Day: December 31, 2021

Govt organized Short Animation Film Contest- First Prize Cash ₹ 3,00,000

A Short Animation Film Contest is open for Indian Citizens organized by National Film Development Corporation of India (NFDC), Ministry of Information and Broadcasting. Entries are open only for 2D/3D animated short films with a duration of maximum 3 minutes each. The theme of the competition is India @75. The Central Idea is to develop an …

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GST Commissionerate unearth GST Evasion by cryptocurrency exchange WazirX

GST Mumbai East Commissionerate unearth GST Evasion by cryptocurrency exchange WazirX The Commissionerate have detected GST Evasion of Rs 40.5 Crores; recovered Rs 49.20 Crores in CashPosted Date:- Dec 31, 2021 The GST Mumbai East Commissionerate of Mumbai Zone, while investigating the business activities of cryptocurrency exchange WazirX have detected GST Evasion of Rs 40.5 Crores. …

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No proposal to extend last date for ITR filing: government

The Centre on Friday said that there is no proposal to extend the date for income tax return filing. The last day to file income tax returns is today, (Friday, 31st December 2021). During a press conference, Revenue Secretary Tarun Bajaj said income tax return filing was going on smoothly. “By 3pm today, 5.62 crore …

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Existing rates in Textiles Sector to continue beyond 1st January, 2022

Department of Revenue had notified GST @12 % on MMF, MMF yarn, fabrics and apparel on 18.11.2021which was to come into force from 1st January, 2022. Fabrics and Apparel Industry represented against this revision of GST slab from 5% to 12%. This Ministry under the able leadership of Shri Piyush Goyal, Hon’ble Minister for Textiles, …

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Rajasthan VAT Amnesty Scheme due dates Extended

Rajasthan VAT Amnesty Scheme Extended to 31.01.2022 GOVERNMENT OF RAJASTHANFINANCE DEPARTMENT(TAX DIVISION) NOTIFICATIONJaipur, Dated December 31, 2021 In exercise of the powers conferred by sub-section (2A) of section 174 of the Rajasthan Goods and Services Tax Act, 2017 (Act No, 9 of 2017), the State Government being of the opinion that it is expedient in the public …

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Recommendations of 46th GST Council Meeting

Existing GST rates in textile sector to continue beyond 1st January, 2022 The GST Council’s 46th meeting was held today in New Delhi under the chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has recommended to defer the decision to change the rates in textiles recommended in the 45th …

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Markets ended 2021 on a positive note. All indices closed in green. Nifty above 17,350

Indian benchmark indices ended 2021 on a positive note. Sensex added 460 points to close at 58,253.82 points.  Nifty ended at 17,354.00 by gaining 150 points.  All sectoral indices closed in green. Metals led the rally. Realty, Banking and Financial Services, FMCG, Consumer durables and Auto supported with more than 1% up moves. Pharma and …

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Shri Dharmendra Pradhan to launch 100 days of Reading Campaign ‘PADHE BHARAT tomorrow

Union Education and Skill Development Minister Shri Dharmendra Pradhan  will be launching a 100 days Reading Campaign ‘Padhe Bharat’ on 1st January, 2022. 100 Days Reading Campaign marks an important step to improve learning levels of students as it develops creativity, critical thinking, vocabulary and the ability to express both verbally and in writing. It helps …

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GST UPDATES ON TAXTILES

Big news for the textile sector – GST will not increase on textiles

Decision in the meeting of the GST Council: GST will not increase on textile Earlier, the GST on textiles was to be increased from 5% to 12%. GST_Council unanimously decides to defer hike in GST on textiles from 5% to 12%. GST Rate hike on textiles from 5% to 12% was to come into effect …

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Tech Mahindra to buy US-based Allyis Group

IT major Tech Mahindra is to acquire 100% stake in US based IT company Allyis India Private Limited. Tech Mahindra will also acquire Allyis India’s holding company Green Investments LLC.  The IT major will pay $ 125 Million which is equivalent to Rs. 930 Cr. The IT giant said that this acquisition will  “bolster Tech …

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Extension of the validity of FCRA registration

Important: Extension of the validity of FCRA registration certificates

Extension of the validity of FCRA registration certificates expiring between the period 29th September, 2020 and 31st March, 2022 of those entities who have applied for renewal on FCRA portal in accordance with rule 12 of the Foreign Contribution (Regulation) Rules, 2011 before expiry of the validity of their certificates of registration.

Statutory Tax Compliance Tracker – for January, 2022

Corporate Compliance Calendar for January, 2022

1. Compliance requirement under Income Tax act, 1961   Sl.   Compliance Particulars   Due Dates   1 Due date of depositing TDS/TCS liabilities under Income Tax Act, 1961 for previous month. 07.01.2022 2. Due date for deposit of TDS for the period October 2021 to December 2021 when Assessing Officer has permitted quarterly deposit …

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Top Electric Vehicle (EV) Stocks to buy in 2022 (India)

Stocks to Invest: (December 30, 2021) Exide Industries (Batteries) CMP: Rs. 165.15 Amara Raja Batteries (Batteries) CMP: Rs. 618.80 Grindwell Norton (Silicon Carbide Manufacturer-useful in semiconductor chips) (Auto Parts) CMP: Rs. 1891.45 Carborundum Universal (Silicon Carbide Manufacturer) CMP: Rs. 939.00 Greaves Cotton (Industrial Machinery & Original Equipment Manufacturer) CMP: Rs. 137.05 Endurance Technologies (Auto Parts) CMP: …

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EPS SCHEME 1995, ELIGIBILITY&ITS BENEFITS

Employees Pension Scheme (EPS) 1995, ELIGIBILITY & ITS BENEFITS

The Central Government had launched Employees’ Pension Scheme, 1995 in exercise of the powers conferred by Section 6A of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952). The EPS’95 scheme applies to all the employees of factories and other establishments to which the Employees Provident Funds and Miscellaneous Provisions Act, 1952 …

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Sharing the statistics of Income Tax Returns filed till 30.12.2021

Sharing the statistics of Income Tax Returns filed till 30.12.2021. A total of 5,42,50,257 ITRs have been filed upto 30.12.2021 including 32,91,698 ITRs for AY 21-22 filed on the day itself. For any assistance, pl connect on orm@cpc.incometax.gov.inWe will be glad to assist! More than 5.5 crore ITRs for AY 2021-22 filed till 11:30 am …

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Reliance New Energy Solar Ltd. acquisitions and stake purchases

Reliance New Energy Solar Ltd. (RNESL) , a wholly owned subsidiary of Reliance Industries Ltd. has to acquire a British battery enterprise Faradion Limited. Faradion Ltd. manufactures sodium ion batteries.  For this acquisition, RNESL is going to pay 100 Million Pounds as purchase consideration to Faradion Ltd. Faradion Ltd. is one of the leading global …

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Reliance expanding its Green Wings – So as India

As a part of Executing Mukesh Ambani’s ambitious plans of investing Rs 75,000 crore over the next three years to build a new clean energy business aimed at RIL’s commitment to be net carbon neutral by 2035, Reliance New Energy Solar Limited (RNESL), has signed definitive agreements to acquire 100% stake in Faradion Limited for …

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Nifty above 17,300. Metals and Realty lead. CMS Info Systems debuts.

Indian benchmark indices opened on a positive note, despite mixed global cues. Nifty trades above 17,300 level. In sectoral indices, Nifty Metal  leads the index. It is followed by Realty. Except for IT, rest of the indices are in green. Especially, Nifty Banking and Financial Services stocks are up. Right now, Hindalco is the top …

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New HSN Codes will be implemented w.e.f 01.01.2022

New HSN Codes will be implemented w.e.f 01.01.2022. New Harmonized System (HS) Nomenclature (HS 2022) shall come into force w.e.f. 01.01.2022 Significant changes in the HS with a total of 351 amendments at 6 digit level, 347 CTH deleted and 527 CTH newly added covering a wide range of goods moving across Borders Corresponding changes …

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Pre-Market Information-Reliance New Energy to acquire 100% stake in Faradion for GBP 100 Million

Global markets have a muted start. The US markets ended in red. SGX Nifty is also in red. But the gap down is milder one. There are several stocks in focus. Reliance Industries’s Subsidiary Reliance New Energy Solar is to acquire. Faradion for 100 Million pounds. In another development, Sterling and Wilson Renewable Energy approved …

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