CBDT notifies PAN-Aadhaar interchangeability

Source: The Economic Times, Nov 07, 2019

NEW DELHI: The apex body for direct taxes has amended over 100 forms and returns to provide for interchangeability between permanent account number (PAN) and Aadhaar number.

A notification to this effect was issued by the Central Board of Direct Taxes on Thursday. 20191108-3
The Union Budget presented in July had amended Section 139A of the Income-tax Act, 1961 to provide for interchangeability of PAN and Aadhaar number. However, an amendment to give effect to this change in various forms or returns and statements prescribed was pending.

The CBDT has now issued a notification to amend the Income-tax Rules, 1962 (Rules) to enable quoting of the Aadhar number instead of PAN in various forms and documents as specified under the tax laws.

Need 3 months to notify guidelines for social media platforms, govt tells SC

Source: The Economic Times, Oct 22, 2019

New Delhi: The government on Monday told the Supreme Court that it would require three months to notify the final revised intermediary guidelines for social media platforms.

The Ministry of Electronics and Information Technology (MeitY) stated the timeframe in an affidavit it filed in the Facebook petition, where the social media company has sought the transfer of all cases pending against it to the top court.

The process to notify the rules, which requires the approval of the MeitY minister followed by the vetting by the law and justice ministry and clearance of the updated draft by MeitY, is likely to be completed by January 15, 2020. ET has seen a copy of the affidavit. Read the rest of this entry »

India imposes anti-dumping duty on certain steel imports

Source: Financial Express, Oct 17, 2019

New Delhi: India has imposed a provisional $29-$200 a tonne anti-dumping duty to rein in burgeoning and predatory imports of galvalume steel products from China, Vietnam and Korea which were causing material injury to the domestic industry. The duty will remain in effect for six months.

JSW Steel Coated Products, a unit of Sajjan Jindal-led JSW Steel, had moved a petition before the Directorate General of Trade Remedies (DGTR) for imposition of the trade remedial measure on imports of the high-end aluminium and zinc coated flat products (galvalume) that find application in roofing purposes to making auto parts. Read the rest of this entry »

GST may see its biggest review since launch, rates and slabs likely to be tweaked

Source: ETRetail.com, Oct 14, 2019

Two years after its launch, the Centre has begun the biggest review of goods and services tax (GST) — including a possible resetting of rates along with a scrutiny of the slabs — to tone up collections and plug leakages.

The task has been assigned to a 12-member committee of state and central government officials to “augment GST collection and administration”.

The panel was set up a day before the PMO leads consultations with state chief secretaries on Friday, where states would be urged to push for improved collections. Read the rest of this entry »

New contract manufacturing units eligible for 15 per cent tax benefit

Source: The Economic Times, Sept 30, 2019

NEW DELHI: New contract manufacturing outfits can avail of the 15% corporate tax scheme but companies that opt for the 22% tax regime won’t be eligible for accumulated minimum alternate tax (MAT) credit, a senior government official said.

The finance ministry will clearly specify what constitutes reorganisation or reconstruction of an entity and new manufacturing eligible for the 15% rate as part of detailed clarifications on the new corporate tax framework to clear the air on a number of issues that have been raised by industry. Companies that opt for the reduced corporate tax rate of 22% cannot claim any exemption or incentives, including accumulated MAT credit. Read the rest of this entry »

Another shot for MSMEs to reclaim bankrupt companies

Source: The Economic Times, Sept 23, 2019

NEW DELHI: Promoters of micro medium and small enterprises (MSME) going through insolvency proceedings can take another shot at running their companies, based on a Supreme Court ruling, paving the way for expeditious resolution of insolvencies in the sector.

The Supreme Court on July 15 upheld rulings by the National Company Law Appellate Tribunal (NCLAT) and the National Company Law Tribunal (NCLT) that approved the decisions by the Committee of Creditors (CoC) of Bafna Pharmaceuticals to accept a resolution plan by its erstwhile promoter.

Promoters of MSMEs are permitted to be considered for resolution of their own companies unlike in the case of other companies as they are exempt from section 29(A) of the Insolvency and Bankruptcy Code (IBC), which debars individuals who have defaulted on debt obligations from bidding for stressed assets during the corporate insolvency resolution process. Read the rest of this entry »

Govt scraps import duty on open cell LED TV panel

Source: LiveMint.com, Sept 18, 2019

New Delhi: The government on Tuesday removed import duties on open cell LED panels used in the production of television sets, a move that could lower the input costs for TV makers who have been complaining about a slump in demand.

Imported open cell panels, which constitute a chunk of cost for television sets, earlier attracted an import duty of 5%.

In a notification released by the ministry of finance late of Tuesday night it has been notified that “customs on (15.6″ and above) use in the manufacturing of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels” were quantified as nil down from the previous 5%.

Panels make up over 60-70% of the cost of manufacturing LED TV sets and were a point of contention for TV makers who have been seeking relief on customs and GST on TV sets. Read the rest of this entry »