Union Cabinet on Wednesday cleared a Rs 6,000 crore special package for the sector. The move, according to the government, would create 1 crore new jobs in three years, in addition to attracting investments of $11 billion and generating $30 billion in exports.
http://indianexpress.com/article/business/economy/textile-sector-gets-rs-6k-cr-package-to-create-1-cr-new-jobs-2870036/

 
Model GST Law 2016 : Clause-wise Analysis

In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India, Ministry of Finance (Department of Revenue) number S.O. 3069 (E) dated 31st December, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a foreign bank, or to any payment systems company authorised by the Reserve Bank of India under Sub-section (2) of Section 4 of the Payment and Settlement Systems Act, 2007 (51 of 2007), namely :-
(i) bank guarantee commission;
(ii) cash management service charges;
(iii) depository charges on maintenance of DEMAT accounts;
(iv) charges for warehousing services for commodities;
(v) underwriting service charges;
(vi) clearing charges (MICR charges) including interchange fee or any other similar charges by whatever name called charged at the time of settlement or for clearing activities under the Payment and Settlement Systems Act, 2007;
(vii) credit card or debit card commission for transaction between merchant establishment and acquirer bank.
2. This notification shall come into force from the date of its publication in the Official Gazette. [Notification No. 47/2016/ F. No. 275/53/2012 – IT(B)
http://www.incometaxindia.gov.in/communications/notification/notification472016.pdf

Draft GST law has been uploaded on Finance Ministry’s site
www.finmin.nic.in

Rule 7, 7B and 7C of Service Tax Rules 1994 are being amended to provide for filing of annual return by assessee. The important points are as under.
This return shall be in addition to the half yearly returns field by the assessee.
The due date for filing the annual return is 30th November of suceeding financial year.
No.19/2016-Service Tax

           Addressing the nation on India’s 68th Independence Day, Hon’ble Prime Minister Shri Narendra Modi urged the industry, especially the Micro, Small and Medium Enterprises (MSMEs) of India, to manufacture goods in the country with “zero defects” and to ensure that the goods have “zero effect” on the environment.

“We should manufacture goods in such a way that they carry zero defect and that our exported goods are never returned to us. We should manufacture goods with zero effect that they should not have a negative impact on the environment”.

For details please see  Zero Defect and Zero Effect (ZED)

Pradhan Mantri Mudra Yojana
The stages and reach of loan under pradhan mantri mudra yojana
There are three main stages of PM Mudra Bank Yojana:
1 Shishu
RS 50 Thousand This stage would cater to entrepreneurs who are either in their primitive stage or require lesser funds in order to get their businesses started. Under this stage the applicant would be eligible to get up to Rs 50,000 credit.
2 Kishor
Rs 5 Lakhs This stage would cater to entrepreneurs who have requirement of funds in the range of Rs 50,000 and Rs 5 lakh. This section of entrepreneurs would belong to either those who have already started their business and want additional funds to mobile the business or those who simply require this much of money to start up their businesses.
3 Tarun
Rs 10 Lakhs If an entrepreneur meets the required eligibility conditions, he/she could apply for a loan up to Rs 10 lakh. This would be the highest level of amount that an entrepreneur could apply for a start up loan.
for more details please visit http://pmjandhanyojana.co.in/pradhan-mantri-mudra-yojana-bank/
Application Form for Loan under Pradhan Manthri Mudra Yojana

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS SERVICE TAX WING NEW DELHI.
ORDER NO 1/2016-Service Tax, Dated: April 25, 2016
In exercise of the powers conferred by sub-rule (4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3 for the period from 1st October 2015 to 31st March 2016, from 25th April 2016 to 29th April 2016. The circumstances of a special nature, which have given rise to this extension of time, are as follows: “Difficulties have been faced by assessees in accessing the ACES application on 25th April 2016” F.No.137/99/2011-Service Tax
(Rajeev Yadav) Director (Service Tax) Central Board of Excise and Customs

The Companies (Amendment) Act 2015 notified in the official gazettee on 26.05.2015. Govt has brought chabges in Companies Act 2013 with a view to promote ease of doing business in  India.The following ancillary amendment are also made.
1 The Companies (Registration officces and Fees) Rules
2. Companies (Registration of charges) Rules
3. Companies (Declaration and payment of Divident) Rules
4. Companies (Incorporation) Rules
5. Companies (Share Capital and Debenture) Rules

          From AY 2016-17 , incase of undisclaused income filed by the assesse is noticed by the assessing officer stringent penalties will be imposed.

Penalties & Prosecutions under Income Tax Act, 1961