Neeraj Bhagat & Co. – Page 12 – Chartered Accountants

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 …

April 8, 2020 / Direct Taxation

´PoeM´ firms to be taxed at 40%

Foreign companies whose place of effective control are in India will have to shell out 40 per cent corporation tax against 30 per cent levied on domestic firms.
The Central Board of Direct Taxes has come out with clarifications for place of effective management (PoeM) through a notification for these companies.
Through PoeM, the government taxes companies located outside the country but controlled from India.
It applies to companies having annual turnover of more than Rs. 500 million.

Soon, govt …

April 8, 2020 / Business

Fund of Funds to Provide Rs. 1L cr to Startups: Modi

Putting an end to the questions over effective utilisation of the ‘Fund of Funds’ under the Startup India initiative, the Prime Minister clarified that about Rs. 1,285 crore has been committed towards startups since the launch of the Rs. 10,000-crore fund in January 2016. In an interaction with young entrepreneurs from across the country, including cities such as Dehradun, Guwahati and Raipur, PM Narendra Modi said the fund of funds has helped venture capital firms in the country leverage investments …

April 8, 2020 / Foreign Investment

Legal Shield in the Works for Foreign Investments

The civil aviation ministry is likely to approach the Goods and Services Tax(GST) Council soon for bringing aviation turbine fuel(ATF) under the tax regime.
Current India is working on a framework that will provide legal backing for a stable and predictable foreign investment regime in the country as it looks to attract more capital to help create jobs and accelerate economic growth.
The law that is in the works in the finance ministry is aimed at promoting and protecting foreign …