Taxation And Investment
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi in March approved the following four Goods and Services Tax (GST) related bills:
The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government. The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both. The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016.
India has the largest population of people living abroad in the world. As per the UN report, 16 million people from India were living outside India in 2015. If you include the person of Indian origin (PIO) this number will rise to 30 Million.
What are the investment options for NRIs? A good number of NRIs are interested in creating assets in India because they wish to return after retirement.
NRIs based in US and Canada has some restrictions in investing in India. The scope of this article is limited to NRIs in other countries.
Let us discuss the popular investment options for NRIs.