The government amended monetary limits for ED officers handling FEMA cases. It allows broader jurisdiction to improve efficiency in adjudication of foreign exchange violations.
The consultation paper proposes making credit rating withdrawal provisions principle-based rather than limited to specific situations. The aim is to align regulations with evolving market practices and global standards.
The Government informed Parliament that several offences under the Companies Act, 2013 were decriminalized through amendments in 2019 and 2020. The reforms shift offences to in-house adjudication and civil penalties to reduce litigation and compliance costs.
The Government informed Parliament that MCA21 V3 enables web-based filings, e-adjudication, and real-time validation. The reform reduces errors, speeds up approvals, and enhances transparency in corporate compliance.
The Government introduced reforms such as e-invoicing and auto-population of data in GST returns. These measures improve accuracy, reduce manual errors, and simplify return filing for taxpayers.
The Government informed Parliament that ₹88.74 crore was spent on advertising the GST Bachat Utsav campaign. The initiative aimed to spread awareness about GST rate reductions and ensure benefits reach consumers.
The Government introduced reforms to simplify tax dispute resolution, including broader immunity provisions and expanded scope for updated returns. These measures aim to reduce litigation and encourage voluntary compliance.
The GST Council reduced the tax rate on hotel accommodation up to ₹7,500 per day from 12% with ITC to 5% without ITC. The move aims to simplify taxation and reduce service costs for consumers.
The exchange sought voluntary exit under the SEBI Exit Policy after failing to meet clearing corporation and net worth requirements. SEBI is currently examining the proposal before issuing a final order.
The Government clarified that GST on food products, including ultra-processed foods, is determined according to HSN classification. There is currently no special GST category for unhealthy foods.
