The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in GST Rules, to be applicable from January 1, 2021, which restricts use of input tax credit for discharging GST liability to 99 per cent.
The deadline to file ITR by individual taxpayers for FY2019-20 ends on December 31, 2020, while the same for taxpayers whose accounts require to be audited is January 31, 2021.
As per the survey 41% of small businesses have said that it would be impossible for them to file income tax returns by December 31. The government has already extended the deadline for filing the tax returns due to the Covid pandemic.
The Confederation of Indian Industry (CII) has proposed the road map to encourage domestic manufacturing in alignment with global trade trends that would boost India's export competitiveness as per shifting global value chains in the next three to five years.
The spadework started late last year and 2020 was supposed to be the landmark year in India's history of privatisation with at least three top PSUs -- the nation's second-biggest fuel retailer Bharat Petroleum Corporation Ltd (BPCL), national carrier Air India and Shipping Corporation of India (SCI) up for sale.
India and Australia, against the backdrop of their frosty relations with China, unveiled a ''shared vision for maritime cooperation in the Indo-Pacific'', a region which has been witnessing growing Chinese military assertiveness triggering concerns among major players.
"Reducing the regulatory compliance burden is a priority area for the government. There are a lot of compliance burdens and we have to reduce that. Every ministry is doing this on a war footing," a senior official in the commerce and industry ministry said.