Foreign direct investment approvals expand downstream holding structures and equity issuances; some proposals deferred or rejected under policy concerns.
Government approved twelve FDI proposals on FIPB recommendations across multiple sectors, principally authorising conversions to operating cum holding structures for downstream investments, equity issuances including partly paid shares, and setting up foreign owned Indian holding companies; most approvals involved no fresh inflow while a few recorded new equity. The Board deferred five proposals raising policy or Press Note issues and rejected three proposals where proposed conversions or investor nationality conflicted with applicable policy; it also noted a request to amend mode and percentage of FDI in an existing approval.

Self-service exclusion: seller-provided construction services before execution of sale deed are not subject to service tax.
Services rendered by a seller/promoter in relation to construction of a residential complex prior to execution of the sale deed are treated as self-service and do not attract service tax; if an owner engages a promoter who personally provides design, planning and construction and the owner takes the completed property for personal use, that activity is excluded as a residential complex; however, third-party contractors or designers providing services remain liable to pay service tax.

Foreign direct investment approvals expand permissions for operating cum holding conversions and post facto regularisations.
Government approved 31 FDI proposals following FIPB recommendations, primarily authorising conversions of operating companies into operating cum holding companies, issuance of warrants, share transfers, establishment of wholly owned subsidiaries, and post facto regularisations; seventeen proposals were deferred for further scrutiny, four rejected, one withdrawn, and three high value proposals were referred to the Cabinet Committee on Economic Affairs, with noted policy compliance requirements such as adherence to Press Note 1 of 2005 and, where applicable, security clearance before placement.

PPP project approvals authorise three port concessions under BOT and DBFOT, advancing private participation in infrastructure.
PPPAC approved three port PPP projects: two as Build-Operate-Transfer concessions at Tuticorin and Ennore in Tamil Nadu, and one as a Design-Build-Finance-Operate-Transfer concession for a coal terminal at Mormugao, Goa, with combined estimated project costs reported; the release also notes PPPAC's cumulative approvals since January 2006 across highways, ports, airports, tourism infrastructure and railways.

Foreign direct investment appeal persists, promoting agri food and SME partnerships while demanding trade outcomes that protect livelihoods.
India will remain attractive for foreign direct investment despite global crisis, with inflows rising notably; priority investment opportunities include agri-food partnerships across production, processing and distribution and collaboration with SMEs due to lower production and engineering costs. On trade negotiations, a legitimate development outcome in the Doha Round must protect livelihood and food security for poorer countries, reject one-size-fits-all solutions, and seek convergence between globalisation and social justice.

Turnkey project vivisection: service portion may be subject to service tax while deemed sale portion attracts sales tax.
The tribunal held that components of a turnkey contract falling within the deemed sale definition will attract sales tax, while the residual activities may constitute a taxable service under the Finance Act, 1994 and thus attract service tax if they meet statutory criteria; the correctness of non vivisection in earlier precedent was questioned and the issue referred to a Larger Bench.

DEPB rate restoration reverses prior reductions and reinstates the earlier export incentive schedule until year end.
Central government withdrew Public Notice No. 102 (RE-2008) and restored the pre-5-11-2008 DEPB rates, reinstating the earlier DEPB schedule that prevailed in 2007-08; these rates are to remain in force until 31-12-2009.

Export growth year-to-date contrasts with rising imports and a widening trade deficit, based on provisional trade data.
Cumulative exports for April-November 2008 rose 19.4% in US dollar terms (29.5% in rupee terms) year on year, while November exports fell year on year; cumulative imports rose 33.0% in dollar terms (44.7% in rupee terms), with oil imports increasing markedly and non oil imports also up, producing a substantially larger trade deficit for April-November 2008. All 2008-09 figures are provisional; 2007-08 figures are the latest revised.

Territorial nexus: services taxable only where performed; both rendering and utilization in the jurisdiction are required for taxability.
Services are taxable only where they meet a territorial nexus: they must be both rendered in India and utilized in India simultaneously; the place of performance, not incidental utilization, determines taxability, and non residents are taxable only in the jurisdiction where the legal advice is performed, consistent with internationally accepted principles and double taxation considerations.