Neeraj Bhagat & Co. - Page 7 of 28 - Chartered Accountants

March 17, 2021 / Business

Is it mandatory for a foreign national to be resident for starting business in India?

A Foreign National need not be a resident to start a business in India, and there are several ways to set up a new business in India as:

Limited Company
A company in India can be incorporated by a Non-Resident Indian as a Private Limited, a Public Limited or a Wholly Owned Subsidiary (WOS) under the Companies Act, 2013.

In Limited Companies, Foreign Direct Investment (FDI) is freely permitted subject to the FDI Policy in almost all sectors. Under the …

February 9, 2021 / Others

Checklist for Visa Extension under FRRO

WHAT IS FRRO REGISTRATION:
Registration under FRRO is a mandatory requirement by the Government of India under which all foreign nationals (excluding overseas citizens of India) visiting India on a long term visa (more than 180 days) are required to register themselves with a Registration Officer within 14 days of arriving in India.

Pakistani nationals visiting India are required to register within 24 hours of arrival regardless of the duration of their stay.

Foreign registration was mandated and is regulated …

February 5, 2021 / Others

Key Highlights of Union Budget 2021

The Union Budget 2021-22 was presented by the Hon’ble Finance Minister Nirmala Sitharaman on 1st February 2021 in the Parliament. This year’s Budget lays focus on the seven pillars for reviving the economy – Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance. Several regulations around the securities market are proposed to be merged as a single code. Several direct taxes and indirect taxes …

January 1, 2021 / Others

Valuation by special valuation branch in custom

The valuation of goods is always a matter of concern especially where the goods are imported into India. The value determination may influence the price of goods in India and may impact the competition environment in India. Therefore, proper valuation by custom officer becomes more important and challenging.

As per Custom Act, 1962, the value of goods imported or exported shall be the transaction value i.e. price actually paid or payable subject to condition that,

i) the buyers and sellers …

January 1, 2021 / FDI

Foreign Direct Investment into India continuously growing

Foreign direct investments (FDIs) into India have been continuously growing as the country has one of the most facilitative policies to attract overseas investors, Commerce and Industry Minister Piyush Goyal said on Tuesday.
He said that during April-September 2020, FDI increased 13 per cent to about USD 40 billion.
“FDI inflows into India have been continuously growing. Even during the first nine months of this year, at the peak of the COVID-19 pandemic, our FDI has grown and we have …

January 1, 2021 / Taxation

Online unblocking of E-Way Bill (‘EWB’) facility is now made available to the taxpayers

Facility of unblocking EWB has now been provided to the taxpayers on the GSTN Portal. To avail this facility, the taxpayer would be required to file Form EWB-05. The application so filed will be auto-populated on the dashboard of jurisdictional tax official, who can issue a Notice for personal hearing to the taxpayer and pass its order for unblocking as per the law. So far taxpayers were applying to tax officials vide manual application, for unblocking of their EWB generation …

December 7, 2020 / FDI

I&B Ministry asks digital news media to comply with FDI policy

The government on Monday issued a public notice, asking all the news websites, portals, aggregators and agencies to comply with the 26% foreign direct investment (FDI) policy for digital news media in a bid to check foreign influence and interference in domestic affairs, investigate Chinese and other overseas funding in news sites, and create a level-playing field for all media.
This implies that the companies with more than 26% foreign investment will have to bring it down by October 15th, …

January 1, 2021 / FDI

Ministry of Commerce and industry issues consolidated FDI policy, 2020

In order to attract and promote FDI in order to supplement domestic capital, technology and skills for accelerated economic growth and development, the Department for Promotion of Industry and Internal Trade has issued consolidated FDI policy, 2020 which is effected with effect from October 15, 2020.
The consolidated policy is a compilation of various decisions taken by the government with regard to FDI in different sectors. DPIIT, which deals with FDI related matters, compiles all policies related to foreign investment …