This last year ie FY 2017-18 has been a year of several firsts for the Department. For the first time ever, we achieved a revenue collection target of Rs. 10.03 lakh crore at a net growth rate of 18%, a task which was fraught with challenges. It was also for the first time that the Department was able to add 1.06 crore new taxpayers,
The Government of India has taken various steps for curbing the black money stashed abroad, which have led to positive results. These steps include, inter alia, the following: 1. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information […]
Regular monitoring of cash availability and ATM functionality has been done by the Government to ensure that sufficient currency notes are made available so that ATMs do not run dry in any eventuality and people do not face any problems.
The gross NPA ratio for Public Sector Banks (PSBs) as a category is 14.6% in the financial year (FY) 2017-18, as per Reserve Bank of India (RBI) data. In the last 25 financial years, the gross NPA ratio for PSBs was highest in FY 1993-94 at 24.8% and was also higher in six other financial years.
The first proviso to section 203(1) of Companies Act, 2013 provides that an individual shall not be appointed/reappointed as the chairperson of a company as well as its MD/CEO at the same time unless the articles of such company provide otherwise or the company does not undertake multiple businesses.
The Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment.
Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 was introduced in Lok Sabha to to repeal and replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 Notes on Clauses of Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 Clause 1 of the Bill provides for the short title and commencement. Clause 2 of the Bill […]
Criminal Law (Amendment) Bill, 2018 was introduced in Lok Sabha to further amend the Indian Penal Code, Indian Evidence Act, 1872, the Code of Criminal Procedure, 1973 and the Protection of Children from Sexual Offences Act, 2012.
The Micro, Small and Medium Enterprises Development Act, 2006 (the said Act) was enacted to provide for facilitating the promotion and development and enhancing the competitiveness of micro, small and medium enterprises.
Quick note on 28th GST Council meeting, which has reviewed around 46 proposed amendments in GST Act 2017 and recommended the following amendments ;
