Author: Team Editorial

GeM takes a number of initiatives for procurement of goods and services by Government departments in the fight against COVID-19 Pandemic.
ByTeam Editorial March 30, 2020

Government e-Marketplace (GeM), a Special Purpose Vehicle under the Ministry of Commerce and Industry, has taken a number of initiatives in the fight against COVID-19 Pandemic. GeM, which operates a dynamic, self-sustaining and user friendly portal for procurement of goods and services by Government offices, has taken steps to enable quick, efficient, transparent and cost-effective purchases…

Read More GeM takes a number of initiatives for procurement of goods and services by Government departments in the fight against COVID-19 Pandemic.
Recommendations of GST Council related on IT Roadmap.
ByTeam Editorial March 16, 2020

The 39th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and seniors officers of the Ministry of Finance. In the GST…

Read More Recommendations of GST Council related on IT Roadmap.
Recommendations of GST council related to law & procedure.
ByTeam Editorial March 16, 2020

The 39th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and seniors officers of the Ministry of Finance. The GST…

Read More Recommendations of GST council related to law & procedure.
Tax on Cotton and Man-Made Fibres.
ByTeam Editorial March 14, 2020

GST on cotton is 5% across the entire textiles value chain whereas GST rates on manmade fibres (MMF) and textiles are 18%, 12%, and 5% on fibre, filament yarn/ spun yarn and fabrics respectively. The matter of implementation of a uniform tax structure for the MMF value chain (from feedstock to fabric) was already referred…

Read More Tax on Cotton and Man-Made Fibres.
CGST Delhi detects Input Tax Credit fraud worth more than Rs 12 crore from 30 fake firms, one arrested.
ByTeam Editorial March 9, 2020

The CGST Delhi North Commissionerate arrested one person who received fake/goods-less invoices valued at Rs 71,22,95,370/- involving fraudulent Input Tax Credit of Rs 12,82,05,579/- from 30 bogus/fake firms. The modus operandi was to create various fake firms in the name of employees of the operator of fake firms and other persons. Fake e-way bills were…

Read More CGST Delhi detects Input Tax Credit fraud worth more than Rs 12 crore from 30 fake firms, one arrested.
CBDT issues FAQs on Direct Tax Vivad se Vishwas Scheme, 2020
ByTeam Editorial March 7, 2020

The ‘Vivad se Vishwas’ Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (hereinafter called Vivad se Vishwas) was introduced in the Lok Sabha on 5th of February, 2020 and passed by…

Read More CBDT issues FAQs on Direct Tax Vivad se Vishwas Scheme, 2020
TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit.
ByTeam Editorial March 6, 2020

In a major breakthrough, the Tax Deducted at Source (TDS) wing of the Income Tax Department has unearthed default of TDS of Rs 324 crore in the case of a major Telecom Operator in Delhi. The company did not make the required TDS of 10% u/s 194J of the Income-tax Act, 1961 on technical contracts…

Read More TDS Surveys by Income Tax Department unearths huge defaults in deduction and deposit.
LLP settlement Scheme, 2020 launched ; Shall allow a One-time condonation of delay in filing statutorily required documents with the Registrar.
ByTeam Editorial March 5, 2020

It has been observed that due to applicability of additional fee on late filing, which in case of inordinate delay could actually become a financial burden, a large number of Limited Liability Partnerships (LLPs) have remained non-compliant, mainly on account of their inability to pay late fees for the cumulative period of delay. As part…

Read More LLP settlement Scheme, 2020 launched ; Shall allow a One-time condonation of delay in filing statutorily required documents with the Registrar.
Companies (Second Amendment) Bill, 2019 would enable the listing of Indian companies on stock exchanges in foreign jurisdictions.
ByTeam Editorial March 5, 2020

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013. The Amendment Bill, inter alia, would enable the listing of Indian companies on stock exchanges in foreign jurisdictions. The listing of Indian companies in foreign stock exchanges is expected to…

Read More Companies (Second Amendment) Bill, 2019 would enable the listing of Indian companies on stock exchanges in foreign jurisdictions.
New and innovative measures to improve working in MCA.
ByTeam Editorial March 4, 2020

The Ministry of Corporate Affairs (MCA) has taken several initiatives to achieve the vision of being a facilitator of world class governance of corporates and Mission of easing compliance, balancing interest of stakeholders and achieving excellence in service delivery. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate…

Read More New and innovative measures to improve working in MCA.
Provision for Quarterly Payment of GST by MSMEs.
ByTeam Editorial March 3, 2020

The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore. Department of Revenue have informed that there is no such proposal at this stage. Quarterly…

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GST Revenue collection for February, 2020
ByTeam Editorial March 2, 2020

The gross GST revenue collected in the month of February, 2020is ₹ 1,05,366crore of which CGST is ₹ 20,569crore, SGST is ₹ 27,348crore, IGST is ₹ 48,503crore (including ₹ 20,745crore collected on imports) and Cess is ₹ 8,947 crore (including ₹ 1,040crore collected on imports). The total number of GSTR 3B Returns filed for the month of January up to 29th February, 2020 is 83.53lakh. The government has settled ₹…

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80,000 Micro Enterprises to be Assisted in Current Financial year under PMEGP
ByTeam Editorial February 28, 2020

In a meeting held yesterday chaired by Shri Nitin Gadkari, Minister of MSME, and Smt. Nirmala Sitharaman, Finance Minister with senior management of all Banks, some of the key schemes of Ministry of MSME which generate large number of jobs with low capital investment were reviewed. The focus of the meeting was on the Prime…

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Notification of Revamped Companies (Auditor’s Report) Order, 2020
ByTeam Editorial February 27, 2020

In pursuance of its objective of strengthening the corporate governance framework under the Companies Act, 2013 to attain the national objective of becoming a $ 5 Trillion economy, powers conferred under sub-section (11) of section 143 of the Companies Act, 2013 and in supersession of the Companies (Auditor’s Report) Order, 2016, the Central Government has…

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MCA Secretary inaugurates SPICe+ web form
ByTeam Editorial February 25, 2020

Shri Injeti Srinivas, Secretary, Ministry of Corporate Affairs(MCA), today inaugurated the ‘SPICe+’ Web Form here today. As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs has notified a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. SPICe+ would offer 10 services by 3 Central Govt Ministries…

Read More MCA Secretary inaugurates SPICe+ web form
Ministry of MSME conducting a National Level Awareness Programme (NLAP) 2020 across the Country (17-28 February, 2020).
ByTeam Editorial February 22, 2020

The Ministry of Micro, Small and Medium Enterprises has launched a National Level Awareness Programme (NLAP) 2020 from February 17, 2020 to February 28, 2020. The main objective of NLAP is to spread awareness about the schemes and activities undertaken by the Ministry and its attached organisations – Office of Development Commissioner (MSME), Khadi &…

Read More Ministry of MSME conducting a National Level Awareness Programme (NLAP) 2020 across the Country (17-28 February, 2020).
Central Board of Indirect Taxes and Customs starts capturing district-wise data or origin of export goods
ByTeam Editorial February 18, 2020

Keeping with the Hon’ble PM’s objective of turning districts into export hubs, Central Board of Indirect Taxes and Customs has now started capturing district-wise data or origin of export goods. The idea was also recently echoed by the Hon’ble Finance Minister in her Budget speech. This additional information from the export declarations will provide a…

Read More Central Board of Indirect Taxes and Customs starts capturing district-wise data or origin of export goods
Searches conducted by the Income Tax Department lead to detection of unaccounted income of more than Rs. 2000 crore.
ByTeam Editorial February 14, 2020

Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered. The search action included three prominent infrastructure groups based in Andhra Pradesh and Telangana. Investigations led to busting of a major racket of cash generation through bogus sub-contractors,…

Read More Searches conducted by the Income Tax Department lead to detection of unaccounted income of more than Rs. 2000 crore.
Regulation of irregularities in GST claims
ByTeam Editorial February 12, 2020

To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for further verification. Moreover, a standard operating procedure has been prescribed for…

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Reduction of cost of compliance for companies.
ByTeam Editorial February 12, 2020

The Ministry of Corporate Affairs (MCA) administers Companies Act/ Limited Liability Partnership Act. The MCA has been taking steps on an ongoing basis by amending the Act and the rules and forms thereunder, from time to time in the years 2015, 2017 & 2019, to reduce the cost of compliance and for ease of doing business. This…

Read More Reduction of cost of compliance for companies.
Loan Facility for Setting up of New Industry in MSME Sector
ByTeam Editorial February 7, 2020

Union Minister for Micro, Small and Medium Enterprises and M/o RT&H, Shri Nitin Gadkari informed the Lok Sabha in a written reply today that 5,87,416 employment opportunities were created by giving margin money subsidy of Rs. 2070 crore to 73,427 projects during the year 2018-19. The Ministry of MSME implements credit linked subsidy scheme namely…

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Financial support to private banks and NBFCs
ByTeam Editorial February 5, 2020

There is no proposal currently under consideration of the Government to capitalise private banks. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today. He further stated that capital infusion provision of Rs. 10,000 crore in India Infrastructure…

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CBDT issues clarification on the applicability of TDS provisions on Mutual Fund dividend
ByTeam Editorial February 5, 2020

The Finance Bill, 2020 proposed to remove Dividend Distribution Tax (DDT) at the level of Company/ Mutual Fund and proposed to tax the same in the hands of share/unit holder. It was also proposed to levy TDS at the rate of 10% on the dividend/ income paid by the Company/Mutual Fund to its share/unit holder…

Read More CBDT issues clarification on the applicability of TDS provisions on Mutual Fund dividend
Rs 35,600 Crore outlay for nutrition-related Programmes for 2020-21
ByTeam Editorial February 4, 2020

Highlighting the importance of nurturing a caring society, the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, unveiled several key proposals with focus on women and child, and on social welfare, in the Union Budget 2020-21 presented in Parliament today. Women and Child In her Budget speech in the Lok Sabha, the Finance…

Read More Rs 35,600 Crore outlay for nutrition-related Programmes for 2020-21