Finance Minister has proposed to exempt foreign banks from paying tax for setting up local units. The RBI favours operating foreign banks to expand by opening wholly owned local units rather than opening branches, to shield them from liquidity shocks and capital constraints in their home markets. Foreign banks operating in India have cited high stamp duty and capital gains tax as a hindrance to floating local subsidiaries.
Existing laws require overseas lenders to pay up to 30 percent of the market value of their assets as capital gains and stamp duty while converting branches to a new entity.
Refund is an integral part of Goods and Service Tax law since it is the government reimbursement of taxes to a taxpayer. Thus, the taxpayer as well as the refund authorities have to be fully acquai More
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