The union Cabinet approves proposal for review of FDI policy on various sectors
The Union Cabinet on 28th August, 2019 in its press conference has eased FDI Norms for coal mining, digital media, contract manufacturing and single brand retail sectors. The changes in FDI policy will result in making India a more attractive FDI destination, leading to benefits of increased investments, employment and growth.
Andhra Pradesh Government has formulated excise policy 2019-20
The Government of Andhra Pradesh vide notification dated 24th August 2019 has formulated the following excise policy 2019-20 in respect of retail liquor shops and taken a decision to run liquor outlets on its own in a gradual, phased introduction of total prohibition in the State.
CDSCO issues advisory on labelling requirements for combi kit of Misoprostol and Mifepristone tablets for MTP
The Central Drugs Standard Control Organisation (“CDSCO”) has, in a letter dated 9th August, 2019, issued an advisory for all the state and union territory drug controller are now directed via this CDSCO letter to ensure the effective implemtitaion of labelling requirement requirements.
The CDSCO has instructed that such Combi Kit must come with the following warning:
“Warning: product is to be used only under the supervision of a service provider and in a medical facility as specified under MTP Act 2002 & MTP Rules 2003.
MCA notified changes in Form ‘RD-1’ and a new form ‘RD GNL-5’
The Ministry of Corporate Affairs on 27th August 2018 has notified that a new form i.e RD GNL-5 and changes to Form ‘RD-1’. These Forms have been notified as per Companies (Incorporation) Fourth Amendment Rules, 2018 dated 18th December, 2018. These Forms will be made available shortly on company forms downloads page in MCA Portal. […]
Karnataka Maternity Benefit (Amendment) Rules, 2019
The Karnataka Government vide its notification dated 8th August, 2019 notified the Karnataka Maternity Benefit (Amendment) Rules, 2019. The Amendment Rules address and clarify several key aspects concerning the provision and management of creche facilities like location, construction, medical checkup, which had not been previously addressed by the Maternity Benefit (Amendment) Act, 2017.
Clarification on eligibility of Startups for tax exemption
CBDT on 22nd August 2019 has clarified that the start ups with turnover upto Rs. 25 crores will get tax holiday on fulfilling certain conditions. It is not enough for the company to be merely registered with the department of promotion of industry and internal trade (DPIIT). Start up must fulfill the eligibility criteria as per Section 80-IAC.
GST Network prescribed Steps to file GSTR-9C
The Goods and Service Tax network on 20th August 2019 has issued clarification under “News and updates section” on the GSTN portal to prescribe the steps to be taken by taxpayers to file Form GSTR 9C.
Clarification regarding DSC, requirement of filing GSTR-9 and steps to be followed on the GST portal for filing GSTR-9C has been provided.
CBIC notifies Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019
The Central Board of Indirect Taxes and Customs (CBIC) vide Notification dated 21st August 2019 has published Sabka Vishwas (Legacy Dispute Resolution) Scheme Rules, 2019 which shall come in force from 1st September 2019.
The scheme aims at dispute resolution from pre-GST era. Declaration is required to be made before 31st December in Form SVLDRS-1.
Last date to file GST Annual returns extended till November 30, 2019
CBIC has extended the last date for furnishing of annual return in the Form GSTR-9/ Form GSTR-9A and reconciliation statement in the Form GSTR-9C for the financial year 2017-18 from 31st August, 2019 to 30th November, 2019.
Government Withdraws enhanced Surcharge on FPI
Central Board of Direct Taxes on 24th August 2019 has announced to scrap the enhanced surcharge on long and short-term capital gains arising from the transfer of equity shares. The Finance Minister of India held a press conference on 23rd August 2019, where she unveiled certain measure for the modern economy. This decision is one of the measures announced in the press conference.
