Neeraj Bhagat & Co. - Page 18 of 24 - Chartered Accountants

March 12, 2021 / Direct Taxation

Pre-2016 Startups may Get Breather from Angel Tax

India could shield startups floated prior to 2016 from the socalled angel tax to boost entrepreneurship in the country. The finance ministry has started discussions with the Department of Industrial Policy and Promotion (DIPP) on the certification of genuine startups to help with this.
The government has also asked tax officials not to pursue cases against startups.
“We had (earlier) said we will recognise startups only after 2016. We have sent a proposal to the DIPP. If DIPP agrees, then …

March 12, 2021 / Business

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 …

March 12, 2021 / FDI

FDI Push Likely to Give Further Boost to Rupee

The Indian rupee, which climbed 6% last year amid record fund flows from overseas, is set to appreciate further against the dollar this year, with traders expecting foreign direct investments (FDIs) to accelerate after New Delhi eased ownership rules in industries as diverse and capital-intensive as retail, civil aviation, and realty.
“The relaxed rules will give an additional push to the rupee, which is likely to gain this year,” said Anaindya Banerjee, currency analyst at Kotak Securities. “Although the …

March 13, 2021 / Goods and Services Tax (GST)

IBC Bill Passed by RS, Rules may be changed for MSMEs

The government is looking into the application of the amended insolvency law for medium and small enterprises, and a decision will be made based on the recommendations of a committee set up the review the law, finance minister Arun Jaitley said on Tuesday.
Replying to a debate on the Insolvency and Bankruptcy Code (Amendment) Bill, 2017, Jaitley said the changes were needed as those who ran a company down to the ground and to insolvency could not be allowed back …

March 13, 2021 / Goods and Services Tax (GST)

GST Network simplifies returns filing process

The GST Network said it has introduced a functionality which simplifies the returns filing process for taxpayers. “A new functionality has been introduced on the GST portal for ease of the taxpayers under which questions will be posed as soon as the taxpayer enters the Returns dashboard and only relevant tiles will be displayed to the taxpayers based on the answers to the questions posed,” the GST Network said in a statement.
This has been started first with GSTR-3B returns …

March 12, 2021 / Goods and Services Tax (GST)

GST to Have Big Impact on Ease of Business Ranking Next Year

India has vaulted substantially a jump of 30 ranks to occupy the 100th place this year in the World Bank’s `Doing Business’ report, bringing it closer to the target set by Prime Minister Narendra Modi to be in the top-50 countries. Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion (DIPP), the nodal department for the ease of doing business study, told that the jump in ranking proves that with strong political commitment and a motivated bureaucracy, things can happen. …

March 12, 2021 / Business

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 …

March 12, 2021 / Goods and Services Tax (GST)

With GST, India Heading Towards a Transparent Tax Regime: Modi

Prime Minister Narendra Modi today termed the Goods and Services Tax (GST) as by far the biggest economic reform and said India is now moving towards a modern, transparent, stable and predictable tax regime GST consulting services.
Addressing an India-Israel CEO Forum, he said regulatory and policy issues facing companies have been resolved and his government is positioning India as a manufacturing hub.
India-Israel CEO Forum, which met for the first time today, set a target to increase the …

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

Commerce Ministry To Align Foriegn Trade Policy With GST

The commerce ministry will come out with a notification to align the foreign trade policy (FTP) with the provisions of the Goods and Services Tax (GST), which will be rolled out from July 1.
The ministry will have to come out with a notification as it has not been able to revise the FTP as was planned earlier. How to apply for gst registration
In a statement, it said that the ministry will release the reviewed FTP in September and …

March 12, 2021 / Goods and Services Tax (GST)

GST Experts in India

In what would have come as a relief to ecommerce marketplaces such as Amazon and Flipkart, the proposed tax collected at source (TCS) on them under the goods and services tax (GST) is to be capped at 1%, the GST Council has decided gst experts in India.
The draft law had proposed a levy of 1% without any limit. Mentioning the cap in the law will ensure the levy remains below that level.
“The council has decided to provide …