From helmets to granite slabs, hybrid cars to namkeen, the GST Council, the highest policy making body on Goods and Services Tax, is flooded with requests for tweaking tax rates on as many as 133 different products from an array of stakeholders. These include slashing GST on IT products to 12
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Central Industry News
The Central News includes industry-news at the national level. This includes industry and finance policies put forth by the Government of India that would be applicable to all industries, including medium and small industries in Peenya. The Central News would be for the information and benefit of the industry members of the Peenya Industries Association.
The Central Industry News includes policies, statements, opinions by the finance and medium and small industries, and also chiefs of the industrial organisations at the national level, trends about industrial sectors from the point of view of their present situation. The Central Industry News also includes news articles about chiefs of trade and industrial associations sending their recommendations, opinion, memorandums, for the information of the members of the Peenya Industries Association.
Also, the Central Industry News would include news of a minister being allocated the small and medium industries portfolio, or formation of new government after the Lok Sabha elections.
GST UPDATE Govt plans easier GST compliance for small businesses
The Government is planning an easier set of compliance norms for small businesses with annual turnover of under Rs 20 lakh as it seeks to widen the tax base to plug loopholes and make the Goods and Services Tax (GST) more broad-based. While large companies are already registering their sub-vendors, many
Centre to revamp EPS Scheme; formulate Medical Scheme for Pensioners
[vc_row][vc_column][vc_column_text]The Central Government will constitute a high-level Committee to revamp the Employees Pension Scheme (EPS) and any gaps would be plugged according to a statement issued by Labour and Employment Minister Sri Bandaru Dattatreya in the Lok Sabha. In association with Employees' State Insurance Corporation (ESIC), the Government is going
CBEC specifies Eligibility of LUT Conditions for supply of goods or services for Export
[vc_row][vc_column][vc_column_text]The Central Board of Excise and Customs (CBEC) has specified the conditions and safeguards for the registered person who intends to supply goods or services for export without payment of integrated tax, for furnishing a Letter of Undertaking in place of a Bond. CBEC said a status holder as specified in
For MSME Classification, Purchase value of Plant & Machinery is to be reckoned, not the Book value: RBI
[vc_row][vc_column][vc_column_text]The Ministry of MSME has clarified that for the investment in plant and machinery for the purpose of classification of an enterprise as Micro, Small or Medium, the purchase value of the plant and machinery is to be reckoned and not the book value (purchase value minus depreciation), the apex
Labour Ministry seeks Cabinet’s Approval for new Labour Code on Wages
[vc_row][vc_column][vc_column_text]The new Code on Wages Bill proposed by the Centre should adopt a more benevolent and constructive attitude towards the MSME sector: PIA President R. Krishnamurthy One of the major and long pending demands of MSMEs, viz. labour reforms is now on the radar of the central government. Taking a major
CBEC’s “GST Rates Finder” mobile app available on ios platform along with Android
[vc_row][vc_column][vc_column_text]The CBEC's Mobile app “GST Rates Finder”, which is available on Android platform, will soon be available on ios platform as well. Here's how to install the GSt Mobile app: To install "GST Rate Finder", user of Android mobile has to first open Google Play Store and in the search option has
Digital MSME Website is now live
[vc_row][vc_column][vc_column_text]The Digital MSME site, under the Digital MSME Scheme launched recently, is now operational, with the Ministry of MSME stating in a tweet, “Digital MSME site is being made operational.” According to reports, Registrations under the scheme have already started. For registration, Udyog Aadhaar Number will be mandatory and there is
GST Rollout Downs Shutters on Check-Posts…but Clarity still awaited on Full Closure
[vc_row][vc_column][vc_column_text]Commercial Taxes Department should clarify whether the Check-posts will return in the form of Physical Verification (PV) Centres: R. Krishnamurthy, PI A Prez In a move that would give massive push to ease of doing business in the country, as many as 22 States in India have abolished their check-posts with
Online Application by Supplier MSME against Buyer Unit under MSEFC
[vc_row][vc_column][vc_column_text]The Office of DC(MSME has taken an initiative for filing online application by the Supplier MSE unit against the buyer of goods/services before the concerned MSEFC of his/her State/UT. At present, the applicant MSE unit submits an application in writing to the MSEFC of his/her State/UT. The applicant sometimes is not