Legal & Regulatory
Aadhaar mandatory for filing tax returns from July 1
Providing your Aadhaar number for filing income tax returns (ITR) will be mandatory from July 1. Individuals who do not have an Aadhaar card can file their tax returns by furnishing their Aadhaar enrollment number. Tax authorities have given until June end for people to link their Aadhaar number with their Permanent Account Number (PAN). This means that an ITR where the PAN is not linked with Aadhaar will be considered an invalid filing.
By Dezan Shira & Associates
India is fast emerging as a global trade dynamo with its vast natural resources and huge supply of skilled labor. Undertaking considerable industrial deregulation and other structural reforms, regulators in India recognize that strong exports are critical for overall economic growth and poverty reduction. As such, export-led growth has become a key driver of trade in India – one of the most important trailblazers in the recent enormous expansion of international trade.
Indian trade has grown exponentially over the past few years, with exports rising at a rate well above the pace of growth of worldwide exports. In this atmosphere, opportunities have never been greater, and starting a trading business in India has never been easier.
By Bradley Dunseith
Trade standards create and enforce specific criteria in products and services – quite literally setting the standard. These standards are applicable to both domestic and imported goods; understanding these standards makes exporting goods to India easier.
By Vasundhara Rastogi
Registering trademarks in India just got simpler: the government introduced its new Trade Mark Rules, 2017 on March 6. The new rules replace the Trademark Rules of 2002, and aim to establish a much more streamlines process, with emphasis on digital communication.
New rules to reduce labor compliance burden for companies
On February 21, India’s labor ministry notified the Ease of Compliance to Maintain Registers under various Specified Labour Laws Rules 2017 (Ease of Compliance Rules). The new rules cuts down on the number of registers to be maintained under various labor laws. This will significantly reduce compliance burdens in the day-to-day operations of business establishments.
Government launches app for taxpayers as GST becomes effective July 1
The Central Board of Excise and Customs (CBEC) launched a new app last week to facilitate the transition of taxpayers onto the new Goods and Services Tax (GST) regime. The government will roll out the GST from July 1.
CBEC GST – the new Android mobile application platform – will contain all the requisite information related to migration to the GST regime, toll free numbers for queries, as well as material explaining the draft GST laws and rules.
Ola, Uber face new challenge with driver strikes
Following initial protests in Hyderabad and Bengaluru last year, widespread strikes by drivers associated with cab aggregators are taking place this month across India. While Ola and Uber drivers partially called off their indefinite strike in the National Capital Region after meeting with Delhi transport minister Satyendar Jain on Sunday, not all drivers’ unions are convinced. Further, a planned joint strike is scheduled for February 15 across the southern states of Andhra Pradesh, Karnataka, and Tamil Nadu. Ola and Uber drivers will participate in the upcoming strike according to their union representatives.
By Pritesh Samuel
In another sign that the government is keen to allow to foreign law firms and accountants in India, the government on January 3 amended the Special Economic Zone (SEZ) rules which may make legal and accountancy services from foreign companies possible in SEZs.
The amendment was published in the Official Gazette, which says, “In the Special Economic Zones Rules, 2006, in Rule 76, for the words “professional services (excluding legal services and accounting) rental/leasing services without operators”, the words “professional services, rental/leasing services without operators” shall be removed. In other words, such services may be outsourced to foreign entities in such SEZs.