China's economy delivered a robust start to 2026, with gross domestic product expanding 5.0% year-on-year in the first quarter to 33.42 trillion CNY (approximately US$4.9 trillion), according to data released by the National Bureau of Statistics (NBS) on April 16.

India's direct tax regime is undergoing its most radical transformation in decades with the enforcement of the Income-tax Act, 2025. This reform is not merely a renumbering of forms but a fundamental shift toward a data-driven, transparent compliance ecosystem.

As a general principle, VAT liability - or so called "tax point" - is triggered by the occurrence of a taxable transaction. Specifically, liability arises on the date the sales proceeds are received or when the taxpayer obtains documentary evidence entitling them to such pro...