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Foreign direct investment worth Rs 9967.60 crore has been received in the cash-and-carry sector from April 2006 to December 2010, Mr Jyotiraditya Scindia, Minister of State for Commerce and Industry, said in the Lok Sabha on Monday.
Over 900 companies have received FDI for undertaking cash and carry activities. As FDI is permitted under the automatic route, such proposals do not require Government approvals through FIPB for induction of FDI.
Tax evasion, VAT
On whether there is any case of violation of these players in terms of tax evasion and VAT, Mr Scindia said, “no specific instance of violation in terms of tax evasion by international players in cash and carry sector has come to the notice of CBDT during tax audit.”
He, however, said that certain instances of foreign investors not complying with tax withholding provision while divesting their stakes in Indian entities to other non-resident have been detected and the CBDT has raised tax demands.
Investment scene
Answering another question on whether India was underperforming country in the UNCTAD investment climate report, the Minister said India is projected to become the second-most attractive destination for FDI in 2010-12. He said the Government is playing an active role in investment promotion.
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