Category: Business

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Changing the Code: Boost for Home Buyers, MSMEs

The Insolvency and Bankruptcy Code review panel called for sweeping changes in the law aimed at easing insolvency rules for small enterprises and providing relief to home buyers by treating them as financial creditors while deeming the amount raised from them for real estate projects as financial debt.
The committee proposed that promoters of micro, small and medium enterprises (MSMEs) who are not wilful defaulters should be allowed to bid during the insolvency process. If adopted, that would vastly improve …

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India’s GDP Growth Rises To 7.2% in December quarter, India Fastest Growing Economy ahead of China in race

The Central Statistics Office data shows that India grew at a rate of 7.2% in the December quarter (Q3) as compared to 6.3% in the second quarter (July-September) due to picking up growth in manufacturing and Service sectors. The number is a respite for an economy recovering from after effects of note ban and GST rollout. The manufacturing sector grew 8.1 percent in the third quarter of 2017-18, from 6.9 percent in the previous quarter. Government revenue expenditure also accelerated …

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Highlights of Union Budget 2018-19

Finance Minister Shri Arun Jaitley presents general Budget 2018-19 in Parliament.
Budget guided by mission to strengthen agriculture, rural development, health, education, employment, MSME and infrastructure sectors.
Government says, a series of structural reforms will propel India among the fastest growing economies of the world. IMF, in its latest Update, has forecast that India will grow at 7.4% next year in the backdrop of services resuming high growth rates of 8% plus, exports expected to grow at 15% in 2017-18 …

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Mauritius Signs Multilateral BEPS Convention To Tackle Tax Avoidance by MNE’s

At the OECD Headquarters in Paris, Mahess Rawoteea of the Ministry of Finance and Economic Development of Mauritius, signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) in the presence of Douglas Frantz, OECD Deputy Secretary-General.

Based on expressed reservations at this point in time, 23 tax treaties would be impacted by this signing. We note that Mauritius issued a statement today, reaffirming its commitment to implement the minimum standards …

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India’s Growth Rate of More Than 7% is The Strongest Among G-20 Countries OECD Survey.

The Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it, according to a new report from the OECD. The latest OECD Economic Survey of India 2017 finds that the acceleration of structural reforms and the move toward a rule-based macroeconomic policy framework are sustaining the country’s longstanding rapid economic expansion. The Survey, launched in New Delhi today …

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Key Highlights of Budget 2017

This is the first time in Indian history that Union Budget has been announced one month in advance. This decision is made to complete the legislative process for approval of annual spending plans and tax proposals in chartered accountant firms in mumbai before beginning of the new financial year on April 1.

 

-Govt. proposes levy of surcharge of 10% for income between Rs. 50 lakhs and Rs. 1 crores
-FM proposed no change in Exemption limit but reduces tax
…
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Budget 2017 – Push or Pull To Digital Economy

Government is trying its every best to make India “A digital Economy”. It seems as India is on the edge of a massive digital revolution. Promotion of a digital economy is an integral part of Government’s strategy to clean the system and weed out corruption and black money.
There are not many changes in current indirect taxation in India regime as GST is proposed to be rollout on 1stJuly, 2017. Hon’ble Finance Minister in today’s speech, said that IT system …

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Threshold Limit on ESI Increases to Rs. 21,000

As per notification issued by Ministry of Labour and Employment dt. 22nd December, 2016, in exercise of the powers conferred by section 95 of the Employees’ State Insurance Act, 1948, the Central Government, after consultation with the Employees’ State Insurance Corporation, hereby makes the following rules further to amend the Employees’ State Insurance (Central) Rules, 1950, namely:- 1. (1) These rules may be called the Employees’ State Insurance (Central) Third Amendment Rules, 2016. (2) They shall come into force from …

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GST Could Trip Make In India For Smartphones

India’s success in making firms such as Samsung, Xiaomi, and Micromax to locally produce phones could become a cropper, once the Goods and Services Tax (GST) comes into effect, as the new expats taxation regime could neutralise the cost benefits to make these phones in India in taxation services for expatriates
Since the last two years, India has been able to attract 40 global smartphone makers in the country, after it tweaked norms that made cheaper to make phones in …

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Ordinance Likely to Amend Payment of Wages Act.

A mid currency crunch, the government is mulling over bringing in an ordinance to amend the payment of wages Act for allowing business and industrial establishments to pay salaries through Cheques or by electronic modes.
“The government may bring an ordinance to amend Payment of Wage Act, 1936, to nudge employers of certain industries to make payment through electronic modes and cheques,” a source said Direct foreign investment in India.
The source further said, “The bill for the purpose …

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