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Aug 14, 2019

With almost 400 million users, India is the largest market for WhatsApp. So with Facebook's focus on digital payment, WhatsApp Inc.'s UPI based ePayment proposition in India will make FB's app an undisputed utility for its users, especially when we add potential synergies with its WhatsApp Business offering. Though Libra Coin wont be allowed in India, UPI stack can add last mile to potential inward remittance use-case for INDIA. Read more

Summary credits: Dipal Thakker

Aug 14, 2019,

In joint ventture partnership with Reliance, Tiffany is entering Indian market with first store to open in Delhi this year and second one in Mumbay next year. "We look forward to bringing Tiffany's renowned jewellery collections and superlative diamonds to India," said Reliance Brands Chief Executive Officer Darshan Mehta. Read more

 

Aug 11, 2019

Ecommerce Industry of India will be 8 fold by 2026. With 51% growth rate, the ecommerce industry of India will grow from $24 billion in 2018 to $200 billion by 2026 according to ASSOCHAM-Forrester study and Retail Association of India. Read more

Aug 10, 2019

The following are the takeaways from Indian budget 2019 for foreign firms by Rick Rossow, Wadhwani Chair in US India Policy Studies

FDI: Planned increases in civil aviation, media, insurance. Relax single brand retail sourcing rules.

FPI: Aligh investment cap with sectoral limitl; streamline KYC norms.

Trade: Custom duty increases in Cashews, PVC, metal castings, marble video recorders, ending zero duty on electronics made in India

Custom duty redutions in some specialty chemicals, electrical vehicl parts, some capital goods for manufacturing electronics.

Note: The FDI and FPI changes happen outside the Budget. While customs duty changes are part of the Budget.

Aug 10, 2019

Mahesh Sharma, Chartered Accountant, has listed the following Direct and Indirect tax changes in Indian Budget 2019.

  1. Direct tax revenue has increased to 11.37 lakh crores and there is no change in Income tax slabs.
  2. Corporate Tax- Tax Rate of 25% on Companies with turnover of up to Rs. 400 crores. This will cover 99.3 % companies which further promotes entrepreneurship.
  3. GST rate reduced on electric vehicle from 12% to 5% promoting the all transport electrification motive by 2025.
  4. Tax deduction on loan taken for purchase of electric vehicle: Additional Income tax deduction of Rs. 1.5 lakh of interest on loan taken for purchase of electric vehicle.
  5. Startup’s would not be under scrutiny by IT Department removing the needless hassles faced. Startups and investors who provide requisite documents will not be subject to angel tax assessment.
  6. Additional deduction of Rs. 1.5 lakh for interest on loans borrowed under affordable housing.
  7. STT change in case of Options purchased on Stock Exchange.
  8. Aadhaar can be used in place of PAN for filing Income Tax Returns. Aadhaar cards to be issued to non-residents Indians with Indian passports after arrival in India without waiting for 180 days.
  9. Faceless E-assessment for Income Tax Scrutiny and automated GST refund system initiated to curb the corrupt practices in the administration of taxes.
  10. TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account per year.
  11. No charges for customer on Digital modes of payment.
  12. Surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore, and Rs 5 crore and more raised.
  13. Basic customs duty on auto parts, optical fiber, digital camera, cashew, certain synthetic rubber, vinyl flooring hiked.
  14. Customs duty exempted on components of specified electronic goods and customs duty on certain parts of electric vehicles removed.
  15. Cess on petrol, diesel raised by Re 1 per litre; customs duty on gold raised to 12.5 percent from 10 percent.
  16. A nominal basic excise duty imposed on tobacco- Proposes Legacy Dispute Resolution scheme to solve litigations in service tax and excise.

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