Software isn’t manufacturing, won’t be eligible for 15% tax rateThe amendment comes after industry sought clarity on whether software development could be treated as manufacturing and be eligible for the reduced tax rate. On September 20, FM Sitharaman slashed the corporate tax rate to 22% for companies that do not seek exemptions or incentives, and to 15% — from the current 25% — for new manufacturing companies.
Finance ministry now notifying authority for any change in FDI policyFour years after the Foreign Exchange Management Act, 1999 (Fema) was amended to switch control on equity inflows from the central bank to the North Block, the finance ministry has finally notified Foreign Exchange Management (Non-debt Instruments) Rules, 2019 that deals with all forms of non-debt investments.
HC sets aside NAA’s ruling against McD’s franchiseeThe Bombay High Court has set aside a National Anti-profiteering Authority order against Hardcastle Restaurants, a McDonald's franchisee that had earlier found it guilty of not passing on GST rate cut benefits of over Rs 7.49 crore to consumers.
India-bound FDI may face thorough friskingThe Department for Promotion of Industry and Internal Trade (DPIIT), the finance ministry’s department of revenue and the home ministry are holding discussions on the matter, with plans for heightened oversight in the works.
Will meet tax targets: Ajay Bhushan Pandey, Revenue secretaryRevenue secretary Ajay Bhushan Pandey strongly refuted criticism that the goods and services tax was the cause of the current economic slowdown, saying it was a win-win for everyone, with the incidence of taxation coming down on every commodity.
PMO asks states to curb fake ITC claimsThe Prime Minister's Office (PMO) on Friday took stock of the issues impacting revenue collection and asked states for increasing compliance and use data to nab evaders.
Report on CSR violation being fast-trackedThe panel - headed by corporate affairs secretary Injeti Srinivas has suggested that the government classify offences under CSR provisions as civil breaches, attracting monetary fines.