The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
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.
Many Indians bet on cricket and other sports at offshore websites.
With the overall incidence of frauds rising in corporate India, there is a need for India Inc to deal with fraud risks firmly
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
CEOs from various sectors were part of the survey.
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.
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%.
Sean F Foley, global leader of KPMG Transfer Pricing Services, who has also been an APA tax administrator for the American government agency, tells Business Standard companies are optimistic but cautious about the development.
'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.'
Today, when corporate governance practice has become a priority issue, a vast majority of India Inc feels there is a need for stronger regulatory review and enforcement, according to a report by the international consultancy firm KPMG.
Let's take a look at how fraud has grown in the country.
Saks sells luxury brands such as Jimmy Choo, Giorgio Armani, and Tod's, besides premium brands such as Fila and Puma.
In January, Visa's chief executive officer, Al Kelly, said during an earnings call that "there's been a burst of the balloon in valuations in the fintech world". Noting that the trend of lower valuations "is a helpful characteristic of the current environment", he added: "We will look for capabilities and management teams that will bring more value to Visa than we can bring ourselves." Data from KPMG's Pulse of Fintech H2'22 shows that global fintech investment - via mergers and acquisitions (M&As), private equity (PE) and venture capital (VC) firms - at $164.1 billion in 2022, was down 31 per cent over the year before. Indian fintechs held up better during this timeframe, attracting $6 billion, or a fall of 24 per cent.
Experts said many firms had unbilled assets on their books.
In 2015, India's domestic aviation market clocked 81 million flights.
A move to extend visas on arrival facility to 150 countries and make world heritage sites more tourist friendly has been welcomed.
The global financial crisis can be turned into a great opportunity for growth in India and China if the two Asian giants join hands to collaborate in five key sectors such as gems and jewellery, says a Ficci-KPMG report.
Finance Minister Arun Jaitley is likely to slash corporate tax rate by about one per cent and may put an end date for certain exemptions availed by the industry.
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.
A soap bar got delivered instead of a mobile phone to a buyer, defective Diwali lights were couriered to another and fake items were dispatched in yet another case.
Most of Flipkart's business came from consumer electronics.
Meanwhile, family businesses in India still see banks as their chief source of funding as nine out of 10 respondents were upbeat about bank financing.
According to leading global audit, tax and advisory firm KPMG, the venture capital community is signaling an uptick in overall venture capital investment in 2010 and expects IPO activity and valuations of venture-backed companies to trend upward next year.
There is considerable speculation as to whether this award would have any bearing on another Vodafone-type case, namely, the ongoing tax-related arbitration proceedings with Cairn Energy.
The IT-BPO industry in India has achieved impressive growth rates over the past decade and stood at $71.6 billion in 2009, said the report prepared by KPMG and Asian-Oceanian Computing Industry Organisation.
Electricity consumption in India, currently at some 600 Tera Watt hour (TWh) annually, is set to double by next decade, surpassing the Russian levels in the process.
India is a land of opportunities for business and investment despite the presence of red tape and complex tax laws and poor infrastructure, Canadian companies say.
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.
Currently, Deloitte, EY and KPMG with their associates work as statutory auditors of most of the top league domestic IT services firms. Owing to many alleged auditing lapses, the regulators have either imposed restrictions on the audit firms or are seeking to do so.
Most of the Indian corporates are hopeful that the economy would revive by 2010 and are lining up fresh investments either for this year or the next, a survey by global financial consultancy firm KPMG has said.
India and China are together expected to equal world's largest jewellery market, the United States, by 2015 when the global gems and jewellery trade is expected to touch $230 billion, states a new industry report.
The BCCI may host next season's IPL outside India.
Companies that are listed or are in the process of being listed, and have a net worth of at least Rs 500 crore, must adopt these standards from April 1, 2016.
Till September this year, corporate India has announced merger and acquisition deals worth $26.43 billion, which is around 0.8 per cent of the total global M&A kitty. Data compiled by deal tracking firm Dealogic shows there has been a slowdown in M&A activity across the world as all regions except Latin America reported decreasing deal volume.
With this, India joins 60 other countries that collect PNR details of international passengers.
However, a large number of businesses around the world are unable to quantify accurately the benefits their outsourcing arrangements would bring in for them.
A low EDI has a direct correlation with low-skilled employment. Manifestation of the low index is also evident in the low enrolment and high dropout profiles of students in northern states.
With the wine market in India poised for heady growth, liquor companies are ready to uncork their best wines. Currently, the Indian wine market is estimated at 1.2 million cases (one case has 12 bottles of 750 ml each), with imported wines accounting for a mere 200,000 cases.
