Export of Services: Payments in Repatriable INR Accounts Now Accepted for GST
InternationalGSTExports For businesses exporting services, CBIC has clarified that receiving payment in Indian rupees through repatriable accounts no longer puts zero-rating at risk. What has been clarified Export-of-services payments received through repatriable INR accounts, such as Special Non-Resident Rupee (SNRR) or INR Nostro accounts, satisfy the payment condition in section 2(6)(iv) of the IGST Act. […]
India–Mauritius Tax Treaty Protocol Notified: Principal Purpose Test Now in Force
International TaxDTAAMauritius India has notified the Protocol amending its tax treaty with Mauritius. Treaty benefits can now be denied where obtaining them was one of the principal purposes of an arrangement. What the Protocol does New preamble: the treaty is now expressly meant to eliminate double taxation without creating opportunities for non-taxation or reduced taxation […]
All Individuals Resident Outside India Can Now Invest in Listed Indian Companies
InternationalFEMACross-border Investment The Central Government has opened the individual portfolio investment route in listed Indian companies to all individuals resident outside India, not only NRIs and OCIs. What has changed The FEMA (Non-Debt Instruments) Rules earlier allowed this route only for NRIs and OCIs. Now any individual resident outside India can make the specified investments […]