CHANGE IN FORMAT OF COMPLIANCE REPORT ON CORPORATE GOVERNANCE REPORT
Securities Exchange Board of India (‘SEBI’) vide its Circular reference no SEBI/HO/CFD/CMD-2/P/CIR/2021/567 dated May 31, 2021, has notified amendment in the quarterly format of Compliance report on Corporate Governance to be submitted by listed entities. As per the Regulation 27 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified from time to […]
GOVERNMENT ISSUES OPERATIONAL GUIDELINES FOR PLI SCHEME FOR PHARMACEUTICAL INDUSTRY:
The government launched the scheme to encourage the pharmaceutical industry to enhance its manufacturing capabilities, diversify the product mix to complex generics, patented drugs, going up the value chain, bringing investment, and creating global champions out of India. A new PLI scheme was notified by the government on March 3, 2021. The new scheme is […]
Recommendations of 43rd GST Council meeting dated: 28th May, 2021
The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing on 28th May, 2021. The GST Council has made the following key recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure: COVID-19 […]
The Government has further enlarged the scope of Emergency Credit Line Guarantee Scheme
On account of the disruptions caused by the second wave of COVID 19 pandemic to businesses across various sectors of the economy, the Government has further enlarged the scope of the Emergency Credit Line Guarantee Scheme as under: ECLGS 4.0:100% guarantee cover to loans up to Rs.2 crore to hospitals/nursing homes/clinics/medical colleges for setting up […]
MCA clarification on offsetting the excess CSR spent on “PM CARES Fund” for FY 2019-20
The Ministry of Corporate Affairs (“MCA”) vide a Circular dated 20.05.2021 (“aforesaid circular”) has issued a clarification for offsetting the excess Corporate Social Responsibility (“CSR”) contribution spent for FY 2019-20. The MCA has clarified with the aforesaid circular for setting off the excess CSR amount spent by the companies in FY 2019-20 by way of […]
Computation of Fair Market Value (FMV) of Capital Assets for the purposes of Slump Sale under section 50B of the Income Tax Act, 1961
In simple words, ‘slump sale’ is nothing but a transfer of a whole or part of a business concern as a going concern. As per section 2(42C) of Income -tax Act 1961, ‘slump sale’ means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values […]
RODTEP Scheme (Remission of duties and Taxes on export products)
About: RoDTEP stands for Remission of Duties and Taxes on Export Products. It is a new scheme that is applicable with effect from January 1st, 2021, formed to replace the existing MEIS Scheme. The scheme will ensure that the exporters receive refunds on the embedded taxes and duties previously non-recoverable. Benefits of RoDTEP Scheme: Refund […]
Extension of time limits of certain Direct Tax compliances to provide relief to taxpayers
Dear Readers, Considering the present situation and difficulties faced by the taxpayers, the government has provided the following relief with respect to Direct Tax compliances. The Statement of Financial Transactions (SFT) for the Financial Year 202021, required to be furnished on or before 315tMay 2021 under Rule 114E of the Income-tax Rules, 1962 (hereinafter referred to […]
SEIS (SERVICE EXPORT FROM INDIA SCHEME)
Services to qualify under foreign trade policy: “Service” Includes all tradable services covered under General Agreement on Trade in services and earning free foreign exchange. The general agreement on trade in service defines services in four modes of supply: Cross border Trade, Consumption aboard, commercial presence, and presence of natural persons. Who is a “Service […]
SEBI (LODR) (2ND AMENDMENT) REGULATIONS, 2021
Securities and Exchange Board of India (SEBI) has amended the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”). SEBI has notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021 (“Amended LODR”) which come into force from 6th May 2021. The amendments […]