The Ministry of Law and Justice issued the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (Ordinance) to introduce relief measures like extension of time limit for filing appeals, passing of order, issuance of notice etc considering the COVID-19 pandemic.
The Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, vide recent notifications notified two schemes – Production Linked Incentive Scheme (PLI Scheme) for promoting domestic manufacturing of medical devices and Scheme for Promotion of Medical Devices Parks (PMDP Scheme), in line with the Cabinet’s announcement in March 2020.
COVID-19 update: Relief measures announced by Finance Minister to support Indian economy.
Welcome to this podcast on the relief measures announced by Finance Minister (FM) on 13 May 2020 to support Indian economy.
Developing and enhancing your tax strategy requires experience and foresight in order to make the best decisions that can strategically move your business forward while ensuring the process to maintain tax compliance is ‘managed’. To help you better manage existing VAT compliance concerns and navigate new challenges, we are sharing our knowledge and best practice managing VAT compliance in today’s digital age.
Recently, the Authority for Advance Ruling (AAR) in the State of Rajasthan has ruled that consideration paid to the directors (in the form of salary and commission) by the applicant company will attract goods and services tax (GST) under reverse charge mechanism (RCM).
The President of India promulgated the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (Ordinance),1 on 31 March 2020, to put into immediate effect the relief measures2 announced by the Finance Minister on 24 March 2020, in response to the Novel Coronavirus (COVID-19) outbreak. The Ordinance is in line with relief measures announced earlier on statutory and regulatory compliances under various laws.
The Foreign Trade Policy is notified for five years with annual supplements generally notified by the Directorate General of Foreign Trade (DGFT). The present Foreign Trade Policy notified in 2015 was valid until 31 March 2020. It was expected to be replaced by a new Foreign Trade Policy effective 1 April 2020.
Tribunal holds that participation by a non-resident celebrity in a product launch event outside India, targeted for the Indian market, triggered business connection for him.
Recently, the Reserve Bank of India (RBI) released guidelines to regulate payment aggregators (PAs) and payment gateways (PGs). The guidelines mandate PAs to obtain authorisation from the RBI, obligate settlement of payment to merchant in a defined transaction time, segregate e-commerce marketplaces from the PA entities and prescribe minimum net worth requirements of INR 250m. Existing PAs are required to apply for authorisation by 30 June 2021.
As part of the Government of India’s (GoI) efforts to promote manufacturing and other operations in India, the Central Board of Indirect Taxes and Customs (CBIC) has revamped the scheme for manufacturing and processing in a bonded facility. The revised initiative underscores the GoI’s ongoing commitment to improve India’s ranking on the Ease of Doing Business index.