RMPS – The Union Budget – 2023 – Key Tax Announcements
Dear Readers, The first Budget in Amrit Kaal (the 25-year countdown to India@100) hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100. Vision for Amrit Kaal – an empowered and inclusive economy, includes technology-driven and knowledge-based economy with strong public finances. As of 2023, India’s economy is […]
Special Economic Zone (SEZ) – Recent updates
1. GOVT AMENDS SEZ NORMS TO HELP COMPANIES OPT FOR FLEXIBLE WORK OPTIONS The government has amended the Special Economic Zones (SEZ) Rules, 2006 to accommodate the work-from-home model of employment, a move expected to change the demand for leasing of space at information technology parks. This proposal for working from home will cover a […]
Existing GST Rates for Textile Sector to Continue – 46th GST Council Meeting
Key Changes in GST – effect from January 1, 2022.
GST Rates/Exemptions Textile Industry (Implementation of new rates deferred by 46th GST Council Meeting on 31-12-2021) At present, tax rate on raw material and final product are not uniform. Apparel and clothing up to Rs 1,000 per piece currently attracts 5 per cent GST. GST rate will be harmonized across the textile chain after amendment […]
THE COMPANIES (AUDIT AND AUDITORS) AMENDMENT RULES, 2021
The Ministry of Corporate Affairs (MCA) vide Notification dated 24th March, 2021, has issued ‘The Companies (Audit and Auditor) Amendment Rules, 2021’ to further amend the Companies (Audit and Auditors) Rules, 2014 (“Rules”). The amendments are effective from 1st April,2022 The following are the amendments: Insertion of following 3 clauses to Auditor’s report (in addition to the other […]
THE COMPANIES (ACCOUNTS) AMENDMENT RULES, 2021
The Ministry of Corporate Affairs (MCA) vide Notification No. G.S.R. 205(E), dated 24th March, 2021, has issued ‘Companies (Accounts) Amendment Rules, 2021’ to further amend the Companies (Accounts) Rules, 2014. The following are the amendments as per both the aforesaid Rules: Mandatory use of accounting software having recording audit trail: (As per notification, in rule 3, sub-rule […]