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Union Finance Minister Smt. Nirmala Sitharaman to leave tonight for an official visit to Mexico and USA from 17th to 26th October 2024
October 16th, 2024
Posted By: Team-MMTaxClub

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman will embark on a visit to Mexico and USA on an official visit beginning 16th October, 2024.

During the official leg of her maiden visit to Mexico from 17th to 20th October 2024, the Union Finance Minister will lead an Indian delegation of officials from the Ministry of Finance, underscoring a positive trajectory of growing bilateral economic and trade relations between the two countries.

Beginning her visit in Guadalajara, Union Finance Minister Smt. Sitharaman will chair the Tech Leaders Roundtable that will bring together global technology leaders, including the major Indian IT giants present in Guadalajara. Later, Smt. Sitharaman will also visit the TCS headquarters in Guadalajara — a significant contributor to the Mexican IT ecosystem and known as the ‘Silicon Valley’ of Mexico with a significant presence of major global IT and tech companies. 

Smt. Sitharaman will also hold a bilateral meeting with her counterpart H.E. Mr. Rogelio Ramirez de la O, Minister of Finance and Public Credit of Mexico. Besides, the Union Finance Minister will also hold discussions with several members of the Mexican Parliament to strengthen parliamentary cooperation and foster economic development.

In Mexico City, Smt. Sitharaman will deliver a keynote address at the India-Mexico Trade and Investment Summit with participation from key industry captains from both the countries. Separately, Smt. Sitharaman will also engage with leading business figures and industry representatives from Mexico. These meetings with leading business leaders and investors are aimed at highlighting India’s policy priorities, and deliberate on measures to facilitate foreign investment by showcasing India’s attractiveness as an investment destination.

In the last leg of her maiden visit to Mexico, the Union Finance Minister will participate in a community event, being hosted by the Indian diaspora.

During the official leg of her visit to the USA from 20th to 26th Oct. 2024, Smt. Sitharaman will participate in the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, the 4th G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings, besides the G20 Joint Meeting of FMCBGs, Environment Ministers, and Foreign Ministers; and G7 – Africa Ministerial Roundtable.

In the course of her two-city visit to New York City and Washington D.C., the Union Finance Minister will participate in the Pension Funds Roundtable at New York Stock Exchange; interact with students and faculty at the Wharton School, University of Pennsylvania, and also at the Columbia University; and the Global Sovereign Debt Roundtable (GSDR) and take part in discussions organised by the Coalition for Disaster Resilient Infrastructure (CDRI) and Centre for Strategic and International Studies (CSIS) respectively.

The Union Finance Minister will take part in bilateral meetings with several countries, including United Kingdom, Switzerland, and Germany, besides holding one-on-one meetings with heads of World Bank (WB), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), and CEOs of banking and financial institutions.

In a high-level event, the Union Finance Minister will participate in a World Bank Group discussion ‘From Idea to Implementation: New Financial Solutions to Accelerate Development’.

The Union Finance Minister will also share her thoughts during a discussion on Bretton Woods Institutions (BWI) with other panelists, Mr. Lawrence H. Summers; Mr. Carlos Cuerpo, Minister of Economy, Trade and Business, Spain; and Ms. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, Egypt. The event is organised by the Centre for Global Development (CGD).

Source

As part of Special Campaign 4, CGST Faridabad Commissionerate of CBIC reclaims office space by constructing a cafeteria and creche for employee welfare
October 16th, 2024
Posted By: Team-MMTaxClub

The CGST Faridabad Commissionerate, in its commitment towards providing better working environment for officers and staff, developed a cafeteria and creche within the building premises by reclaiming two abandoned rooms filled with old records and used furniture. The efforts were carried out keeping in mind the focus of Special Campaign 4.0, which emphasises on weeding out old records and better utilisation of office space.

Shri Shashank Priya, Member, GST, CBIC, and Zonal Member, inaugurated the cafeteria and creche in presence of Chief Commissioner Shri Manoj Kumar Srivastava, Shri Reyaz Ahmad, Commissioner, CGST Faridabad, and senior officers of CGST Panchkula Zone.

The creche is named ‘Mukesh’ in the loving memory of Shi Mukesh Kumar, IRS (C&IT) 2014 officer, who lost his life during COVID-19 Pandemic. The officer worked as Deputy Commissioner with CGST Faridabad for more than two years. His parents were also present at the inauguration of the creche.

 

Shri Priya lauded the efforts of the commissionerate towards employee welfare which will boast their morale and help in better tax administration.

Both cafeteria and creche have been made possible with the welfare funds provided by Directorate General of Human Resource Development, CBIC. The cafeteria provides a clean and healthy dining experience to the employees and would offer food at reasonable rates. The creche would help employees to now keep the kids within their own office premises. The creche will not only help bridge the gap of physical distance between the parents and the infants, but will also strengthen their emotional bond.

As part of Swachhta Hi Sewa, 2024, during the visit Zonal Member also visited Kendriya Vidyalaya, Faridabad to handover a water cooler, RO filter, eco-friendly dustbins, grass cutting machine etc. to the school. It is pertinent to note that during Special Campaign 3, Shri Priya had visited the school on October 2, 2023 and these items were requisitioned by the school. CGST Faridabad in its commitment towards Swachh Bharat has fulfilled the request of the school and provided the items out of Swachhta funds.

Shri Priya also planted a sapling at CGST Faridabad under the Ek Ped Ma Ke Naam campaign of the Government of India. 

Source

CBDT issues Frequently Asked Questions (FAQs) on Direct Tax Vivad Se Vishwas Scheme, 2024, to provide clarity
October 16th, 2024
Posted By: Team-MMTaxClub

In order to facilitate the various queries raised by the stakeholders following the enactment of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, the Central Board of Direct Taxes (CBDT) has today issued a Guidance Note in the form of Frequently Asked Questions (FAQs). This note is designed to provide clarity and assist taxpayers in better understanding the provisions of the Scheme.

The Guidance Note can be accessed on the Income Tax Department’s official portal at https://incometaxindia.gov.in/news/circular-12-2024.pdf.

The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes. The scheme was enacted through the Finance (No. 2) Act, 2024. Additionally, the corresponding Rules and Forms for implementing the Scheme were notified on September 20, 2024.

For detailed provisions of the DTVSV Scheme, 2024, sections 88 to 99 of the Finance (No. 2) Act, 2024, may be referred along with the Direct Tax Vivad Se Vishwas Rules, 2024.

Government notifies reconstitution of Monetary Policy Committee under the Reserve Bank of India Act, 1934
October 2nd, 2024
Posted By: Team-MMTaxClub

As per the provisions of the RBI Act, the Monetary Policy Committee (MPC) consists of six members: three Members from RBI and three are appointed by the Central Government. In exercise of the powers conferred by section 45ZB of the Reserve Bank of India Act, 1934, the Central Government has accordingly reconstituted the Monetary Policy Committee of RBI, as below:-

(a)  Governor of the Reserve Bank of India — Chairperson, ex officio;

(b)  Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy —Member, ex officio;

(c)  One officer of the Reserve Bank of India to be nominated by the Central Board —Member, ex officio;

(d)  Prof. Ram Singh, Director, Delhi School of Economics, University of Delhi —Member;

(e) Shri Saugata Bhattacharya, Economist — Member; and

(f)  Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, New Delhi — Member.

The Members of the Monetary Policy Committee appointed by the Central Government (at Sl. No. (d), (e) and (f) above), shall hold office for a period of four years, with immediate effect or until further orders, whichever is earlier.

CCI approves acquisition of Bharat Serums and Vaccines Limited by Mankind Pharma Ltd
October 2nd, 2024
Posted By: Team-MMTaxClub

Competition Commission of India has approved the acquisition of Bharat Serums and Vaccines Limited by Mankind Pharma Ltd. The proposed transaction involves the acquisition of 100% shareholding of Bharat Serums and Vaccines Limited (BSV) by Mankind Pharma Ltd. (Mankind) (Proposed Combination).

Mankind is a public listed company and is engaged in developing, manufacturing, and marketing a diverse range of pharmaceutical finished dosage formulations (FDFs) across various acute and chronic therapeutic areas, as well as several consumer healthcare products such as condoms, emergency contraceptives, pregnancy tests, vitamins, minerals, nutrients, antacids and anti-acne preparations segments. Through its subsidiaries, Mankind is also engaged in, inter alia, the manufacture and sale of active pharmaceutical ingredients (APIs), pharmaceutical intermediaries, and packaging products for pharmaceutical products.

BSV, along with its subsidiaries, is engaged in research, development, licensing, manufacturing, importing, exporting, marketing and distribution of: (a) FDFs and APIs; (b) biotech and biological formulations and/or API; (c) food and health supplements; (d) medical devices; and (e) ayurvedic medicines; in each case, in the therapeutic areas such as gynaecology, in-vitro fertilisation, critical care and/or emergency medicines for human use. In India, the activities of BSV (including its wholly owned Indian subsidiary, BSV Pharma Private Limited, which is in the process of merging with BSV) are limited to developing, manufacturing, and marketing a range of biological, biotech, and pharmaceutical products in the therapeutic areas of women’s health, critical care, IUI-IVF, and emergency medicine.

Detailed order of the Commission will follow.