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    Public consultation on the proposal for amendment of Income-tax Rules 1962, to inset new rule 29BA and Form 15E, to give effect to the amendment in se...
    Extension of due date for filing of Income-tax Returns/Tax Audit Reports to 31st January, 2020 in respect of Union Territory of Jammu and Kashmir and ...
    Extension of time limit for filing of response to notices issued under section 142(1) of the Income-tax Act, 1961 under E-assessment Scheme-2019
    Shri Anurag Thakur holds Pre-Budget Consultation with representatives from Health, Education and Rural Development Sectors
    FM holds Pre-Budget Consultation with representatives from Water and Sanitation sectors
    FM holds Pre-Budget Consultation with the Representatives of Infrastructure Sector and experts of energy sector and climate change
    FM holds Pre-Budget Consultation with Prominent Economists
    ADB, India Sign $ 490 Million Loan for PPP to Upgrade Madhya Pradesh Roads
    FM holds 6th Pre-Budget Consultation with prominent Industrialists
    FM holds Pre-Budget Consultation with representatives of various Trade Unions and Labour Organisations
    ADB, India sign $250 million loan to expand energy efficiency investments in India
    Finance Minister holds Pre-Budget Consultation with the Representatives of Industry, Services and Trade Groups
    Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019
    India Among top 10 Improvers in EODB; India Ranks 63 RD Among 190 Countries
    Extension of date of Direct Tax payment in respect of third installment of advance tax for FY 2019-20
    FM holds Pre-Budget Consultation with representatives of Financial Sector and Capital Markets
    FM holds first Pre-Budget Consultations with the representatives of Digital Economy, Fintech and Start-Ups
    Industrialization of Backward Areas of the Country
    Tariff Notification No. 90/2019-CUSTOMS (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Si...
    Tax Exemptions to Startups
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    December 31, 2019
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    Amendment to TDS rules introduces Form 15E to determine taxable proportion of payments to non-residents.
    Amendment empowers the Board to prescribe the form and manner for applications by payers to obtain an Assessing Officer determination of the appropriate proportion of payments to non-resident recipients subject to tax deduction at source; consequential amendments to the Income-tax Rules will introduce a new rule and Form 15E which standardises payer and payee particulars, transaction details, taxability analysis, treaty relief claims, supporting documents and declarations to facilitate issuance of certificates by the Assessing Officer.
    December 25, 2019
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    Extension of filing deadline for income-tax returns and tax audit reports; late filings during disruption treated as timely.
    Extension of the due-date for filing Income-tax Returns and Tax Audit Reports for all categories of assessees in the Union Territory of Jammu and Kashmir and the Union Territory of Ladakh is ordered under Section 119, modifying prior CBDT orders; returns and reports filed after the earlier cutoff up to issuance of this order are deemed to have been filed within the applicable due-date.
    December 24, 2019
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    Extension of time for response to section 142(1) notices under e-assessment, deadline now later of notice time or specified date.
    Extension of time for filing responses to assessment notices issued under section 142(1) is authorised by the National e-Assessment Centre under the E-assessment Scheme, 2019; notices issued up to 24.12.2019 have their response period extended to the later of 10.01.2020 or the time given in the individual notice to facilitate compliance by taxpayers and tax professionals.
    December 24, 2019
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    Child budgeting recommended as a national priority to strengthen child protection, education and health service access.
    Recommendations to prioritise child budgeting and a National Fund for child protection; strengthen Right to Education compliance and finance for secondary education with girl focused support; expand primary health outreach and maternal nutrition; use fiscal measures to discourage unhealthy products; mandate disability inclusive procurement and tax relief for assistive technology; secure land titles for women, reform pensions and social protections for vulnerable groups; promote rural infrastructure investment, employment through agriculture and non farm sectors, targeted skill development for marginalised women, and enhanced Centre State fund monitoring.
    December 23, 2019
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    Water and sanitation policy: emphasise decentralised waste management and incentives for wastewater treatment and recycling.
    Pre Budget consultation with Water and Sanitation stakeholders prioritized measures to improve water, sanitation and solid waste management by scaling rural sanitation under an integrated WASH framework, decentralising waste management, incentivising wastewater treatment and recycling, promoting eco friendly sewage treatment and ground water recharge, and strengthening community water management and measurement of service standards to address disparities between urban and rural service delivery.
    December 20, 2019
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    Green infrastructure and renewable energy financing prioritized to drive policy incentives and investment alignment with climate goals.
    Pre-Budget consultations with infrastructure, energy and climate stakeholders recommended policy and financing measures to align infrastructure with energy transition goals, including enhanced availability of finance for housing and infrastructure, scaling renewable energy capacity, viability gap funding for batteries and storage, expansion of farmer-focused renewable schemes, promotion of energy-efficient appliances, technology upgrades for railways, fiscal adjustments (lower duties, softer lending rates), and development of a green economic activities taxonomy for climate-compliant investment.
    December 20, 2019
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    Pre budget consultation gathers economists' recommendations to boost investment, reform taxes and revive the financial sector for growth.
    Pre budget consultations solicited expert recommendations to support growth and job creation through measures to attract investment, ensure fiscal transparency and prudence, strengthen monetary transmission, revive and oversee non bank financial companies, and implement structural reforms including simplification of tax frameworks, land and labour reforms, and measures to mobilise financial savings and bolster rural demand.
    December 20, 2019
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    Public-private partnership hybrid-annuity model assigns design, implementation and O&M to concessionaire with government milestone payments.
    A public private partnership using the Hybrid Annuity Model will upgrade about 1,600 km of state highways and major district roads by assigning design, construction, and operation and maintenance responsibilities to a private concessionaire; the government will make phased milestone linked payments during construction while the concessionaire arranges remaining equity and commercial debt and will be repaid over a defined post completion period. The project also mandates two lane all weather standards, road safety features, an e maintenance system, and capacity building for contract implementation and project finance.
    December 19, 2019
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    Ease of Doing Business reforms urged to safeguard investment and accelerate approvals, mergers, exports and rural consumption.
    Participants urged targeted reforms to enhance Ease of Doing Business, shorten timelines for FDI approvals, accelerate mergers, acquisitions and demerger processes, and improve insolvency resolution by strengthening NCLT bank interactions under the IBC. Additional priorities included measures to boost rural consumption, provide liquidity support to NBFCs with rural focus, incentivize CAPEX and infrastructure investment, curb predatory pricing and dumping, promote domestic R&D for Make in India, and explore PPP models leveraging social funding.
    December 19, 2019
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    Social security and minimum wage enforcement urged to strengthen labour protections, with legislation and tripartite consultations to guide reforms.
    Emphasis on strengthening labour protections through expanded social security coverage and minimum wage enforcement, supported by legislation, streamlined schemes, and consultations with trade unions to finalise the Code on Safety, Industrial Relations & Social Security. Concurrent measures include prioritising skilling, re skilling and up skilling aligned with sectoral clusters, creation of dedicated funds for skill enhancement and MSME job revival, increased rural employment support, job profiling by skill, and reinforcement of tripartite and bipartite mechanisms to extend benefits to unorganised and landless labourers.
    December 17, 2019
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    Energy efficiency financing expands demand side measures, smart metering and capacity building to reduce losses and scale models.
    ADB and the Government of India provided financing to EESL to scale demand side energy efficiency investments through deployment of smart metering, distributed solar photovoltaic systems, and measures to promote electric vehicles, aiming to reduce network losses, improve billing and collection, cut greenhouse gas emissions, and develop scalable business models. The operation is supported by concessional Clean Technology Fund resources and an accompanying technical assistance package including a gender action plan, private sector mobilisation, piloting of subprojects, capacity building for distribution and regulatory agencies, and awareness programs targeting women consumers.
    December 17, 2019
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    Decriminalisation of tax and company laws proposed to reduce compliance burden and ease doing business before the budget.
    Pre-budget consultations focused on measures to stimulate private investment and exports, proposing decriminalisation of tax and company laws, broad reduction of compliance burdens, reduction of tax litigation, self-certification for low-risk enterprises, simplification of duties and labour regulations, adoption of international-standard ADR, Export Development funds for MSME exporters, and measures to ease investment into manufacturing.
    December 17, 2019
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    Legacy dispute resolution scheme: final opportunity to settle central excise and service tax disputes before scheme closure
    Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 provides a final opportunity for eligible taxpayers to settle past central excise and service tax disputes on concessional terms; departmental officers are directed to contact all eligible taxpayers, undertake extensive outreach including social media publicity, explain Scheme benefits, and emphasise that there will be No extension beyond the Scheme's closure, urging uptake to finalise pending cases.
    December 16, 2019
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    Ease of Doing Business improvement spurs reforms including startup incentives and enhanced export credit and trade facilitation measures.
    India's reforms advance the business environment, innovation and exports through administrative simplification, patent rule amendments and expanded startup recognition, alongside enhanced export support mechanisms. Key export measures include a new export credit insurance scheme increasing cover and moderating premiums, capital infusions into export insurance bodies, creation of online origin and claims platforms, introduction of the WTO compliant RoDTEP to replace prior export incentives, and logistics and multimodal transport reforms to reduce costs and improve trade facilitation.
    December 16, 2019
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    Extension of advance tax payment deadline for affected taxpayers due to internet service disruption; central board provided administrative relief.
    The Central Board of Direct Taxes, invoking clause (a) of sub-section (2) of section 119 of the Income tax Act, 1961, extended the payment deadline for the December installment of advance tax for the fiscal year for all assesses, corporate and non-corporate, in specified North Eastern States due to large-scale internet service disruption; the relief alters only the timing of payment for that installment and applies solely to taxpayers located in the named States.
    December 16, 2019
    Show AI Summary
    Pre-Budget Consultation: Financial stakeholders proposed boosting credit, PSB governance reforms and measures to relieve NBFC stress.
    Pre-Budget Consultation proposed initiatives to increase credit off-take from banks, reform public sector bank governance, develop bond markets through standardisation and promote risk capital measures including the Partial Credit Guarantee Scheme; additional recommendations targeted NBFC stress alleviation, expansion of alternative investment funds and mutual funds, tax measures to promote leasing and insurance penetration, private bank support for credit schemes, and streamlined KYC for digital credit access.
    December 16, 2019
    Show AI Summary
    Digital economy regulation and tax incentives proposed to promote data infrastructure, startup growth and research and development.
    Pre-Budget consultations urged incentives for setting up data centres, fiscal support for data localisation, use of big data technologies for SMEs and public governance, and stronger privacy and digital economy regulation. Tax proposals included rationalisation of the minimum alternate tax, tax exemptions and sops for start-ups, incentives for research and development, and measures to boost women's employment and youth skill development. Stakeholders also recommended a dedicated agency to address cross border financial crimes and frameworks to improve start up competitiveness.
    December 14, 2019
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    Industrial incentives promote investment in backward regions through capital, interest, insurance, tax and transport support.
    Central schemes target industrialization in specified backward, hilly and North Eastern regions by offering a standard set of incentives: a Central Capital Investment Incentive (30% of plant & machinery investment subject to an upper limit), a Central Interest Incentive on working capital, reimbursement of insurance premiums, income tax and Central GST reimbursement, an employment incentive for employer social security contributions, and transport incentives for movement of finished goods by rail, inland waterways and air; schemes impose per unit benefit caps and fixed operative periods.
    December 13, 2019
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    Tariff value fixation for specified imports updated, providing new US dollar reference values for customs assessment.
    Under the authority of section 14(2) of the Customs Act, 1962, Notification No. 36/2001-Customs (N.T.) is amended by substituting Tables 1-3 to prescribe US dollar denominated tariff reference values for specified imported goods, including edible oils, brass scrap, poppy seeds, areca nut and specified forms of gold and silver, which shall serve as the operative reference for customs valuation and related assessment of those items.
    December 11, 2019
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    Tax exemptions for startups enable profit deductions, share premium relief, and capital gains reinvestment benefits to support startup financing.
    Recognized startups may claim a profits deduction under Section 80 IAC after DPIIT recognition and Inter Ministerial Board validation, file prescribed declarations to exempt share premium receipts from income taxation, reinvest long term capital gains into notified funds for exemption, and utilise amended capital gains reinvestment reliefs into startup equity with relaxed shareholding requirements; a SIDBI managed Fund of Funds provides committed capital to SEBI registered AIF daughter funds which invest in startups rather than direct FFS investment.

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      India Among top 10 Improvers in EODB; India Ranks 63 RD Among 190 Countries

      December 16, 2019

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      India Among top 10 Improvers in EODB; India Ranks 63 RD Among 190 Countries

      21,778 Startups Recognised Under Startup India Initiative

      India Ranked 52nd in Global Innovation Index

      Nirvik: New Credit Scheme for Exporters Announced; Infusion of Funds in ECGC for Export Support

      National Traders Welfare Board Established

      India’s remarkable jump in World Bank’s Ease of Doing Business Report 2020

      India ranks 63rd among 190 countries improving by 14 ranks from its rank of 77 in 2019. India has improved its rank in 7 out of 10 indicators and has moved closer to international best practices. The 2020 edition of the Report acknowledges India as one of the top 10 improvers, third time in a row, with an improvement of 67 ranks in 3 years. It is also the highest jump by any large country since 2011.

      http://164.100.117.97/WriteReadData/userfiles/image/image001SEL5.jpg

      Startup India- reaching new heights, making India a global leader in Innovation

      A total of 21,778 startups are now recognised under the Startup India Initiative, of which 2,912 startups have been recognised since 1st June 2019.

      The Startup India Hub has 3,42,614 registered users of which 21,540 users have been added since 1st June 2019.With the amendment in Section 54GB of Income Tax Act on August 1st, 2019 the condition of minimum holding of 50% of share capital or voting rights in the startup has been relaxed to 25%.

      India’s remarkable jump on the Global Innovation Index

      In the past 4 years India’s rank in the GII has improved from the 81st rank in 2015 to the present 52nd rank in GII 2019 report. India became the first developing country to launch the Global Innovation Index (GII) in association with World Intellectual Property Organisation (WIPO) and Confederation of India (CII).

       

      http://164.100.117.97/WriteReadData/userfiles/image/image003F4TQ.jpg

      In order to promote innovation the following measures have been taken:

      Final Patent (amendment) Rules, 2019 - published on 17th September, 2019 amending The Patents Rules, 2003 has led to significant simplification of rules, especially for startups and MSMEs.

      The Patent (Second Amendment) Rules, 2019 publishedto reduce fees for small entity/MSMEs for processing of patent applications under various sections of the Patents Act, 1970 will incentivise MSMEs to file for more parents.

      In order to promote export the Department of Commerce has undertaken various measures:

      Export Credit Guarantee Corporation (ECGC) has introduced a new Export Credit Insurance Scheme (ECIS) called ‘NIRVIK’ for exporters in which increased insurance cover for export credit has been extended by banks from existing average of 60% to 90% for both Principal and Interest.

      Accounts with limits below ₹ 80 crore, the premium rates will be moderated to 0.60 per annum and for those exceeding ₹ 80 crore, it will be 0.72 per annum forthe same enhanced cover. It is expected that the initiative will cost about ₹ 1,700 cr per annum. It will provide comfort to banks, bring down the cost of credit due to capital relief, less provision requirement and liquidity due to quick settlement of claims and will ensure timely and adequate working capital and relief to MSMEs.

      To enhance ease of doing business, Deemed Export drawback has been allowed on All Industry Rate of drawback schedule.

      An online portal for filing applications under ‘Transport and Marketing Assistance (TMA)' scheme for Specified Agriculture Products has been launched.

      Easing Exporters’ claims with ECGC through transparency

      A database has been prepared by ECGC for all pending claims and online access on status of claims has been provided. This will be a critical tool for providing information access to exporters.

      The online “Origin Management System”givessingle access point for all exporters, for all Free Trade Agreements (FTAs) Preferential Trade Agreements (PTAs) and for all agencies. India has 15 FTAs/PTAs and 7 lakh ‘Certificates of Origin’ are issued annually. The platform will be made live for FTAs as per the concurrence of the concerned partner countries. This process is electronic, paperless and transparent with real time tracking of FTA utilisation at product level and country level. It will also lead to reduced transaction cost and time.

      Scheme for Remission of Duties or Taxes on Export Product (RoDTEP) formulated to replace existingMerchandise Exports from India (MEIS) scheme. This will be a WTO compliant scheme for promotion of exports. Textiles and all other sectors which currently enjoy incentives upto 2% over MEIS will transit into RODTEP from 1.1.2020. RoDTEP will span all sectors and the revenue foregone will be about ₹ 50,000 crore.

      Infusion of funds for Export Support

      A capital of ₹ 389 crore has been infused into Export Credit Guarantee Corporation (ECGC) on 21st June 2019. This will provide extra support to exports to emerging and challenging markets like Africa, CIS, Latin America and Asian countries.

      A Grant-in-aid (corpus) of ₹ 300 crore has been contributed to National Export Insurance Account (NEIA) trust on 21st June 2019, thereby, enhancing its risk taking capacity to support project exports in challenging markets.

      Boost to Gem and Jewellery exportersby resolution of various issues like removal of the requirement of paying IGST on re-import of goods which were exported earlier for exhibition purpose/consignment basisAllowing partial discharge of bonds executed by nominated agencies/banks for import of gold to be supplied to jewellery exporters, thereby enabling nominated agencies/banks to release bank guarantee of jewellery exporters who have fulfilled their export obligation has helped in release of blocked working capital.

      National Logistics Policy, 2019

      The National Logistics Policy is being prepared with the aimto bring down total logistics cost from 14% to 9% of country's GDP. The policy aims to boost business competitiveness, drive economic growth and make India a global logistics hub.

      The Multi-Modal Transportation of Goods Bill, 2019 has been finalised for approvalThis aims at facilitating the movement of goods for exports, imports and domestic trade. It will help to fix accountability and liabilities for violation of its provisions.

      Skilling for Logistics Sector

      34 Qualification Packs (QPs) for skill development of manpower engaged in Logistics Sector have been developed and finalised in collaboration with Logistics Skill Council. This is  the first time that such qualification packs have been developed.

      Implementation of Agriculture Export Policy

      The Agriculture Export Policy has been approved with an outlay of ₹ 206 Crores for 2019-20. In order to establish linkage between FPOs and the exporters a portal has been created by Agricultural & Processed Food Products Export Development Authority (APEDA). About 740 Farmers Producer Organisation (FPO) have been registered under Farmers Connect Portal.

      Schemes for backward regions

      Budgetary Support under GST Regime to the units located in Jammu & Kashmir, Himachal Pradesh, Uttarakhand and North Eastern States including Sikkim has been made. ₹ 1,700 crore has been authorised by Department for Promotion of Industry and Internal Trade (DPIIT) to Central Board of Indirect Taxes & Customs (CBIC) for disbursement to eligible industrial units. ₹ 1,692 crore already been disbursed by CBIC under the Scheme till 15th November, 2019. During the last 6 months, ₹ 86 crore was disbursed to 420 industrial units under the Special Package to the Himalayan States.

      Ensuring level playing field for domestic industry and farmers

      For Antidumping theaverage number of days taken for initiation of anti-dumping investigations has come down to 32 days in 2019 (upto 1st November) as against 259 days in 2016

      Directorate General of Trade Remedies (DGTR) for the first time ever initiated 2 cases of bilateral safeguards to protect domestic industry from injury. No bilateral safeguard has ever been initiated in the past by DG Safeguards/Directorate General of Anti-Dumping and Allied Duties.

      There has been significant drop in the number of days taken to initiate two cases of Global Safeguards. In 2019, the average number of days taken is just 61, as compared the standard 75 days.

      http://164.100.117.97/WriteReadData/userfiles/image/image004TXTW.jpg

      In order to ensure interests of the Indian industry and farmers in FTAsIndia successfully laid out its stand in Regional Comprehensive Economic Partnership (RCEP)India’s key concerns were not addressed. India took a strong stance to protect the interest of domestic producers. This decision willhelp vulnerable sectors including farmers and the dairy sector as well as small manufacturers, who would have been threatened by RCEP rules.

      India has also secured agreement for review of ASEAN FTA (ASEAN-India Free Trade Area-AIFTA) after repeated follow up. This will help in removing rules that affect Indian producers and exporters and will also promote Indian exports and Make in India.

      Steel Import Monitoring System (SIMS)

      The SIMS willfacilitate the Steel Industry by providing advance information about steel imports to all stakeholders including Government,steel industry and steel importers for effective policy interventions. Importers of specified steel products will register in advance on the web portal of SIMS providing necessary information. The registration will be online and automatic and no human intervention is required.

      SIMS has been notified with effect from 1st November, 2019.

      Trade Facilitation Measures

      The completion of negotiation of India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA) will enable trade promotion between the two countries.

      Improving Trade with Bangladesh - Besides the four operational Border Haats across India-Bangladesh border in Tripura and Meghalaya, construction of three Border Haats in Meghalaya, out of six already identified locations (two in Tripura and four in Meghalaya) has been completed.

      Merger of Council of Trade and Development and Board of Trade: providing a common platform for addressing stakeholder concerns

      This common platform, comprising of representatives from industry, export promotion councils, Government of India and State Governments and representatives from Banking and Finance Sector is playing a critical role in addressing export related concerns, with a focus on addressing these on a priority basis.The first meeting of this common platform took place on the 6th of June, 2019.

      Special Economic Zone (Amendment)Bill, 2019; first legislation passed by newly formed Government

      SEZ (Amendment) Bill 2019 became the first legislation of the newly formed Government to be passed by the Parliament.This will enable any entity to set up an unit in SEZs, including Trusts. This willhelp boost investments and create new export and job opportunities.

      Investments of USD 1.1 billion has been proposed since the ordinance was promulgated earlier this year.

      Better facilities for employees: SEZ units allowed to create facilities/amenities like crèche, gymnasium, cafeteria for their exclusive use as a measure towards ease of doing business.

      Promoting Foreign Direct Investment

      100% FDI has been allowed under theautomatic route for coal mining activities including associated processing infrastructure.

      100% FDI under automatic route has also been allowed in contract manufacturing.

      Providing more flexibility and ease of operations to Single Brand Retail Trading (SBRT) entities. All procurements made from India shall be counted towards local sourcing, whether goods are sold in India or exported. Online retail trading permitted upto two years prior to opening brick and mortar stores.

      Boost to Make in India in Government Procurement

      Progressive amendments have been made to favour local suppliers likeprocurement upto ₹ 50 lakhs has been exclusively reserved for local suppliers (except in certain cases). Only local suppliers eligible to bid for procurement of items, where there is sufficient local capacity and local competition, irrespective of purchase value.

      Bicycle Development Council constituted for the benefit of Bicycle Industry

       The Indian bicycle industry is the world’s second largest bicycle industry. To develop the Bicycle industry and small part manufacturers towards global standards a Bicycle Development Council has been constituted.

      National Institute of Design (Amendment) Act, 2019

      Amendment to National Institute of Design (NID) Act was moved for consideration and passing in the Rajya Sabha on 6th August, 2019 to confer Institute of National Importance status to the four new NIDs Rajya Sabha has passed the Bill. It will be introduced in the forthcoming session of the Lok Sabha for consideration and passing. The four new NIDs at Andhra Pradesh, Madhya Pradesh, Assam and Haryana to be declared as Institutions of National Importance on the lines of NID, Ahmedabad.NIDs, Madhya Pradesh and NID, Assam have commenced academic session of 2019-20 from 29th July 2019.

      Establishment of the National Traders' Welfare Board (July 26th, 2019)

      A long pending demand oftraders has been fulfilled with the constitution of the Board to understand the issues and problems faced by traders and employees in their day to day business operations and for their welfare. The Board shall have a number of representatives from Traders' Associations as members.

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