The Central Government on 4th April 2021, promulgated the IBC Amendment Ordinance 2021, allowing a pre-packaged insolvency process MSMEs.
Registrations of entities under Micro, Small and Medium enterprises (“MSME”) is increasing every day due to various benefits being offered by the government for MSMEs such as Loan at subsidies rate of interest, subsidies, secured payment from corporates etc. Provisions of MSME are prevailing since 2006 and basis of classification of an entity under MSME and other provisions are prevailing since then without any modifications. Considering the current scenarios, the government has made some changes under MSME Act vide Notification No. [F. No. 21(5)/2019-P&G/Policy (Pt-IV)] dated 26th June, 2020 such as criteria of classifying of an entity under MSME, manner
CBIC highlighted that detailed procedures are provided for processing of Department ligitations. However, such procedures are not being followed seriously and therefore, delayed departmental appeals/petitions are filed before the Hon’ble Courts
In the recent Notification No. 28/2015-2020 dated 12th February 2021, DGFT make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April – June Period. In case where there are no changes in IEC details same are also needs to be confirmed online.
With effect from 28th December, 2020, every jeweller who is engaged in cash transactions of INR 10,00,000 or above (through single operation or several linked operations) and Real Estate agents having annual turnover of INR 20 Lacs or more, is covered by PMLA
Central Bank of India, i.e., Reserve Bank of India (“RBI”) is responsible for forming Monetary Policies. Under Monetary policies, RBI uses various tools to control supply of money in the market so that inflation can remain in control and for the purpose of sustainable Economic Development also.
CBIC assured that no recoveries shall be made for the past periods as well, i.e., delayed GST payment made upto 31.08.2020, by any of the Central and State tax administration. Therefore, interest computation for earlier period shall be carried out in accordance with the decision taken in the 39th meeting of GST Council only.
To fight against the covid-19 pandemic, our Prime Minister Narendra Modi has addressed the nation on lockdown situations with new sets of rules & economic relief packages. Under Atma Nirbhar Bharat Abhiyan a stimulus economic package of Rs 20 Lakh Crore has been allotted for different sectors to restrain the adverse effects of this pandemic in India.
From creating large scale employment to gaining economic stability, MSME plays an important role to ensure the country’s economic growth. In India, more than 50 million people got employment through MSME, and it has almost 8% contribution to our nation’s GDP. Though there are several issues related to infrastructure, lack of proper market linkages has disturbed the flourishing of MSME, both central and state governments across the country have taken some important measures to encourage. Registration of MSME does not have any legal obligation, but the registration always helps to reap various benefits from numerous government schemes. Registering as MSME
In India, when it comes to startup, most of the business entities opt for Private Limited Company formation. The Ministry of Corporate Affairs (MCA) governs the Private Limited Companies in India as per the Companies Act 2013. As MCA suggests, you need to fulfill certain secretarial compliance or RoC compliances within a specific due date to eschew penalties. Wondering what the ROC compliances you need to go through while forming your startup are? Well, you don’t need to worry anymore! Here we are going to share the following details with you, What does RoC compliance mean? Essential RoC compliance for
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