FEMA UPDATE - ONLINE REPORTING OF FDI RELATED TRANSACTIONS

RBI has issued Circular dated 1^st February 2016 in A.P. (DIR Series) Circular No.40 with a view to promote ease of reporting of FDI-related transactions.

From 8^th February 2016, physical filing of following forms will not be permitted and only online filing under the e - biz platform will be permitted:

-       Advance Remittance Form (ARF) which is used by the companies to report the FDI inflows to RBI;

-       FCGPR Form which a company submits to RBI for reporting the issue of eligible instruments to the overseas investor against the above mentioned FDI inflow; and

-       FCTRS Form which is submitted to RBI for transfer of securities between resident and person outside India.

New Foreign Trade Policy (2015 - 2020)

Government has unveiled the much awaited Foreign Trade Policy (FTP) which will be in force for the next five years. The Commerce Minister while unveiling the policy has promised that the schemes have been made simple and the conditions and restrictions in the previous policy with respect to usage of scrips has been lifted. The policy is expected to boost the new government's 'Make in India' campaign. I will be covering the major changes in the later posts. The policy is now available at the DGFT website.

Updates on Union Budget

Union Budget 2015 - 16

Updates on rate change in Service Tax and the Amendment to include reimbursable expenses in the value of taxable services is here.

Service Tax on Transportation Services

Service Tax on Transportation Services

Service Tax implications on transportation services provided by a goods transport agency and the ambiguity in law is discussed in the following Article.