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Archive: 01 April 2021

Posts in 01 April 2021

Govt withdraws reduction in Small Saving interest Rates

April 1, 2021 1089 Views 1 comment Print

It has been decided that the rate of interest on various small savings schemes for the first quarter of FY 2021-22 starting from 01st April and ending on 30th June, 2021 shall remain unchanged from those notified for the fourth quarter (01.01.2021 to 31.03.2021) of the FY 2020-21.

Cenvat credit available on workmen compensation insurance policy

April 1, 2021 1806 Views 0 comment Print

Get insights on Cenvat credit availability for workmen compensation insurance policy. Explore the CESTAT Hyderabad order and legal perspectives on the matter.

Credit Guarantee Scheme for Subordinate Debt extended

April 1, 2021 477 Views 0 comment Print

Credit Guarantee Scheme for Subordinate Debt (CGSSD) extended upto 30.09.2021 Government of India announced creation of ‘Distressed Assets Fund- – Subordinate Debt for Stressed MSMEs’ on 13th May, 2020, under the AtmaNirbhar Bharat Package. Accordingly, a scheme viz. ‘Credit Guarantee Scheme for Subordinate Debt’was approved by the Government on 1st June, 2020 and the scheme […]

Applicability of TDS on Purchase of Goods | Section 194Q

April 1, 2021 867 Views 0 comment Print

Extract of section 194Q from Finance Act, 2021 54. Insertion of new section 194Q. After section 194P of the Income-tax Act, the following section shall be inserted with effect from the 1st day of July, 2021, namely:–– Deduction of tax at source on payment of certain sum for purchase of goods. ‘194Q. (1) Any person, […]

First time Monthly Export from India Crosses 34 Billion USD

April 1, 2021 318 Views 0 comment Print

FIRST TIME EVER IN A MONTH, INDIAN EXPORTS CROSSED US$ 34 BILLION IN MARCH 2021; INDIA’S MERCHANDISE TRADE: Preliminary Data for March 2021 released; India’s merchandise exports in March 2021 were USD 34.0 billion as compared to USD 21.49 billion in March 2020, anincrease of 58.23%; India’s merchandise imports in March 2021 were USD 48.12 […]

GST e-invoices cross 39.81 Crores in Six months

April 1, 2021 426 Views 0 comment Print

GST e-invoice system, the game changer in the GST system, has successfully completed journey of six months. During this period more than 39.81 Crores e-invoices have been generated by 88,000+ suppliers.  There are more than 47 lakh recipients involved in these transactions, who will be receiving Input Tax Credits easily. On 31st March 2021, 37.42 […]

Record 7.12 Crores E-Way Bills in generated in March 2021

April 1, 2021 942 Views 0 comment Print

7.12 Crores E-Way Bills in March-2021; Highest in a month during last three years A total of 180.34 Crores of e-Way Bills have been generated in last 3 years E-way Bill system helped government to facilitate monitoring of the movement of essential commodities and medical supplies, during lockdown necessitated by COVID-19 pandemic E-Way Bill System […]

1.55 lakh companies & 42186 LLP incorporated in FY 2020-21

April 1, 2021 357 Views 0 comment Print

MCA registers 1.55 lakh company incorporations in FY 2020-21, an increase of 27% year-on-year 42,186 Limited Liability Partnerships got incorporated in FY 2020-21, an increase of 17% year-on-year During the Financial Year 2020-21, Ministry of Corporate Affairs (MCA) registered more than 1.55 Lakh company incorporations as compared to 1.22 Lakh companies during FY 2019-20, an […]

Cabinet approves Production Linked Incentive Scheme for Food Processing Industry

April 1, 2021 828 Views 2 comments Print

Cabinet approved the Central Sector Scheme – ‘Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) to support creation of global food manufacturing champions commensurate with India’s natural resource endowment and support Indian brands of food products in the international markets with an outlay of Rs. 10900 crore.

Income Tax searches two real estate developers in Hyderabad

April 1, 2021 585 Views 0 comment Print

The Income Tax Department carried out search and seizure operations on two real estate developers engaged in the real estate activities mainly in and around Yadagirigutta, suburb of the Hyderabad City.  They are into plot ventures as well as in the construction of apartments.

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