Compliance Relaxations in India | COVID-19
1. GST UpdateDate of Notification – 28 May 2021 Legal Framework – The Goods & Services Tax Act, 2017 and relevant
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1. GST UpdateDate of Notification – 28 May 2021 Legal Framework – The Goods & Services Tax Act, 2017 and relevant
-Summary
The Central Government in India has approved the Model Tenancy Act, 2021 which is to be sent to the States and Union Territories in India to enact legislation or amend laws on rental properties.
– What to Watch?
Like in the case with Real Estate (Regulation and Development Act), the State Governments in India may choose not to follow this model act and its guidelines. This will result in diluting the potential benefits available in the Model Tenancy Act, 2021. However, quick implementation is expected where ruling Central Government is also having government in the States and Union Territories (UT) in India.
1. Topic – Income tax compliance relaxations – Date of Notification – 20 May 2021– Legal Framework: Income Tax Act, 1961 and relevant
1. Topic – Clarification on spending of CSR funds for ‘creating health infrastructure for COVID care’ – Date of Notification – 5 May
India is one of the fastest growing economies in the world. Doing successful business in India’s complex and diverse markets requires long-term planning, a deep understanding of consumers, patience, and a location-by-location strategy.
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By 2022, the construction market in India is expected to emerge as the third-largest globally. 100% FDI is allowed under the automatic route for urban infrastructures such as urban transport, water supply, and sewage treatment
Broadband for all villages by 2022 – to increase present route length of the optical fibre cable from 2.2 million kilometres to 5 million kilometres
FDI norms in 15 sectors liberalized. Distinction between Foreign Direct Investment and Foreign Portfolio Investment eliminated
Indian Railways plan to run on 100% electricity by 2024 and become a net-zero emission network by 2030 – rail infrastructure will see an investment of USD 700 billion by 2030
Annual renewable energy target of 450 GW by 2030 – to increase the country’s share of non-fossil-based installed electric capacity to 40 percent by 2030
The government of India aims to construct 65,000 km of national highways at a cost of USD 741 billion by 2022
Combined outlay of about USD 22.5 billion to create 100 Smart Cities and rejuvenate 500 cities (AMRUT)
USD 1.5 billion ‘fund of funds’ created to support Startups. Specific inputs to promote the growth of startups in India
Combined outlay of USD 10 billion for Clean India Mission and Clean Ganga. USD 6.5 billion for SWM plants and community toilets
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