Easier regulations, clamp down on offshore derivative instruments, and Indian equities outperforming other markets in the last few years have boosted foreign investors’ interest in the country, leading to a spurt in the number of foreign portfolio investors (FPI) this year. Over 600 new FPIs registered with Securities and Exchange Board of India (Sebi) in 2018 — the steepest rise in FPI count since 2014, when the market regulator overhauled rules for offshore investors and introduced the FPI regime. There …
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No ´angel tax´ likely for start-ups accredited by DIPP
Facing flak from startups, the government may announce modifications to the “angel tax” law in the coming weeks. All startups accredited by the Department of Industrial Policy and Promotion (DIPP) will no longer be asked to pay angel tax, sources involved in the interministerial discussions said. Earlier, the rule said only those startups that had been given such an exemption by a government board would be excused. That is likely to change as the government is planning to exempt “any …
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Interest Equalization rate increases from 3% to 5% from MSME exporters
In order to help the exporter, it has been decided by the Government of India to increase w.e.f. November 02, 2018 Interest Equalisation rate from 3% to 5% in respect of exports by the Micro, Small & Medium Enterprises (MSME) sector manufacturers under the Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit. The Scheme is available to all exports under 416 tariff lines [at ITC (HS) code of 4 digits] and exports made by MSMEs across all …
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MCA constitutes committee for finalizing ‘Business Responsibility Reporting’ format for cos.
The Ministry of Corporate Affairs (MCA) has constituted a committee for finalizing the Business framework of the updated NVGs.
The Institute of Company Secretaries of India (ICSI) & Indian Institute of Corporate Affairs (IICA) shall render necessary secretarial assistance and logical support to the committee on BRR. MCA & ICSI shall jointly provide technical support to the committee.
The committee may devise its own procedure to conduct its meetings including inter alia invite any person of appropriate standing, knowledge, and …
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Sebi may Make it Easier to Start up on Bourses
The Securities and Exchange Board of India (Sebi) is planning to relax rules for listing of startups in India, which include giving promoters the flexibility to categorise themselves as ordinary shareholders and exempting them from the mandatory three-year lock-in period. The capital markets regulator may also free them from fiduciary responsibilities of a promoter, two people with direct knowledge of the matter said.
These measures, if implemented, are expected to benefit the global private equity-backed startups such as Ola, Flipkart …
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Govt. prescribes procedure for online registration of Budgetary Support Scheme
Government is going to rollout online filing for processing of claims under Budgetary Support Scheme. The new scheme will be effective from 15th October 2018 and new procedure for online registration has been prescribed.
The scheme was essentially conceptualized and approved to operate in an automated environment. This would bring about better supervision, monitoring of pendency and utilization of allocated funds and generation of reports. DG, Systems, CBIC is looking after the work relating to automation of the scheme. The …
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MCA eases process for incorporation of LLPs; specifies new forms ‘RUN-LLP’ and FiLLiP
Ministry of Corporate Affairs (MCA) has notified amendment to the Limited Liability Partnership Rules, 2009 wherein process of incorporation of LLPs and reservation of their name have been amended in order to ease of doing business. Under revised norms, a new web based form ‘RUN-LLP’ has been introduced through which names of a LLP can be reserved without digital signature and Designated Partner Identification Number (DPIN). This form is very much similar to RUN web service reservation of name in …
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Sebi to make listing start-ups attractive
The Securities and Exchange Board of India (Sebi) may soon bring in a slew of changes to make it attractive for startups to list on the bourses.
Among other things, the regulator may broaden the definition of startups to include non-tech companies and allow them to list directly on the main board of stock exchanges under a separate segment.
The changes are part of the proposals prepared by a Sebi-appointed panel to revive startup listings. The regulator is expected to …
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Govt to Vet GST, Income Tax and Transfer Pricing Filings to Find Leakage
The government is planning to compare data filed by companies with different departments to detect discrepancies and check whether there’s been any leakage in tax collected, raising the prospect of even greater scrutiny, said people with knowledge of the matter. Goods and services tax (GST) returns, income tax filings and transfer pricing submissions will be analysed and synchronised in a manner that hasn’t been possible before, they said.
Multinationals including banks, fast-moving consumer goods (FMCG) companies, tech firms and automobile …
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Highlights of 29th GST Council Meeting
The 29th GST Council meeting was held on August 04, 2018 at New Delhi. The GST Council meeting has been held to address the concerns of Micro, Small and Medium Enterprises (MSME’s) and to affirm the proposal of cashback on digital transactions. The key recommendations of meeting are as follows:
1. Cashback on Digital Transactions
The GST Council has recommended cashback of 20% of GST paid on B2C transactions subject to the maximum amount of Rs. 100 per transaction. The …