COMPLIANCE BURDEN
I-T breather to help loss-making firms conserve working capital
Loss-making companies with high cash burn, including startups, would get a boost from a key amendment proposed to the Income Tax Act in the Union budget. This comes at a time when multiple consumer internet companies and large startups in India are charting the path to profitability, amid a slowdown in capital funding.
Budget 2024 shakes up tax rules, hitting stocks, properties, and gold
The government has introduced significant tax changes impacting stock market transactions, property sales, and gold imports. Revised tax rates have been proposed, with a focus on simplification. Industry associations have welcomed the reforms to resolve tax disputes and address loopholes in corporate gifting regulations.
Eco Survey: Time to free up space, rethink governance
A survey in New Delhi has urged the Indian state to relinquish control and reduce compliance burden in taxation to allow the private sector to grow. The survey argued that the state could free up its capacity and focus on areas where it has to, by letting go of its grip in areas it does not. It called for policymakers to engage in dialogue, cooperation, and coordination across ministries, states, and unions.
Economic Survey: Ease of compliance for MSMEs required to unleash growth
The Economic Survey emphasizes easing licensing, inspection, and compliance for MSMEs. Reforms in urban development, regulatory compliance, and digital connectivity, creating an export strategy, and reducing states' compliance burdens are crucial per FISME. MSMEs benefit from Udyam and Udyam Assist Portals. The survey highlights limited management bandwidth for growth activities, funding, and labor acquisition.
Survey asks the government to address tax uncertainties, do away with licencing
The Economic Survey highlights the need for reducing compliance burden on businesses, simplifying tax regime, and eliminating licensing to attract investment. Small and medium enterprises are particularly affected by the heavy burden. India Inc expects tax reforms and reduced litigation from the upcoming budget.
Will Budget 2024 allay tax fears of foreign investors in India?
Modi 3.0 first Budget aims to resolve tax complexities facing foreign entities. SEP rule, Equalisation Levy, Board of Advance Rulings, tax treaties, Form 10F, PAN, tax refunds, digital footprints, and e-commerce compliance pose challenges. KPMG experts stress reducing compliance for sustainable growth and better market conditions.
Non-tariff barrier resolution on cards
India is gearing up to launch an online platform to address non-tariff barriers faced by exporters, focusing on SPS and TBT issues. The portal will monitor resolution strategies and compliance burdens to enhance competitiveness in global markets. With a plan to tackle technical regulations and trade barriers, India aims to boost its exports facing challenges in key markets like the EU, US, China, and Japan. Efforts are underway to streamline conformity assessments and address hurdles in exports such as chillies, tea, and shrimp.
SMEs may get to turn the page in book of accounts; new norms likely to ease compliance burden
In its report submitted with the Ministry of Corporate Affairs (MCA), the committee has suggested raising the turnover limit to Rs 75 crore in any of the past three years to maintain and audit cost records.
Jail term for delay in giving out ID cards: How compliance overkill mars chemical industry
It is time to do away with the complex and wide-ranging regulatory provisions in the chemical industry if the promising segment, which has a considerable number of MSME players, is to achieve its potential.
IBBI introduces electronic forms for monitoring liquidation processes
IBBI introduces electronic forms to streamline liquidation, enhancing compliance. From record-keeping to distribution, the forms cover all stages. IPs face a deadline for ongoing cases under the new circular. The initiative aims to boost efficiency and accuracy in insolvency procedures.
India is witnessing high foreign remittances & FDI inflow: Goyal
India's thriving investment appeal is evident with high foreign remittances and FII inflows, while regulatory reforms and sector openings attract global interest. Elon Musk's potential investments in the space and EV sectors signal promising developments for India's economic growth and international partnerships.
RBI to ease compliance burden while fine tuning regulations to address evolving risks
RBI Governor Shaktikanta Das emphasized the importance of strong governance and resilient financial systems at the global conference on financial resilience. Highlighting new guidelines set for release next month, Das noted the need for clear roles and responsibilities for boards and executive management, balancing business growth with robust risk management to ensure long-term success
IBBI proposes compliance procedures for IPs, seeks stakeholder feedback
The Insolvency Bankruptcy Board of India (IBBI) has proposed changes to the corporate insolvency resolution process (CIRP) forms and compliance framework to reduce compliance burden on insolvency professionals. The changes aim to reduce the amount of information and data required, enhance efficiency, and reduce redundancy.
Regulator plans to ease compliance burden on insolvency professionals
The bankruptcy regulator, IBBI, aims to reduce the compliance burden on insolvency professionals overseeing stressed asset resolution without compromising accuracy. It plans to streamline reporting, deadlines, and centralize information on a single website for easier access by stakeholders.
Central Excise Bill may be introduced in budget session
The Centre is set to introduce the Central Excise Bill, 2024 to replace the outdated Central Excise Act, 1944 and align excise law with GST and customs. The bill aims to reduce compliance burden, enhance transparency, and address excise duty exemptions for SEZs. It also empowers authorities to demand duty and introduces the concept of 'related persons' from customs and GST laws.
Indian AI firms may face extra costs as EU’s AI Act kicks in
The European Union wrapped up approval of the world's first law governing AI development last week. This legislation takes a tiered approach, setting varying compliance timelines and regulations based on the potential risk each AI system poses. Generally applicable AI will have a year to comply, while high-risk systems get up to three years.
Most states out with draft rules under new labour codes, about 3 cr job opportunities in 2022-23: Labour secretary
Labour secretary Sumita Dawra said the labor reforms have been put in place with an eye on ease of doing business, simplification, and reduction in compliance burden, decriminalization and seamless dispute resolution, promotion of labor market flexibility at the same time in harnessing female participation, leveraging technologies, and meeting the scale needs of the economy, whether at the national or international level.
Sebi proposes to cut trading lot size of privately placed InvITs to boost investors' participation
Markets regulator Sebi on Thursday proposed to drastically reduce the trading lot size of privately placed infrastructure investment trusts (InvITs) to Rs 25 lakh in a bid to boost investors' participation and increase liquidity of such investment vehicles.
Company registrations drop in April, but LLPs continue to scale fresh peak
In April 2023-24, company registrations fell 3.7%, while LLPs surged 36%. The trend continued from the previous year, reflecting optimism and growth prospects despite technical challenges and a high base effect.
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