22000+ Compliance Reduced by Ministry

22000+ Compliance Reduced by Ministry

Indian Prime Minister, Shri Narendra Modi on Friday, 5 th March 2021, while addressing a webinar on the Production Linked Incentives scheme through video conferencing, highlighted the need for reducing compliances burden and said it is the effort of the government to reduce 6,000 compliances burden at the state and Central level this year.

He emphasized the need to make Indian companies and manufacturing being done in India, globally competitive and also, to create global recognition for our production cost, products, quality and efficiency. With the intent to ensure “Minimum Government, Maximum Governance” the Government of India embarked on an ambitious journey to reduce burdensome compliances.

Key Highlights:

•  More than 22000 compliances reduced in Government.
• 103 offences decriminalized and 327 redundant provisions/laws removed by the Centre
• Exercise being carried out by Centre to simplify, decriminalize & remove redundant laws
•  Ministry is working to strengthen & boost confidence of business owners
•  Focus is to simplify & streamline procedures to run or start a business
•  Changes were made into Company Law and LLP Law, Income Tax and GST etc.
•  Various scheme were introduced under various Corporate Laws to support the business
•  Further, Budget 2021-22 has proposed various measures to reduce regulatory compliance burden which will improve ease of doing business for industry and ease of living for citizens.
•  The NSWS portal hosts approvals across 18 Central Departments & 9 States and another 14 Central depts & 5 states will be added by Dec’21.

Some of the iconic reforms, as stated by Shri Piyush Goyal ji, implemented by the Centre to ease compliance burden on citizens and businesses are-

1) Removal of distinction between Domestic and International OSP (other service provider) which will provide thrust to voice-based BPO and ITeS organizations in India,

2) liberalized access to geospatial data,

3) Introduction of ‘Mera Ration’ mobile app,

4) Introduction of single step online Aadhaar validation process for 18 services associated with Driving License and Registration Certificate.

5) 46 penal provisions of the Companies Act, 2013 and 12 offences under the Limited Liability Partnership (LLP) Act, 2008 decriminalized.

6) Through business process re-engineering, States/UTs have reduced time for granting approvals/licenses, eliminated physical touch points and brought transparency in inspections.

7) Single window clearances for new investors have reduced the time to start operations across businesses.

Reforms by State Governments:

•  Licensing reforms,
•  computerized central random inspection system,
•  labour reforms,
•  initiatives to support Medium, Small and Micro Enterprises (MSMEs) and
•  promote industrial development in the true spirit of cooperative federalism.

 Various initiatives taken by Ministry, to reduce Compliance Burden, that impact specific segments of citizens and businesses:

Department	Initiatives
1) Department of Telecommunications:	Distinction between Domestic and International OSP (other service provider) removed,  allowing Indian Telecom Service Providers serving foreign counterparts to register as an OSP. Allowed sharing of EPABX and PSTN lines by domestic and international centers. This provides massive growth thrust to BPO, BPM and ITeS organizations providing voice-based services in India
2) Department of Science and Technology:	Private, public entities and research institutes now allowed to collect, process, store, publish and share geospatial data and service including maps enabling an Indian firm offer world class geo spatial service such as Google maps. Liberalized access to geospatial data helps stakeholders plan better for infrastructure projects, protection from natural calamities and enables environment protection. Reduced reliance on foreign resources and technology for geo spatial mapping
3) Department of Food and Public Distribution:	Migrant beneficiaries empowered to get their entitled quota of food grains from any electronic point of sale (e-PoS) enabled fair price shops across the country.  ‘Mera Ration’ mobile app introduced to help users identify nearest fair price shop, check entitlement details and recent transactions.  Ration cards made portable minimizing compliance pain of migrant beneficiaries in availing their food grain quota.  Facility covers more than 75 Crore beneficiaries under National Food Security Act (NFSA) covering almost 94.3% of NFSA population
4) Ministry of Road Transport and Highways:	Single step online Aadhaar validation process introduced for 18 services associated with Driving License (DL), Registration Certificate (RC), Transfer of Ownership, International Driving Permit, Hire-Purchase, etc., eliminating the need for citizens to visit the Road Transport Offices (RTO) leading to hassle free services at the doorstep of citizens.  Registration Certificate now issued at dealer location itself. Vehicle registration can be done anywhere in the state (Maharashtra, Delhi, Uttar Pradesh, Haryana, Chhattisgarh, West Bengal)  vis-a-vis earlier process wherein it could be done only at respective RTO
5) Ministry of Education-	Digital Infrastructure for Knowledge Sharing (DIKSHA) user interface developed to enable learners and teachers across the country to access curricula of NCERT, CBSE and SCERTs online.  1.85 lakh pieces of e-content on-boarded and high traffic on portal (~2,400 crore hits since lockdown) showcases its increased usage.  Training of teachers has been enabled online on DIKSHA with about 25 lakh teachers benefitting from it.
6) Ministry of Micro, Small and Medium Enterprises:	Samadhaan portal launched empowering MSMEs across the country to register and track grievances related to delayed payment and settlement of disputes. CHAMPIONS portal launched by the Prime Minister for speedy redressal of grievances of MSMEs. Over 37,000 grievances redressed (by Aug’21) with a reply rate of more than 99%.  Sampark portal launched to help connect jobseekers (passed out trainees/ students of MSME Technology Centers) to recruiters. 4.73+ lakh jobseekers and more than 6,200 recruiters are registered on the portal till date
7) Department of Consumer Affairs:	BIS Care app launched empowering consumers to check authenticity of ISI marked and hallmarked products. Citizens can also lodge complaints against fraudulent products using the App.

These statements were given by Shri Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution, Textiles while speaking at the National Workshop on Reducing Compliance Burden organized by DPIIT.

Source: Press Release id 1758852 & News articles

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

from Studycafe https://ift.tt/3uoi3nb

Due Date of Filing DIR-3KYC for FY 2020-21

Due Date of Filing DIR-3KYC for FY 2020-21

Please note that the Due Date of filing DIR-3 KYC for FY 2020-21 is 30th Sep 2021.

Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC before 30th September of the immediately next financial year.

What will happen if you forgot to do DIR-3 KYC on the Due Date or DIR 3 KYC DUE DATE has Lapsed?

• After the expiry of the respective due dates, the system will mark all non-compliant DINs against which the DIR-3 KYC form has not been filed as ‘Deactivated due to non-filing of DIR-3 KYC’.
• For Completing KYC after the due date, a fee of Rs.5000 shall be payable.

Which details are required to be filled in the DIR-3KYC form?

Name (as per PAN database), Father’s Name (as per PAN database), “Date of Birth (DoB)” (as per PAN database), PAN Number (mandatory for citizens of India), Personal Mobile number, and Personal Email Address and Permanent/ Present address.

Further, Aadhaar is mandatory, if it is assigned. If not, then Voter ID or Passport or Driving License shall be attached. Accordingly, copy of any one of the above selected information is to be attached.

from Studycafe https://ift.tt/3kWSVkJ

Validity of Foreign Trade Policy 2015-20 Extended upto 31st March 2022

Validity of Foreign Trade Policy 2015-20 Extended upto 31st March 2022

As per the notification by the Ministry of Commerce & Industry, the Department of Commerce, Directorate General of Foreign Trade [DGFT], Validity of Foreign Trade Policy [FTP] 2015-20 has been extended upto 31st March 2022.

The Notification can be downloaded from below mentioned link:

from Studycafe https://ift.tt/3ogbYs4

Job Opportunity with EY for Qualified Chartered Accountant

Job Opportunity with EY for Qualified Chartered Accountant

EY is looking for an executive in Statutory Audit.

Your key responsibilities

• To carry out operational, financial, process and Systems audits designed to review and appraise its activities, systems and controls, which includes:
• Identifying accounting & auditing issues; discuss with audit in-charge to solve issues that arise,
• To carry out substantive testing of appliances in accordance with  the  audit  plan formulated & appropriately document all work performed,
• Identifying improvements to control systems and procedures
• Presenting audit reports clearly highlighting key audit recommendations to management,
• Preparing & maintaining statutory books of accounts, audit, reconciliation of  account receivable & payable, finalization of accounts,
• Assist the seniors in reviewing & checking the financial statements & preparation of the audit report, management comment letter & management representation letter

Skills and attributes for success

• Must have strong knowledge of auditing & accounting standards,
• Should have handled statutory audit assignments earlier,
• Ability to prioritize work on multiple assignments & manage ambiguity,
• Strong verbal and communication skills,
• Clarity of thoughts and assertive,
• Effectiveness and creativity of written expression – logical, readability and conciseness,
• Ability to meet deadlines.

To qualify for the role you must have

Qualified Chartered Accountant with 0-3 years’ experience

Ideally, you’ll also have

• Strong communication, facilitation, relationship-building, presentation and negotiation skills
• Be highly flexible, adaptable, and creative
• Comfortable interacting with senior executives (within the firm and at the client)
• Strong leadership skills and supervisory responsibility

Link to Apply

from Studycafe https://ift.tt/3CZRSXl

Certificate Course on Cryptocurrency & Blockchain Fundamentals

Certificate Course on Cryptocurrency & Blockchain Fundamentals

In our continuous endeavor to empower more and more finance professionals, this Certificate Course on Cryptocurrency & Blockchain Fundamentals has been designed for you. Detailed 4 Days course has been designed where daily more than 2 hrs sessions have been organized. This Course contains Videos along with study material, Files. Live training on Blockchain Fundamentals will be given.

How I will get the course:

This is an online Certificate Course on Cryptocurrency & Blockchain Fundamentals so there will not be any physical delivery of the lectures. After the purchase of the Certificate Course on Cryptocurrency & Blockchain Fundamentals, you can see the Certificate Course on Cryptocurrency & Blockchain Fundamentals under my account option under Dashboard. All the videos, study materials, PDF files, PPT’s, BlockChain Fundamentals files will be uploaded there for quick access of participants. Recording of Certificate Course on Cryptocurrency & Blockchain Fundamentals is valid for 60 Days.

Click Here to Enroll

Who is Eligible to Join Certificate Course on Cryptocurrency & Blockchain Fundamentals:

There is no bound on the eligibility from our side for the Certificate Course on Cryptocurrency & Blockchain Fundamentals. Any person who wants to learn and master Blockchain Fundamentals can join this course. However, it will be more beneficial for the below-mentioned persons:

Commerce Graduates/CA/CS/CMA/Law students

Tax professionals whether in JOB or Practice

Qualified CA/CS/CMA/LLB

Semi-qualified CA/CS/CMA working in CA Firms or in Industry

Any other person not covered above can join the course if interested.

Cryptocurrency & Blockchain Fundamentals Course Duration:

The course duration is 4 Days and around 10+ hours.

Certificate:

A Certificate of Participation from Studycafe will be provided on completion of the Certificate Course on Cryptocurrency & Blockchain Fundamentals.

Views Limitation:

This is a Completely online course, no bar on the number of views. During 60 days you can access this Certificate Course on Cryptocurrency & Blockchain Fundamentals from anywhere at any time with unlimited views.

Course Start Date:

Certificate Course on Cryptocurrency & Blockchain Fundamentals is starting from Oct 03, 2021 and will be completed on Oct 24, 2021. (4 Sunday Only)

Course Timing:

Timing: 09:00 AM to 11:00 AM

Click Here to Enroll

from Studycafe https://ift.tt/3zJJNUA

Govt Extends Foreign Trade Policy 2015-2020 till March 2022

Govt Extends Foreign Trade Policy 2015-2020 till March 2022

The Union Commerce and Industry Ministry today announced extension of the Foreign Trade Policy (FTP) of Government of India

Ministry of Commerce & Industry has extended Foreign Trade Policy 2015-2020 from 30th Sep 2021 till 31st March 2022. Earlier FTP (2015-20) had been extended until September 30 this year due to the COVID-19 pandemic.  The  Policy which came into force on 1st April 2015, was for 5 years and was extended thereafter upto 31st March, 2021 and then to 30th sep 2021.

The government once again extended Foreign Trade Policy 2015-2020 from 30th Sep 2021 till 31st March 2022. A Notification has been issued by DGFT in this regards.

from Studycafe https://ift.tt/3zP1NwP

Rule 86A provides for Interim restriction of attachment, bi-parte hearing order should be passed to make it permanent

Rule 86A provides for Interim restriction of attachment, bi-parte hearing order should be passed to make it permanent

In M/s Sahil Enterprises. v. Union of India. [IA No.1/2021 with WP(C) No.531/2021 dated September 14, 2021], M/s Sahil Enterprises (“the Petitioner”) has filed the current application seeking interim relief for removing the provisional attachment which was ordered by the Commissioner of Central Goods and Services Tax, under Rule 86A of Central Goods and Service Tax Rules, 2017 (“CGST Rules”) vide Order dated May 21, 2020.

The Petitioner contends that as per Rule 86A of the CGST Rules, attachment of a ledger account can be made only for a period of one year and no more. Such order in the case of Petitioner was ordered on May 21, 2020 which has exceeded the time limit as per the provision.

The Respondent opposing the application contended that the Petitioner claimed tax credit without actually depositing the tax with the Government Revenue. To safeguard the interest of the Revenue, the Commissioner resorted to exercising powers under Rule 86A of the CGST Rules.

The Hon’ble Tripura High Court analyzing Rule 86A observed that the restrictions which can be imposed for use of amount in Electronic Credit ledger can only be by way of temporary measure which should not exceed a period of one year. This decision to impose such restriction is an interim measure and cannot thus take the shape of a permanent arrangement.

Further noted, if the Department wants to permanently disallow credit of accumulated amount in the ledger of a dealer, it must adjudicate the issue and pass an order after bi- parte hearing. There are two things which noteworthy to mention in Rule 86A(3) of the CGST Rules- “first, there is no scope of extension of this time and secondly, upon expiry of a period of one year the effect of the restriction seizing to take effect would be automatic.”

Held, the Department cannot continue to subject the Petitioner’s electronic credit ledger to the restrictions which were imposed on May 21, 2020. Further, the same is to be released and it would make the Petitioner to utilize the amount credited in the said ledger for the purpose of payment of its taxes in accordance with law.

(Author can be reached at info@a2ztaxcorp.com)

 DISCLAIMER: The views expressed are strictly of the author and A2Z Taxcorp LLP. The contents of this article are solely for informational purpose and for the reader’s personal non-commercial use. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon. Further, no portion of our article or newsletter should be used for any purpose(s) unless authorized in writing and we reserve a legal right for any infringement on usage of our article or newsletter without prior permission.

from Studycafe https://ift.tt/39LdR7C