Input Tax Credit On ATF: Aviation Ministry Suggest Ways to Compensate Airlines

Civil aviation ministry has written to the finance ministry suggesting ways to compensate airlines that will not be able to take input tax credit on aviation turbine fuel (ATF) under the Goods and Services Tax (GST). Since petroleum products including ATF are outside the GST regime for the time being, airlines will not be able utilise credit on taxes paid on ATF – a key input which comprises over 40 per cent Union civil aviation minister Ashok Gajapathi Raju said his ministry has suggested various alternatives to the finance ministry to help compensate airlines that cannot take tax consultancy firms in delhi ncr credit on ATF under the GST regime.

“The issue has to be identified, flagged and the ministry has flagged it with the finance ministry in indirect taxation in India. They have to take a call on it, what to do, how to go about it. Anywhere between 40-45per cent of the operating costs are fuel. If fuel is high taxed and that too with no set offs, they will be in trouble,” the minister said.

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Audit and Assurance Services in India | Auditing firms India | Internal audit services in India

Audit services in India

Audits are all about Checks, Controls and assurance, which may be complied statutorily or even be held voluntarily by the entity to assure the true view of business in terms of finance. You can rely on raaas for end to end audits and assurance services. Be it related to about Financial Statements, business processes or Information Technology.
Below are few of the Core Audit services, Raaas master at:

• Financial Statement Audits
• IT controls
• Projects
• Compliance Audit e.g. Service Tax Audit, TDS Audit etc.
• Audit of Infrastructural controls and security
• Due Diligence
• Management Audit
• Efficiency Audit
• Organization structure Audit- Hierarchy Audit
• Corporate governance Audit
• Internal Audits

Besides these core audit services, Raaas undertake specially customized assignments:

• Testing documentation and internal controls that belong to financial reporting
• Data quality and controls - Assessments
• Assisting in designing, implementation and testing of controls
• Advance control structure and implementation
• Preparation of process cycles/ process flows and related documentation
• Business process controls - advisory
• Gap Identification & Analysis
• ERP controls – Assessment, Evaluations and implementation reviews

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Procedure for Foreign Company Registration in India

Globalization has made the business world come closer. With FDI being liberalized in a unique way, India has opened doors for the world to come and do business in India. Companies from various countries come to India for business and seek registration for their representative companies or establishments here. We help by suggesting below models of doing business in India:

Foreign Company Registration in India

Indian subsidiary

There can be two types of it based upon ownership namely-

100% ownership-

Fully owned subsidiaries (only in FDI permitted sectors as Per latest FDI policy)

Less than 100% ownership-

Joint Ventures

Indian subsidiaries enjoy same rights as basically Indian Companies. There are certain norms to the activities of proposed companies as per FDI policy of the Government. Many activities are permitted to bring 100% foreign investments whereas on some activities Government has put restrictions where Government gives permission of 100% FDI and in a few activities 100% FDI is not permitted and even Government route can not be availed. In those cases, Joint Ventures are good channel of investment, where a certain percentage is held by Indian entities. In the Joint Venture Form of working, foreign company can get a good financial resource with some ready contacts and experienced partners, however a complete privacy has to be a bit parted with.

Assistance in getting FIPB Approvals

There are two entry routes of direct investment in India (FDI):

• Automatic Route
• Government Route (Approval Route)

Depending upon the sector where proposed investment is to be brought in, the above segregation is done. In many a sectors, Government restricts 100% FDI like defense, telecom etc. For such sectors, one has to get the approval of Foreign Investment Promotion Board (FIPB)- a division of Finance Ministry. We assist you in getting the FIPB approvals, taking care of all the formalities so you can rest assured of our services.

Channels other than FDI:

A foreign company can also come and do business in India without investing directly. RBI has permitted such companies to have establishments in India for some limited purposes. Such forms are :

• Liaison office
• Project Office
• Branch Office

Different permissions and freedoms are attached with each such office. So one has to be careful while making choice of these forms of work. RBI permissions have to be sought for each such organization subject to renewals as specified from time to time. Also, the foreign companies have to register with Registrar of Companies (ROC) within 30 days of setting up a place of business in India, besides the said RBI Approval. 

Brief explanation is here: http://bit.ly/2gI47gY