On 17th August, 2021, Ministry of Commerce & Industry provided detailed guidelines of RoDTEP scheme and made necessary modifications in Foreign Trade Policy 2015-2020 with immediate effect.
The FSSAI guidelines, enlisted in the month of February 2018, made it essential for e-commerce food operator platforms to display FSSAI license or Registration number of the listed business.
The Central Government on 4th April 2021, promulgated the IBC Amendment Ordinance 2021, allowing a pre-packaged insolvency process MSMEs.
One of the biggest impacts of the new labour law will be on the take-home salaries, which is expected to reduce, owing to the fact that the government is eyeing increasing contributions towards provident fund (PF) and other post-retirement schemes. The new laws are expected to come into play soon, which will force employers to modify their employee compensations
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
The Cabinet Committee on Economic Affairs has given its approval for introducing a new Scheme namely Remission of Duties and Taxes on Exported Products (RoDTEP). Under such a scheme, reimbursement of such taxes/duties/levie, paid at the central/ state/ local level, shall be granted which is not refunded in any other mechanism.
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.
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