Online Filings

We understand that managing a company during the COVID19 pandemic can get a little hectic. So here is a relief for you.

Although, the deadline to hold the Annual General Meeting has not been extended, you can fill out a form and seek extension of time.

The US might take action against for the
This seems like a digital strike that the United States will take action against India for the Google tax.

has imposed a tax of 2% on all the additional overseas tax on eCommerce platforms.

Similarly, India may face Google Tax that has been faced by France as well. This is according to tax and industry experts and also US Trade Experts said that 25% additional duties on the French Products will be levied.

This is done in retaliation to Europe's digital tax regime against the United States.

PM Modi is creating

has banned 59 Chinese Apps and now the Prime Minister is inviting Tech companies for the new Atmanirbhar Innovation App challenge.

It is the participation of the tech community in the App and the motto is to encourage Indian developers.

Prime Minister Modi also said that maybe in future he might be using the App made by them and he also added that today's community is very enthusiastic about world class "Made In India Apps".

Modi has called for Atmanirbhar Bharat and also encouraged people for products. He also urged all the people in the tech community to participate in this App challenge.

After it's recent decisions, Indian government is finally focusing on the actual damaging factor - Chinese imports.

Check out our linkedin post for complete details : https://rb.gy/uv07ab

How India Is Ready to Solve The Chinese Puzzle

India is not baffled by the latest response by China, and the nation has also opted to step out of RPEC trade negotiations.

The reason for stepping out was that China was entirely unreasonable on the various stances like spreading of coronavirus and other alleged activities like troop build-up at and also confused views on the Atmanirbhar Bharat.

It has to be noted that only a small community on social media is boycotting Chinese products and India has also clarified its stance that is not directed towards any country.

Still, it is directed revamping India's economic condition.

The total investments from China are estimated at 8 Billions and also constant in flow from China in the form of investments in the areas like infrastructure and Joint ventures in manufacturing has lead India's position in the value chain at the prominent manner.

So the real step has already been taken by the Atmanirbhar Bharat Abhiyaan and more concrete steps will follow.

India is putting anti-dumping import duty on the Chinese drug

India may impose anti-dumping duty on the antibacterial drug called Ciprofloxacin Hydrochloride.

It is the latest way to protect the country from the cheap .

In the initial probe, by the commerce ministry, it is said that the drug will be under scanner and it will have provisional anti-dumping duty on it.

The recommended commitment is between USD .94 to USD 3.29 per kg.

The drug used to treat skin infections, respiratory tract infections and sinus infections.

Dumping will hit the cost and it will also impose the price changes of the drugs for the manufacturing due to the increase.

The impose of Anti Dumping drug is permissible under WTO.

The 40th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, was held on Friday, June 12, 2020.

Check out our pdf for the important decisions taken in the meeting.
You can download it for free.
Follow this link : https://hubs.ly/H0rBMgp0

UP Government Takes A Concrete Step : Appoints Nodal Agency For FDI

During the current pandemic situation, India has banned FDI from China, but for sustaining the economy it needs to attract other investing countries also.

For scooping investments from the other countries, Uttar Pradesh Government has appointed a nodal agency for it.

This agency will be headed by the chief minister along with the Cabinet Minister of UP.

This is the first time that the government is planning to set up some of the clear cut rules for the FDI from various countries.

Also due to Covid19 pandemic, UP Government is also in the talks with the various countries as the investment in China is going sour.

The scheme is said to broaden the roadmaps for the startups and it also presents the clear vision for the growth and development of the startup.

Cayman Islands FDI Saw A Leap to Three Fold

New FDI investor in India has emerged and the jump is seen as the three folds to $3.7 bn in 2019-20.

Cayman's Island has emerged as the fifth new investor in India during the pandemic times.

On the similar notes, FDI from Cyprus has also increased three fold to USD 879 million.

Experts have already said that Cayman Islands have become the most preferred way to route the money as there is no direct tax.
This is the major reason that investments are pouring in from Cayman's Islands. Many leading countries like Germany, France and the UK are falling behind due to direct tax systems.

However, this accelerated pace of investment has put Indian regulators into a tense state due to the lack of substance for the requirements and lack of transparency too.

Additionally, it also leads to higher risk of money laundering and round tripping issues.

How India Innovated Tax Compliance During Lock-down

The Indian government is working on economic revival and also trying to make tax compliance easier amid the tough pandemic situation. Now, the administration is allowing filing of Nil GST monthly return in Form GSTR-3B through mobile SMS.

This will allow taxpayers with zero liability to file their NIL returns through an SMS instead of logging on to the GST Portal.

"This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had to file their returns otherwise every month," the Revenue Department's Central Board of Indirect Taxes and Customs said in a release.

Further, taxpayers can track the status of returns filed through SMS on the GST Portal by logging in to the GSTIN account and navigating to Services > Returns > Track Return Status.

Union Cabinet is set to empower startups with funding in a bid to accelerate the pandemic led startup drought.

In this context, the Central Government has setup Empowered Group of Secretaries (EGoS) to empower the startups with funding.

This group will ensure the startup investment in almost all sectors, including Tech and SMB areas.

This new step will take India to the next level, which is a target to become a 5 trillion dollar economy by the year 2024 -25.

Now, the whole world is appreciating India's crisis management.