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 […]
GST on the supply of transportation of passenger service provided by an auto rickshaw through an ‘electronic commerce operator’
Previously, passengers were exempted from paying for metered cabs or auto rickshaws (including e-rickshaws) to transport them, with or without their stuff. GST will be applicable on such transportation services provided by auto rickshaws following the revision to the exemption entry. However an auto ride provided via offline modes such as street hailing will still […]
Opening of Current Accounts by Banks
Recently, RBI has issued revised guidline with respect to the opening of the current accounts by Banks. On a review and taking into account feedback received from Indian Banks’ Association (IBA) and other stakeholders, it has been decided that banks may open current accounts for borrowers who have availed credit facilities in the form of […]
SEBI – ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS
SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (FOURTH AMENDMENT) REGULATIONS, 2021 SEBI vide its notification dated October 26, 2021, amends the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulation”), which shall come into force on the date of their publication in the Official Gazette. As per the amendment, it […]
RELAXATIONS GRANTED BY MCA for FY 2020-21
RELAXATION UNDER THE COMPANIES ACT, 2013: EXTENTION OF HOLDING AGM Ministry of Corporate Affairs (“MCA”) has extended the Due Date for Holding of AGMs by the companies upto November 30, 2021 ( i.e. by 2 months from the original due date) for the financial year 2020-21 ended on March 31, 2021 Accordingly, respective Registrar of […]
CBDT amends Income-tax Rules, 1962 to ease authentication of electronic records submitted in faceless assessment proceedings
For easing the process of authentication of electronic records in faceless assessment proceedings, the Government has amended Income-tax Rules, 1962 (‘the Rules’) vide notification no G.S.R. 616(E) dated 6th September, 2021. The amended Rules provides that electronic records submitted through registered account of the taxpayers in the Income-tax Department’s portal shall be deemed to have been […]
CBDT allows taxpayers an opportunity to file application for settlement
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no application for settlement can be filed on or after 01.02.2021, which was the date on […]
Government has approved Production Linked Incentive (PLI) Scheme for Textiles. With this, India is poised to regain its dominance in Global Textiles Trade
Leveraging Economies of Scale, the scheme will help Indian companies to emerge as Global Champions Help create additional employment of over 7.5 lakh people directly and several lakhs more for supporting activities Scheme will also pave the way for participation of women in large numbers Incentives worth Rs. 10,683 crore will be provided to industry […]
Government Provides Big Boost to Exporters
Rs. 56,027 crore is going to be released under various Export Promotion Schemes Benefits would be disbursed to more than 45,000 exporters, out of which about 98% are small exporters in the MSME category. Centre has provided a massive relief to the exporters. This amount is over and above duty remission of Rs 12,454 crore […]
POSTAL BALLOT
Purpose: Postal Ballot process gives an opportunity to the company’s members to exercise their votes (by postal or electronic mode), without being personally present and voting in a general meeting of the Company. APPLICABLE PROVISIONS: Companies Act, 2013 (“Act”) – Section 2(65) and Section 110 Rule 20 & 22 of Companies (Management and Administration) Rules, […]