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India-US Bilateral exchange agreement for CbCR - finalized

Public Policy
March 19, 2019 1066 0 images

Ministry of Finance has issued a Press release dated 15 March, 2019 stating that a bilateral agreement has been finalized between India and US for exchange of Country-by-Country Reports (CbCR). The proposed agreement will apply re...


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Karnataka Comprehensive Karasamadhana Scheme, 2019: Arrears of penalty and interest under State taxes

Public Policy
March 16, 2019 9903 0 images

Karnataka State government, vide Order NO. FD 9 CSL 2019 dated February 21, 2019 has approved Comprehensive Karasamadhana Scheme, 2019 with a view to reduce the arrears arising out of the enactments administered by the Commercial ...


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Deadline to submit comments on draft e-commerce policy extended to 29th March

Public Policy
March 12, 2019 1321 0

The Department for Promotion of Industry and Internal Trade (DPIIT) released a draft national e-commerce policy (‘draft policy’) on 23rd February. The deadline to submit stakeholder comments on the draft policy has bee...


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Government allows work from home to all employees of SEZ unit

Public Policy
March 11, 2019 5141 0 images

After series of deliberations and Government engagements by NASSCOM, I’m glad to share that the work from home provisions are amended by Ministry of Commerce in line with our recommendations. Please find attached the SEZ amended R...


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GST Circular on Sales promotion scheme

Public Policy
March 11, 2019 1588 0 images

Glad to share a recent circular issued by CBIC providing clarifications on treatment of sales promotion schemes under GST vide Circular No.92/11/2019-GST dated 7 March 2019.  NASSCOM had participated in the industry consultation c...


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Issue of notification by CBDT to give effect to DIPP notification dated February 19, 2019

Public Policy
March 6, 2019 1216 0 images

On March 5, 2019, Central Board of Direct Taxes (CBDT) issued a notification (no.13/2019) to give effect to February 19, 2019 notification issued by DPIIT stating the provisions of Section 56(2)(viib) of the Income Tax Act shall n...


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Policy Update: Supreme Court ruling on Basic Wage for the purpose of PF Contribution

Public Policy
March 1, 2019 786 0

Ruling: The SC has in its judgement dated February 28, 2019 ruled that only allowances which are variable in nature or which are not paid to workers across the board or category, could be excluded from the definition of ‘basic wag...


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Task Force formulated to overhaul Direct Tax law seeks 3-months extension to submit final report

Public Policy
February 28, 2019 687 0

The Task Force formulated by Ministry of Finance was assigned the task to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices and keeping in mind economic needs of ...


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Company Rules Update: Companies incorporated before 31 December 2017 to file e-form ACTIVE

Public Policy
February 22, 2019 890 0 images

In another attempt to identify shell companies, the Ministry of Corporate Affairs, vide issue of notification dated February 21, 2019, has notified Companies (Incorporation) Amendment Rules, 2019 (“new rules”). The new rules are e...


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Extension of last date for filing initial return in MSME Form I

Public Policy
February 22, 2019 1978 0 images

Ministry of Corporate Affairs (MCA), vide issue of notification on January 22, 2019, had directed every specified to file details in MSME Form I of outstanding dues to Micro or small enterprises suppliers existing on date of notif...


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