Digital India

E-commerce and internet businesses are driving the rapid growth of the domestic IT-ITeS industry, attracting unprecedented global interest and funding. Indian e-commerce and internet companies are growing rapidly with about 460 million internet users and a tele-density of around 85.2%. Increasing penetration of the internet, adoption of smartphones and minimal effort low-cost mobile devices, changing demographics, mobile-empowered youth, and the emergence of tier 2 and tier 3 cities as major shopping hubs have been driving the growth of the industry, with new retail forces shifting its dynamics. Furthermore, the continued growth of large pure-play organisations that are powerhouses has moved retailers' focus to the web channel. These companies are not only becoming gateways to product research, but have also introduced consumers to new ways of viewing the retail process.

Monetization of Personal Digital Identity Information

Monetization of personal identity information has become a major component of modern business models, contributing to dramatic innovations in the collection, aggregation, and use of personal information. This phenomenon is commonplace given that parties to business transactions and social interactions usually rely on the issue of claims and disclosure of unique attributes and credentials for proof and verification of identity. However, the heightened societal information privacy concerns and the diminishing level of trust between transacting parties make such attempts to monetize personal information a very risky endeavor. This chapter examines the major technological and regulatory imperatives in the monetization of personal identity information. The resulting monetization model provides an important source of reference for effective monetization of personal information.

E-Retailing Laws and Regulations in India

Cross-border boundaries have changed the way business is being conducted. From time-consuming strenuous manual transactions, consumers have walked a long way to instant e-commerce transactions pushed across by ease and digitization of financial services. Thus rules and regulations are required for setting-up web sites, conducting of business, providing of financial services, digitizing of all commerce-related activities and services, protection of IPR, protecting against all risks and losses, all legal aspects including terms and conditions/conduct of trade/provision of after-sales service/security/entry and exit of start-ups/protection of consumer rights/crypto currency/virtual banks/legally acceptable unsigned documents/mobile commerce, and all other related aspects. These laws cannot be country specific but have to be framed with global outlook since transaction can happen from any place to any other place worldwide.

Online Management of the Goods and Services Tax

This chapter is about goods and services tax (GST), the tax reform by the Government of India. GST seeks to bridge the gaps between different types of taxes and provide a common platform under the “one India one tax” initiative of the Indian government. The objective of this chapter is not only to understand it but also to comprehend the challenges the various stakeholders of GST would face. Moreover, this chapter discusses the key benefits to its stakeholders. The online system of GST has also been covered in detail.

Base Erosion and Profit Shifting (BEPS) and the Digital Economy

The digital economy, undoubtedly, has contributed to the immense task of clearly identifying, ascertaining, and accounting for sources, rationales, and audit trails relating to tax transactions. This is not only evident owing to difficulties associated with cross-border transaction regulations which govern different jurisdictions as well as the enforcement of such regulations, but also in respect of risks associated with the present global financial environment – all having generated from the rise in automation, increased and improved sophisticated technologies, globalization, and conglomeration. This chapter not only seeks to highlight the extent, contribution, and significance of the digital economy in respect of those risks associated with base erosion and profit shifting (BEPS) but also amongst other aims and objectives to recommend measures whereby regulations can be better enforced as a means of addressing practices associated with BEPS.

Structuring International Financial Centre

This chapter tries to analyse an overall perspective of the financial developments of Singapore (an established IFSC), Dubai (a new IFSC), and Gujarat (an upcoming IFSC) international financial centres. The structure of this chapter is as follows. Section 1 includes an introduction and literature review followed by Section 2, which will provide the background information on the centres with the focus on developments. An introduction to the current CPMI (clearing and payment infrastructure) for Singapore, Dubai, and India is presented in Section 3. Section 4 gives an insight of the heart of any international financial trade centre (i.e., its tax and regulatory environment), which makes corporations look beyond their shores. Section 5 concludes this chapter with probable recommendations proposed by various commissioned studies.

E-Retailing Laws and Regulations in India

E-commerce in today's world has become one of the most essential parts of everyday life. Particularly for urban areas, the accessibility to platforms of e-commerce is not just an opportunity but rather a necessity for most people. In 2014, nearly 75% (2.1 billion) of all internet users in the world (2.8 billion) lived in top 20 countries. The remaining 25% (0.7 billion) were distributed among the other 178 countries, each representing less than 1% of total users. China, the country with the most users (642 million in 2014), represents nearly 22% of the total and has more users than the next three countries—United States, India, and Japan—combined. The growth of the e-commerce industry is not only indicative of the increasing openness of the public but has also brought to the front the issues that the legal system of the country has been faced with. The legal system has constantly tried to be updated especially with the enactment of IT Act to deal with lots of issues emerging from the use of the internet.

Challenges of E-Retailing Laws and Regulations in India

The revolution in the retailing industry has brought many changes and also opened doors for many Indian as well as foreign players. In a market like India, there is a constant clash between challenges and opportunities, but chances favor those companies that are trying to establish themselves. In order to sustain in a market like India, companies have to bring innovative solutions. E-retail laws in India are urgently needed. India should also regulate the tax laws, unlawful competitive practices, and predatory pricing of Indian and foreign e-retail transactions. This chapter highlights the challenges and prerequisites of e-retail law.

E-Commerce

The growth of e-commerce in India has been substantial in the last decade. The growth of the sector has been affected by the number of issues in indirect taxation. The introduction of goods and service tax (GST) is expected to smooth the taxation for e-commerce operators. This chapter examines the key aspects of GST including existing taxes which would be replaced by GST, registration in GST, taxable event under GST, valuation in GST, payment process in GST, refund and audit in GST, and compliance process in GST. The chapter concludes that GST will ease doing business for e-commerce operators by providing a unified framework for indirect taxation.

From Inception to Implementation

Goods and service tax (GST) is a partially centralized and unified indirect taxation system on goods and services, which will sculpt India as a one common market place. GST on one side is being regarded as a paradigm shift in Indian taxation system, as it will comprehend all the indirect taxes levied on manufacturing, sale, and consumption of goods and services across pan India while on the other side there is lot of commotion over its implementation as it is generally perceived that it will bring no benefit for the country as a whole and rather will create more ambiguity cross state and center. Taking cognizance of the shift in the Indian taxation structure and emergence of the GST, the present chapter addresses this dilemma and contradictions by commenting on the various aspects and impacts of GST, specifically on the Indian e-commerce industry.