J une 2014

A monthly newsletter for

business-owners& entrepreneurs

1. Budget Snapshot : 2014-15 pg 2-3
2. Changing Times pg 4-6
3. Spotlight pg 7

4. Tax Tidbits pg 8
5. Regulatory News pg 9
6. VC Corner pg 10-11
7. Out of Box pg 12




INDEX
2









Direct Taxes

Individuals:
Income-tax basic exemption limit raised to Rs 2.5 lacs from Rs 2 lacs for individuals [Other than
senior citizens]. For senior citizens, basic exemption limit raised to Rs 3 lacs from Rs 2.5 lacs
Limit of deduction under section 80C increased to Rs 1.5 lacs from Rs 1 lac
Interest on housing loan deduction increased from Rs 1.5 lacs to Rs 2 lacs for self-occupied
property.
Threshold limit for EPF and Pension scheme for mandatory coverage of employees increased to
Rs 15000.

Corporate
Investment allowance at the rate of 15% to a manufacturing company that invests more than
Rs 25 crore in any year in new plant or machinery. The benefits to be available for 3 years i.e. for
investments made upto 31 March 2017.
In case of non deduction of tax on payments, 30% of such payments will be disallowed instead
of 100%
Change in the mechanism of computing dividend distribution tax
Expenditure on CSR not an allowable expenditure except for certain specified expenditure
covered u/s 36 of the IT Act
Transfer pricing provisions are amended to permit use of multiple year data for comparability
study to determine Arms length pricing instead of single year data

Indirect Tax

Advance ruling extended to resident private companies for indirect taxes.
Excise Duty
Excise valuation rules amended. The transaction value of the goods will be considered for
assessment of duty in a situation where such goods are sold at a price below manufacturing
cost.
ED reduced on Specified food processing and packaging , Footwear having retail sale price
exceeding Rs 500 and upto Rs 1,000, Sports gloves and Motor Spirit
Excise Duty increased on Cigarettes, Pan masala, Unmanufactured tobacco, Gutkha and
chewing tobacco ,
Mandatory pre deposit for filing of appeal at 7.5% and 10% of duty and penalty for first and
second appeal respectively. Similar changes have been brought in Customs and Service tax
laws.
Cenvat credit on inputs, capital goods has to be availed within 6 months from the date of
invoice.


1. Budget snapshot:
2014-15
3



Service Tax
Services made taxable include Sale of space or time for advertisement in broadcast media to
cover all forms of advertisement except Print Media, Services provided by Radio Taxis,
Transportation of passenger with or without accompanied belongings by air conditioned
contract carriages.
Interest on delayed payment of service tax increased to
First 6 months 18% p.a.
Beyond 6 months uptill 1 year 24% p.a.
Beyond 1 year 30% p.a.
E-payment of Service tax mandatory from 1 October 2014 for all assesses.
Time limit for taking CENVAT Credit on input and input services specified at 6 months from the
date of issuance of prescribed document.
Payment to service provider before availing CENVAT Credit not required where full reverse
charge mechanism is applicable.
CENVAT Credit reversed on account of non receipt of export proceeds to be allowed as re-
credit on receipt of export proceed.
In case of services taxable under reverse charge, point of taxation shall be the date of
payment; in case the payment is not made within the period of three months, the point of
taxation will be the day after the expiry of three months from the date of invoice.

4






ECGC to offer direct factoring service for MSMEs

The Export Credit Guarantee Corporation of India (ECGC) will provide a direct factoring facility for
micro, small and medium enterprises in the current financial year to help them meet their working
capital requirements without having to approach banks, according to the latest e-newsletter of the
Federation of Indian Small, Micro and Medium Enterprises (FISME).

Source: Business-Standard

There is a credit gap of 56% in the MSME sector

A credit gap of 56 per cent exists in the MSME (micro, small and medium enterprises) finance sector in
India. While there is an estimated demand of 2,803,628 crore, the supply of finance stands at 1,038,948
crore, reveals a study conducted by US-based Entrepreneurial Finance Lab (EFL).

Nearly 50 per cent of the total application processing time is taken up in collecting the required
documents. One of the largest barriers to access to finance in India is the lack of detailed applicant
credit histories or other documented metrics of credit worthiness. In a world increasingly dominated by
data, lenders who leverage new non-traditional, quantifiable measures to assess applicants will be
most successful, said Silberstein. Data collected by EFL suggest some tendencies toward bias in loan
officers during their evaluation that is mostly subjective. The bias rests on six main factors: familiarity with
applicants, pressure to meet monthly quotas, banking history, residential stability, marital status, and
age.

Source:TheHinduBusinessLine

Banks flouting Rs 1 cr collateral-free loan norm for micro, small units

Banks continue to insist on collateral from micro, small and medium enterprises (MSMEs) despite clear
provisions for providing collateral-free loans to MSMEs of up to Rs 1 crore, even as the demand for
raising the limit to Rs 5 crore has come up at RBI-sponsored town hall meetings with industry
associations. RBI officials recently met officials of the Federation of Indian Micro, Small and Medium
Enterprises (FISME) and public and private sector banks to discuss issues faced by MSMEs with banks.
One major point that emerged from the discussions was the lack of awareness of the RBI directive that
loans to MSMEs of up to Rs 1 crore should be collateral-free, and the need to raise this limit.

"About 18 per cent of MSMEs are not aware of collateral-free MSME loans," the RBI said. It also said,
"The banks invariably insist on collateral security in spite of clear provisions for collateral-free loans up to
an amount of Rs 1 crore." The limit of Rs 1 crore for collateral-free loans needs to be upgraded to at
least Rs 5 crore, entrepreneurs stressed in the town hall meetings. They also pointed out that finance
needs to be made available more easily to MSMEs, and at lower rates of interest.

Source:Business-Standard
News that impacts
your business

2 . Changing Times

5


CII sets up finance facilitation centre

To facilitate access to finance and credit for SMEs, the Confederation of Indian Industry (CII) on
Monday set up an Online Finance Facilitation Centre for SMEs, with the aim of providing advisory and
credit facilitation support to SMEs, according to a CII release. The centre will operate as a one-stop
shop, aggregating financing options from various major financial institutions.

SME members across India can approach the centre for their credit requirements through an online
interface, and the centre will facilitate the documentation and preparation of bankable project
proposals. Kalraj Mishra, Union minister for MSMEs, launched the centre, which will also conduct
outreach programmes in partnership with the ministry of MSME and seven partner financial institutions
across the country through CII's network of offices in states to create awareness among SMEs on the
avenues for accessing finance.

Source:Business-Standard

SME survey: PE sector unregulated, govt should step in to safeguard
cos' interests
Firstbiz in a survey we did with the Greyhound Knowledge Group found out that while e-commerce
continues to remain the favourite milch cow of PE investors, while other enterprises struggle to find
backers.

The Firstbiz-Greyhound Knowledge Group survey found that funding was the major blip on the SMEs'
radar. The top concern of SMEs was the difficulty to access credit access and finance.

This difficulty was not region or sector specific. Across India, the unanimous sentiment of businesses was
that it is extremely challenging to obtain collateral free term loans from banks (80 percent). As regards
private equity funding, 72 percent complained that PE funding leads to a dilution in company control,
while 65 percent said PE funding is tough to obtain. However, 86 percent of the respondents still
wanted the government to step in to encourage private equity firms to provide funds.

For full report: Readmore

Amazon looks to fund Indian startup story

The Seattle-based internet giant is working with its India unit to scout for startups, which could be of
strategic interest. Even as the e-commerce juggernaut Amazon ramps up operations here, the $74-
billion online retailer is quietly identifying Indian startups in the tech and internet space to boost its local
ecosystem.

Since 2005, Amazon has been largely investing in startups in the US, having laid its first bet in China by
pouring $20 million into a food delivery portal Yummy77 just last month.


Source: Times of India


6


Services PMI to 17-month high in June

New order flows, stronger sentiment due to release of pent-up demand

The upbeat mood caused by the Narendra Modi government lifted services, the biggest part of
Indias economy, to a 17-month high in J une, according to the HSBC Purchasing Managers Index
(PMI).

The index rose to 54.4 points in J une from 50.2 points in the previous month. That was the biggest
monthly rise in the index in four years, said Reuters. Before May, the services PMI had been stuck below
50, which divide growth from contraction, for almost a year.

In May, the PMI was slightly into the expansion mode. Ten consecutive months prior to that had
witnessed contraction.

Source:Business-Standard

Crowd funding in India may be restricted to accredited investors,
funding up to Rs 10Cr

SEBI has come up with draft proposals which may provide a legal platform for crowd funding in India,
an alternate funding route for startups in the country.

SEBIs norms will restrict itself to security-based crowd funding and steer clear of donation and rewards
based funding as also peer to peer lending which falls under the purview of RBI. The regulator has
categorised three types of crowd funding equity-based (EbC), debt-based (DbC) and fund-based
(FbC).

Some of the key proposals include:
restricting the crowd funding to accredited investors;
capping crowd funding up to Rs 10 crore within a 12-month period including oversubscription
(which shall be restricted to 25 per cent of the intended fundraise);
attract money from maximum of 200 individual investors (besides institutional investors);
founders or promoters need to maintain a minimum of 5 per cent stake in the company for at
least three years from the date of the issue
Allowing a new class of crowd fund AIF (alternate investment fund which currently covers
angel, VC, PE and hedge funds in the country) who can pool in money from other investors to
invest in a company, among others.

Source:Vccircle.com







7











Fed up with MNCs bureaucratic nature, executives heading to Indian
employers

Speedier decisions, an entrepreneurial environment, attractive pay and often global roles are
persuading CEOs and CXOs to opt for Indian firms.

NEW DELHI: There's this story doing the rounds of corporate India about the country CEO at a top
multinational and how he quit in frustration within a short while of joining. Everything needed to be
signed by various people up the chain, delaying decision-making inordinately. "Even when he needed
to get a new executive assistant, it took two months for approval from headquarters... it was quite a
culture shock for him," one person said.

Once-coveted titles with hefty pay packets at leading multinationals are no longer enough to retain
executives fed up with the bureaucratic nature of such companies many are instead heading to
Indian employers. The latter are meanwhile professionalizing to a greater degree, looking to put in
place global practices, even seeking to be guided through processes such as initial public offerings.
Some executives are moving in anticipation of a big payout company lists successfully.

Those who move from MNCs to Indian companies "look forward to the opportunity of working closely
with the promoters who are key decision-makers," said Sanjiv Sachar, consultant at search firm Egon
Zehnder. "Indian firms are also changing from being strictly promoter-led to bringing in more leaders
and decision makers from outside."

"The scale and scope of their operations have expanded and they are providing opportunities that
are far more attractive," he added. Biscuit maker Britannia's managing director Varun Berry cites quick
decision-making, instant access to promoters and the ability to resolve issues without having to go
through multiple layers of hierarchy as the big advantages of working in an Indian firm.

"The culture here (at Britannia) is about a competitive mindset and quicker decision-making ability...
we don't get into elaborate PPTs (power point presentations) for the sake of it," said Berry, who worked
18 years at beverage and snacks firm PepsiCo.

Work conditions at some MNCs can be stifling, especially for those seeking entrepreneurial roles.
Speedier decisions, an entrepreneurial environment, attractive pay and often global roles are
increasingly persuading CEOs and CXOs to opt for Indian firms, according to leading search firms.

"They find a lot of empowerment and meat in their roles and look forward to the challenges and the
level of complexity," said Sangeeta Sabharwal, of The Taplow Group, another search firm. "They feel
that dealing with path-breaking changes like taking the company through an IPO can happen in
Indian companies."

Readmore
3. Spotlight

8




Quantity Discounts reflected in invoice not
pertaining to the goods which are being sold
not admissible:

The appellants were engaged in the manufacture and sale of home appliances and allowed quantity
discount based on performance to its distributors. These were mentioned on the invoices raised.
However, the discounts as shown on the invoice was in relation to the performance of the distributor
for the past 3 to 6 months and does not pertain to the goods sold vide such invoices. In relation to
admissibility of deduction of such quantity discount, Hon High Court dismissing the appeal held that
from the bare perusal of the said invoice, it was clear that the discount shown in the invoice was not
relatable to the sale of goods by the said invoice and as such the assessee could not claim deduction
under rule 3. It was also observed that it is necessary to reflect the discount in the tax invoice but such
discount should be in respect of the goods being sold vide such invoice. (Maya Appliances (P) Ltd. v.
Additional Commissioner of Commercial Taxes (2014) 45 taxman.com 162 [Karnataka])

VAT not shown separately in the invoice deduction cannot be claimed

Honorable High Court has held that the appellants are not entitled to claim the deduction of VAT paid
on sale of goods when the invoice / bill issued by the appellants does not specifically mention the
value of goods and amount of tax collected thereon. The fact was that the appellants, in the sale
invoice mentioned the total value of goods including the amount of tax. The sale invoice also
mentioned that tax was collected at the rate of 12.5 per cent. While declaring the turnover and tax in
the monthly returns in Form VAT-100, the total amount of was bifurcated as taxable turnover and tax. It
was observed that the sale invoice was not issued in terms of Section 9(1) and rule 29(1) of the
Karnataka Value Added Tax Act, 2003. [Mahadevi Stores v. Additional Commissioner of Commercial
Taxes [2014] 45 taxmann.com 82 (Karnataka)]

Eligibility of CENVAT credit

The Tribunal has held that service tax paid on services such as insurance of plant and machinery,
goods in transit, cash in transit and insurance of vehicles, and laptop, is an integral part of
manufacturing business and accordingly are eligible to be claimed as CENVAT credit. Without
insurance of plant & machinery, cash in transit, goods in transit, vehicles & computers, etc. against any
loss due to accident, natural calamities, etc., no manufacturer would carry on manufacturing
operations. [M/S Hindustan Zinc Ltd Vs Commissioner Of Central Excise 2014-TIOL-855-CESTAT-DEL]

CENVAT Credit not admissible in relation to export of goods:

The Tribunal has held that CENVAT credit on the services related to the export of inputs which are not
used in the manufacture of goods is not admissible [Crossword Agro Industries v. Commissioner of
Central Excise [2014] 45 taxmann.com 239 (Ahmedabad CESTAT)]

Deputation of employees to subsidiary company not liable to service tax

Honorable High Court has held that deputation of employees to subsidiary company on cost sharing
basis does not establish an agency-client relationship and as such the activity is not covered under
manpower recruitment or supply agency services. [CST Vs. Arvind Mills Ltd., (2014) 45 taxmann.com
376 (Gujarat)]
4. Tax Tidbits


9









RBI relaxes overseas investment norms
The Reserve Bank of India (RBI) has relaxed norms for overseas investment by Indian corporates by
raising their borrowing limit. Any financial commitment exceeding $1 billion in a financial year would
require prior approval of the Reserve Bank even when the total financial commitment of the Indian
Party is within the eligible limit under the automatic route. The financial commitment should be limited
within 400% compared to earlier level of 100% of the net worth as per the last audited balance sheet
of the company.
http:/ / bit.ly/ 1pN8PNi

External Commercial Borrowings (ECB) from Foreign Equity Holder
Simplication of Procedure

RBI vide A.P. (DIR Series) Circular No.130 dated 16th May, 2014 has simplified the existing procedure, by
delegating powers to AD banks to approve the following cases under the automatic route:

i. Proposals for raising ECB by companies belonging to manufacturing, infrastructure, hotels,
hospitals and software sectors from indirect equity holders and group companies.
ii. Proposals for raising ECB for companies in miscellaneous services from direct / indirect equity
holders and group companies. Miscellaneous services mean companies engaged in
training activities (but not educational institutes), research and development activities and
companies supporting infrastructure sector. Companies doing trading business, companies
providing logistics services, nancial services and consultancy services are, however, not
covered under the facility.
iii. Proposals for raising ECB by companies belonging to manufacturing, infrastructure, hotels,
hospitals and software sectors for general corporate purpose.ECB for general corporate
purpose (which includes working capital nancing) is, however, permitted only from direct
equity holder.
iv. Proposals involving change of lender when the ECB is from FEH direct / indirect equity
holders and Group Company.

All other terms and conditions stipulated in the relative circulars shall continue to be applicable.

Other aspects of the ECB policy such as eligible borrower, recognised lender, permitted end-use,
amount of ECB, all-in-cost, average maturity period, pre-payment, ECB liability: equity ratio,
renance of existing ECB, reporting arrangements, etc. shall remain unchanged.

These changes will come into force with immediate effect.

5. Regulatory
Corner
10










Online consumer forum Akosha raises $5.2 M from Sequoia
Online consumer feedback platform Akosha has raised $5.2 million from Sequoia Capital India..
http:/ / www.nextbigwhat.com/ akosha-funding-297/

Hippocampus raises Rs.14.4 Cr from ADB, Khosla Ventures, Unitus
Bangalore-based rural education services company Hippocampus Learning Centres has raised INR
14.4 crore in a fresh round of equity funding led by new investors. Asian Development Bank has
invested INR 10 crore in the new round, while Khosla Ventures and Unitus Seed Fund have invested the
balance Rs 4.4 crore. Founded in 2010, Hippocampus, operates 128 learning centres in four rural
districts of Karnataka, and will use the proceeds to expand to 700 learning centres by
2016. http:/ / economictimes.indiatimes.com/ articleshow/ 37594780.cms
Blume invests in online HR software firm Greytip
Cloud-based HR software company Greytip Software has raised funding from Blume Ventures to
accelerate growth in the domestic cloud HR and payroll automation space. Founded in 1994, Greytip
enables over 2500 clients across India, Malaysia, UAE and Oman to manage more than 5,00,000
employee records on a daily basis. Its SaaS application, GreytHR, is being used by companies spread
across 60 cities in India and across industry segments.
http:/ / goo.gl/ DfNQOM
Sequoia to buy stake in TN co Milky Mist Dairy
Sequoia Capital India is in talks to invest $25 million (Rs 150 crore) for a minority ownership of Erode-
based Milky Mist Dairy Foods Private Ltd. The deal values the company at Rs 430 crore ($70 million).
Milky Mist is a producer of value-added milk products with a portfolio that includes curd, fresh cream,
cheese and paneer.

http:/ / timesofindia.indiatimes.com// articleshow/ 37551102.cms
Somerset invests INR 20-Cr in medical imaging equipment firm Prognosys
Somerset Indus Capital Partners has invested INR 20 crore to buy a minority stake in medical imaging
equipment maker Prognosys Medical Systems and its sister concern Chayagraphics, which distributes
medical products.
Prognosys is involved in assembling in digital medical imaging products for Canon as exclusive partner
in India. The ten year old company also manufactures digital X ray equipment and will set up a 30,000
square feet facility in Bangalore with this round of funding.
http:/ / economictimes.indiatimes.com/ articleshow/ 37214315.cm



6. VC Corner
11


Aspada invests Rs. 12-Cr in SME lender Capital Float
Aspada Investment Company, which is backed with a significant commitment from the Soros
Economic Development Fund (SEDF), has made a commitment of INR 12 crore (USD $2 million) in
Bangalore-based Capital Float, a business that provides working capital loans to underserved small
businesses via a technology-led loan origination and credit underwriting platform.
Capital Float works with SMEs in manufacturing, services and e-commerce.

Creador invests Rs 100-Cr in plastic water tanks maker Vectus
Latinia Limited, an affiliate of Creador II LLC, has invested $16.7 million (around Rs 100 crore) for a
minority stake in privately-held Vectus Industries Ltd, a manufacturer of plastic water tanks and pipes.
This is the PE firms fourth investment in India. The company will have a board seat on Vectus.

Vectus sells its products under Vectus, Ganga and Waterwell brands. It has 11 manufacturing units and
the products are sold across 4,000 dealers and distributors pan-India.

http:/ / bit.ly/ 1iNCP3h

SAIF, Accel, Network18 pick up 15% in Bookmyshow for Rs.150-Cr
SAIF Partners is leading a INR 150-crore investment round in Mumbai-based online entertainment
ticketing company Bookmyshow, valuing the company at about INR 1,000 crore. Bigtree
Entertainment, which runs Bookmyshow, will also see existing investors, Accel Partners and Reliance
Industries (through Network18), participate in the round. The company is looking to use the primary
infusion to expand rapidly into smaller cities and create tech-driven disruptions around payments and
spruce up its mobile platform.
http:/ / timesofindia.indiatimes.com/ articleshow/ 36733181.cms
12






Are the PE Investors flexing their muscles:

Bain sues EY over Lilliput Kidswear $60-M loss
Bain Capital Partners LLC is suing EY in a Massachusetts court, claiming that the auditing firm cost it
roughly $60 million by advising it to invest in India-based children's clothing company Lilliput Kidswear.
Bain alleges that it invested around $60 million in Lilliput in May 2010 for a non-controlling 30.99 % stake,
based on false financial statements that EY had audited and certified Bain had invested in Lilliput and
planned to expand the company before taking it to an initial public offering.
Bain halted the Lilliput IPO process after investigating a whistleblower's claims and finding inflated sales
at the company. Bain is bringing the action against EY for "fraud, aiding and abetting fraud, negligent
misrepresentation, and unfair and deceptive trade practices based on EY's involvement in the scheme
to defraud Bain."
http:/ / reut.rs/ 1qT7gKj

NSR-backed Adigas restaurant chain placed under CLB
administration

The Company Law Board (CLB) has appointed a retired judge, K N Keshavanarayana, from the
Karnataka high court to run Bangalore-based Vasudev Adigas Fast Food, following a dispute
between the companys promoter K N Vasudeva Adiga and South Asia Gastronomy Enterprises
(formerly NSR Gastronomy Mauritius), a part of private equity firm New Silk Route.

The new administrator will also replace the board of directors of the company, in which New Silk Route
holds a 36% stake.







7. Out of box:

13


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14





















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