As per the new policy Telangana State Industrial Project Approval and Self-certification System (TS-iPASS), penal action will be taken against government officials if there is any undue delay in processing applications, the CM said, adding that mega projects would get permissions in 15 days.
According to PTI, the government identified 14 core areas for a focused approach which include life sciences, pharma, information technology, aerospace, automobiles, textiles, minerals and transportation and logistics, among others.
The CM also launched a solar power policy which will ensure single window clearances to solar projects.
http://yourstory.com/2015/06/telangana-industrial-policy/

GST threshold set at Rs 10 lakh

Traders with a turnover below R10 lakh a year won’t have to register for or pay the goods and services tax (GST), and those with annual sales of R10 lakh to R50 lakh will need to pay the tax at a rate lower rate than the standard GST rate, official sources told FE.The concessional tax rate would, however, not be available for traders making interstate transactions irrespective of their turnover, they said. The quantum of concession will be decided by the proposed GST Council which will also determine the standard GST rate. The threshold levels were finalised by the empowered committee of state finance ministers that met here for the second consecutive day on Friday.

Read more at:

htp://www.financialexpress.com/article/economy/gst-threshold-set-at-rs-10-lakh/70868/

Kerala Industrial & Commercial Policy Amended – 2015
Government shall provide 20% capital subsidy for new manufacturing units in Electronics Systems Design & Manufacturingsector in the State and.shall provide deferment of VAT for a period of 5 years for ESDM investments of Rs. 10 Crore or more.
To encourage Women to take up entrepreneurship as a career the industries set up by them will be treated under the thrust industry category enabling them to avail 30% investment subsidy.
Read more
http://www.keralacm.gov.in/images/stories/topnews/2015/May/Kerala%20Industrial%20and%20Commerce%20Policy%20%202015_%20English.pdf

GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue)
Notification No. 12/2015-Central Excise (N.T.) New Delhi, the 30th April, 2015
G.S.R. (E).- In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the CENVAT Credit Rules, 2004, namely:– 1. (1) These rules may be called the CENVAT Credit (Second Amendment) Rules, 2015.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the CENVAT Credit Rules, 2004 (hereinafter referred to as the said rules), in rule 3, in sub-rule (7), in clause (b), after the second proviso, the following shall be substituted, namely:
– “Provided also that the credit of Education Cess and Secondary and Higher Education Cess paid on inputs or capital goods received in the factory of manufacture of final product on or after the 1st day of March, 2015 can be utilized for payment of the duty of excise leviable under the First Schedule to the Excise Tariff Act:
Provided also that the credit of balance fifty per cent. Education Cess and Secondary and Higher Education Cess paid on capital goods received in the factory of manufacture of final product in the financial year 2014-15 can be utilized for payment of the duty of excise specified in the First Schedule to the Excise Tariff Act:
Provided also that the credit of Education Cess and Secondary and Higher Education Cess paid on input services received by the manufacturer of final product on or after the 1st day of March, 2015 can be utilized for payment of the duty of excise specified in the First Schedule to the Excise Tariff Act.”.
[F. No. 334/5/2015-TRU] (Akshay Joshi) Under Secretary to the Government of India.
Read
http://www.cbec.gov.in/excise/cx-act/notfns-2015/cx-nt2015/cent12-2015.pdf

GOVERNMENT OF INDIA
MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES]
NOTIFICATION New Delhi, the 15th day of April, 2015 Income-tax S.O.
1014 (E).? In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1.
(1) These rules may be called the Income-tax (Seventh Amendment) Rules, 2015.
(2) They shall be deemed to have come into force with effect from the 1st day of April, 2015.
2. In the Income-tax Rules, 1962,? (1) in rule 12,? (a) in sub-rule (1),- (A) after the words, brackets, figure and letter “sub-section (4D)” the words, brackets, figure and letter “or sub-section (4E)” shall be inserted; (B) for the figures “2014”, the figures “2015” shall be substituted; (C) in clause (a), in the proviso, in clause (I), for sub-clause (ii), the following subclauses shall be substituted, namely:- “(ii) signing authority in any account located outside India; or (iii) income from any source outside India;”; (D) in clause (ca), in the proviso, in clause (I), for sub-clause (ii) the following subclauses shall be substituted, namely:- “(ii) signing authority in any account located outside India; or (iii) income from any source outside India;”; (E) in clause (g), after the words, brackets, figure and letter “sub-section (4D)” the words, brackets, figure and letter “or sub-section (4E)” shall be inserted; (b) for sub-rule(3), the following sub-rule shall be substituted, namely:- ‘(3) The return of income referred to in sub-rule (1) shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof:-
Read-  https://incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/notification41_2015.pdf

Venture capital firms, hedge funds and the likes of business executives such as Rupert Murdoch are all vying for a piece of India’s rapidly growing e-commerce market – particularly companies aimed at the growing number of aspiring middle-class consumers.
Well-known investors like Masayoshi Son, the chief executive of SoftBank; Jack Ma, the executive chairman of Alibaba; and Murdoch, the media tycoon, have all made investments in India’s e-commerce companies. They are going head-to-head with other experienced tech investors like Sequoia Capital and Accel Partners.

Finance Ministry today clarified that LPG subsidy received by individuals in their bank accounts will continue to be exempt from income tax.
The clarification follows doubts being raised by tax experts over an amendment in Finance Bill, 2015 that expanded the definition of taxable income to include subsidies, grants, cash incentive and duty drawback.
“The provision in the Finance Bill, 2015, will not affect the LPG subsidy and other welfare subsidies received by individuals,” the Ministry said in a statement.
Read more at:

SEBI to finalise norms for listing of startups to help them tap capital markets to raise funds

Under the new norms, the entire pre-issue capital is expected to be locked-in for a period of six months for all shareholders. At present, promoters are required to offer a minimum of 20 per cent of post-issue capital as lock-in for a period of three years. Read more at:

http://yourstory.com/2015/05/sebi-listing-startups/

MCA simplifies incorporation process; releases new integrated Form INC-29 for Cos applying for incorporation

MCA has brought out Companies (Incorporation) Amendment Rules, 2015 which is applicable from the date of its publish in official gazette. Read rules at:

http://mca.gov.in/Ministry/pdf/AmendmentRules_01052015.pdf

 
 
 
 
http://mca.gov.in/Ministry/pdf/AmendmentRules_01052015.pdf