In the Budget, FM Nirmala Sitharaman had proposed to provide a tax holiday till 2047 to any foreign company providing cloud services to customers globally by using data centre services from India. It will, however, need to provide services to Indian customers through an Indian reseller entity. Officials said profits on the income from domestic economic activities will remain taxable as any other domestic company.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/n7fH1kR
The UK govt did not conclude a bilateral investment treaty, or arrangements in relation to legal services, new market access for financial services, or final arrangements for mutual recognition of professional qualifications, and India did not get “as much on the mobility issues as it would have liked”, the report says.
The US will reduce tariffs on most Indian goods to 18% from 50% as part of a new trade agreement, aiming to address the large trade deficit. India has agreed to cut tariffs on a range of US products, including industrial goods, wine, and spirits, to zero. Sensitive Indian agriculture and dairy sectors remain protected under the deal.
With this deal, India bags a place among countries facing one of the lowest tariff rates from the Donald Trump administration. Incidentally, the 18% tariff rate is lower than Pakistan’s 19%, Indonesia’s 19%.
