TDS and TCS rates cut by 25% till March 31, 2021

From May 14 to March 31, 2021 TDS and TCS rate has been reduced by 25% of the existing rate and is applicable to all payments. It will release Rs 50,000 crore in the hands of the people instead of paying them as taxes: FM

Source: click here

MCA issued clarification

The Ministry of Corporate Affairs (“MCA”) vide General Circular No. 21/2020 dated May 11, 2020 which provided clarification on the mode of issue of the notice referred to in section 62(1)(a)(i) of Companies Act (“the Act”) read with section 62(2) of the Act for rights issue by listed companies, as the difficulties are being faced by companies in sending notices through postal or courier services on account of the threat posed by  Covid-19.

2. Further in term of Circular

No. SEBI/HO/CFD/DIL2/CIR/P/2020/78 issued by SEBI dated May 06, 2020, it was clarified that for the rights issues opening upto 31st July 2020, in case of listed companies, which comply with the aforementioned SEBI Circular dated 6th May, 2020, inability to dispatch the notice referred in para 1 of this Circular to their shareholders through registered post or speed post or courier would not be viewed as violation Of section 62(2) of the Act.

The circular can be accessed at: click here

COVID-19 impact in India

COVID-19 is far more than a health crisis. The economic crisis a severe fallout of the virus is grim and much grimmer for developing countries like India. The pandemic has already exposed the health vulnerabilities facing India, especially it’s rural poor and urban slum dwellers. As a measure to contain the community transmission of the virus, the government announced a nationwide lockdown which was extended twice to continue through 17 May.

The impact of a little less than two-month lockdown is turning out to be immense. Since economic activities have come to a standstill, factories are not running, establishments are closed, and most markets are shut, there is a disruption in work, wages/income, and food all three interconnected for crores of people in India. Almost 90 percent of workers in India work in the informal economy that part of the economy which thrives on daily work, and daily cash, with little provisions of employment protection. Like demonetization, the current lockdown has exposed millions of workers and their families to starvation, hunger, death, and very bleak future prospects.

Read More at: click here

COVID-19-impact-India

After 12% GST and Mandi tax, now 2% farmers will face grievance crisis due to agriculture tax

Jodhpur, which is called Asia’s biggest ghee market, has a crisis in the ghee industry. A week ago, the government is likely to have an impact on the sale of ghee by adding a new tax of two percent as farmer agriculture. Before the lockdown, there was five thousand tin ghee sold daily, which has now decreased. The new tax will be a burden on the general public, while ghee traders fear losing competition from neighboring states.

After GST and Mandi tax, a new tax has been imposed in the name of 2 percent and Kisan Krishi Tax. Mandi tax is being taken only in Rajasthan. Mandi tax is not levied in any of the surrounding states. Now farmers have also added agricultural tax. With GST, both these taxes are to be recovered from the public. Anyway, before GST, VAT on food items including oil and ghee was charged at the same 5 percent, but after GST, there is 5 percent tax on oil, but on Ghee, there is 12 percent GST. After that, the tax was added at 1.60 percent value. Now farmers have imposed 2 percent tax directly as agriculture.

agriculture tax

Read More at: click here