Tag Archives: Asia Pacific

Airfares in India may rise over 8% in 2018: Report

Airfares in India are probably going to increment by around 8.7 for every penny one year from now in the midst of expanding local request, says a report.

Government Working on E-Commerce Definition: Nirmala Sitharaman

Government Working on E-Commerce Definition Nirmala Sitharaman

New Delhi: In view of ‘very complex’ and ‘multi-layered’ business structure of e-commerce firms, the government is working on a proper definition to bring clarity on a host of issues including taxation, Commerce and Industry Minister Nirmala Sitharaman said.

“…it (e-commerce) is not a simple or a black and white issue. We have had stakeholders’ meeting. State governments have given their inputs, so we thought at least we should define this whole thing as what is a market place, why it is a market place, when it is portal related,” Sitharaman told PTI.

She said the whole issue related with the e-commerce business is “very complex” and it has “become multi-layered”.

“So that is why we are working on it…It (definition) should happen soon,” she added.

The minister also clarified that the ministry is not looking at foreign direct investment (FDI) in e-commerce retail.

E-commerce itself has a lot of issues as most of the companies in this sector are dealing in logistics and keeping inventories also, Sitharaman said, adding “the entire discussion is about the various levels at which level playing field is absent (for brick and mortar stores).”

Many states have started taxing these firms because they are keeping inventories, she added.

“State government thought fit to have VAT on them or they are imposing service tax. So at the end of the day, these companies started questioning why you are taxing us?

“At the same time, e-commerce strictly means you just create the portal, where a buyer and a seller come together but you (the companies) are not finishing off with that, you are also holding stocks of one seller or many sellers,” the minister said.

As per the current FDI policy, e-commerce activities refer to the activity of buying and selling by a company through an e-commerce platform.

At present, 100 per cent FDI is allowed in business-to-business (B2B) e-commerce and not in the retail segment.

Global players are looking at India as it is one of the fastest-growing markets in Asia-Pacific, along with China.

Rise in Internet penetration, adoption of smartphones and lower data rates are completely changing the way India shops.

According to estimates, the sector’s size is around $5 billion annually.

When asked about her expectation for the Parliament session and GST roll out, she said the government is engaging with the opposition on all important matters.

“Somewhere national priorities should be understood and opposition parties can not be seen obstructing Parliament one session after the other,” she said.

She added that implementation of Goods and Services Tax bill would give a huge boost to the GDP and that additional growth is not going to confined only to BJP ruled states.

Read full article: NDTV

India tops in corporate responsibility reporting: KPMG

NEW DELHI: India has emerged as the top country when it comes to corporate responsibility reporting, a global report released by KPMG has said.

The KPMG study has found that after India countries such as Indonesia, Malaysia, South Africa have the higher corporate responsibility reporting rates in world

According to the KPMG Survey of Corporate Responsibility Reporting 2015, more companies (79%) now report on CR in Asia Pacific than in any other region, followed by the Americas (77%) and then Europe (74%).

This growth has been driven by a surge of CR reporting in countries such as India, Taiwan and South Korea, where increasing amounts of reporting requirements and guidelines have been introduced.

“Corporate reporting is entering into a whole new exciting phase, with CR becoming a firmly integral part of annual reports. It is encouraging to see that India is leading, with all top companies reporting on CR, but we can see through this survey that the quality of Indian reports can improve further,” said Mritunjay Kapur, Partner and Head of Risk Consulting, KPMG in India.

The report also focusses on the quality of carbon reporting among the world’s 250 largest companies (G250).

Read full article: Economic Times