Businesses will have to maintain records of their activities in other jurisdictions, along with the travel history of their employees, in order to prevent disputes related to taxable presence or permanent establishment (PE) that may arise as a result of the 21-day lockdown in India.
The current lockdown has prompted even fence-sitters to begin using these tools, as they face constraints in accessing critical information that resides on systems in company premises and requires presence of executives at the location.
Earlier dates for submitting bids was May 2 and inquires was April 4. The department added that any further changes to dates will be communicated to interested bidders. The government has set $10 billion minimum net worth as one of the eligibility criteria for bidders, while explicitly excluding public sector units having 51% government ownership from the bidding process.
Collection of direct tax for the just-concluded fiscal 2020 is expected at Rs 10.1 lakh crore, well short of the government’s most recent estimate of Rs 11.7 lakh crore, officials in the know said.
Extension of several time limits related to direct and indirect tax filings have been extended to June 30, so has the date for passing of order or issuance of notice by tax authorities under various direct taxes and Benami Law.
The finance ministry also clarified that there is no change in the financial year. "There is no extension of the Financial Year," said a finance ministry statement, clarifying that the notification issued by the department of revenue pertained to amendments in the Indian Stamp Act.
Mobile phones will be charged 18% GST from April 1, compared to 12% earlier, while all kinds of matchsticks will be charged a 12% GST versus a range of 5% to 18%. Maintenance and repair operations (MRO) services required for aircraft will be charged 5% GST, lower from the earlier rate of 18%, with full input tax credit.
Department of investment and public asset management (DIPAM) completed strategic disinvestment of GOI stake of 66.67% in Kamarajar Port Ltd .
The government sold its 74.49% stake in THDC India Ltd for Rs 7,500 crore.
IRPs appointed under the Insolvency and Bankruptcy Code (IBC) have approached the finance ministry, seeking clarity on several aspects regarding the Central Board of Indirect Taxes and Customs (CBIC) notification issued on Saturday and a follow-up circular on Monday, people familiar with the development said.
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