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India Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
1,281,935,911 (July 2017 est.)GDP (PPP)
$9.447 trillion (2017 est.)Third largest economy in the world with a lot of upward potential
GDP growth rate
6.7% (2017 est.)High in absolute terms but uneven and below the country's potential
GDP (PPP) per capita
$7,200 (2017 est.)Very low
Local currency
Indian rupees (INR)Weak currency which depreciated sharply in 2015-2016
Financial stability (Public debt)
50.1% of GDP (2017 est.)Medium to low, even though the data exclude debt instruments issued (or owned) by government entities other than the central government
Inflation
3.8% (2017 est.)Medium to high but slowing with respecting to previous years
Language
Hindi (along with other 14 official languages)English is a subsidiary official language but is the most important language for national, political, and commercial communication
Corruption perception index (Source: Transparency International)
81/180High
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
The rate of GST (gross sales tax) varies from 5% to 28% depending on the category of goods and services, the general rate of tax being 18%
Corporate Tax
25% up to 40% (excluding surcharges), depending on both the company's turnover and income
Duties
Customs duties are levied on goods imported (and exported, though on a very limited list) depending on their classification under the Customs Tariff Act. The main duties are the GST (max 28%) and the BCD (max 10%)
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