Supreme Court upholds ruling of Bombay High Court holding that Board of Control for Cricket in India is a ‘Shop’ under ESI Act.
Supreme Court upholds ruling of Bombay High Court holding that Board of Control for Cricket in India is a ‘Shop’ under ESI Act.
Mr. Sudhir Kapadia, Past President, Bombay Chamber and Partner & National Tax Leader, Ernst & Young LLP on “Advance price agreements need a Turbocharge” in The Financial Express on 29th August 2022
The One District One Product (ODOP) has reached 557 districts across all states and union territories, in what is seen as a transformational step toward realising the true potential of each district of the country. Export plans have been adopted by District Export Promotion Committees (DEPCs) in 218 districts.
Operationally merged with the ‘Districts as Export Hub (DEH)’ initiative of the DGFT, the Department of Commerce and the Department for Promotion of Industry and Internal Trade (DPIIT), as a major stakeholder, ODOP aims at fueling economic growth, generating employment and rural entrepreneurship, and helping the country achieve the goal of Aatmanirbhar Bharat.
Under the scheme, each district of the country will be converted into a manufacturing and export hub by identifying products with export potential in the district. State Export Promotion Committees (SEPCs) and DEPCs have been constituted in 36 States/UTs to provide support for export promotion and address the bottlenecks for export growth in the districts.
Districts-wise Export Action Plans are prepared for identified products and services for overseas markets, which include specific actions required to support local exporters and manufacturers in producing and manufacturing identified products in adequate quantity and with the requisite quality for reaching potential buyers. These plans also include identifying and addressing challenges for exports of such identified products and services, improving supply chains, market accessibility and handholding for increasing exports.
Representations have been received seeking clarification on the following issues:
1. Rate of GST applicable on supply of ice-cream by ice-cream parlors during the period from 01.07.2017 to 05.10.2021;
2. Applicability of GST on application fee charged for entrance or the fee charged for issuance of eligibility certificate for admission or for issuance of migration certificate by educational institutions;
3. Whether storage or warehousing of cotton in baled or ginned form is covered under entry 24B of Notification No. 12/2017-Central Tax (Rate) which exempted services by way of storage and warehousing of raw vegetable fibres such as cotton before 18.07.2022;
4. Whether exemption under Sl. No. 9B of notification No. 12/2017- Central Tax (Rate) dated 28.06.2017 covers services associated with transit cargo both to and from Nepal and Bhutan;
5. Applicability of GST on sanitation and conservancy services supplied to Army and other Central and State Government departments;
6. Whether the activity of selling of space for advertisement in souvenirs is eligible for concessional rate of 5%;
7. Taxability and applicable rate of GST on transport of minerals from mining pit head to railway siding, beneficiation plant etc., by vehicles deployed with driver for a specific duration of time;
8. Whether location charges or preferential location charges (PLC) collected in addition to the lease premium for long term lease of land constitute part of the lease premium or upfront amount charged for long term lease of land and are eligible for the same tax treatment;
9. Applicability of GST on payment of honorarium to the Guest Anchors;
10. Whether the additional toll fees collected in the form of higher toll charges from vehicles not having fastag is exempt from GST;
11. Applicability of GST on services in the form of Assisted Reproductive Technology (ART)/In vitro fertilization (IVF);
12. Whether sale of land after levelling, laying down of drainage lines etc., is taxable under GST;
13. Situations in which corporate recipients are liable to pay GST on renting of motor vehicles designed to carry passengers;
14. Whether hiring of vehicles by firms for transportation of their employees to and from work
is exempt under Sr. No. 15(b) of Notification No. 12/2017-Central Tax (Rate) transport of passengers by non-air conditioned contract carriage;
15. Whether supply of service of construction, supply, installation and commissioning of dairy plant on turn-key basis constitutes a composite supply of works contract service and is eligible for concessional rate of GST prior to 18.07.2022;
16. Applicability of GST on tickets of private ferry used for passenger transportation.
Service tax cannot be levied on Composite Works Contracts prior to the introduction of the Finance Act, 2007
Maharashtra notifies Special Allowance under Minimum Wages Act payable from 01.07.2022 to 31.12.2022 for various employments
Maharashtra publishes Consumer Price Index No for Industrial Workers, Base Year 2016=100, for the month of June 2022.
Entries in Books of Account/Balance sheet of a company can be treated as acknowledgement of liability in respect of debt payable to a financial creditor.
In a bid to expand the current ecosystem of incubators and to provide them with access to global benchmarks and best practices, Atal Innovation Mission (AIM), NITI Aayog, has announced applications for Atal Incubation Centre (AIC) and Atal Community Innovation Centre (ACIC).
The programs aim to create and support the innovation ecosystem in the country by establishing world-class institutions that help budding entrepreneurs.
AIC is an initiative of the AIM, NITI Aayog to foster innovation and entrepreneurial spirit while creating a supportive ecosystem for start-ups and entrepreneurs in India. Each AIC is supported with a grant of up to INR 10 crores over a period of 5 years.
ACIC is envisaged to serve the unserved/underserved areas of the country with respect to the start-up and innovation ecosystem. Each ACIC is supported with a grant of up to INR 2.5 crores over a period of 5 years. AIM has established 14 Atal Community Innovation Centres across the country.
These AICs and ACICs will play a pivotal role in enriching the start-up and entrepreneurship ecosystem of India and echo the anthem of Atmanirbhar Bharat.
The Bombay Chamber of Commerce and Industry organised a networking event with the support of the Royal Danish Embassy, New Delhi for companies within the energy, water, health and agriculture sectors, focusing on the sustainability agenda. This aligns with Denmark’s Green Strategic Partnership with India.
Speaking at the event, Mr. Sandeep Khosla, Director General, Bombay Chamber briefed on the legacy of the Bombay Chamber and highlighted the Bombay chamber’s initiative under the ADB project on Internationalisation of SMEs/ Startups.
Ms. Anjali Bansal, President, Bombay Chamber emphasised on the Bombay Chamber’s initiative in the areas of Sustainability, Digital, Water, Energy, Agriculture and Startups. She also spoke about the innovative and entrepreneurial spirit in the country, which has helped India leapfrog from fixed line mobility to now having among the lowest cost, largest data networks in the world.
Mr. Søren Nørrelund Kannik-Marquardsen, Minister Commercial Counsellor and Head of the Trade Council, New Delhi & Regional Coordinator South Asia, spoke about Denmark’s relationship with india, which dates back to 1620, when an agreement was reached between the local King in Thanjavur and the Danish King, Christian the 4th, for the lease of land at the town of Tranquebar. He also briefed the participating companies on emerging business opportunities in Denmark and available platforms for collaboration. Denmark will be hosting the World Water Congress & Exhibition in Copenhagen, bringing together water professionals and engaging the water-consuming industry.
The Consul General, Head of Trade & Innovation at the Consulate General of Denmark in Bangalore, Mr. Eske Bo Rosenberg, shared his insights on collaborating with Danish companies. He also highlighted some of the initiatives that they have launched, including the establishment of a Centre of Excellences in Green Hydrogen and UNLEASH 2022 – an SDG solutions lab gathering 1000 talents from around the world on the Infosys Campus in Mysore in December. Innovation Centre Denmark Bangalore is working with Local bodies, Industry / Corporates, Academia, and Startups to promote innovation, trade and investment opportunities.
The Royal Danish Embassy and the Innovation Centre of Denmark, along with the Bombay Chamber also expressed their interest to explore opportunities for collaboration and promoting bilateral trade and investment activities.
Some of the Indian companies who were present at the meeting were FarmDidi, GMCL Village Herbs, Waycool Foods, Nichem Solutions, GFresh Agrotech, Prognostics In-med, Epocare, InterGest South Asia, Dgtl Innovations and Tisser Artisans and Maharashtra Hybrid Seed Company (Mahyco), PIVOT Management Consulting, Ideabridge (Plus Innovations Technologies LLP), SustLabs, EcoScoot Mobility.
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