Union Cabinet approves Amendments to the Finance Act, 2021 As per Press Release, dated 20-04-2021, The Union Cabinet has given ex-post facto approval for the Government amendments to the Finance Bill, 2021 which is enacted on 28-03-2021 as the Finance Act, 2021. These amendments were essential to clarify and rationalise the proposals further and address stakeholders concerns arising out of amendments proposed in the Finance Bill, 2021.Amendments to the Finance Act, 2021 are tax proposals that shall generate timely revenue for the Government and streamline existing provisions by addressing grievances of the taxpayers
MCA registers 1.55 lakh company incorporations in FY 2020-21 During the Financial Year 2020-21, the Ministry of Corporate Affairs (MCA) has registered more than 1.55Lakh company incorporations as compared to 1.22 Lakh companies during FY 2019-20, an increase of about 27%. Similarly, 42,186 Limited Liability Partnerships (LLPs) got incorporated as against 36,176 last year, an increase of about 17%. The increase is significant considering the unprecedented situation faced by the country due to COVID-19 pandemic
Revalidation of 12A/12AA and 80G for Trusts and NGO The Central Board of Direct Taxes, on the 26th of March 2021, notified the much-awaited forms, procedures, and required list of documents for organisation who are holding registration under section 12A/12AA/10(23)/35/80G(5).The Income-tax (6th Amendment) Rules, 2021 shall come into force from 1st April 2021.For Who: NGOs already registered under section 12A or 12AA or 10(23) and have an 80G certificate must file form 10A. This form shall be furnished electronically and verified using a digital signature or through an EVC as applicable.Forms: The person who’s authorised to verify the income tax returns shall verify the Form 10A.By when:Organisations with existing registrations under section 12A/12AA shall file the application within three months from the 1st day of April 2021. (i.e. before 30th…
DGFT extends date of filing of MEIS application without any cut till Sep 30, 21 for FY 2019-20 Public Notice No. 53/2015-2020 Dated April 9th, 2021 Directorate General of Foreign Trade has provided relaxation in the late cut provisions for shipping bills of the period 01.04.2019 to 31.03.2020, if such shipping bills are submitted on or before 30.09.2021, for an MEIS claim.
Provisional Indirect Tax Collections for FY 20-21 show growth of more than 12% from FY 19-20 Press Release dated April 13th, 2021 The provisional figures for indirect tax collections (GST & non-GST) for the Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to 9.54 lakh Crore for the Financial Year 2019-20, thereby registering a growth of 12.3%. As regards customs, net tax collections stood at Rs. 1.32 lakh crore during Financial Year 2020-21 as compared to Rs.1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21%.