Neeraj Bhagat & Co. - Page 7 of 27 - Chartered Accountants

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 …

January 1, 2021 / Business

Where to set up a new business in India?

Any Business should base in a city where they have the best relationships with the business environment. This includes relationships with talent, suppliers, buyers, and investors.

Let us understand briefly about some states in India for starting a new venture: –

# Capital State of India i.e. New Delhi: –

New Delhi is the capital city of India. It is one of the most targeted emerging market retail destination in Asia. Since New Delhi is the seat of the Central

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January 1, 2021 / Companies Act

What are the documents/information needed to form an Indian company?

Article explains Documents/Information needed to Form an Indian Company under Companies Act, 2013 and same includes Documents required from client’s end, Document required In case of Body Corporate/Company acting as Subscriber cum shareholders in Indian Company and Documents that require to be drafted and filed as per Laws in India towards Company Registration.

Documents required from client’s end:

In case of Indian Subscribers and/or Directors:	In case of Foreign National acting as subscriber and/or Directors:
Directors’ Identification Number (DIN), if

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January 1, 2021 / Business

Can a foreign national start a business in India without being a resident?

A Foreign National can start a business in India without being a Resident and one can setup up a new business in India in any of the following ways:

A. Limited Company (Private Limited/Public Limited Company)
B. Limited Liability Partnership (LLP)
C. Branch Office or Liaison/Representative Office, Project Office

A. LIMITED COMPANY
A non-resident Indians can incorporate a Company in India under the Companies Act, 2013, as a Private Limited, a Public Limited or a Wholly Owned Subsidiary (WOS).…

January 1, 2021 / Others

Companies (Amendment) Act, 2020- overview of provisions

The Companies (Amendment) Bill, 2020 Assented by President as Companies (Amendment) Act, 2020, provides the following, namely: —

♦ To incorporate a new Chapter XXIA in the Act related to Producer Companies.

♦ To decriminalize certain offences under the Act.

♦ To make provisions for allowing payment of adequate remuneration to non-executive directors in case of inadequacy of profits.

♦ To speed up timeline of right issue under section 62.

♦ To extend exemptions to certain classes of…