Every Feb 28th, the Finance Minister of India has a date with its countrymen. So was it this year also. The first full-fledged budget of the NDA Government was presented with a flavor of ‘Make in India’, ‘Ease of Doing Business’, ‘Digital India’, ‘Getting ready for GST’ and many more. The date as expected had mixed reactions.
By now you must have already read several views, heard to the heated TV debates before and after the budget, scrolled down instant forwarded highlights on whatsapp and other social media. In this instant and pre-cooked-food era, one does not need to wait for days to get the tax notifications or attend special budget seminars to understand the impact of the budget. The Government itself deciphers the budget and delivers Explanatory notes officially along with the supporting notifications. However, it pays to read and listen to the experts who read between the lines, dissect, analyse and share it with all of us. It is no more ‘taaza khabar’ or ‘breaking news’. Therefore, this time we are not carrying all the budget notifications and comparative analysis. Instead, we are sharing verbatim one of the expert’s analysis of both the direct and indirect taxes which has enough to whet the appetite to delve deeper.
This 124th issue is not just a budget special. We have taken care to carry the newly announced Indian Accounting Standards and other MCA and RBI updates because our next date with you will be only be in end March. The all-woman Lexspeak team wishes a Happy Women’s Day on 8th March !
Should you wish to refer to any of our older issues of Lexspeak, do visit our Resource Centre at sharadasc.com
Yes, we know you have been bombarded with several budget highlights and analysis over the last week. We shall save you from the usual bullet point summary. Instead we are carrying a detailed analysis of the direct and indirect tax proposals in the budget by Mr. Karthik Ranganathan, Tax & Coporate Lawyer, an associate of ours.
A few of the notifications and DO letters of the CBEC have been compiled for reference. If you thought with the introduction of Negative List in Service Tax, there will be no more tinkering, you are wrong. You will find new changes to it, exemptions withdrawn, not to talk of the overall service tax rate shooting up to almost 16% with the rounding off to 12.5% and addition 2% levy of the Clean Cess � which is on value of the service and not on the tax. Reimbursement of expenses attract service tax now. All in the name of getting ready to welcome GST !
Form GNL – 4 is made available in MCA portal for filling addendum for rectification of defects or incompleteness w.r.t. any application or e-form or document filed with MCA.
Indian Accounting Standards (Ind AS) notified.
Any one of the resigned Directors can file Form DIR-12 on behalf of a Company, when all the Directors have resigned and there is no authorized signatory Director for e-Filing.
RBI has issued guidelines on private placement of Non-Convertible Debentures (NCDs) for Non-Banking Financial Companies (NBFCs) in line with Companies Act, 2013.
Note: The contents of this
Newsletter are only a summary and has not dealt with any issue in detail. Any action
taken or proposed to be taken must be in consultation with professionals and not
merely based on the articles / news updates. Lex Valorem disclaims all liability on action taken without professional advice.