Neeraj Bhagat & Co. – Page 11 – Chartered Accountants

April 8, 2020 / Business

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 …

April 8, 2020 / Companies Act

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 …

April 8, 2019 / Business

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 …

April 8, 2020 / Business

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 …

April 8, 2020 / Companies Act

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 …

April 8, 2020 / Business

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 …

April 8, 2020 / Goods and Services Tax (GST)

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 …

April 8, 2020 / Goods and Services Tax (GST)

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 …

April 8, 2020 / Goods and Services Tax (GST)

Tax breather under GST for e-com on the anvil

E-commerce players will finally see scrapping of the proposed tax collected at source (TCS) under the goods and services tax (GST) regime, if proposals for the draft policy are implemented.
The proposals call for revisiting TCS, which according to the players mean abolishing the concept altogether.
TCS at the rate of up to 1 per cent is yet to be implemented as it has been deferred till September.
A spokesman for online marketplace ShopClues says, “Not only for the benefit …

April 8, 2020 / Direct Taxation

2019 in Mind, Govt Moves to Ease Taxpayer Distress

‘End of tax terrorism’ was one of the political planks that had swung urban votes in favour of BJP in 2014. After four years, the government is making sure that the catchphrase does not come back to haunt it in 2019.
A few days ago, the chief of the Central Board of Direct Taxes (CBDT) — the finance ministry arm which serves as the apex body for Income tax (I-T) — directed all principal chief (I-T) commissioners to closely monitor …