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NASSCOM’s Direct Tax proposals for Union Budget 2019 and Consolidated suggestions related to GST

NASSCOM has submitted a detailed memorandum containing suggestions for Union Budget 2019. Our suggestions are encapsulated in seven themes. We believe the proposed measures shall consolidate existing growth drivers and build future source of revenues. In addition, we have prepared a consolidated list of GST issues concerning our industry with suggested measures to address them. Implementing these measures should significantly improve the ease of doing business and provide certainty to the industry with respect to the treatment under the GST. The documents are attached for your kind reference. We are advocating our suggestions to the Government and meeting them to discuss our proposals. Our focus is on the Ministry of Finance, Ministry of Commerce and MEITY. In case of GST, we shall also be...

Call for Inputs on SEBI’s Consultation Paper on Innovators Growth Platform

Dear Stakeholder, SEBI has released a short Consultation Paper recently on Innovators Growth Platform (IGP), dealing specifically with norms for allowing companies listed on IGP to trade under regular category of the main board. Under the Consultation Paper, SEBI is considering regulations to allow companies which have been listed on IGP for at least one year to trade under the regular category with the objective of allowing such companies to raise funds from retail investors. The deadline to submit comments to SEBI is 10th June (Monday).   We request your inputs on the Consultation Paper by 7th June (Friday) so that we consider them in Nasscom’s response to SEBI. Please find attached a copy of the Consultation Paper. Please send your inputs to dagarwal@nasscom.in, marking asaggarwal@...

EU GDPR: Issues identification exercise

With the EU General Data Protection Regulation, 2016 completing its first year into enforcement, NASSCOM-DSCI is organising ‘Policy Roundtable: One year of GDPR implementation’ to identify key issues that have impacted the industry while implementing the GDPR. The concerns raised by the participants will be documented and shared with the concerned government stakeholders in India and the EU, with the aim of reducing compliance burden and augmenting business opportunities for our members. The inputs would also supplement our advocacy for the impending Indian Protection of Personal Data Bill, 2018. Please find attached a presentation to acquaint yourself with the objective and structure of the discussion. Nominations are invited from leaders of member organisations who have been ...

Impact of Supreme Court’s recent ruling on ‘basic wages’ for computation of PF contributions

The Hon’ble Supreme Court of India (“SC”) in its judgment dated February 28, 2019 has altered the long understood legal position relating to ‘basic wages’ for computing provident fund (“PF”) contributions under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (“EPF Act”).[1] NASSCOM understands that organisations across the country have been following the practice of excluding certain allowances from the basic wages for the purposes of computation of PF contributions. This has been in conformity with the broadly understood position of the law. While there was an attempt to clarify this matter by the Employees Provident Fund Organisation’s (“EPFO”), through its circular dated November 20, 2012 (“PF Circular”), this PF Circular was subsequently withdrawn vide another cir...

Presentation: Webinar on Recent Supreme Court Ruling on Basic Wages for the Purpose of PF Contributions , March 19th 2019

This presentation is based on Webinar on Recent Supreme Court Ruling on Basic Wages for the Purpose of PF Contributions that was held yesterday.    

Upcoming industry consultation for development of technological platform of CPC TDS by Income Tax Department

The Central Processing Cell (CPC) – TDS, Directorate of Systems, Income Tax Department is in the process of designing future architecture and business processes for the next phase (2019-24) of CPC (TDS) which will serve the department and taxpayers up to 2026-2028. As a background,  CPC TDS is a comprehensive platform set up by the department as ‘one stop shop’ for compliance, processing and administration of withholding tax regime in India. It was first set up in 2012 and is about to be renewed with a new Managed Service Provider (MSP) which will design, develop and run the new platform.   For undertaking this task, the department envisages automation of remaining manual processes enabled with exponential technologies such as Robotic Process Automation (IPA), Artificial Intelligence...

NASSCOM’s Response to TRAI’s Consultation Paper on Regulation of OTT Communication Services

TRAI released the Consultation Paper on Regulatory Framework for Over-The-Top (OTT) communication Services (hereinafter ‘Consultation Paper’) on 12.11.18. The Consultation Paper seeks to understand whether there is a regulatory imbalance with respect to OTT communication services and services offered by Telecom Service Providers (TSPs). TRAI sought public comments on the Consultation Paper by 07.01.2019. The date for submission of counter comments is 21.01.2019. A brief analysis of the Consultation Paper along with NASSCOM’s response is given below. Consultation Paper The scope of the Consultation Paper is limited to regulatory issues and economic concerns pertaining to such OTT services which can be regarded same as or similar to the services provided by TSPs. The Consultation Paper clari...

Seeking Inputs to improve Competition Act, 2002

Dear Members, As you may be aware, the Government earlier this year constituted a Competition Law Review Committee under the Chairmanship of Secretary, Ministry of Corporate Affairs, to review the Competition Act, 2002 (Act) with the following terms of reference: To review the Competition Act/ Rules/ Regulations, in view of changing business environment and bring necessary changes, if required; To look into international best practices in the competition fields, especially anti-trust laws, merger guidelines and handling cross border competition issues; To study other regulatory regimes/ institutional mechanisms/ government policies which overlap with the Competition Act; Any other matters related to competition issue and considered necessary by the Committee. Given Competition is critical ...

Circular regarding implementation of eSANCHIT in exports

Circular No. 43/2018-Custom dated 08 November 2018 has been issued in relation to implementation of paperless processing facility under SWIFT-uploading of supporting documents (eSANCHIT) in export. Summary of key provisions is provided below: A. Procedure for uploading the documents The procedure for eSANCHIT in exports is similar to the one prescribed for eSANCHIT in imports.   The supporting documents is to be uploaded in the ICEGATE by using the login credentials of the authorised person. The step-by-step procedure for uploading the supporting documents is provided on the ICEGATE website.  Further a facility to access and view the documents uploaded is also provided on ICEGATE.   In case the authorized person seeks to provide a document after the generation of the Shipping Bill number, ...

Inputs invited on discussion paper on relaxed norms for startup listing proposals by SEBI

The Securities and Exchange Board of India (SEBI) has proposed to tweak listing norms for start-ups, in an attempt to make it more attractive for companies in sectors like e-commerce, data analytics and bio-technology. SEBI has mooted changes to the framework of Institutional Trading Platform (ITP), which has not seen much traction from 2015.   Some of the noteworthy proposals are listed below:   It has been proposed to reduce the minimum trading lot size to Rs 2 lakh from the existing Rs 10 lakh and lock-in of 6 months for all categories of pre-IPO public shareholders, unlike the current rule which exempts private equity funds from lock-in. The minimum number of allottees has also been proposed to be reduced to 50 from the existing 200. It has proposed to remove minimum reservation of all...

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