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TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 24 /2016-Service Tax New Delhi, the   13 th  April, 2016 G.S.R.---(E).- In exercise of the powers conferred by clause (a) and clause (hhh) of subsection (2) of section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Point of Taxation Rules, 2011, namely :? 1. (1) These rules may be called the Point of Taxation (Third Amendment) Rules, 2016. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Point of Taxation Rules, 2011, in rule 7, after the third proviso, the following proviso shall be inserted namely:-      "Provided also that in case of services provided by the Government or local authority to any business entity, the point of taxation shall...

The Reserve Bank of India (RBI) has revamped its overseas direct investment application process to provide banks fast and easy accessibility to data for reference purposes and to improve the “coverage and ensure proper monitoring of the flows in a dynamic environment”. The new process will be much more nuanced than earlier, where the Indian party has to furnish more details about its investments and remittances. The new scheme is for more nuanced information on direct investments in joint ventures, wholly-owned subsidiaries and any remittances and other forms of financial commitments by an Indian party (which can be any Indian corporate entity or individual). It is not clear yet if the same set of rules will apply for remitting money abroad under the liberalised remittance scheme (LRS), but if so, it will be dissemination of information on a granular basis. Under the LRS scheme, an individual can freely take out $250,000 every year. A company can invest up to a certain percentage...

Indian investigating agencies have been asked to shun the usage of the word "tax haven" while making legal overseas requests in black money cases as a number of foreign jurisdictions have taken exception to the term and called it offensive. The Central Board of Direct Taxes (CBDT), the nodal authority in the Finance Ministry for executing tax information exchange between India and the globe in stash funds probe, has recently issued a directive in this regard. Business Standard New Delhi, 15th April 2016

In a breather to telecom and mining companies, the finance ministry has clarified that the service tax proposed on auctioning of natural resources, including telecom spectrum, will be imposed prospectively for transfer of rights by the government taking place after April 1. Besides, in what could benefit the cash flow of mining companies and telecom service providers (TSPs), the government has also allowed availing of input tax credit on service tax paid in three years, as against the earlier proposal of spreading it over the period for which rights are issued — 20 years in the case of spectrum. “By these measures, the government has ensured that there is no new tax liability on the TSPs in respect of the services provided in the past,” the ministry said on Thursday. The effective service tax rate is 15 per cent, including 0.5 per cent each of the Swachh Bharat cess and  Krishi Kalyan cess. The clarification comes a year after minister Arun Jaitley had proposed a levy on “all...

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