Neeraj Bhagat & Co. – Page 7 – Chartered Accountants

April 8, 2020 / Business

CCI for self-regulation in e-commerce sector

The Competition Commission of India (CCI) said in a study, released Wednesday, that marketplace platforms should adopt self-regulatory measures such as clearly stating the parameters of search ranking, setting out a transparent policy on data collected by them, among others.
Releasing the findings and its observations, the CCI said marketplace platforms should bring out a clear policy on discounts. This would include the basis of discount rates funded by platforms for different products or suppliers and the implications of participation …

January 1, 2021 / Business

Procedure for Import Export Code (IEC) Registration

An IEC is necessary for Import or Export of goods. The first requirement before you start an Import or Export business in India is to obtain an IEC. IEC Code is unique 10 Digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India.

The PAN based IEC Registration Certificate generated online (on STP mode), by following the beneath six steps:

BENEFITS OF IEC REGISTRATION:

1. It is the primary proof for a firm …

January 6, 2020 / Foreign Investment

FDI rises 15 per cent during Apr-Sep to $26 billion

Foreign direct investment into India grew 15 per cent to USD 26 billion during the first half of the current financial year, according to government data. Inflow of foreign direct investment (FDI) during April-September of 2018-19 stood at USD 22.66 billion.
Sectors, which attracted maximum foreign inflows during April-September 2019-20, include services (USD 4.45 billion), computer software and hardware (USD 4 billion), telecommunications (USD 4.28 billion), automobile (USD 2.13 billion) and trading (USD 2.14 billion), the commerce and industry ministry …

April 8, 2020 / Business

Incorporating a Non- Banking Financial Company (NBFC)

Article explains about Non- Banking Financial Company (NBFC), Importance of NBFC in Indian Economy, Principal Business activities (Financials Activities) of NBFC’s recognized but not limited, Restricted Activities: Activities that are exclusively restricted to be carried on by the NBFC’s, Difference between NBFC & Bank, Requirement to establish business of Non- Banking Financial Services, Types of NBFC’s, NBFC Registered with RBI , Procedures of Registration of NBFC, Foreign Direct Investment (FDI) in NBFC and Opportunity for NBFC’s.

1. Non- Banking Financial

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January 1, 2021 / Business

Indian Visa requirements for foreigners

Under Indian law, the legal rights and the restrictions imposed on foreign nationals depend on whether they are categorized as residents or non-residents.

Entry into India generally requires a valid visa granted by an Indian Mission (that is, consulate of the Indian embassy) abroad. Furthermore, foreign nationals who enter India must register themselves with the Foreign Regional Registration Office (FRRO) within 14 days of arrival if they intend to reside in India for a consecutive period of more than 180 …

January 1, 2021 / Business

Indian Visa requirements for Japanese nationals

Under Indian law, the legal rights and the restrictions imposed on Japanese nationals depend on whether they are categorized as residents or non-residents.

January 1, 2021 / Direct Taxation

Digital Tax on MNCs: India seeks changes in OECD math

India has sought changes in the Organisation for Economic Cooperation and Development (OECD) proposal on digital taxation, saying it would deny the country its proper share of taxes from multinationals such as Google, Facebook, Uber and Netflix, which generate substantial revenues locally.
The government has proposed a more balanced principle for the taxation of such companies based on place of revenue generation.
“We want a fair share in revenues that accrue to the company from the country,” said a government …

April 8, 2020 / Business

India jumps 14 places to 63rd position on the World Bank”s ease of doing business ranking

India has jumped 14 places to the 63rd position among 190 nations on the World Bank’s ease of doing business ranking released on Thursday. Last year, India was on 77th position. The World Bank has commended the reform efforts undertaken by the country “given the size of India’s economy” in its ”Doing Business” 2020 report,India has improved its rank on 6 out of 10 parameters relating to starting and doing business in a country.The parameters for determining ranking on ease …

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

Pact to Link FASTag with GST E-way Bill System

The Indian Highways Management Company Ltd (IHMCL) and Goods and Services Tax Network (GSTN) will sign a memorandum of understanding on Monday for integration of FASTag with GST e-way bill system. The memorandum of understanding (MoU) will be inked at the ‘One Nation, One FASTag’ conference, which will be inaugurated by Road Transport and Highway Minister Nitin Gadkari. FASTag is a simple to use, reloadable tag which enables automatic deduction of toll charges and lets vehicle pass through toll plaza …