both agreements have been the product of intensive negotiations following reports of the two mutual Joint Study Groups (JSG’s) set up in 2005. Put together, the CEPA and CECA aim to re...

India to get Petty patents Law ?

DIPP has proposed to implement the Utility Model patents or ‘petty patents’ for those innovations which do not meet the standards under the Patents Act but can be commercially or socially relevant. Products like mitti cool(Clay refrigerators) and gas switch may get patents if the proposal gets legal status. However Pharma sector opposes the move stating that it would affect the impact of patent...

Name Availability Guidelines, 2011

Ministry of Corporate Affairs has issued Name availability Guidelines for 2011. Names identical or closely resembling existing Company, LLP and abbreviated names are likely to be rejected. Names indicating distinct constitution like HUF, PLC, different combination of words of existing names may also face the axe The new guidelines and revised e-form 1A likely to be implemented from 24th July as...

Draft Microfinance Bill issued

The Government has issued draft bill for regulation of microfinance institutions. The bill provides for acceptance of deposits by Micro Finance Institutions (MFIs) and setting up of microfinance development councils. With the move to sanction acceptance of deposits, it is hoped that MFIs will reduce dependence on banks for finance needs. However critics of the bill argue that depositor’s safety...

Hilsa set to get GI status

The Ganga Ilish popularly known as Hilsa fish is set to get GI status. Tthe Government of Bengal hopes that that this will help in better regulation and save the fish from extinction. Darjeeling Tea from Bengal already enjoys GI status...

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