PIB

NITI AAYOG

Handbook on Sustainable Management of Plastic Waste for ULB’s

NITI Aayog and UNDP India launched a handbook to promote sustainable management of plastic waste in the country. The report, titled ‘NITI Aayog-UNDP Handbook on Sustainable Urban Plastic Waste Management’, was released on 11th October, 2021 by NITI Aayog Vice Chairperson Dr Rajiv Kumar, CEO Shri Amitabh Kant, Shri. Rameshwar Prasad Gupta, Secretary Ministry of …

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Union Cabinet approves affiliation of 100 Schools in Government and private sector with Sainik School Society

New Schools to admit 5,000 students in class VI from academic year 2022-23, from States/NGOs/Private partners

Marching ahead in tune with National Education Policy (NEP), the Government of India has decided to provide increasing focus on value based education enabling children to develop pride in rich culture and heritage of this nation, effective leadership with character, discipline, sense of national duty and patriotism. In a paradigm shift to the existing pattern …

New Schools to admit 5,000 students in class VI from academic year 2022-23, from States/NGOs/Private partners Read More »

Union Minister for MSMEs Shri Narayan Rane has exhorted the officers of MSME Ministry to brace up for enhancing the output of MSME sector

MSME- NVCFL secures regulatory approvals and signs the Contribution Agreement by the officials of the NSIC, NVCFL and SVL

Union Minister for MSMEs Shri Narayan Rane has exhorted the officers of MSME Ministry to brace up for enhancing the output of MSME sector. The Minister categorically said that he would like to see a quantum jump in the performance of this sector, for which all segments of the Ministry will have to work in …

MSME- NVCFL secures regulatory approvals and signs the Contribution Agreement by the officials of the NSIC, NVCFL and SVL Read More »

Consultation Paper on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs)

India is unique among the big economies of the world in statutorily mandating compulsory audit for all companies, irrespective of their size and characteristics. In view of the significant role played by companies in India in the economic growth and development of the Nation, it is essential that the regulatory environment is conducive to support, …

Consultation Paper on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs) Read More »

Form MGT-7/MGT-7A is likely to be revised on MCA21 Company Forms Download page w.e.f 14th October, 2021. Stakeholders are advised to check the latest version before filing.

Competition Commission penalises beer companies for indulging into cartelisation

The Competition Commission of India (‘CCI’) passed a final order against three beer companies, namely United Breweries Limited (‘UBL’), SABMiller India Limited (now renamed as Anheuser Busch InBev India Ltd. after being acquired by Anheuser Busch InBev SA/NV) (‘AB InBev’) and Carlsberg India Private Limited (‘CIPL’) for indulging in cartelisation in the sale and supply of beer …

Competition Commission penalises beer companies for indulging into cartelisation Read More »

Refunds aggregating to Rs. 75,111 crore have been issued in the current fiscal

Thefigures of Direct Tax collections for the Financial Year 2021-22, as on 22.09.2021 show that net collections are at Rs. 5,70,568 crore, compared to Rs. 3,27,174 crore in the corresponding period of the preceding Financial Year i.e FY 2020-21, representing an increase of 74.4%. The net collection (as on 22.09.2021) in FY 2021-22 has registered a growth of 27% over FY 2019-20 when …

Refunds aggregating to Rs. 75,111 crore have been issued in the current fiscal Read More »

Government Notifies PLI Scheme for Automobile & Auto components

The Government has issued Notification regardingProduction Linked Incentive (PLI) Scheme for Automobile & Auto components. The PLI Scheme for Automobile & Auto components and its Guidelines have been notified in the Gazette of India on 23.09.2021. Earlier government approved the Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industryon 15.09.2021. The PLI Scheme …

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National Single Window System for Investors and Businesses Launched by Shri Piyush Goyal

Launch of National Single Window System for Investors and Businesses, towards making India Aatmanirbhar

“Launch of National Single Window System, is a giant leap, towards making India Aatmanirbhar” said Shri Piyush Goyal while Launching the facility. Union Minister for Commerce & Industry, Textiles, Consumer Affairs & Public Distribution Shri Piyush Goyal said that NSWS will usher in Azadi from legacy of running to Govt. offices  for approvals and registrations  He …

Launch of National Single Window System for Investors and Businesses, towards making India Aatmanirbhar Read More »

contribute to the Armed Forces Flag Day Fund

Raksha Mantri appeals for generous contribution to Armed Forces Flag Day Fund

Key Highlights: Over 38,000 beneficiaries in FY 20-21 Rs 133.21 crore spent under AFFDF in FY 2020-21 Rs 33.35 crore collected during FY 2020-21 Raksha Mantri Shri Rajnath Singh has appealed to the general public to generously contribute to the Armed Forces Flag Day Fund (AFFDF), which is used in rehabilitation and welfare of dependents …

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IT Dept detects unaccounted funds of Rs 350 crore & Cash bogus expenditure after raids on 'textile and filament yarn' group

IT Dept detects unaccounted funds of Rs 350 crore & Cash bogus expenditure after raids on ‘textile and filament yarn’ group

The Income Tax Department carried out a search and seizure operation on 18.09.2021 on a leading business house of India involved in manufacture of textile and filament yarn having corporate offices in Delhi, Punjab and Kolkata. During the course of the search operation, many incriminating documents, loose sheets, diaries, digital evidences etc have been recovered …

IT Dept detects unaccounted funds of Rs 350 crore & Cash bogus expenditure after raids on ‘textile and filament yarn’ group Read More »

Big Boost to Ease of Doing Business, Amendments Notified

In the aftermath of COVID 19 pandemic, Government of India has taken number of steps to ensure ‘Aatmanirbhar Bharat’. Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry recently implemented reforms to ensure Industrial Safety in critical premises (such as petroleum installations, explosive manufacturing facilities, cylinder filling and storage premises, …

Big Boost to Ease of Doing Business, Amendments Notified Read More »

Income Tax Department conducts searches in Nagpur, Such payments have been paid in cash and are completely unaccounted

The Income Tax Department carried out a search and seizure operation on 17.09.2021 in the case of a prominent public figure in Nagpur and his family members. The group is having wide business interest spanning the fields of Education, Warehousing and Agri-business in Nagpur and other parts of Maharastra. More than 30 premises were covered …

Income Tax Department conducts searches in Nagpur, Such payments have been paid in cash and are completely unaccounted Read More »

Startups & Micro, Small and Medium Enterprises Companies Shutdown during Covid

The COVID-19 epidemic has temporarily affected various sectors including Micro, Small and Medium Enterprises in the country. Economic activity contracted due to the strict lockdown measures imposed by the Government. This contraction has also had impact on the MSME sector. Studies have been conducted by National Small Industries Corporation (NSIC) and Khadi and Village Industries …

Startups & Micro, Small and Medium Enterprises Companies Shutdown during Covid Read More »

Several people centric decisions taken by GST Council

Recommendations of 45th GST Council Meeting [ Highlights Decisions taken by GST Council ]

Life-saving drugs Zolgensma and Viltepso used in treatment of Spinal-Muscular Atrophy exempted from GST when imported for personal use Extension of existing concessional GST rates on certain COVID-19 treatment drugs upto 31st December 2021 GST rates on 7 other medicines recommended by Department of Pharmaceuticals reduced from 12% to 5% till 31st December 2021 GST rate on …

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DGGI Gurugram arrests 3 persons, including mastermind, commission agent and CA in racket of fictitious firms involving fake ITC of 121 crore

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested 3 persons including a CA on charges of creating and operating multiple fictitious firms on forged documents and passing large amounts of fake input tax credit by way of issuance of invoices without any actual receipt or supply of goods or …

DGGI Gurugram arrests 3 persons, including mastermind, commission agent and CA in racket of fictitious firms involving fake ITC of 121 crore Read More »

National Asset Reconstruction Company Limited (NARCL)

FAQ of Central Government guarantee to back Security Receipts issued by (NARCL) for acquiring of stressed loan assets

Central Government guarantee of Rs.30,600 crore to back Security Receipts issued by National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets was approved by Union Cabinet yesterday. NARCL proposes to acquire stressed assets of about Rs. 2 Lakh crore in phases within extant regulations of RBI. It intends to acquire these through 15% …

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Income Tax Department ordered to accept the applications related to tax settlement by 30 September

Income Tax Department conducted search & seizure operations on three prominent Commission agent groups covering many premises across Punjab & Haryana

The Income Tax Department conducted search and seizure operations on 08.09.2021 on three prominent Commission agent groups based in Punjab, covering many premises across Punjab & Haryana. These groups are also engaged in the business of running Steel Rolling Mill, cold storage, General Mills, Jewellery shop, Poultries, Rice Mills, Oil Mill, Flour Mill apart from …

Income Tax Department conducted search & seizure operations on three prominent Commission agent groups covering many premises across Punjab & Haryana Read More »

Account Aggregator Network- a financial data-sharing system

Account Aggregator Ecosystem in India, Know all about Account Aggregator Network- a financial data-sharing system

Last week India unveiled the Account Aggregator (AA) network, a financial data-sharing system that could revolutionize investing and credit, giving millions of consumers greater access and control over their financial records and expanding the potential pool of customers for lenders and fintech companies. Account Aggregator empowers the individual with control over their personal financial data, …

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INCOME TAX: CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment

Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide that in case of an amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or companies, then, subject to the conditions …

INCOME TAX: CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment Read More »

Revenue Deficit Grant of Rs. 9,871 crore released to 17 States

Total Revenue Deficit Grant of Rs. 59,226 crore released to States in current financial year

The Department of Expenditure, Ministry of Finance on Thursday released the 6th monthly installment of Post Devolution Revenue Deficit (PDRD) Grant of Rs. 9,871.00 crore to the States.  With the release of this installment, a total amount of Rs. 59,226.00 crore has been released to the eligible States as Post Devolution Revenue Deficit Grant (PDRD) in the current …

Total Revenue Deficit Grant of Rs. 59,226 crore released to States in current financial year Read More »

Nitin Gadkari

Emergency Landing Facilities will be developed at 19 other places to strengthen country’s security, Inaugurating the Emergency Landing Facility on National Highway 925A in Rajasthan

Union minister for Road Transport and Highways Shri Nitin Gadkari has said that Emergency Landing Facilities will be developed at 19 other places to  strengthen country’s security. Inaugurating the Emergency Landing Facility on National Highway 925A in Rajasthan with Defence Minister Shri Rajnath Singh he said this highway run-way will further strengthen the country’s security in protecting …

Emergency Landing Facilities will be developed at 19 other places to strengthen country’s security, Inaugurating the Emergency Landing Facility on National Highway 925A in Rajasthan Read More »

Cabinet approves Memorandum of Understanding between ICAI and The Chamber of Auditors of the Republic of Azerbaijan (CAAR)

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the for signing Memorandum of Understanding between The Institute of Chartered Accountants of India (ICAI) & The Chamber of Auditors of the Republic of Azerbaijan (CAAR) Details: The signing of Memorandum of Understanding between (ICAI) and The Chamber of Auditors of the Republic …

Cabinet approves Memorandum of Understanding between ICAI and The Chamber of Auditors of the Republic of Azerbaijan (CAAR) Read More »

Breaking: Requirement of DSC has been Removed for E-filing of Submissions in E-Proceedings on Income Tax Portal

For easing the process of authentication of electronic records in faceless assessment proceedings, the Government has amended Income-tax Rules, 1962 (‘the Rules’) vide notification no G.S.R. 616(E) dated 6th September, 2021. The amended Rules provides that electronic records submitted through registered account of the taxpayers in the Income-tax Department’s portal shall be deemed to have been …

Breaking: Requirement of DSC has been Removed for E-filing of Submissions in E-Proceedings on Income Tax Portal Read More »

Income Tax Department carried out a search and seizure operation on 25.08.2021 on a group based in Maharashtra and Goa. The group is a prominent steel manufacturer and trader of Pune, Nashik, Ahmednagar and Goa. More than 44 premises were covered in the search operation

Income Tax Department conducts searches in Maharashtra and Goa, group is a prominent steel manufacturer and trader

The Income Tax Department carried out a search and seizure operation on 25.08.2021 on a group based in Maharashtra and Goa. The group is a prominent steel manufacturer and trader of Pune, Nashik, Ahmednagar and Goa. More than 44 premises were covered in the search operation. During the course of the search and seizure operation, …

Income Tax Department conducts searches in Maharashtra and Goa, group is a prominent steel manufacturer and trader Read More »

CBI arrests 2 Central GST officials in Rs 50,000 bribery case

2 more arrested by DGGI Gurugram Unit for input tax credit fraud

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has earlier busted a case wherein total fake ITC of  Rs 176 crore has been fraudulently passed on by Sh. Sanjay Goel, Prop of M/s. Redamancy World, and Sh. Deepak Sharma, the de–facto controller of 8 non-existent firms. Accordingly Sh. Sanjay Goel, Prop. of M/s. Redamancy …

2 more arrested by DGGI Gurugram Unit for input tax credit fraud Read More »

Income Tax Department conducts searches in NCR

Income Tax Department conducts searches in NCR, Company engaged in trading of telecom equipment and installation

The Income Tax Department conducted searches on 16.08.2021 on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players in India. Searches were conducted at 5 premises, including the corporate office, residence of foreign director, residence of company secretary, accounts person and the cash handler of a …

Income Tax Department conducts searches in NCR, Company engaged in trading of telecom equipment and installation Read More »

ELECTRIC VEHICLE CHARGING INFRASRUCTURE

NITI AAYOG: HANDBOOK of ELECTRIC VEHICLE CHARGING INFRASTRUCTURE IMPLEMENTATION

NITI Aayog today released a handbook to guide state governments and local bodies to frame policies and norms towards setting up charging networks for electric vehicles (EV). The objective is to enhance charging infrastructure and facilitate a rapid transition to electric mobility in the country. The Handbook for Electric Vehicle Charging Infrastructure Implementation has been jointly …

NITI AAYOG: HANDBOOK of ELECTRIC VEHICLE CHARGING INFRASTRUCTURE IMPLEMENTATION Read More »

Union Commerce & Industry Minister addresses CII’s virtual special session on ‘Synergy between the Government and Business for sustainable growth’

India@75 is a declaration for a new India with new dreams, new energy and new commitment: Shri Piyush Goyal

Union Minister of Commerce & industry Shri Piyush Goyal today virtually addressed the Confederation of Indian Industry’s Annual Summit’s special session on ‘Synergy between the Government and Business for sustainable  growth’. The Theme of this year Annual Meeting is ‘ India@75: Government and Business Working Together for Atmanirbhar Bharat’. While delivering the keynote address, Shri Piyush Goyal said …

India@75 is a declaration for a new India with new dreams, new energy and new commitment: Shri Piyush Goyal Read More »

Customers active on digital channels doubled from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21

Customers active on digital channels doubled from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21

Nearly 72% of financial transactions of Public Sector Banks (PSBs) are now done through digital channels, with customers active on digital channels having doubled from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question …

Customers active on digital channels doubled from 3.4 crore in FY2019-20 to 7.6 crore in FY2020-21 Read More »

CCI approves acquisition of Bikaji Foods International Limited by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust

CCI approves acquisition of Bikaji FIL by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust under Section 31(1) of the Competition Act, 2002

The Competition Commission of India (CCI) approves acquisition by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust (Lighthouse Employee Trust) (collectively referred to as Acquirers) of Bikaji Foods International Limited (Target) under Section 31(1) of the Competition Act, 2002, yesterday. The Proposed Combination involves acquisition of additional 2.727% of equity shareholding in …

CCI approves acquisition of Bikaji FIL by Lighthouse India Fund III, Limited (Fund III) and Lighthouse India III Employee Trust under Section 31(1) of the Competition Act, 2002 Read More »