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Showing posts from September 5, 2017

Startups get 80% rebate on patent fee.

Startups get 80% rebate on patent fee. More domestic and foreign startups will now be able to access the fast-track mechanism for filing patents, which will drastically cut down the time taken to obtain these rights. The government has introduced a more liberal definition for startups to ensure that many more of them can become eligible for benefits, including lower fees, under the latest patent framework.

Under the new definition, any entity in India recognised as a startup by the competent authority under the Startup India initiative will be eligible. In order to encourage patent filing, the government has amended the Patent Rules 2003. The rules notified on September 2, will allow startups to avail of a rebate in patent fees.

“A foreign entity, fulfilling the criteria for turnover and period of incorporation or registration as per Startup India Initiative” would be extended the patent filing benefits meant for startups, according to the notification.

Over the past year, the definition…

GST cess: President promulgates ordinance to raise ceiling on large cars, SUVs to 25%

GST cess: President promulgates ordinance to raise ceiling on large cars, SUVs to 25% President Ram Nath Kovind promulgates ordinance enabling increase in GST cess on medium-sized cars, large cars and sports utility vehicles (SUVs) from 15% to 25%

President Ram Nath Kovind has promulgated an ordinance enabling an increase in the goods and services tax (GST) cess on motor vehicles, including medium-sized cars, large cars and sports utility vehicles (SUVs), from 15% to 25%.

The GST (Compensation to States) Amendment Ordinance, 2017 has amended the law to raise the maximum cess that can be levied on cars to 25%. However, the increase in the rate from the 15% levied at present will be effective only after the federal indirect tax body, the GST Council, notifies it. Cess is levied on motor vehicles over and above a 28% GST.

The ordinance notified on Sunday in the official gazette said the change is applicable on all motor vehicles with a capacity of up to 13 persons as well as on all cars whe…

Govt extends deadline for filing GST returns Many Can’t Access Network For Huge Load

Govt extends deadline for filing GST returns Many Can’t Access Network For Huge Load Amid reports of a sudden surge in filing of returns that put a huge load on the Goods & Services Tax Network (GSTN), the IT backbone for GST, the government on Monday extended the last date for filing of returns for three categories.

“GIC (GST Implementation Committee) decides to extend date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th September 2017 respectively,” according to an announcement on micro blogging site Twitter. “GIC decides to extend date of GSTR 1, GSTR 2 and GSTR 3 for the month of August to 5th, 10th and 15th October 2017 respectively,” it said.

The network has been facing a heavy rush of returns and several traders and businesses said they were unable to access the system. Tax experts said the GSTN portal had been facing various issues for the past few days.

“The GSTR1 filing of invoice level data by assessees on the GSTN portal is facing various issues …

Note ban objectives achieved, says Jaitley

Note ban objectives achieved, says Jaitley Defending demonetisation, Finance Minister Arun Jaitley on Wednesday said those who did nothing to fight black money during their tenures had tried to confuse people about the real objectives of the note ban.

The objective of the November 8 ban of the old Rs 1,000 and Rs 500 notes was not how much money would return to the system, Jaitley said, addressing a new meet after the Reserve Bank of India’s (RBI’s) annual report that showed nearly all of demonetised currency had, in fact, come back.

He added that all objectives of the move, which sucked Rs 15.44 lakh crore out of the economy and hit growth in the short term, had been met. “The real objective of demonetisation was formalisation, attack on black money, less cash currency, bigger tax base, digitisation, and a blow to terrorism. And, we do believe that in each of these areas, the effect has been extremely positive.”

In its annual report, the RBI disclosed that only 1 per cent of total amoun…