Indirect Tax Revenue (Provisional) Collections Increase From Rs. 36,408 Crore in May 2014 to Rs. 49,993 Crore During May 2015

Income Tax, Service Tax

An Increase of 37.3 % Registered During the Month of May 2015 over the Corresponding Period in the Previous Year; Central Excise Collections Registered an Increase of 84.2%; Customs Collections Registered an Increase of 16% While Service Tax Collections Registered an Increase of 13.2% During the Same Period;  FM: The Underlying Momentum in the Economy is Improving…

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10 Main Reforms by Modi Govt. in business sector

Company Law, MCA/ SEBI

Following are the main reforms carried out by the government in last one year: 1.  Requirement of minimum paid-up capital for companies removed. 2.  Requirement of common seal for companies removed. 3.   Requirement of filing declaration of commencement for companies removed. 4.   Single step incorporation of companies through INC-29 Form. 5.   Loans or guarantee to fully owned subsidiary company facilitated.…

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Clarification Issued in the Matter of Service Tax

Service Tax

Only Air-Conditioned or Air-Heated Restaurants to Pay Service Tax; Restaurants, Eating-Joints or Messes Which Do Not Have the Facility of Air-Conditioning Or Central Air-Heating in Any Part of the Establishment are Exempt from Service Tax At present, Service Tax is chargeable on services provided by restaurants, eating-joints or messes which have the facility of air-conditioning…

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Draft Framework on Issuance of Rupee linked Bonds Overseas – comments invited

RBI Notifications/ Circulars/ Press Release

Background A few international financial institutions were permitted to issue Rupee linked bonds in overseas markets, subject to certain conditions. In view of the interest shown by international investors for these bonds, the Reserve Bank on April 07, 2015 announced in its first Bi-monthly Monetary Policy Statement, 2015-16 its intention to expand the scope of…

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Government issues final notifications under section 462 of the Companies Act, 2013 (Act) that provide Exemptions under various provisions of the Act to (i) Private Companies (ii) Government Companies (iii) Section 8 Companies and (iv) Nidhis

Company Law, MCA/ SEBI

The Ministry of Corporate Affairs, Government of India issued the final notifications under Section 462 of the Companies Act, 2013 (Act), which provide exemptions under various provisions of the Act to (i) Private Companies; (ii) Government Companies; (iii) Section 8 Companies and (iv) Nidhis.  The notifications for exemptions to private and government companies can be…

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Strategic Debt Restructuring Scheme

RBI Notifications/ Circulars/ Press Release

RBI/2014-15/627DBR.BP.BC.No.101/21.04.132/2014-15 June 8, 2015 All Scheduled Commercial Banks(excluding RRBs)All-India Term-lending and Refinancing Institutions(Exim Bank, NABARD, NHB and SIDBI) Dear Sir, Strategic Debt Restructuring Scheme Please refer to our circular DBOD.BP.BC.No.97/21.04.132/2013-14 dated February 26, 2014 on “Framework for Revitalising Distressed Assets in the Economy – Guidelines on Joint Lenders’ Forum (JLF) and Corrective Action Plan (CAP)”, wherein change…

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