GST – My Blog https://www.demo.mydreamconsultant.com Thu, 25 Apr 2024 17:01:24 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 PM MITRA YOJNA: FOR TEXTILE SECTOR https://www.demo.mydreamconsultant.com/pmmitrayojna/ https://www.demo.mydreamconsultant.com/pmmitrayojna/#respond Sun, 10 Oct 2021 07:22:19 +0000 https://www.mydreamconsultant.com/?p=2850 [fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” border_size=”0″ border_color=”” border_style=”solid” margin_top=”-4%” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center” linear_angle=”180″ 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*PM MITRA YOJNA: FOR TEXTILE SECTOR*

PM Mitra Scheme : PM Mitra Scheme : on 6 oct 2021 held the cabinet meeting  Prime minister narendra modi, takes some decisions in these PM Mitra Scheme is one of them, This scheme is for the textile sector. Its full name is Pradhan Mantri Mega Textile Integrated Textile and Apparel Scheme.

Seven new textile parks will be set up under this scheme. According to the government, this is going to bring a big revolution in the textile and manufacturing sector. After the cabinet meeting, Union Minister of Commerce and Industry and Textiles Piyush Goyal said that there is a lot of enthusiasm in the textile sector.

the cabinet has approved the mitra scheme Under the PM-Mitra Yojana (Mega Integrated Textile Region and Apparel), 7 textile parks will be built in the country and about 21 lakh people will get direct and indirect employment from these textile parks. Governments of Tamil Nadu, Punjab, Odisha, Andhra Pradesh, Gujarat, Rajasthan, Assam, Karnataka, Madhya Pradesh and Telangana have shown interest in developing Mitra-Park

Piyush Goyal said that it has been decided to create an integrated textile value chain under the PM Mitra scheme. For this, Rs 4445 crore will be spent in the next 5 years. Under this, 7 textile parks will be set up across the country.

He also said that there was talk of capturing 5-F for a strong hold in the field of economy. 5-F means fiber to farm, fiber to factory, factory to fashion and fashion to foreign. All these links together strengthen the value chain, but now they are all different.

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According to Mr. Pyush Goyal cotton is grown in Gujarat and Maharashtra, from there it goes to Tamil Nadu, where spinning takes place. Goes to Rajasthan and Gujarat for processing. The garments are made in Delhi-NCR, Bengaluru, Kolkata and have to go to Mumbai and Kandla for export. All this can now be done in an integrated manner.

The Union Minister said that 7 lakh people will get direct employment and 14 lakh people will get indirect employment due to this step of the government. He told that talks are being held with the states for textile parks. These parks will be set up in the state which will give cheap land, water and get labor easily. Along with this, it will also be seen that there should be a demand for textiles.

Mr. Piyush Goyal said that the estimated cost of setting up 7 parks will be Rs 1700 crore. The units which will make big investment in the beginning, will also be provided help on first come first serve basis. A unit of up to Rs 30 crore can be given by the government in 3 years.

He told that the textile park will be built in greenfield or brownfield places located in different states. 500 crore will be provided to develop all green field parks. While an amount of Rs 200 crore will be allocated for the development of brownfield park.

The government said that under the PM Mitra scheme, work from spinning, weaving, processing, dyeing and printing to manufacturing of clothes will be done at one place. According to the government, this will reduce the cost of logistics. Due to the presence of the entire value chain at one place, the cost of logistics will come down.

Under this scheme, Mitra will develop the Parks in Special Purpose Vehicle Public Private Partnership mode. The ownership of this special purpose vehicle will be with the state government and the government of India. According to the government, the scheme aims to help Indian companies emerge as global companies.

World class industrial infrastructure will be developed to attract investment in PM Mitra scheme.

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]]> https://www.demo.mydreamconsultant.com/pmmitrayojna/feed/ 0 How To Start Electrical Vehicle Business in India https://www.demo.mydreamconsultant.com/electricalvehiclebusiness/ https://www.demo.mydreamconsultant.com/electricalvehiclebusiness/#respond Fri, 08 Oct 2021 14:14:32 +0000 https://www.mydreamconsultant.com/?p=2843 [fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” border_size=”0″ border_color=”” border_style=”solid” margin_top=”-4%” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center” linear_angle=”180″ background_color=”” 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*Electric Vehicle Business In India*

Electric vehicle the key to permanent solutions of a better, cleaner India for the sustainability of its populace. At a crucial juncture when all countries are engaged in freeing Mother Earth from the claws of carbon emissions, or CO2, India can play a lead role in it by switching over the EV mobility to ensure a greener and cleaner ecology. By promoting the EV sector’s organic growth and enhancing its popularity among the people with governmental media programmers, a substantial cut in fossil-fuel run vehicular mobility can be made possible. During the pendency of COVID-19, we watched how the environment improved due to lesser emissions from petrol and diesel-run vehicles and industries in India. In many cities, the smog completely vanished. In many parts of India, people could even view distant mountains that had been impossible for them to see for decades due to the atmospheric hindrances created by the emission of the smoke from fossil-fuel run vehicles. For India’s sustainable green planet goal, a robust push in cleaner mobility is essential. Only Electric vehicle can do this. The argument behind is that the fossil-fuel vehicles contribute 60 percent of PMs (particulate matter-related atmospheric pollution), and over 20 percent of CO2.The Electric vehicle, on the other hand, is smoke-free. They do not choke urban India with hydrocarbon pollution, something that the UNICEF aptly termed as “danger in the air.”

 The petrol and diesel-run vehicles are hugely inefficient as nearly 70 percent of the precious fuel simply is wasted. It can neither be recycled, recovered, or reused. We know it takes millions of years to create natural fossil fuel, unlike the batteries that can be made as and when you need. On the other hand, the EVs are rechargeable, involving zero-wastage of energy. They do not have even a single iota of harmful effects on human health and ecology. The heavy petrol and diesel trucks alone cause over 30 percent of vehicular particulate pollution. As far as urban India as a whole is concerned, all fossil fuel-vehicles are responsible for nearly 29 percent of pollution.

India is one of the largest car markets in the world but that market is on the brink of a transformation. The Government of India is promoting electric mobility in a big way and the Department of Science and Technology (DST) is working towards technological solutions through R&D efforts with industry and R&D laboratories to realize the electric dream of 400 million customers by the year 2030.

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*Environmental benefits*

  • One of the biggest advantages of driving electric is the improvement it can make to the environment we live in.
  • Pure electric vehicles have no tailpipe, so they don’t emit any exhaust gases, which reduces local air pollution particularly in congested cities.
  • Electric vehicle are an attractive solution for councils challenged to clean up air quality to improve their residents’ health and quality of life.

In india’s electric vehicle (EV) market is estimated to be a Rs. 50,000 crore (US$ 7.09 billion) opportunity by 2025, with two- and three-wheelers expected to drive higher electrification of the vehicles.

In 2020, India was the fifth-largest auto market, with ~3.49 million units combined sold in the passenger and commercial vehicles categories. It was the seventh largest manufacturer of commercial vehicles in 2019.

The two wheelers segments dominate the market in terms of volume owing to a growing middle class and a young population. Moreover, the growing interest of the companies in exploring the rural markets further aided the growth of the sector.

India is also a prominent auto exporter and has strong export growth expectations for the near future. In addition, several initiatives by the Government of India and major automobile players in the Indian market is expected to make India a leader in the two-wheeler and four-wheeler market in the world by end of this year (2021).

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*Market Growth*

Indian automobile exports stood at 1,419,430 units from April 2021 to June 2021 as compared to 436,500 units in April 2020 to June 2020. EV sales, excluding E-rickshaws, in India witnessed a growth of 20% and reached 1.56 lakh units in FY20 driven by two wheelers. According to NITI Aayog and Rocky Mountain Institute (RMI) India’s EV finance industry is likely to reach Rs. 3.7 lakh crore (US$ 50 billion) in 2030. A report by India Energy Storage Alliance estimated that EV market in India is likely to increase at a CAGR of 36% until 2026. In addition, projection for EV battery market is forecast to expand at a CAGR of 30% during the same period. Premium motorbike sales in India recorded seven-fold jump in domestic sales, reaching 13,982 units during April-September 2019. The luxury car market is expected to register sales of 28,000-33,000 units in 2021, up from 20,000-21,000 units sold in 2020. The entry of new manufacturers and new launches is likely to propel this market in 2021.

. In H12019, automobile manufacturers invested US$ 501 million in India’s auto-tech start-ups according to Venture intelligence.

  • Investment flow into EV start-ups in 2019 (till end of November) increased nearly 170% to reach US$ 397 million.
  • On 29th July 2019, Inter-ministerial panel sanctioned 5,645 electric buses for 65 cities.
  • NATRiP’s proposal for “Grant-In-Aid for test facility infrastructure for EV performance Certification from NATRIP Implementation Society” under the FAME Scheme was approved by Project Implementation and Sanctioning Committee (PISC) on 3rd January 2019.
  • Under NATRiP, following testing and research centres have been established in the country since 2015.
    • International Centre for Automotive Technology (ICAT), Manesar
    • National Institute for Automotive Inspection, Maintenance & Training (NIAIMT), Silchar
    • National Automotive Testing Tracks (NATRAX), Indore
    • Automotive Research Association of India (ARAI), Pune
    • Global Automotive Research Centre (GARC), Chennai
  • SAMARTH Udyog – Industry 4.0 centres: ‘Demo cum experience’ centres are being set up in the country for promoting smart and advanced manufacturing helping SMEs to implement Industry 4.0 (automation and data exchange in manufacturing technology)

*FIRST ELECTRIC VEHICLE IN INDIA*

Japanese auto company Suzuki Motor Corp is now set to enter the electric vehicle (EV) market by 2025. Suzuki, which operates in partnership with Maruti in India is likely to launch its first EV in the country Maruti Suzuki, which has been India’s best selling car company will now launch its first EV. According to reports, the all-electric compact model will be available first in the Indian market by 2025. Suzuki India which works in partnership with the Indian company plans to launch it first in India, before entering other markets.

Currently, Maruti Suzuki’s top-seller compact four-wheelers include Alto, WagonR, Baleno and Swift. Owing to the success, there is no reason to not believe that the first Suzuki Electric Vehicle wouldn’t be in this segment. The company would test the waters in India before launching the EV in its home market Japan and Europe. The auto market will be keen on the development as the EV market in India remains to be explored. Despite electric vehicles introduction is catching on, factors like high prices and range anxiety have been limiting the market.

MANUFACTURERS

The electric vehicle (EV) ecosystem in India continues to be at a very nascent stage. However, the central government has already announced the second phase of its ambitious FAME (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles) policy and aims to step up EV adoption in the country across segments.

while accelerating the adoption of electric cars, electric scooters and electric motorcycles as well as electric buses in the country. Here is a list of top 10 EV manufacturers in the country:

  • Hero Electric
  • Tata Motors
  • Ather Energy
  • Mahindra Electric
  • Lohia Auto
  • Twenty Two Motors
  • Byd Olectra
  • Hyundai Kona electric
  • Ashok Leyland
  • MG Motor

*vehicle charging station startup*

Electric Vehicle charging station business is de-licensed by the government of India, as an initiative of make in India. So it is hassle-free to open an electric car charging station in India. Considering the global rise in the electric vehicle market to billions, electric vehicle charging startups started to boom rapidly along with the electric cars charging stations business opportunity in India. India is one of the rapidly growing markets in the EV sector with almost quite a few companies investing currently. So Indian startups and investors have a great opportunity to rise and invest in this sector. And the best part is that any individual can invest in the electric mobility sector, following the guidelines of the government and Ministry of Power(MOP). With the support of the Central Government and State Government, electric car charging stations have started penetrating the Indian startup sector under EV make in India scheme-FAME.

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]]> https://www.demo.mydreamconsultant.com/electricalvehiclebusiness/feed/ 0 Good News For Tax Payers, Govt. Extends Due Date Of All Taxes Under The Income Tax Act, https://www.demo.mydreamconsultant.com/itrupdates2021/ https://www.demo.mydreamconsultant.com/itrupdates2021/#respond Fri, 03 Sep 2021 07:40:24 +0000 https://www.mydreamconsultant.com/?p=2731 [fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” border_size=”0″ border_color=”” border_style=”solid” margin_top=”-4%” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center” linear_angle=”180″ background_color=”” background_image=”” background_position=”center center” background_repeat=”no-repeat” fade=”no” 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The extension of e-filing comes after taxpayers reported difficulties in filing these forms online

The Finance Ministry on Sunday extended the deadlines for e-filing of various forms that come under the Income-Tax Act, 1961 after taxpayers reported difficulties in filing these forms online.

“On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of such Forms,” the Ministry said in a statement.

Meanwhile, the income tax return (ITR) filing deadline for FY 2020-21 for individuals has already been extended to September 30, 2021, from its earlier usual deadline of July 31, 2021.

You Must File ITR Within the Due Date or Pay a Late Fee of Rs 5000

Individual taxpayers, pay attention, please. You must file your Income Tax Return on or before September 30 or you will have to pay a late fee of Rs 5000. The Central government recently extended the deadline for ITR filing to September 30 due to the COVID pandemic. However, ​if an individual taxpayer fails to file ITR within the due date, then they will have to pay interest on the tax due, according to Income Tax Department.

As per section 234F, late filing fees of Rs 5,000 shall be payable if return furnished after the due date specified under section 139(1). However, the amount of late filing fees to be paid shall be Rs 1,000, if the total income of the person does not exceed Rs 5 lakhs.

Income Tax Return: Here’s how to file it:

1. First, you need to go to the official website  https://www.incometax.gov.in for e-filing the return of income.

2. Then, you will have to log in to the e-Filing portal by entering user ID (PAN), Password, Captcha code and click ‘Login’.

3. After that, you will have to click on the ‘e-File’ menu and click the ‘Income Tax Return’ link.

4. On the Income Tax Return Page: PAN will be auto-populated. Select ‘Assessment Year’, Select ‘ITR Form Number’, Select ‘Filing Type’ as ‘Original/Revised Return, ‘Select ‘Submission Mode’ as ‘Prepare and Submit Online

5. Click on Continue.

6. Then you will have to read the instructions carefully and fill all the applicable and mandatory fields of the online ITR form.

7. Choose the appropriate Verification option in the ‘Taxes Paid and Verification’ tab.

8. Click on the ‘Preview and Submit’ button, Verify all the data entered in the ITR.

9. ‘Submit’ the ITR.

For More Help Our Consultant Available Any Time For You. Please Click Here To Get Conlustataion About ITR Return

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]]> https://www.demo.mydreamconsultant.com/itrupdates2021/feed/ 0 Benefits Of Startup India Scheme. https://www.demo.mydreamconsultant.com/benefits-of-startup-india-scheme/ https://www.demo.mydreamconsultant.com/benefits-of-startup-india-scheme/#respond Mon, 12 Jul 2021 14:29:50 +0000 https://www.mydreamconsultant.com/?p=2689 [fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” border_size=”0″ border_color=”” border_style=”solid” margin_top=”-4%” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center” linear_angle=”180″ background_color=”” 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In this blog, we will be discussing about how to do a startup in India and how we apply for this:-

A start-up is defined as a company or a project initiated by an entrepreneur to seek, develop, and validate a scalable business model. Entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to become registered, whereas startups refer to the new businesses that intend to grow large beyond the solo founder.

1.STARTUP STATS IN INDIA:-

Did you know that India is the 3rd largest startup ecosystem in the world India is expected to witness year-over-year growth of a consistent 13-15%.

The Indian government defines a startup as an entity less than seven years young with an annual turnover of less than 250 million rupees and headquartered in India.

2.STARTUP ANNOUNCEMENT AND AMENDMENT:-

Our beloved PM Narendra Modi announced the Start-up India campaign in 2016 to promote and encourage entrepreneurship. This mainly revolves around financing, incorporation, tax exemptions etc, to ease the functioning of startups. With these benefits being provided by the Government, the majority of the start-ups have young owners, this shows the diversity and volumes of talents that India has.

According to the revised announcement on 23rd May 2017, an organization will be considered as a Startup, if it is incorporated in India as a

• private limited company (as defined in the Companies Act, 2013).

• partnership corporation (registered under section 59 of the Partnership Act, 1932).

• limited liability partnership (under the Limited Liability Partnership Act, 2008).

What Are The Eligibility Criteria For Startup Registration In India?

1. 1.Being incorporated or registered in India for less than seven years and for biotechnology startups up to 10 years from its date of incorporation.

2. 2.Annual turnover not exceeding Rs 100crores in any of the preceding financial years.

3. 3.Aims to work towards innovation, development, deployment, or commercialization of new products, processes, or services driven by technology or intellectual property.

4. 4.It is not formed by splitting up or reconstruction of a business already in existence.

5. 5.It can be incorporated as a private limited company, a registered partnership firm, or a limited liability partnership.


What Are The Benefits Of Startup India Scheme?

This scheme supports Startups by providing various benefits to the registered entity. The benefits include financial as well as non-financial benefits. To register under this scheme the entity must fulfill the criteria specified.

• Tax Exemption

• Tender Participation

• Govt. Funding Opportunity

• Participate in various Govt. Scheme

• Participate Startup Grand Challenges

• IPR Govt. Fee Concession50-80%

• Self Certifications

• Easy Winding up

• Connect Networks

• GEM Portal Seller Registration and Bid

 

 

Documents required for a startup registration in India:

1. Certificate of Incorporation / Registration Certificate and PAN

2. Email ID and Mobile number

3. Company Details ( Industry, Sector, Category, Regd. Office Address etc)

4. Directors/Partners Details ( Name, Photo, Gender, Mobile No. Email ID, Full Address)

5. Details of Authorised Representative ( Name, Designation, Mobile No. Email ID)

6. A Brief about business and products/services and notes on innovations

7. Revenue model and Uniqueness of the Product

8. Website/Pitch Deck/Video/Patent ( anyone)

 

Are you looking for Company Registration in India?

MyDreamConsultant

India’s fastest growing destination for “Online Legal Services”.We will guide you in getting all necessary documents and registration required to get Trademark Registration in India, Please click on the below link to connect with our team of experts for free consultation of trademark search.

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]]> https://www.demo.mydreamconsultant.com/benefits-of-startup-india-scheme/feed/ 0 43rd GST COUNCIL MEETING IMPORTANT ASPECTS? https://www.demo.mydreamconsultant.com/43rd-gst-council-meeting-important-asspects/ https://www.demo.mydreamconsultant.com/43rd-gst-council-meeting-important-asspects/#respond Sat, 29 May 2021 13:28:55 +0000 https://www.mydreamconsultant.com/?p=2614 [fusion_builder_container hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” hundred_percent_height_center_content=”yes” equal_height_columns=”no” menu_anchor=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” status=”published” publish_date=”” class=”” id=”” border_size=”0″ border_color=”” border_style=”solid” margin_top=”-4%” margin_bottom=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center” 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43rd GST COUNCIL MEETING IMPORTANT ASPECTS?

Finance Minister Mrs. Nirmala Sitharaman announced on Friday that in order to provide relief to small taxpayers, the GST Council has recommended an amnesty scheme for reducing late fee payable in these cases.

1. Amnesty Scheme:-

In order to provide relief to the taxpayers, the late fee for not filing Form GSTR-3B for the tax periods from July 2017 to April 2021 has been reduced.

Late fee has been limited to a maximum of Rs 500 (Rs. 250 each for CGST and SGST) per return for taxpayers who did not have any liability for the stated tax periods.(Nil Return).

late fee has been limited to a maximum of Rs 1,000 (Rs 500 each for CGST and SGST) per return for other taxpayers having tax liability for the stated tax periods.

Period of filling return:- 01.06.2021-31.08.2021.

👉 Example:

Assume Your 8 months return is pending, So late fee is 20 x 30days x 8month = 4800₹ P.M & it will be decreased month wise. So at the end of time you have to pay total 21,600 rs in #Normal Scheme.

Where

In #AmnestyScheme For nil returns total penalty is maximum 500₹. per month. So your late fees is 500₹ per month according to 8 month it is 4000₹.

So you have #save total 17,600₹ & It is really a good money for you.

Get Filed Your GST Return @99 Rs. Only*

—-! Click Here !—-

#Other Benefits :-

2.RELEXATION IN LATE FEES:- Late fee also rationalised for future tax periods.

3.COVID-19 RELIEF:- COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, certain diagnostic markers test kits and COVID-19 vaccines, etc and Black Fungus related goods are also expemted under igst till 31.08.2021.

4. Simplification of Annual Return for Financial Year 2020-21:- The filing of annual return in FORM GSTR-9 / 9A for FY 2020-21 to be optional for taxpayers having aggregate annual turnover upto Rs 2 Crore(Not Mandatory).

The reconciliation statement in FORM GSTR-9C for the FY 2020-21 will be required to be filed by taxpayers with annual aggregate turnover above Rs 5 Crore.

5. Extension of due date of filing various returns:-Due date extension must be read in attach press relase.

Are you looking for Company Registration in India?

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India’s fastest growing destination for “Online Legal Services”.We will guide you in getting all necessary documents and registration required to get Trademark Registration in India, Please click on the below link to connect with our team of experts for free consultation of trademark search.

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