The report by KPMG, titled India Fraud Survey Report 2008, has effectively castigated India Inc, both at the employee and the management levels, suggesting a lack of morality at both levels. Strangely, India Inc seems to have swallowed these findings without any remorse or response.
'If the FYUP is making the child employable, then we will have to ensure that learning on the job is integrated.' 'And also ensure that by the time they end FYUP they are completely employable.'
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
A strict enforcement of seat belt norms for rear passengers would be more effective than making an alarm go off when people do not belt up, according to officials at car manufacturers. Their comments came a day after Nitin Gadkari, the Union minister for road transport and highways, announced that seat belt alarms would be made mandatory for passengers in the rear seat of a car. "We have taken a decision that there will be a provision that the car seat belt alarm should beep when the rear seat rider is not wearing a seat belt. "We will impose fines if rear seat riders are not wearing seat belts.
GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the finance ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence," the GST investigation wing under the finance ministry said, while issuing instructions for launching prosecution.
The company aims to bring in a million on-board sellers in the next three years.
After a long wait, the Shapoorji Pallonji Group has closed the sale process of its consumer durables business under the Eureka Forbes label by picking the American private equity fund Advent International's Rs 4,400-crore offer for a 72 per cent stake. The sale process, which began in November 2019, will help the over 156-year-old SP Group pair the debt pile and sharpen the focus on the flagship construction and engineering business under Afcons. The valuation of Rs 4,400 crore for a 72.56 per cent stake is is at an enterprise level and subject to closing adjustments and also includes an open offer for the remaining stake after the demerger and listing of Eureka Forbes, the SP group said in a statement on Sunday.
India has seen rapid progress in various big-budget infrastructure projects.
Aided by low labour costs, China has overtaken India as the primary destination of outsourcing and shared services for Asia-Pacific companies -- netting business to the tune of $20 billion, according to accounting firm KPMG.
Despite a surplus of luxury homes lying unsold, Mumbai and other cities have a severe shortage of affordable housing.
Terming the country as a 'fraud haven' with about 60 per cent of the firms having detected frauds in past two years, global consultancy major KPMG on Tuesday. Making the situation even worse, at least 5 per cent companies have had losses exceeding Rs 10 crore and more than double of them have estimated the hit on their bottom lines in the range of Rs 1 crore to Rs 10 crore, KPMG said citing its 'India Fraud Survey Report 2008.'
In its consultation paper Trai addressed three key points including the bundling of channels under bouquets, rampant discounting within bouquets, and the lack of consumer choice.
India has outpaced United Kingdom in financial services recruitments with organisations in the space hiring over 5,000 people last year, however, the country is facing a severe crunch of appropriate skills required, a latest KPMG study says.
Markets regulator Sebi has empanelled as many as 16 entities -- including BDO India, Ernst & Young and Deloitte Touche Tohmatsu India -- for conducting forensic audits of financial statements of listed companies as part of efforts to curb frauds. The other empanelled entities are -- Chaturvedi & Co, Chokshi & Chokshi LLP, Grant Thornton Bharat LLP, Haribhakti & Co. LLP, KPMG Assurance And Consulting Services LLP, Mukund M Chitale & Co and Protiviti India Member Pvt Ltd, according to a public notice. In addition, Rajvanshi & Associates, Ravi Rajan & Co LLP, SKVM & Company, Suresh K Jha & Co, T R Chadha & Co LLP and V Singhi & Associates have been selected to conduct the forensic audits, it added.
One key provision is the taxation of indirect transfers when shares of foreign entities change hands.
China has overtaken India as the most acquisitive emerging nation in the first half of this year, amid a dramatic slowdown in mergers and acquisition deals by emerging market firms in the developed countries, a KPMG report said.
In 2020-21, Indian firms offered to buy back shares worth Rs 39,295 crore, or 97% more than Rs 19,972 cr proposed in the previous financial year.
Reinforcing the growing power and international presence of Indian corporates, an analysis of deals between emerging and developed economies since 2003, shows there were 322 completed deals where Indian buyers have acquired companies in the major developed economies, KPMG said. This, compared to 340 deals completed in the opposite direction, wherein developed economy entities bought into India, it said in its EMIAT study.
India is emerging as one of the most preferred private banking destinations at a time when the global private banking and wealth management industry is witnessing a boom in the mergers and acquisition activity, a KPMG report has said.
The hostile environment towards outsiders under the Trump government is a major reason, say experts.
Last year, there was almost 16 per cent increase in hiring by the Global Capability Centres in India.
Experts believe modifying the placement model is a good decision given the changes that campus recruitment has undergone globally, says Vinay Umarji.
The 2009 BRIC Services Business Outlook survey by global consultancy KPMG signals an improvement in confidence in April after a sharp drop seen in October, 2008, amid the economic crisis. The BRIC Business Outlook Survey shows that India's service sector is set to grow solidly in proceeding 12 months. A net balance of 31.1 firms foresee their activity levels expanding, up from 15.3 last autumn to 60.3, it stated.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
A three per cent reduction in corporate tax during this year helped India remarkably improve its ranking by five notches in the KPMG Corporate Tax Rate Survey 2006.
Policy constraints may prevent many of the global retail giants from reaching their full potential.There are too many restrictions right now in the sector and policy makers lack clarity.
With this, India joins 60 other countries that collect PNR details of international passengers.
The Appellate Authority for Advance Rulings (AAAR) of Gujarat has held that papad fryums would not attract any goods and services tax (GST) as they are similar to traditional round papads in all respects. In this connection, the appellate authority modified the ruling of the authority for advance rulings (AAR), which had ruled that Fryums would attract 18 per cent GST. The AAAR held that Fryums is a brand and not a generic name of the product, Harpreet Singh, partner, indirect taxes at KPMG in India said while explaining the order.
Cars and two-wheelers attract 28% GST and a cess in the range of 3-22%, taking the effective tax rate to up to 50%.
It will bring in more transparency and reduce mis-selling
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
The Reserve Bank of India, in its Second Bi-Monthly Monetary Policy Statement for 2014-15, kept the key interest rate unchanged at 8 per cent.
Provisions in the Central GST Act say reduction in GST rates or the benefit of ITC must be passed on to consumers.
A 5 per cent GST rate kicked in on Monday on pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg.
World's highest top rates of income tax are found in Aruba and Sweden.
The report, to be released in Japan at the India-Japan Business Summit on the completion of 60 years of diplomatic relations, has termed infrastructure as the biggest bottleneck that has threatened the sustainability of India's economic growth.
Indian banks have successfully weathered the mayhem that shook the financial world in 2008.
CEOs from various sectors were part of the survey.
Many Indians bet on cricket and other sports at offshore websites.
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