Government eases norms for obtaining PAN/TAN card for corporate assessees

downloadSource: Business Standard, Apr 14, 2018

New Delhi: The government on Saturday said the Certificate of Incorporation (COI) issued by the Ministry of Corporate Affairs (MCA) is adequate proof of Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) for a company.

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Startups with up to Rs 100-million investment to get tax concession

download (3)Source: Business Standard, Apr 12, 2018

New Delhi: Giving major relief to budding entrepreneurs, the government on Thursday allowed startups to avail tax concession only if total investment including funding from angel investors does not exceed Rs 100 million.

As per a notification by the commerce and industry ministry, an angel investor picking up stakes in a startup should have a minimum net worth of Rs 20 million or should have an average returned income of over Rs 2.5 million in the preceding three financial years.

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RBI governor Urjit Patel rejects easing NPA norms

download.jpgSource: The Economic Times, Apr 12, 2018

MUMBAI: The Reserve Bank has ruled out any relaxation in bad loan rules, saying the tough norms will discipline borrowers and prevent banks from pushing distressed loans under the carpet, two senior officials, who did not want to be named, said.

This message was conveyed by RBI governor Urjit Patel to parliamentarians in a closed-door meeting held in New Delhi on Tuesday.

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Intra-state e-way bill for movement of goods to roll out in 5 states from April 15

Source: Financial Express, Apr 10, 2018

New Delhi: E-way bill for movement of goods within the state will be rolled out from April 15, starting with 5 states including Gujarat, UP and Kerala. From April 1, the government had launched the electronic-way or e-way bill system for moving goods worth over Rs 50,000 from one state to another. The same for intra, or within the state movement, will be rolled out from April 15, finance ministry said in a statement. The five states which would form part of the first phase are Andhra Pradesh, Telangana, Gujarat, Kerala and Uttar Pradesh. “With the roll-out of e-way bill system in these states, it is expected that trade and industry will be further facilitated insofar as the transport of goods is concerned, thereby eventually paving the way for a nation-wide single e-way bill system,” the ministry said.

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Govt mulls policy to push virtual varsities via tablets, big screens

Source: Business Standard, Apr 11, 2018

New Delhi: The government is framing a policy for virtual universities, to push for dissemination of education through digital means such as tablets, computers and big screens in classrooms.

Source said a draft policy had been prepared by the Ministry of Human Resource Development in consultation with the Ministry of Electronics and Information Technology (IT). The idea for this policy has its source in Digital India, the government’s flagship programme to digitise different sectors such as health, government services, social services, and finance.

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Maritime trade goes all electronic

Source: The Hindu Business Line, Apr 09, 2018

Mumbai: P Manoj The government has made the use of e-Invoices, e-Payments and e-Delivery orders mandatory across the maritime trade as it seeks to push digitisation of trade processes to improve the ease of doing business.

Stakeholders across major ports (owned by the Central government) and terminals therein, private ports, private terminals, container freight stations (CFS) and inland container depots (ICD) have been directed to use e-Invoices, e-Payments and e-Delivery orders, according to an order issued by the Shipping Ministry, with effect from April 2.

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Govt levies 10% import duty on key smartphone parts to push Make in India

download (2).jpgSource: Business Standard, Apr 02, 2018

New Delhi: India has imposed a 10 per cent tax on imports of key smartphone components including populated printed circuit boards, which are at the heart of smartphones, according to a government document.

The government’s move on Monday confirmed a Reuters report from last week that the country was exploring new duties on the imports of populated printed circuit boards that include components such as processors, memory and wireless chips.

A 10 per cent customs tax was also imposed on the imports of camera modules for phones and connectors.

The move, part of a phased manufacturing plan for lifting local production of mobile devices, is aimed at boosting Prime Minister Narendra Modi’s flagship ‘Make In India’ drive to turn the country into a manufacturing hub, like neighbouring China.