Month: February 2013

India – Service Tax – Voluntary Compliance Encouragement Scheme

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According to Data compiled from Finance Ministry, there are nearly 17,00,000 registered assessees under service tax,
only about 7,00,000 file returns. Many have simply stopped filing returns.

The Finance Minister cannot go after each of them. In order to motivate them to file returns and pay the tax dues, Finance Minister just a while ago introduced a one-time scheme called Voluntary Compliance Encouragement Scheme.

What Does Voluntary Compliance Encouragement Scheme for Service tax Evaders / Defaulters in India Offer ? A defaulter may avail of

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Full Text of 2013-14 Budget Speech and Finance Bill – Direct / Indirect Tax Customs Duty

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The Indian Finance Minister unveiled the FY2013-14 Budget just minutes ago. Here is Full text of P. Chidambram’s Finance Minister of India’s Budget Speech.

The Budget Speech in itself is just a short document presented to the parliamentarians. The Finance Minister actually implements the proposals by passing various bills as presented to the LokSabha as stated below.

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Why Sun TV Bought Hyderabad Sun Risers IPL Team ?

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Sun TV’s management is confident of breaking even on its purchase of the Hyderabad Sun Risers, a cricket team that plays in the IPL. While the last team to be sold before this (Pune Warriors) was bought for Rs1,700m/year, Sun TV is committed to pay only Rs850m/year for the first five years.

Management pointed out that Sun TV has committed to paying Rs850m/year for the first five years to own the Hyderabad IPL team. From the sixth year onwards, the company would need to pay a 20% share of revenue (the rights to this team are perpetual). While team costs are pegged at a maximum of US$11m,

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How Much Gold India Imported in last Decade ?

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The rise in physical savings is reflected in higher gold imports as the lure of higher returns from yellow Metal rises. Adding fuel to the fire is the opportunity to conceal Black Money by BUYING Physical Gold is hurting the Indian Economy. Indian Gold Metal Imports rose significantly to US$56bn in FY12 vs US$4bn in FY01. The following Chart Shows the Last 12 Years Gold imports of India which consumes almost 27% of World’s Gold Produce.

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Will IT Services See Offshoring to ReShoring ?

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There was big debate recently on the phenomenon of reshoring, i.e. reversing the offshoring / outsourcing decisions of the past many years in IT / BPO Services. The fact is the reshoring debate is more political than economic. While increasing labour
costs in offshore locations have taken away a reasonable portion of cost advantages, they are still significant.

India’s market share in the global IT services market is still less than 10%. Indian companies’ penetration in Europe is especially low and this market has been growing faster for them. While Indian companies are moving up the value chain to offset the commoditization of traditional service lines, projects are

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