Gujarat Chamber of Commerce & Industry

28/2015-16

Thu, 07 January 2016

Trade & Industry

New reporting norms for high value transactions from April 1

In order to check black money, the CBDT has notified norms under which cash receipts and high value transactions beyond a certain threshold will have to be reported to the Income Tax authorities with effect from April 1. Under the new norms, cash receipts, purchase of shares, mutual funds, immovable property, term deposits, sale of foreign currency will have to be reported to the tax authorities in a prescribed format, which is Form 61A.

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Government notifies new Negotiable Instruments Act amendment bill to deal with cheque bounce cases

The government has notified the Negotiable Instruments (Amendment) Bill, 2015 which allows filing cheque bounce cases in a court at a place where the cheque was presented for clearance and not the place of issue. The Negotiable Instruments (Amendment) Bill, 2015 was passed by Parliament in the recently concluded Winter Session.

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Government plans to make PAN as Business Identification Number for companies and firms

In a step towards a single-window clearance mechanism at the central level, the government plans to make PAN as the Business Identification Number (BIN) for companies and firms. The move is aimed at doing away with the need for separate registration with authorities ranging from the registrar of companies to the direct and indirect tax wings, the labour department and for export and import.

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December services PMI hits 10 month high of 53.6

Buoyed by a rise in incoming new work and strengthening demand conditions, Indias service sector output touched a 10-month high in December with the seasonally adjusted Nikkei Services Business Activity Index climbing to 53.6 compared with 50.1 in November. A reading above 50 on this survey based index shows expansion, while a figure below indicates contraction.

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Nikkei India PMI: Manufacturing shrinks for first time in 2 years

Ending a 25-month expansion run, manufacturing activity in India fell into the contraction zone in December, indicating that a festival-related surge may not be sustainable. The Nikkei India Manufacturing Purchasing Managers Index (PMI) dipped to 49.1 in December from 50.3 in November. A reading above 50 on this surveybased index shows expansion, while a figure below indicates contraction.

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Draft Guiding Principles for determination of the Place of Effective Management (POEM)

The Central Board of Direct Taxes (CBDT) has issued detailed Draft Guiding Principles for determination of the Place of Effective Management (POEM) of companies. The soft copy of the same can be obtained from the below link. The board has invited the comments/suggestions on the draft guidelines from the stakeholders.

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Electronic Filing of First Appeal before CIT (appeals)

It is the endeavour of the Income tax Department to digitise various functions of the Department for providing efficient taxpayer services. As another significant step in this direction, electronic filing of appeal before CIT(Appeals) is being made mandatory for persons who are required to file the return of income electronically.

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Initiative towards Good Governance by Central Excise Bhavan

Central Board of Excise & Customs (CBEC) has decided to observe one day in a week, viz. Wednesday, (09:00 AM to 01:00 PM) as Taxpayer’s Day, wherein the heads of all the offices of Central Excise Commissioner ate will meet the taxpayers without any prior appointment to address their grievances.

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Economic & Finance

Report on Trend and Progress of Banking in India 2014-15 and Financial Stability Report December 2015

RBI released the statutory Report on Trend and Progress of Banking in India 2014-15 (RTP)which presents the performance and salient policy measures relating to the banking sector including that of the co-operative banks and non-banking financial institutions during 2014-15. It gives an assessment of risks to financial stability as also the resilience of the financial system.

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New Projects

Quikr plans to invest Rs 250 crore in home services market

Quikr is stepping up the heat in Indias home services market, where the mobile and online classifieds company is planning to invest Rs 250 crore as it looks to emerge the largest player in the space.

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Make your fashion tech intelligent - Cognitive Fashion

One of the first things what most of us do in the morning, is decide what to wear! Whether we head out for a day of leisure or get ready to make a big sales pitch, our attire helps us tell our story throughout the day. This shows what role Fashion plays in our lives in the modern era. Fashion Industry is moving fast. And technology is accelerating its momentum. The current trend is now the fusion of both fashion and technology.

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Science & Technology

2016, the year of habit commerce: Kunal Bahl

The digital commerce industry promises to be the most exciting in the coming year. The digital landscape has been changing rapidly over the past few years.What was the hottest trend in one year soon became business as usual in the following. While 2013 was the year of Facebook likes, in 2014 we saw app downloads dominating all conversations. By 2015, it was digital wallets. While many see these, rightfully, as vanity metrics, these are often leading indicators of big upcoming waves.

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Microsoft criticises India’s cloud policy

Microsoft has criticised the Centres proposal to empanel a set of cloud service providers for rendering government services, with Bhaskar Pramanik, chairman of the Indian unit of the American technology company telling ET in an interview that smaller vendors may not have the scale and capability to run complex projects that big players such as Microsoft, Google and Amazon do.

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Environment

Javadekar’s priorities for 2016: Cut delays in decision making, involve public to achieve green goals

In an effort to meet targets under the recently approved Paris climate change agreement and to take forward the ongoing clean and green India drive, the government is expected to take multiple measures in 2016 which will help it cut the countrys carbon footprint and also promote efficient use of energy and natural resources. These measures include review of its existing CEPI system, installing sophisticated equipments to gauge air pollution level in 66 million plus cities, coming out with new rules to manage different kinds of waste, involve people and private bodies to increase forest cover and take steps to conserve water and protect coastal zones.

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