Online sales of auto components have been slayed by complex Goods and Services Tax (GST) model for e-commerce startups. Exclusion of e-commerce businesses from the composite scheme, a higher tax rate of 28% for auto components and for logistics of spare parts as well, and a complex GST model has impacted adversely e-commerce startups Most … Continue reading “E-Commerce startups are slayed by tangled GST Process”

The Government to hike import duty on edible oils by 12.5% and 15%. This is likely to safeguard the interest of the farmers and protect the country from cheap edible oil imports, and better prices for farmers. Over the weekend, government hiked import duty on crude soybean oil by 12.5% to 30%, soybean refined oil … Continue reading “Government to Hike Import Duty on Edible Oils”

Foreign Diplomatic Missions/UN Organizations have shared various representations showing unwillingness of vendors/suppliers to record the Unique Identify Number (UIN) while making sales to such Missions/Consulates or UN organizations. It has been alleged that sale or supply to Foreign Diplomatic Missions / UN Organizations is like any other Business to Consumer (B2C) sale and it will … Continue reading “Record of UIN of Foreign Diplomatic Missions/UN Organizations made mandatory”

Tax laws provide that interest credited to an employee provident fund (EPF) account after an individual ceases to be in employment is taxable in his hands in the year of credit. In its recent order, the Bengaluru bench of the Income-Tax Appellate Tribunal (ITAT) also upheld this I-T provision while determining the matter of a retired employee. … Continue reading “No Tax relief for employee on EPF Interest”

Ministry of Corporate Affairs (MCA) vide its notification dated 6/11/2017 regarding the amendments in Rule 3 i.e. filing of documents and forms in extensive business reporting language (XBRL). As per Rule 3 of XBRL Filing, filing of financial statement has been substituted. But after the amendment Rule 3, the ground plan of companies required to … Continue reading “Amendments by MCA in filing of documents and forms in XBRL”

Reserve Bank of India (RBI) on Thursday asked banks to provide doorstep banking facilities to senior citizens of more than 70 years of age and differently-abled persons by December this year. As per notification number RBI/2017-18/89, it has been directed that senior citizens and specially-abled persons, including the visually-impaired, should be provided basic services like … Continue reading “RBI wants doorstep banking for senior citizens & differently-abled”

It has been made mandatory by Insurance Regulator IRDAI on Wednesday to link your unique identity number Aadhaar with insurance policies. It has also asked insurers to comply with the statutory norms. The government in June had notified the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aadhaar and PAN/Form 60 mandatory … Continue reading “Insurance policies made mandatory to link with Aadhaar and PAN”

Government is setting up an independent body, National Financial Reporting Authority (NFRA) to check Financial Statements, prescribe Accounting Standards and take disciplinary action against devious accounting professionals. Around 2.24 lakh companies have been struck-off till date for remaining inactive for a period of 2 years or more by the Ministry of Corporate Affairs (MCA), Government … Continue reading “Strict action to be taken against devious Accounting Professionals”

To simplify the Incorporation related process for the ease of doing business to stakeholders, MCA will be dispensing with the requirement of separately uploading Forms 49 A& 49B after filing SPICe e-forms. It will be in effect from 6 PM of 4th November 2017, stakeholders will NOT be required to upload signed 49A/49B using “Submit … Continue reading “Separate application not needed for PAN in MCA from November 4”

Pension Fund Regulatory and Development Authority (PFRDA) has finally increased the maximum age of joining under NPS-Private Sector.

The Telecom Department is planning to capitalize tender for Wi-Fi services in the village panchayats by 2019. As per an official, the estimated cost of the plan is approx. Rs. 3,700 crore. The government plans to start broadband services with about 1 Gbps across 1 Lakh gram panchayats by the year end. The details of the … Continue reading “Tender for Wi-Fi Service to be Capitalized by Government in Panchayat”

The Food Safety and Standards Authority of India (FSSAI) issued a notice on banning the manufacture, sale and distribution of gutka and pan masala. The ban was enforced by Supreme Court on October 9, 2017. . This notice was issued to Commissioners/Offices In-charge of Food Safety of all States and Union Territories across the country. … Continue reading “Supreme Court enforced Ban on pan masala and gutkha”

The central government cleared the pay commission recommendation for revision in salaries for teachers and academic staff. There is good news for as many as 758,000 teachers and other academic staff at 106 Institutions under the Union government and 329 Universities that are funded by various State governments. Including 12,912 government and private supported colleges affiliated … Continue reading “7th Pay Commission provides Salary hike to teachers”

Reserve Bank of India (RBI) has published new rules that apply to all cards (Debit/Credit/Prepaid), Net-banking, e-Wallets/Payment Bank Account, fund transfer Transaction.

The Central Government has come up with a pension plan called ‘Prime Minister’s Vaya Vandana Yojana’ for citizens of more than 60 years old i.e, Senior Citizen. Finance Minister Arun Jaitley will launch this scheme on Friday.