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Archive: 01 February 2020

Posts in 01 February 2020

Mis-classification of goods under ‘Others’ category at the time of Import

February 1, 2020 2238 Views 0 comment Print

The Director General of Foreign Trade has issued 2 trade notices providing clarification in relation to mis-classification of goods under ‘Others’ category at the time of import. We have encapsulated both the trade notices for your quick reference. Trade Notice No. 46/2019-20 dated 17 January 2020 It has come to the notice of departmental authorities […]

Standard Operating Procedure (SOP) to be followed by exporters

February 1, 2020 9600 Views 0 comment Print

As we all are aware that several cases of monetisation of credit fraudulently obtained or ineligible credit through refund of Integrated Goods & Service Tax (IGST) on exports of goods have been detected in past few months. On verification, several such exporters were found to be non-existent in a number of cases. In all these […]

Trademark Assignment

February 1, 2020 7497 Views 0 comment Print

WHAT IS A TRADEMARK? A trademark is a type of intellectual property. A trademark also commonly known as a trademark, trade-mark or a mark. A trademark consists of a recognizable sign, design, or expression which identifies products or services of a particular company and helps in distinguishing the products from those of others. The symbols […]

How to start a business in India

February 1, 2020 1386 Views 0 comment Print

The business growth in India has seen a huge rise. The food sector businesses also have emerged profoundly with higher profit sector. The food business is quite easy to start but they are required to be aware of the lawful licensing condition. In order to start a food business, the individual must keep in mind a few points, […]

Budget 2020: Summary of Changes in Customs, Central Excise, GST law

February 1, 2020 46767 Views 0 comment Print

Please find below exhaustive summary of Changes in Customs, Central Excise, GST law and rates that have been proposed through the Finance Bill, 2020, which was introduced in Lok Sabha by Finance Minister on 1st Februare 2020

Prominent Themes of Union Budget 2020-21 / Finance Bill 2020

February 1, 2020 8529 Views 1 comment Print

Presenting the first Union Budget of the third decade of 21st century, Finance Minister Smt. Nirmala Sitharaman has releases Prominent Themes of Union Budget 2020-21 / Finance Bill 2020. Budget Highlights (Key Features) Prominent Themes of the Budget GOVERNANCE STRUCTURAL REFORMS IBC Honourable exit through IBC for companies. GST 20 per cent reduction in turn […]

Major Reforms Proposed in Administration of GST Regime

February 1, 2020 3375 Views 0 comment Print

Major Reforms Proposed in Administration of GST Regime- Simplified GST Return to be Implemented from 1st April, 2020 To weed out Dummy or Non-Existent Units Aadhaar Based Verification of Taxpayers to be introduced Dynamic QR-Code proposed for Consumer Invoices

New Optional Personal Income Tax Rate Slabs- Budget 2020

February 1, 2020 11034 Views 1 comment Print

Press Information Bureau Government of India Ministry of Finance 01-February-2020 14:43 IST New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant relief to the individual […]

Turnover threshold for Tax Audit increased 5 times to Rs 5 Crore

February 1, 2020 23454 Views 1 comment Print

MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore. Increased limit to apply only to Businesses carring out less than 5% of their business transactions in cash Significant tax relief to start-ups

FM proposes wide-ranging facilitation measures in Direct Tax Regime

February 1, 2020 1131 Views 0 comment Print

‘Vivad Se Vishwas’ scheme proposed to reduce litigations in direct taxes; scheme to remain open till 30th June, 2020 Faceless appeals proposed to eliminate human interface for imparting greater transparency in dispute settlement CBDT to adopt a taxpayers’ charter; details to be notified soon Pan to be allotted online on the basis of Aadhaar without any requirement of detailed application.

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