Economy & Trade

BRICS Update: Promoting Local Currency Usage in International Trade, Opposing Unilateral Actions


The BRICS nations have pressed for a rule-based international system, financial inclusion, use of local currencies in international trade, energy security, and support for climate action, among others.

Dubai Emerges as India's Top Choice for Foreign Direct Investment


India accounted for 12 percent of the total projects announced and four percent of the FDI received by Dubai in 2022.

Japan's Omron Healthcare to Open a Medical Device Factory in Tamil Nadu, India


In Tokyo, on May 30, the Chief Minister of Tamil Nadu, MK Stalin, oversaw the signing of an MoU between Guidance Tamil Nadu and Omron Healthcare. 

India-Australia Forge Stronger Bonds: Migration and Mobility Pact Strengthens Ties


The India-Australia migration and mobility pact intends to encourage the exchange of students, graduates, researchers, and businesspeople.

Investing in India's Madhya Pradesh State: Multi-Sectoral Opportunities for Foreign Companies


We discuss the foreign investment scope in Madhya Pradesh, its progressive policies, sector-linked incentives, and key infrastructure.

Non-Resident Indians Confident About Investing in India, Cite Better Returns


A survey by a fintech platform has shown that NRIs demonstrate a positive perception of India as a market delivering higher investment returns.

Tax & Accounting

Tax Compliance Calendar for Enterprises in India in June 2023


We provide a tax compliance calendar for June 2023 that highlights important India income tax and GST due dates and obligations.

Taxation of India’s Outbound Remittances: LRS Scheme and Increased Tax Rate from July 1


Effective July 1, 2023, the Indian government has increased the tax on outbound remittances from 5% to 20% - with certain exceptions.

Mandatory GST E-invoicing in India: Annual Turnover Threshold Lowered


GST e-invoicing will become mandatory for all businesses in India with an annual turnover of over INR 50 million starting August 1, 2023.

May 2023 Tax Compliance Calendar for Businesses in India


This tax compliance calendar for May 2023 outlines the income tax and GST related deadlines and reporting requirements for businesses in India.

Indian Income Tax Tribunal Rules Against Using DTAA to Reduce Dividend Tax Liability for Domestic Companies


Indian companies can't use DTAA to offset liability towards DDT, ruled by income tax appellate authority, for Total Oil India Pvt Ltd's case.

India's Finance Act 2023: Essential Updates for Businesses


India's Finance Act, 2023, in effect from April 1, 2023, introduces significant tax changes for businesses operating in the country, necessitating careful consideration.

Legal & Regulatory

What You Need to Know About Conducting Due Diligence in India: Q&A


We discuss the due diligence priorities for foreign firms seeking to do business in India and how to identify and prepare against any possible risk exposure.

India to Clear M&A Proposals Between 15-60 Days: In Effect June 15, 2023


Fast-track mergers and acquisition (M&A) proposals in India will now benefit from an even more simplified process from June 15, 2023.

India Amends Anti-Money Laundering Law to Include Accounting Professionals, Company Representatives like Directors


Foreign entities and professional service providers should be alert to any changes in the application of reporting obligations.

India's New Rules for Wire Transfers: What Businesses Should Note to Avoid Reputational Risks


We discuss the new reporting rules for regulated entities (REs) in India to ensure all wire transfers meet anti-money laundering guidelines.

India Extends PAN-Aadhaar Linking Deadline from March 31 to June 30, 2023


Failure to link PAN and Aadhaar by June 30, 2023 will render PAN inoperative, limiting taxpayers from important financial activities such as filing tax returns, using banking services, and conducting stock market transactions.

SEBI Extends Deadline Until September 30 to Add Nominee to Demat Account


Nominee addition to Demat account is essential to prevent account freezing, and allow investors to trade in Indian stock market.


India's Semiconductor Sector: Tracking Government Support and Investment Trends


India is expected to greenlight the Vedanta-Foxconn JV (VSFL) if it provides the necessary details of its binding technology transfer arrangements with either STMicro or GlobalFoundries.

PLI 2.0 for IT Hardware in India: Application Window Opens June 1


India has notified the rules and incentives for the PLI Scheme 2.0 for IT Hardware. Companies interested can apply from June 1, 2023.

Government Opens Applications for Semiconductor and Display Fabs under Modified Program from June 1


India has updated its flagship scheme for the semiconductor sector, with a Modified Program seeking fresh applications from new and old applicants starting June 1, 2023.

Apple’s Contract Manufacturers and Component Suppliers in India


There are currently three main contract manufacturers producing Apple products in India. We discuss where they are based and scope for investment.

Revolutionizing Logistics in India: Top Trends Driving Business Operations in 2023


India's logistics in 2023 is benefiting from various trends aimed at its transformation, including infrastructural capex spend and technological innovation.

Why ONDC is Set to Shake Up India’s Food Delivery Market


We discuss how the ONDC network will propel the growth of digital transactions in India and accelerate e-commerce growth.

HR & Payroll

India’s New Rules for Withdrawing Pension from the National Pension System


We introduce India's National Pension System (NPS), which also covers private sector subscribers. Payments to the NPS may have tax benefits.

Essential Personal Finance Compliance Checklist for India as March 31 Deadline Approaches


We note key tasks on the personal finance checklist for individuals in India as the country's financial year ends March 31, 2023.

South Indian State of Karnataka Liberalizes Labor Law After Lobbying by Apple, Foxconn


Karnataka will allow 12-hour work days in industries - but capped at a 48-hour work week, night shifts for women, and a maximum of145 overtime hours in a 3-month period.

A Guide to Popular Income Tax-Saving Investment Options in India


Here are a few popular investment options in India for income tax saving under the old tax regime under Sections 80C, 80CCC, and 80CCD (1).

India's Latest Guidelines on International Travel


India has relaxed international travel restrictions imposed during the COVID-19 pandemic.

India's Public Holidays in 2023: List of Gazetted and Restricted Holidays


We note the official list of India's public holidays in 2023. Learn about the best practices for managing public holidays at your business.

Our firm Dezan Shira & Associates provides legal, tax and operational advisory across Asia.
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