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SHANKARLAL JAIN & ASSOCIATES CHARTERED ACCOUNTANTS 12, ENGINEER BUILDING, 265, PRINCESS STREET, MUMBAI – 400 002.INDIA. Doing Business in A Presentation.

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Presentation on theme: "SHANKARLAL JAIN & ASSOCIATES CHARTERED ACCOUNTANTS 12, ENGINEER BUILDING, 265, PRINCESS STREET, MUMBAI – 400 002.INDIA. Doing Business in A Presentation."— Presentation transcript:

1 SHANKARLAL JAIN & ASSOCIATES CHARTERED ACCOUNTANTS 12, ENGINEER BUILDING, 265, PRINCESS STREET, MUMBAI – INDIA. Doing Business in A Presentation by Mr. Satish Jain

2 Doing Business in India INDIA at a Glance Basic Economic Data Basic Foreign Direct Investment Data Direct Tax Residential Status Scope of Tax Tax Rates Capital Gains Deduction / Exemption Available Withholding Tax Double Tax Avoidance Agreement Transfer Pricing Recent Pronouncements With regard to Foreign Taxation CONTENTS Shankarlal Jain & Associates Chartered Accountants

3 Doing Business in India Indirect Tax Service Tax Cross Border Transaction Value Added Tax Excise Duty Foreign Direct Investment Sectoral CAP of Foreign Direct Investment Conclusion CONTENTS (Cont…) Shankarlal Jain & Associates Chartered Accountants

4 Doing Business in India INDIA AT A GLANCE INDIA AT A GLANCE India is a Union of States with parliamentary system of Government Land area: 3.29 million square kilometers Capital: New Delhi Population: 1.21 Billion (2011) Climate: mainly tropical with temperature ranging from 10 – 40 Celcius in most parts Time Zone: GMT + 5 1/2 hours Major International Airports: New Delhi, Mumbai, Chennai, Kolkata,Bangalore, Hyderabad, Thiruvananthapuram Major Ports of Entry: Chennai, Ennore, Haldia, Jawaharlal Nehru, Kolkata, Kandla, Kochi, Mormugao, Mumbai, New Mangalore, Paradip and Tuticorin, Vizag Shankarlal Jain & Associates Chartered Accountants

5 Doing Business in India INDIA AT A GLANCE (Cont..) Indias per capita income is US$ in , at current prices, which is higher by 26.68% from the per capita income in India can boast of remarkably strong manpower resources with one of the most developed higher education systems across the globe. Indias size of education system ranks third in the world, after US and China. The literacy rate in India is 74% in 2011, with English being understood and used commonly as a medium of spoken and written communication. Shankarlal Jain & Associates Chartered Accountants DEVELOPMENT FOR ALL….

6 Doing Business in India INDIA AT A GLANCE (Cont..) Young, Optimistic, Happy Generation Developed Markets Avg Age (Yrs) UK40.2 USA37.1 Spain40.9 Finland42.7 France40.4 Germany45.3 Sweden42.2 Emerging Markets Avg Age (Yrs) India26.5 China35.5 Indonesia28.5 Pakistan21.9 Brazil29.6 Nigeria17.9 South Africa25.3 Shankarlal Jain & Associates Chartered Accountants

7 BASIC ECONOMIC STATISTICS GDP at current prices( ): US$ 1,859.9 billion GDP (PPP) 2011: US$ 4,463 billion GDP Growth Rate 2012: 6.5% Exchange rate (as on 31 ST March, 2012): Rs.51.15/ $ Foreign Exchange Reserves (March 2012): US$ billion Exports : US $ billion, Growth Rate: 21% Imports : US $ billion, Growth Rate: 32.1% Doing Business in India Shankarlal Jain & Associates Chartered Accountants

8 BASIC ECONOMIC STATISTICS (Cont…) Finance and Market Finance and Market During Financial Year (upto 30th December,2011) Decline in resource mobilization on account of weak Global economic scenario. The decreasing trend of primary market was also observed in the secondary market, the indices of India decreased by 20.7% from the previous closing of Doing Business in India Shankarlal Jain & Associates Chartered Accountants

9 BASIC ECONOMIC STATISTICS (Cont…) BASIC ECONOMIC STATISTICS (Cont…) Doing Business in India Sources (Funds Mobilized) (Upto Dec) (Upto Dec) Equity Public Issues Rs 9,683 Crore (US $ M) Rs 48,654 Crore (US $ M) New IPOs listed on BSE & NSE & funds raised 30 new companies Rs 5,043 Crore (US $ M) 53 new companies Rs35,559 Crore (US $ M) Average IPO size Rs168 Crore (US $ 3.36 M) Rs 671 Crore (US $ M) Debt Issue Rs 4,791 Crore (US $ M) Rs 9451 Crore (US $ M) Private placement in Corporate Debt Rs1,88,530 Crore (US $ M) Rs 2,18,785 Crore (US $ M) Mutual funds (Upto November)Rs 1,00,338 Crore (US $ M) Rs 49,406 Crore (US $ M) Shankarlal Jain & Associates Chartered Accountants

10 Doing Business in India Foreign Direct Investment : US $ 46.8 billion, Growth Rate: 34% India is the fourth destination country for FDI in terms of projects. India remained very attractive for FDI in FDI projects increased by 20% in India in 2011, attracting 932 projects, which created an estimated 255,416 jobs. This is despite a global economic growth that had not fully recovered from the financial crisis of 2008–09 and has begun to slow again, from over 5% in 2010 down to a projected 3.3% through In terms of FDI value, India ranked third, behind China (first) and Brazil (second) and ahead of the US and UK. Shankarlal Jain & Associates Chartered Accountants BASIC FOREIGN DIRECT INVESTMENT STATISTICS

11 Doing Business in India RankCountries Number of Projects Increase/ (Decrease) Value Us$ Million United States1,5221,70712%57,275 2China1,3441,4095%100,688 3 United Kingdom 9411,0148%36,039 4India %58,261 5Brazil %63,018 Top Five Recipient Countries by Number of Projects Top Five Recipient Countries by Number of Projects Top five cities in India attract 42% of the investment projects, 36% of the jobs created by FDI and 28% of the value of FDI in India. Bangalore Mumbai Chennai New Delhi Pune BASIC FOREIGN DIRECT INVESTMENT STATISTICS (cont…) Shankarlal Jain & Associates Chartered Accountants

12 Doing Business in India BASIC FOREIGN DIRECT INVESTMENT STATISTICS (cont…) FDI by Sector : FDI by Sector : Rank FDI ProjectsNo. of Jobs Created Value of FDI (in Us $ Million) Increase / (Decrease) Increase / (Decrease) Increase/ (Decrease) Infrastructure %1,834722, %2,877.33, % Automotive %34,10940, %5,629.57, % Retail and Consumer Products %30,56128,478(6.8%)4,197.72,149.7(48.8%) Technology %28,86041, %4,257.36, % Financial Services %5,9438,49843%986.21, % Life Sciences4534(24.4%)5,3794,603(14.4%)1,184.01, % Shankarlal Jain & Associates Chartered Accountants

13 STATUS OF TAXABLE ENTITY Resident of India Resident of India I.a. An individual who has been in India for a period amounting to 182 days or more or b.Within four preceding years have been in India for a period or periods amounting to 365 days or more and for a period of 60 days during the year. II.A Company is Resident in India in any Previous Year if a.Indian company or b.During the year Control and Management of its affairs is situated wholly in India. Doing Business in India FINANCIAL YEAR Is 1 ST APRIL TO 31 ST MARCH of each year. Shankarlal Jain & Associates Chartered Accountants

14 III.Every other person, is said to be a resident in India in the previous year except where during that year Control and Management of its affairs is situated wholly outside India. Not an Ordinary Resident (NOR) Not an Ordinary Resident (NOR) A person is said to be not an 'Ordinary Resident' in India in any previous year if such person is an individual who has not been a resident in India in nine out of ten previous years preceding to that year or has during the 7 previous years preceding to that year been in India for a period of 729 days or less. Doing Business in India Shankarlal Jain & Associates Chartered Accountants

15 SCOPE OF TAXABLE INCOME I.RESIDENT a.All income as received or deemed to be received in India during the Financial Year. b.Income accrues or arising or deemed to be accrued or arisen in India during such a year. c.Accrue or arising to him outside India during such year. II.NON RESIDENT a. All income as received or deemed to be received in India in such year or b.Accrued or arisen or deemed to accrue or arise in India during the year. Doing Business in India Shankarlal Jain & Associates Chartered Accountants

16 Doing Business in India TAXATION TAXATION CORPORATE TAXES CORPORATE TAXES Domestic Company Foreign Company Income SlabRate of Taxation Upto Rs 10 Million30.90% Above Rs 10 Million32.45% Income SlabRate of Taxation Upto Rs 10 Million41.20% Above Rs 10 Million42.02% Shankarlal Jain & Associates Chartered Accountants

17 Doing Business in India PERSONAL TAXES PERSONAL TAXES Income SlabRate of Taxation Income between Re 0 - Rs 200,000 NIL Income between Rs 200,001 - Rs 500, % Income between Rs 500,001 - Rs 1 Million20.60% Income above Rs 1 Million30.90% NO STATE TAX IS PAYABLE SEPARATELY NO STATE TAX IS PAYABLE SEPARATELY LLPs & Firm LLPs & Firm Taxes are payable at 30.9%. Shankarlal Jain & Associates Chartered Accountants

18 Doing Business in India CAPITAL GAINS Capital Gains Arises if Share Listed /Specified Units Short Term, if holding period of the assets is < 12 months Long Term, if holding period of the assets is > 12 months Share Unlisted Short Term, if holding period of the assets is < 12 months Long Term, if holding period of the assets is > 12 months All Other Assets Short Term, if holding period of the assets is < 36 months Long Term, if holding period of the assets is > 36 months Rate of Capital Gain is 15.45% * Rate of Capital Gain is NIL% Rate of Capital Gain is 30.90% Rate of Capital Gain is 20.60% with indexation ** Rate of Capital Gain is % with indexation *If Securities Transaction Tax paid **In Case of Non Resident at 10.30% without indexation Rate of Capital Gain is 30.90% Shankarlal Jain & Associates Chartered Accountants

19 Doing Business in India DIVIDEND DISTRIBUTION TAX A company distributing divided is liable to pay 15.75% thereon on dividend distributed.LOSSES Business losses are allowed to be carried forward for a period of 8 years and unabsorbed depreciation is carried forward for unlimited period. Shankarlal Jain & Associates Chartered Accountants

20 Doing Business in India MINIMUM ALTERNATE TAX (MAT) If tax payable under normal provision of Income Tax Act is less than 18.5% of the book profit as disclosed by audited accounts MAT Tax will be payable. MAT credit will be available for 10 Assessment Years immediately succeeding the assessment year. ALTERNATE MINIMUM TAX (AMT) In case of non-corporate assessees such as LLPs, Partnership firms, individuals, Association of persons, It is provided that tax payable will not be lower than 18.5% of the Adjusted Total Income'. A tax credit for Alternate Minimum Tax is available for a period of 10 years. Shankarlal Jain & Associates Chartered Accountants

21 Doing Business in India TAX EXEMPTION / INCENTIVES Sr. NoEligible BusinessQuantum of Deduction 1.An enterprise produce eligible articles in North Eastern States 100% profit is exempt for 10 consecutive Years 2.Development Special Economic Zone (SEZ) 100% profit is exempt for 10 consecutive assessment Year out of 15 Years 3.SEZ unit engaged in manufacturing of product and services Profit is exempt 100% for 5 consecutive year, 50% of profit for further 5 years and for next 5 years 50% profit is exempt. Shankarlal Jain & Associates Chartered Accountants

22 Doing Business in India Sr. No Eligible BusinessQuantum of Deduction 4. An enterprise carrying on the business of developing or operating and maintaining or developing, operating and maintaining infrastructure facility. Infrastructure facility implies. (a)A road including toll road, a bridge or a rail system (b)A highway project including housing or other activities being an integral part of the highway project (c)A water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system (d)A port, airport, inland waterway, inland port or navigational channel in the sea (e)Operating inland container depot or container freight station duly approved 100% deduction for 10 consecutive years in a block of 15 years Shankarlal Jain & Associates Chartered Accountants

23 Doing Business in India Sr. No Eligible BusinessQuantum of Deduction 5. Income of Venture Capital co. & Capital fund for investmentFully exempt from tax 6.Income of infrastructure debt fundFully exempt from tax 7.An undertaking is engaged in laying and operating a cross country natural gas or crude or oil pipelines network for distribution chain facility. 100% deduction 8.An undertaking is engaged in developing housing projects in scheme of Slum development approved by Central Government 100% deduction 9.An undertaking is engaged in bee – keeping and production of honey, setting up and operating warehousing facility for storage of sugar and setting up 2 star or upper category of hotels 100% deduction Shankarlal Jain & Associates Chartered Accountants

24 Doing Business in India Sr. NoEligible BusinessQuantum of Deduction 10. Operating and maintaining a hospital in rural area - The hospital has at least 100 beds for patients 150% deduction 11. Setting up & operating warehousing facility for storage of agricultural produce Building and operating housing project under scheme for affordable housing framed by Central Government. Setting up and operating cold chain facility Production of fertilizers 150% deduction 12.Research & Development Expenditure: Expenses incurred on in-house Research & Development by an industrial undertaking. 200 % on capital Expenditure Contribution made by a company to National Laboratories, Universities, Indian Institute of Technology or certain specified persons to be used for scientific research undertaken under approved programme 200% on contribution Shankarlal Jain & Associates Chartered Accountants Note: Capital subsidy and VAT subsidy by States are given for setting up of industrial units in the respective states by allowing capital subsidy on capital cost of unit and also allowing exemption from payment of VAT or other incentives.

25 Doing Business in India WITHHOLDING TAX Description Domestic Company Foreign Company DividendNILNot applicable Interest20% 20% - however, in case of a foreign company, interest payable by infrastructure fund is 5% or if borrowings made after 1 st July,2012 and before 1 st July, 2015 under an approval of loan agreement at 5% when such interest is paid by an Indian company. Royalty10% Fees for Technical Services10% Any other servicesDifferent Rates 30% in case of non-corporate assessee 40% in case of company. Note: In case a Non-resident does not have an Indian PAN, the tax deductable will not be less Shankarlal Jain & Associates Chartered Accountants

26 Doing Business in India DOUBLE TAX AVOIDANCE AGREEMENT India is having DTA with 82 major economies of the world. The Provision of Indian Income Tax Act or provision of DTA whichever is more favorable will be used for calculation of tax liability. For availing benefit of DTA a Non-resident has to submit a Tax Residency Certificate. In case where there is no DTA, if an income is taxed in India as well as in a foreign country credit be allowed for taxes paid in foreign country, not being higher to tax payable in India. Shankarlal Jain & Associates Chartered Accountants

27 Doing Business in India TRANSFER PRICING AND ADVANCE PRICING AGREEMENT Transfer Pricing provisions are applicable: To International transaction with associated enterprises Transfer price is to be computed on the basis of one or more methods prescribed for determining terms of pricing: Comparable Uncontrolled Price (CUP) Resale price method Cost plus method Profit split method Transactional Net Margin Method (TNMM) or any other method as may be prescribed Advance pricing agreements Methodology of arm's length price be determined. Bilateral or Multilateral agreement. Shankarlal Jain & Associates Chartered Accountants

28 Doing Business in India GENERAL ANTI AVOIDANCE RULES Introduced by Finance Bill 2012 but deferred till Inpermissible Avoidance arrangements be derecognized. Inpermissible Avoidance arrangements shall be: Arrangement to obtain tax benefit which has no commercial substance. Arrangements create rights or obligations which cannot be normally created between persons dealing at arm's length Arrangements which misuses legal provisions Necessary safeguards provided. General Anti Avoidance Rules are postponed for time being and a high power expert committee is being appointed to determine the scope and applicability of the avoidance rules and methodology of such application. Shankarlal Jain & Associates Chartered Accountants

29 Doing Business in India Indirect Transfer of Indian Securities Indirect Transfer of Indian Securities Any capital asset being share or any other interest in a company or an entity registered or incorporated outside India shall be deemed to be situated in India, if share of such foreign entity derives directly or indirectly its substantial value from the assets Shankarlal Jain & Associates Chartered Accountants located in India. [The provisions were incorporated by Finance Bill 2012 with retrospective effect from 01/04/1962]. In case a foreign entity derives its value substantially from assets located in India by way of shares or otherwise, any transfer of foreign entity shares will have an effect of transfer of Indian securities and will be liable for capital gain. By amendment to withholding tax provisions it has been provided that such foreign entities being transferor will be liable for tax withholding on such capital gain arising on such transfer. RECENT PRONOUNCEMENTS WITH REGARD TO FOREIGN TAXATION

30 Doing Business in India ROYALTY PAYABLE ON COMPUTER SOFTWARE COMPUTER SOFTWARE Amended with effect from 01/06/1976. It includes: any rights to use, a computer software including granting of license, any disc, tape, perforated media or any other information, storage device or any customized electronic data. TRANSMISSION BY SATELLITE TRANSMISSION BY SATELLITE Amended with effect from 01/06/1976. It includes: transmission by satellite including up linking amplification, conversion for down linking of any signal, cable, optic fiber by any other similar technology. Shankarlal Jain & Associates Chartered Accountants

31 Doing Business in India SERVICE TAX Rate: 12.36% on value of all taxable services. Taxable Service: All services other than those specified in the negative list provided in the taxable territory by any person to another. Service means any activity for consideration (including non-monetary). Taxable Territory: Service Tax is applicable to the whole of India except state of Jammu & Kashmir. Shankarlal Jain & Associates Chartered Accountants

32 Doing Business in India There are 17 services which have been specified in the negative list, mainly are: Services provided by Government or Government Agencies Agriculture Trading of goods Process amount to manufacture or production of goods Selling of time slot for advertisement Educational 34 specified services are also exempted from services Point of Taxation Value of taxable service in case of reverse charge CENVAT Credit on Capital Goods Interest on delayed Per Annum NEGATIVE LIST OF SERVICE (EFFECTIVE FROM 01/07/2012) Shankarlal Jain & Associates Chartered Accountants

33 Doing Business in India CROSS BORDER TRANSACTION CROSS BORDER TRANSACTION As regards Cross Border Transaction, to determine the place of provision of services the Law has introduced concept of Import of services & Export of services. Import of Services Any taxable service providing to any entity in India will be payable by the Indian entity utilizing such services. Export of Services Any taxable service providing by an Indian entity no Service Tax will be payable provided payment is received by an Indian entity in foreign exchange. Shankarlal Jain & Associates Chartered Accountants

34 Doing Business in India VALUE ADDED TAX ACT (VAT) Value added tax (VAT) is a consumption tax (CT) levied on any value that is added to a product. A VAT is a state subject in India and is levied differently by each state. Maharashtra VAT (MVAT) laid down as under : MAHARASHTRA VALUE ADDED TAX ACT (MVAT) Liable to pay tax on the basis of turnover of sales within the state. It includes: all persons who buys or sells goods for commission, remuneration or otherwise. Does not includes: Agriculturist, Educational Institutions and Transporters. Shankarlal Jain & Associates Chartered Accountants

35 Doing Business in India MVAT (Cont…) Shankarlal Jain & Associates Chartered Accountants Turnover limit for the purpose of VAT liability are as under: Importer - Rs.100,000/- Others - Rs.500,000/- Rate of VAT: Schedules CommoditiesRate Schedule AEssential Commodities (Tax free)Nil Schedule BGold, Silver, Precious Stones, Pearls etc.1% Schedule C Declared Goods, Industrial Inputs, and such other specified goods 4% Schedule DForeign Liquor, Country Liquor etc.20% Schedule EAll other goods (not covered by A to D)12.50%

36 Doing Business in India FILING OF RETURN Every Registered dealer is required to file return. Input Tax Credit (ITC) is also available on purchase of raw materials, finished goods, packing materials and also available on capital goods. AUDIT OF ACCOUNTS Liable to get its accounts audited if turnover exceeds to Rs 6 million. Shankarlal Jain & Associates Chartered Accountants

37 Doing Business in India CENTRAL EXCISE DUTY All excisable goods which are produced or manufactured in India and the rates mentioned in first schedule of Excise Tariff Act,1985. Shankarlal Jain & Associates Chartered Accountants VALUATION OF GOODS MANUFACTURED Transaction value. Assessable value. Certain specified goods are valued with reference to MRP. CENVAT credit on raw material and capital goods are also available.

38 Shankarlal Jain & Associates Chartered Accountants Doing Business in India FOREIGN DRIECT INVESTMENT ROUTE IN INDIA

39 Doing Business in India SECTORAL CAP OF FOREIGN DIRECT INVESTMENT FDI is prohibited in Lottery business Gambling & Betting Chit Funds. Nidhi Company. Trading in transferable development rights. Real estate business or construction of farm house. Manufacturing of cigar, cigarettes or tobacco or its substitutes. Activities/sectors not opened to private investment, i.e. atomic energy, railway transport, other than mass rapid transport system. Shankarlal Jain & Associates Chartered Accountants

40 Doing Business in India Sr. No. Sector / Activity %-ge of FDI Entry Route 1.Agriculture and Animal Husbandry – Activities as prescribed such as flori culture, horticulture, development of seeds, animal husbandry, services related to agro and allied sector – certain conditions prescribed. 100%Automatic 2.Tea plantation – certain conditions prescribed100%Government 3.Mining100%Automatic 4.Coal & Lignite100%Automatic 5.Mining of Titanium – certain conditions prescribed100%Government 6.Petroleum & Natural Gas: Exploration activities – Infrastructure relating to marketing100%Automatic 7.Defence industry – subject to industrial licencing – certain conditions prescribed 26%Government 8.Broadcasting – certain conditions prescribed26%Government 9.Cable network49%Government Shankarlal Jain & Associates Chartered Accountants

41 Doing Business in India Sr. No. Sector / Activity%-ge of FDIEntry Route 10.Direct to Home 49% (FDI, NRI & PIO and Portfolio Investment) within this limit FDI component not to exceed 20% Government 11.Broadcasting Services (HIITS)74% Automatic upto 49% and balance Government 12. Setting up hardware facilities such as uplink, HUB etc. i)Setting up uplink HUB/Teleports ii) Uplink or non news and current affair TV channel iii) Uplink a news and current affair TV channel - certain conditions prescribed. 49% (FDI & FII) 100% 26% (FDI & FII) Government 13. Print media26%Government Shankarlal Jain & Associates Chartered Accountants

42 Doing Business in India Sr. No Sector / Activity %-ge of FDI Entry Route 14.Publishing/printing of scientific and technical magazines, speciality journals/periodicals – certain conditions prescribed. 100%Government 15.Airports: i)Green field projects ii) Existing projects 100% Automatic. Automatic upto 74% and balance Govt. 16.Air Transport services49 %Automatic 17.Helicopter services etc.100%Automatic 18.Services for civil aviation sector: i)Ground handling services ii) Maintenance & repair organization, flying training institutes, technical training institutes 74% 100% Automatic upto49% and balance Govt. Automatic Shankarlal Jain & Associates Chartered Accountants

43 Doing Business in India Sr. No Sector / Activity %-ge of FDI Entry Route 19. Courier services for carrying packages, parcels100%Government 20.Construction & development of township, housing, built- up infrastructure - certain conditions specified 100%Automatic 21.Industrial Parks100%Automatic 22.Private security agencies49%Government 23.Telecom Services74%Automatic upto 49% and balance Govt. 24.Electronic mail, voice, mail & infrastructure provider – providing duct space, tower – certain conditions applied. 100%Automatic upto 49% and balance Govt. 25.Insurance26%Automatic 26.Non Banking Financial Companies – only certain activities permitted subject to certain conditions 100%Automatic 27.Pharmaceuticals i)Greenfield ii) Existing companies 100% Automatic Government Shankarlal Jain & Associates Chartered Accountants

44 Doing Business in India Sr. No Sector / Activity %-ge of FDI Entry Route 28.Trade: i) Cash & carry wholesale trading - certain conditions prescribed ii)E-commerce activity iii)Single brand product retain trading iv)Multi brand product retain trading v)Asset Reconstruction Cos. (ARC) vi)Private Banking – certain conditions prescribed. vii)Banking public sector viii)Commodity Exchange ix)Credit Information companies x)Stock exchange, depositories clearing corporations in compliance with SEBI regulations 100% 51% 49% 74% 20% 49%* 49% 49%** Automatic Government Automatic upto 49% and balance Govt. Government *49% (FDI & FII) [Investment by Registered FII under Portfolio Investment Scheme (PIS) will be limited to 23% and Investment under FDI Scheme limited to 26% ] **49% (FDI & FII) [FDI limit of 26 per cent and an FII limit of 23 per cent of the paid-up capital ] Shankarlal Jain & Associates Chartered Accountants

45 Doing Business in India CONCLUSION PROS Big Market Growing Per Capita Income Increasing Middle Class Population Tax Rate competitive with other economies High Rate of Literacy & Computer Knowledge CONS Lack of Infrastructure (can be looked both ways) Bureaucracy Political uncertainty Fiscal Deficit Shankarlal Jain & Associates Chartered Accountants

46 Doing Business in India Shankarlal Jain & Associates Chartered Accountants


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