Posts in: January, 2018

Company Incorporation process would be Smooth, Speedy and Simple after 26th January 2018 – MCA is launching GPR (Government Process Re-Engineering)

On the occasion of the 69th Republic Day, the Ministry of Corporate Affairs (MCA) is launching the Government Process Re-engineering (GPR) initiatives for making the Incorporation Process Speedy, Smooth, Simple and reducing the number of procedures involved for starting a new Business.

Government of India is committed to achieve a position in the top 50 countries for “Doing Business” as per the rankings published annually by the World Bank. During the past 3 years, The Ministry of Corporate Affairs has contributed significantly towards improvement of ranking in Ease of Doing Business in the country, but there is a lot more scope to further improve, especially with respect to starting a business.

The feedback provided by various stakeholders on the effectiveness of the implementation of initiatives taken by Government of

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Policy Changes recommended by the 25th GST Council Meeting

The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi today. The following Policy Changes have been recommended by the GST Council in its 25th meeting held today:

 

  1. The late fee payable by any registered person for failure to furnish FORM GSTR-1 (supply details), FORM GSTR-5(Non-resident taxable person) or FORM GSTR-5A (OIDAR) is being reduced to fifty rupees per day and shall be twenty rupees per day for NIL filers. The late fee payable for failure to furnish FORM GSTR-6 (Input Service Distributor) shall be fifty rupees per day.
  2. Taxable persons who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.
  3. For migrated taxpayers, the last date

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The Government of India enters into an agreement with ONGC today for the Strategic Sale of its 51.11% equity share-holding in HPCL at a consideration of Rs. 36,915 crore.

The Government of India has entered into an agreement with ONGC today for the strategic sale of its 51.11% equity share-holding in HPCL at a consideration of Rs. 36,915 crore.

During the review in February 2016, the Prime Minister, Shri Narendra Modi underlined the need of efficient management of Government investments in Central Public Sector Enterprises (CPSEs). The Government accordingly expanded the approach from of disinvestment to investment and public asset management. As part of investment management strategy, Government decided to explore possibilities of consolidation, mergers and acquisitions within CPSE space. An announcement in this regard was made by the Finance Minister, Shri Arun Jaitley in his Budget Speech of 2017-18.

In line with the Budget announcement, ONGC proposed to acquire the Government of India’s existing 51.11% equity shareholding in Hindustan Petroleum

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Defaulter of Income Tax TDS arrested and sent to jail

Tis Hazari Court has ordered judicial custody of the Director of a Delhi based Real Estate and IT Solution Company for non-compliance in Income Tax TDS Default case. It was found during investigations that the company had deducted TDS but had not deposited in the Government account despite there being a statutory obligation by the Income Tax Act. This also led to harassment of many innocent persons whose TDS had been deducted but the TDS returns had not been filed by the Real Estate Company. It was found that during FY 2013-14, FY 2014-15 and FY 2015-16, amounts of Rs. 45,68,990/-, Rs. 35,45,290/- and Rs. 33,36,970/- were deducted by the assessee company. The assessee company was found to be defaulting on filing of TDS return statements.

Taking into account all defaults, show

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