May 2023

Rail Vikas Nigam Limited (RVNL) granted Navratna Status

Business / /

RVNL was incorporated as PSU on 24th January, 2003, with the twin objectives of implementation of projects relating to creation and augmentation of capacities of rail infrastructure on fast track basis and raising of extra budgetary resources for SPV projects. The company began its operation in 2005 with the appointment of Board of Directors. The company was granted Mini-Ratna status in September 2013. The authorized share capital of the company is Rs. 3000 Crore, with paid up share capital of Rs. 2085 crore. RVNL has been assigned the following functions: Undertaking project development and execution of works covering full project life cycle. Creating Project specific SPVs for individual works, if required. On completion of a Railway project by RVNL, the concerned Zonal Railway will undertake its operation and maintenance. The grant of “Navratna” status to RVNL leads to enhanced delegation of powers, more operational freedom and financial autonomy which will give huge impetus to RVNL’s progress, particularly so, when RVNL is extending its footprints in sectors beyond Railways and even in projects abroad.

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Rent Agreement Format: A Comprehensive Guide to Executing a Rental Agreement

Legal Documents and Agreements / /
rent agreement

Introduction Renting a property is a common practice in today’s world. As a landlord or a tenant, it is essential to have a clear understanding of the terms of the rental agreement. A rental agreement is a legal document that outlines the terms and conditions of the tenancy. It is a contract between the landlord and the tenant, and it is crucial to execute the agreement correctly. Rent Agreement Format A rental agreement is a written contract that establishes the relationship between the landlord and the tenant. The rent agreement format should include the following details: Names and addresses of the landlord and the tenant Property details, including the address and the type of property Rental amount and payment details Security deposit amount and refund policy Maintenance and repair responsibilities Renewal and termination clauses Other terms and conditions, such as subletting, pets, and smoking policy Rent Agreement Online With the advancement of technology, creating a rent agreement online has become more accessible than ever. Online platforms offer templates that can be customized to fit your specific needs. Here are the steps to create a rent agreement online: Find a reliable online platform that offers rent agreement templates. Select a template that suits your requirements. Customize the template with the necessary details, such as names, addresses, and property details. Review the document carefully to ensure all details are correct. Download and print the document. Sign the document in the presence of witnesses. Executing a Rental Agreement Executing a rental agreement involves signing the agreement in the presence of witnesses. Here are the steps to execute a rental agreement: Both the landlord and the tenant should sign the rental agreement in the presence of at least two witnesses. The witnesses should also sign the rental agreement. The landlord should provide a copy of the rental agreement to the tenant, and vice versa. The landlord should keep the original copy of the rental agreement in a safe place. Terms of Rental Agreement The terms of rental agreement include the details of the tenancy and the responsibilities of the landlord and the tenant. Here are some essential terms of a rental agreement: Rent amount and payment details: The rental agreement should state the monthly rent amount and the payment details, such as the due date and the payment method. Security deposit: The rental agreement should include the security deposit amount and the refund policy. Maintenance and repairs: The rental agreement should specify the responsibilities of the landlord and the tenant regarding maintenance and repairs. Renewal and termination: The rental agreement should state the renewal and termination clauses. Subletting: The rental agreement should include a subletting clause if the tenant is allowed to sublet the property. Pets and smoking policy: The rental agreement should specify the policy regarding pets and smoking. Lease Agreement A lease agreement is a type of rental agreement that involves a long-term tenancy. A lease agreement is typically for a year or more, and the rent amount is usually fixed for the entire lease term. A lease agreement also includes the renewal and termination clauses. Rental Agreement or License Agreement A rental agreement is a contract between the landlord and the tenant, whereas a license agreement is a contract between the licensor and the licensee. A license agreement is typically used when the landlord is not leasing out a property, but rather granting the tenant a license to use the property for a specific purpose. A license agreement is commonly used in commercial real estate, such as for office spaces, retail stores, or storage units. FAQs Q: Is a rental agreement the same as a lease agreement? A: No, a rental agreement is a type of lease agreement, but it is typically for a short-term tenancy, whereas a lease agreement is for a long-term tenancy. Q: Can I create a rental agreement without a lawyer? A: Yes, you can create a rental agreement without a lawyer by using online templates or hiring a document preparation service. Q: What should I do if the tenant violates the rental agreement? A: If the tenant violates the rental agreement, the landlord can terminate the tenancy and evict the tenant. However, the landlord must follow the legal eviction process and cannot take any self-help measures, such as changing the locks or shutting off utilities. Supreme Court on Rent Agreement In the case of Lourdes Society Complex Co-operative Housing Society Ltd. v. Dilipkumar Sashikant Thorat, Supreme Court held that the tenant had violated the terms of the rent agreement by using the flat for commercial purposes, and therefore, the appellant was entitled to seek eviction of the tenant. The court observed that a rent agreement is a legal contract between the landlord and the tenant, and both parties are bound by its terms and conditions. The court further stated that a tenant has no right to use the property for any purpose other than that specified in the rent agreement. The court also held that the landlord has the right to seek eviction of the tenant if the tenant violates the terms of the rent agreement. However, the court clarified that the eviction can only be sought through the legal process prescribed under the law and cannot be done through any self-help measures. Conclusion Executing a rental agreement is a crucial step in the renting process. A rental agreement is a legal document that outlines the terms and conditions of the tenancy, and it protects both the landlord and the tenant. The rent agreement format should include the necessary details, such as the names and addresses of the landlord and the tenant, property details, rental amount and payment details, security deposit amount and refund policy, maintenance and repair responsibilities, renewal and termination clauses, and other terms and conditions. Creating a rent agreement online has become more accessible than ever, and it offers a convenient and cost-effective option for landlords and tenants. However, it is crucial to review the document carefully and ensure all details are

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Startup20

Startups / /

Startups have become the engine for innovation-fueled economic recovery, reorientation, and growth for nations around the world. Startup20 is the first of its kind official engagement group initiated under the Indian presidency of the G20 2023. The engagement group would act as the voice of the global startup ecosystem bringing together varied stakeholders on a common platform. Startups need a thriving and favorable environment to scale rapidly; policies, frameworks and regulations at the national and international platforms need to keep pace with innovation. The Startup20 Engagement Group would create a global narrative for supporting startups and enabling synergies between startups, corporates, investors, innovation agencies and other key ecosystem stakeholders. Startup20 is an official engagement group, established under the G20 India Presidency 2023. It acts as a dialogue forum with the global startup ecosystem stakeholders and intends to represent the global startup ecosystem to raise the macroeconomic concerns and challenges faced by entrepreneurs with G20 leaders. This would function as any other G20 engagement group, supported by G20 India Sherpa initially along with the Startup20 secretariat. Startup20 will work towards bringing forward key topics for discussion and formulating recommendations against each priority area. Through a consensus-based approach, we will corroborate the final recommendations to the G20 Presidency for discussion at the G20 Summit. We will seek to advance important subjects for discussion and develop recommendations for each priority area using a consensus-based methodology. This will be followed by confirming the final recommendations before submitting them to the G20 Presidency for discussion at the G20 Summit. Startup20 India Startup20 India will operate through Task Forces which are structured to develop key priorities and bring forward the topics in which recommendations would be formulated to support the startup ecosystems globally. Such recommendations would be conveyed through a communique to the G20 India presidency and taken up during the G20 Summit 2023.

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UPAJ A festival of Innovation in Arts

Business / /

Startup20, Atal Innovation Mission, the Controller General of Patents, Designs, Trade Marks and the Pandit Jasraj Cultural Foundation launched “UPAJ: A festival of Innovation in Arts” On the occasion of World IP Day, Dr. Chintan Vaishnav, Chair Startup20, G20 along with Ms. Durga Jasraj founder of Pandit Jasraj Cultural Foundation launched the “UPAJ: A Festival of Innovations in Arts” on Tuesday, April 26th April 2023 in NITI Aayog, New Delhi. The event was a segment of the larger World IP Day celebration organized by the Office of the Controller General of Patents, Designs, and Trademarks. The inauguration began with the G20 Sherpa, Shri Amitabh Kant addressing the audience via a video message, saying “This work will inculcate the awareness of the importance of the IP and copyrights for India’s rich cultural heritage.” Simultaneously, Atal Innovation Mission, NITI Aayog hosted a panel discussion on the Importance and Challenges of Protecting Innovation in Performance Arts. Various stakeholders working in different areas that relate to this topic participated in the discussion, ranging from artists, innovators, Intellectual Property Rights experts, ecosystem builders, and policymakers. The discussion was moderated by Dr Chintan Vaishnav where the participants were: Ms. Durga Jasraj, Founder, Pandit Jasraj Cultural Foundation; Mr. Neeraj Jaitly, Founder, Pandit Jasraj Cultural Foundation; Maestro Niladri Kumar, Musician, Sitar and Zitar; Dr. Dinesh Patil, Deputy Controller of Patents and Designs and Head of Office (Technical); Dr. Prithpal Kaur Sidhu, Deputy Registrar of Trade Marks and G.I, Head – Copyrights Office, Delhi; Prof. Amogh Dev Rai, Executive Director, Sanrachna Foundation; and advocate Saveena Bedi Sachar, Founder and Managing Partner – Lawhive Associates. Speaking during the event Dr. Chintan said; “When it comes to Art and Culture, India is a powerhouse. The platform we have launched today is born with the intention of celebrating artistic expression and creating an ecosystem to support those who are innovating in the field of art. While introducing the festival he also pointed to the dichotomy where “at one level originality and creativity is existential for arts to exist, but at another level purity and authenticity is what we value of the art forms.” He said, “This field is evolving with time and experimentation, and like with other fields, arts is also transformed by technological evolution. A forum like this hopes to celebrate those people who are advancing the field with their innovations.” Speaking at the panel discussion Ms. Durga Jasraj expressed how “Innovation goes hand in hand with art. It is because of technology that artists across the lengths and breadths of the country are able to find their voice. Further digital forums play the crucial role of taking art to the masses.” Maestro Niladri Kumar, whose imagination gave birth to Zitar, also shared his views, “Intellectual Property Rights not only ensure that the originality of artists’ work is recognized, but also incentivize innovation in the industry by providing a legal framework for us artists to protect & profit from our work” Discussing the Intellectual Property angle, Dr. Dinesh Patil, Deputy Controller of Patents and Designs expressed that “Art is directly connected to copyrights if the artist wants to safeguard the art, and there are laws providing maximum protection”. The UPAJ festival is planned for the first week of July when the G20 Startup20 summit meeting is planned. About Atal Innovation Mission (AIM): AIM is the Government of India’s endeavor to promote a culture of innovation and entrepreneurship. Its objective is to serve as a platform for the promotion of world-class innovation hubs, grand challenges, start-up businesses, and other self-employment activities, particularly in technology-driven areas.

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A Comprehensive Guide to Understanding and Filling Out the 49A Form for Indian Citizens and Foreign Nationals

Income Tax / /
49a form

Introduction If you’re an Indian citizen or a foreign national residing in India, you’ve probably heard of the Permanent Account Number (PAN) card. This is a 10-digit alphanumeric identifier issued by the Income Tax Department of India to individuals, businesses, and organizations for tax and financial purposes. A PAN card serves as a proof of identity, and is necessary for conducting several financial transactions, including opening a bank account, investing in the stock market, and filing income tax returns. To apply for a PAN card, you need to fill out the 49A form if you’re an Indian citizen, or the 49AA form if you’re a foreign national. While the process of applying for a PAN card may seem daunting, it’s actually quite simple if you understand the basics of the 49A form. In this blog post, we’ll walk you through everything you need to know about the 49A form, including its purpose, who needs to fill it out, and how to do so correctly. Types of PAN Card Form Before we dive into the details of the 49A form, let’s take a look at the two types of PAN card forms: Form 49A: This form is used by Indian citizens, including those who are minors and those who are not currently residing in India but have a source of income in the country. Form 49AA: This form is used by foreign nationals who have a source of income in India, including those who are employed, self-employed, or running a business in the country. PAN Card Form 49A – Indian Citizens If you’re an Indian citizen and need to apply for a PAN card, you’ll need to fill out the 49A form. Here’s a step-by-step guide to filling out the form correctly: Start by downloading the 49A form from the Income Tax Department’s website. Fill out the form in block letters using black ink. Make sure you fill out all the mandatory fields, indicated by an asterisk (*), including your full name, date of birth, address, and contact information. If you’re applying for a PAN card for the first time, make sure to tick the box that says “New PAN – Indian Citizen (Form 49A)”. If you’re applying for a correction or change to an existing PAN card, tick the box that says “Changes or Correction in existing PAN Data/ Reprint of PAN Card (No changes in existing PAN Data)”. If you’re applying for a duplicate PAN card, tick the box that says “Reprint of PAN card (No changes in existing PAN Data)”. If you’re applying for a name change, make sure to attach a copy of your name change certificate. If you’re a minor, make sure to have your parent or legal guardian sign the form on your behalf. Once you’ve filled out the form, attach a recent passport-sized photograph of yourself and sign the form in the space provided. Finally, submit the form along with the required documents and fees to the nearest UTIITSL or NSDL TIN facilitation center. You can also apply for a PAN card online by visiting the UTIITSL or NSDL TIN website. PAN Card Form 49AA – Foreign Citizens If you’re a foreign national residing in India and have a source of income in the country, you’ll need to fill out the 49AA form to apply for a PAN card. Here’s a step-by-step guide to filling out the form correctly: Start by downloading the 49AA form from the Income Tax Department’s website. Fill out the form in block letters using black ink. Make sure you fill out all the mandatory fields, including your full name, date of birth, address, and contact information. You’ll also need to provide your nationality, passport number, and visa details. If you’re applying for a PAN card for the first time, make sure to tick the box that says “New PAN – Foreign Citizen (Form 49AA)”. If you’re applying for a correction or change to an existing PAN card, tick the box that says “Changes or Correction in existing PAN Data/ Reprint of PAN Card (No changes in existing PAN Data)”. If you’re applying for a duplicate PAN card, tick the box that says “Reprint of PAN card (No changes in existing PAN Data)”. If you’re a representative assessee, make sure to provide the name and PAN card details of the person you’re representing. Once you’ve filled out the form, attach a recent passport-sized photograph of yourself and sign the form in the space provided. Finally, submit the form along with the required documents and fees to the nearest UTIITSL or NSDL TIN facilitation center. You can also apply for a PAN card online by visiting the UTIITSL or NSDL TIN website. Applying for PAN Card Once you’ve filled out the appropriate form and submitted it along with the required documents and fees, you can expect to receive your PAN card within 15 to 20 business days. Here are some tips to keep in mind when applying for a PAN card: Make sure to provide accurate information on your application form, as any discrepancies can lead to delays or rejection of your application. If you’re applying for a PAN card online, make sure to follow the instructions carefully and provide all the required documents in the specified format. Keep track of your application status by checking the UTIITSL or NSDL TIN website regularly. You can also call the helpline numbers provided on the website for assistance. If you’ve lost your PAN card or need to make changes to your existing PAN data, make sure to apply for a new card as soon as possible to avoid any issues with your financial transactions. FAQs Q. What documents do I need to submit with my PAN card application? A. You’ll need to submit proof of identity, proof of address, and proof of date of birth along with your application form. This can include a copy of your Aadhaar card, passport, voter ID card, or driver’s license. Q. Can I apply for a

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Angel Tax and its Status in India: A Comprehensive Guide for Startups and Investors

Income Tax / /

Introduction Hello, folks! I’m CA Bhuvnesh Kumar Goyal, a practicing Chartered Accountant and a fellow member of the Institute of Chartered Accountants of India (membership number 540126). Today, I’d like to give you the lowdown on angel tax and its status in India. This blog will provide you with the ins and outs of this tax, its impact on startups and investors, and the legal landscape surrounding it. So, buckle up and let’s get down to brass tacks! What is Angel Tax? Angel Tax is a term that’s been making waves in the Indian startup ecosystem for quite some time. But what exactly is it? In layman’s terms, it’s a tax levied on the capital raised by unlisted companies via the issue of shares. A Closer Look at Angel Tax Applicable to unlisted companies only Levied on the amount raised through the issuance of shares Taxed at the rate of 30% under the Income Tax Act, 1961 Exemptions and concessions are available for eligible startups Now, let’s dive deeper into the crux of angel tax and its status in India. Angel Tax and its Status in India: The Legal Framework Angel tax was introduced in India back in 2012. Since then, it has been a subject of much debate and controversy. The government has taken several measures to address the concerns of startups and investors alike, but the current status of angel tax in India is still a mixed bag. The Beginning: Section 56(2)(viib) of the Income Tax Act, 1961 Angel tax originated from Section 56(2)(viib) of the Income Tax Act, 1961. This section deems any consideration received by an unlisted company for the issue of shares as income, provided it exceeds the fair market value of said shares. Consequently, this “income” is taxed at a rate of 30%. Revisions and Amendments: A Rollercoaster Ride Angel tax and its status in India have gone through a series of changes over the years. Here’s a quick rundown of the major amendments: In 2016, the government introduced an exemption for startups that meet specific criteria. In 2018, the criteria for exemptions were relaxed further, benefiting more startups. In 2019, a slew of measures were announced to address the concerns of startups and investors, including the creation of a dedicated cell for addressing grievances related to angel tax. Exemptions and Concessions for Startups The government has been proactive in providing relief to eligible startups from the burden of angel tax. Here’s a snapshot of the key concessions: The startup must be recognized by the Department for Promotion of Industry and Internal Trade (DPIIT). The aggregate amount of paid-up share capital and share premium shouldn’t exceed INR 25 crores. The investor must have a minimum net worth of INR 2 crores or an average income of INR 25 lakhs in the preceding three financial years. Fair Market Value (FMV) Determining the Fair Market Value (FMV) of shares is a crucial factor in calculating angel tax in India. It’s the value at which an asset or share would change hands between a willing buyer and a willing seller in an arm’s length transaction. Here are a few key points to keep in mind when calculating FMV: FMV can be calculated using different methods, such as the net asset value method, discounted cash flow method, and comparable sales method. The method used for FMV calculation depends on the nature of the business and the industry it operates in. It’s advisable to engage the services of a professional valuer to determine FMV accurately. The Income Tax Department has issued guidelines on how to calculate the FMV of shares for angel tax purposes. These guidelines state that the FMV of shares can be determined based on the following factors: The value of tangible and intangible assets owned by the company The earning capacity of the company The market value of quoted shares of companies engaged in a similar line of business The net worth of the company The price-earning ratio or yield on shares of companies engaged in a similar line of business It’s essential to note that the valuation report must be prepared by a merchant banker or a chartered accountant with a minimum of five years of experience in valuation. The valuation must be based on the latest financials of the company, and the valuation report must be obtained before the issuance of shares. In conclusion, calculating FMV accurately is crucial in determining the angel tax liability of startups in India. Startups must ensure that they engage the services of a professional valuer to determine the FMV accurately. They must also keep themselves updated on the latest guidelines issued by the Income Tax Department on FMV calculation for angel tax purposes. Judicial Take In a judgement, the Delhi High Court ruled in favour of Cinestaan Entertainment, a media and entertainment company, in a move that provides startups relief from Section 56 (2) (viib) i.e Angel Tax.  The court said that the valuation of a company through prescribed methodology and based on projected revenues cannot be challenged at a later date on the basis of actual revenues.  FAQs on Angel Tax and its Status in India Q1: What is the current status of angel tax in India? A1: Angel tax is still applicable in India, but several exemptions and concessions have been introduced for eligible startups and investors. Q2: Are all startups eligible for exemptions from angel tax? A2: No, only startups that meet specific criteria laid down by the DPIIT are eligible for exemptions. Q3: What is the role of fair market value in angel tax calculations? A3: Angel tax is applicable when the consideration received for the issuance of shares exceeds the fair market value of those shares. The excess amount is considered as “income” and taxed at 30%. Q4: Can a startup be exempt from angel tax if it has foreign investors? A4: Yes, a startup can be exempt from angel tax even with foreign investors, as long as it meets the eligibility criteria

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Government launches Vivad se Vishwas scheme for relief to MSMEs for COVID-19 period, as announced in the Union Budget 2023-24

Business / /

Last date for submitting claims under the scheme is 30.06.2023 The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period. The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Smt. Nirmala Sitharaman.  In Para 66 of the Union Budget speech, Smt. Sitharaman had announced:- “In cases of failure by MSMEs to execute contracts during the COVID period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by Government and Government undertakings. This will provide relief to MSMEs”. The Department of Expenditure, Ministry of Finance, had issued an order on 06.02.2023 indicating the broad structure of the scheme. Final instruction in this regard, extending the relief to cover more cases and relaxing the limits of refunds was issued on 11.04.2023. The scheme was commenced from 17.04.2023 and the last date for submission of claims is 30.06.2023. COVID-19 pandemic, one of the biggest crises in the human history, had a devastating impact on economy, especially MSMEs. The relief provided under this scheme is in continuation to the efforts of the government in promoting and sustaining the MSME sector. Under the scheme, Ministries have been asked to refund performance security, bid security and liquidated damages forfeited/ deducted during the COVID-19 pandemic. Certain relief has also been provided to MSMEs debarred for default in execution of contracts during the COVID-19 period. The Ministry of Finance, through this scheme, decided to give following additional benefits to eligible MSMEs, affected during the COVID-19 period: 95% of the performance security forfeited shall be refunded. 95% of the Bid security shall be refunded. 95% of the Liquidated Damages (LD) deducted shall be refunded. 95% of the Risk Purchase amount realized shall be refunded. In case any firm has been debarred only due to default in execution of such contracts, such debarment shall also be revoked, by issuing an appropriate order by the procuring entity. However, in case a firm has been ignored for placement of any contract due to debarment in the interim period (i.e. date of debarment and the date of revocation under this order), no claim shall be entertained. No interest shall be paid on such refunded amount. As per the Office Memorandum issued by the Department of Expenditure to Secretaries of all the Ministries/ Departments of Government of India and Chief Secretaries/ Administrators of Union Territories, relief will be provided in all contracts for procurement of Goods and Services, entered into by any Ministry/ Department/ attached or subordinate office/ autonomous body/ Central Public Sector Enterprise (CPSE)/ Central Public Sector Banks/ Financial Institution etc. with MSMEs, which meet the following criteria: Registered as a Medium, Small or Micro Enterprise as per relevant scheme of Ministry of MSME on the date of claim by supplier/ contractor. MSME could be registered for any category of Goods and Services. The original delivery period/ completion period stipulated in contract was between 19.02.2020 and 31.03.2022 (both dates are inclusive). Government e-Marketplace (GeM) has developed a dedicated web-page for implementation of this scheme. Eligible claims shall be processed only through GeM.

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Daily Toll Collection Through FASTag Reaches Record High of Over Rs. 193 Crore

Economy / /

The implementation of the FASTag system for toll collection in India has been a resounding success, with a consistent growth trajectory. On 29th April 2023, the daily toll collection through FASTag system achieved a historic milestone, reaching an all-time high collection of Rs. 193.15 crore, with 1.16 crore transactions recorded in a single day. Since FASTag was mandated by the Government in February 2021, the number of toll plazas under FASTag programme has increased from 770 to 1,228, including 339 state toll plazas. With a penetration rate of around 97 percent and over 6.9 crore FASTag issued to users, the system has significantly improved the user experience by reducing waiting times at NH Fee Plazas. The consistent and progressive adoption of the FASTag by highway users has not only enhanced the efficiency of toll operations but also led to a more precise valuation of road assets, attracting further investment in India’s highway infrastructure. In addition to its effectiveness in toll collection, FASTag has also facilitated seamless and secure contactless payment for parking fees at over 140 parking lots in 50+ cities across India. The Government remains steadfast in its commitment to provide a seamless and hassle-free tolling experience for all road users. In this context, NHAI is actively working towards finalizing the necessary requirements for implementation of Global Navigation Satellite System (GNSS) based tolling system for allowing free-flow tolling system in India.

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Government is mulling over making Indian Patent Act more simplified and research friendly for product-oriented results

Intellectual Property / /

Addressing the Global Science, Research and Innovation Summit organized by CII titled “Fostering Science, Research and Innovation Partnerships’ under the aegis of the India’s G20 Presidency at IIT Delhi, Dr Akhilesh Gupta, Senior Adviser at the Department of Science and Technology (DST), Government of India said, while India grants average of 23,000 patents per annum, despite having over 1000 Universities, it is over 5 lakhs in China. He said, India lacks the culture of Patents filing and taking it to its logical conclusion. Dr Gupta, who is also Secretary of the Science and Engineering Research Board (SERB) said that time duration of patents filing and grant of patents is 3 years in India, while the global average is two years. According to NEP-2020, all funding agencies of Research in the country will merge into a single entity – National Research Foundation (NRF) with an objective to catalyse quality research in our country. It will have twin objectives of basic research and high-quality innovation. Referring to around .69 percent of budget being spent on R&D in India, Dr Gupta said, private sector must pitch in with higher research allocation to match and support governed for a win-win proposition. He said, last month the National Quantum Mission (NQM) was approved by the Union Cabinet at a total cost of Rs.6003.65 crore from 2023-24 to 2030-31, aiming to seed, nurture and scale up scientific and industrial R&D and create a vibrant & innovative ecosystem in Quantum Technology (QT). This will accelerate QT led economic growth, nurture the ecosystem in the country and make India one of the leading nations in the development of Quantum Technologies & Applications (QTA), Dr Gupta added. Similarly, Private Sector can also come in a big way to support the National Mission on Interdisciplinary Cyber Physical System. Dr Gupta said, DST is working hard to completely re-orient and transform the R&D Infrastructure of 350 State Universities, which are in very poor condition in collaboration with State Governments. Earlier, at the inaugural session Dr Parvinder Maini, Scientific Secretary in the Office of Principal Scientific Adviser to the Government of India said that Government, Industry, Academia and Start-Ups all should join hand to Co-Produce and Co-Develop world class products and solutions, as the era of working in silos is over now. She underlined that the main reason and the huge gap of the low R&D budget of India is due to almost non-participation of private sector to take big risks in emerging and cutting -edge technologies. Dr Maini said, out of 90,000 start-ups in India, only 12,000 are technology-based and also only about 3,000 of them are deep tech start-ups. She said, unless industry will not lend funding support to innovative and bright ideas, India will miss the bus, which is now on its way to full bloom. Prof K.P Sudheer, Ex-Officio Principal Secretary, S&T Department, Government of Kerala in his address said that 4 Science Parks will be established in Kerala in coming days with participation from Industry and Start-Ups. He also informed that Kerala is the only state in the country with a separate R&D budget document and this year the allocation was Rs 3500 crore. Prof Sudheer giving the example of Partnering Academic Industrial Research (PAIR) scheme, said that it is intended to promote translational research through academia – industry linkage. The scheme envisages to identify a researcher, who works towards Ph.D. or Post-Doctoral programme with the partnering institute concerned. Prof Rangan Banerjee, Director, IIT, Delhi in his address announced that IIT-D will start M-tech in Robotics this year and appealed to Industry to support this mission. He said, CII should work with Industry to sponsor at least 300 to 400 Ph.D. through a new model to develop market ready products. Mr Ryuhei Nishi, First Secretary, S&T, Embassy of Japan said, India and Japan are natural allies and human resources of both the countries should join hands to deliver the best STI products matching global standards. He lamented and said that there is need for increasing more people to people contact and informed that only 1000 Indian students are there in Japan, which is 8 times less than China. Mr Vipin Sondhi, Chairman, CII National Mission on Technology, Innovation 7 Research and Mr Alok Nanda, Co-Chair National Mission on Technology, Innovation & Research Dr Ashish Mohan, Executive Director, CII also addressed the gathering. Earlier, three CII Thought Leadership Reports on Advanced Materials, Women in STEM and Industry-Academia collaboration were released.

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Everything You Need to Know About the Eway Bill

Goods & Service Tax / /
ewaybill

Introduction If you are running a business that involves the transportation of goods, you may have come across the term “Eway bill.” An Eway bill is an electronic document that contains details about the goods being transported, the transporter, and the recipient. It is mandatory for businesses to generate Eway bills for any inter-state movement of goods worth more than Rs. 50,000. When an eway bill is generated, a unique Eway Bill Number (EBN) is allocated and is available to the supplier, recipient, and the transporter. Union of India vs. Adfert Technologies Pvt. Ltd.: In July 2019, the Supreme Court held that the e-way bill was not required for the movement of goods within a state where the movement did not involve a change in the ownership of the goods. The court held that the e-way bill was only required for inter-state movement of goods or intra-state movement of goods where the movement involved a change in ownership. What is an Eway Bill? An Eway bill is a document that contains information about the goods being transported, the consignor, the recipient, and the transporter. It is an electronically generated document, which means it is not necessary to carry a physical copy of the Eway bill during transportation. The Eway bill is mandatory for businesses that transport goods worth more than Rs. 50,000 inter-state. Who should Generate an Eway Bill? As per the Goods and Services Tax (GST) rules, any registered person who causes the movement of goods worth more than Rs. 50,000 inter-state must generate an Eway bill. This includes the consignor, the transporter, and the recipient. However, there are a few exceptions to this rule, such as the transportation of goods by non-motorized conveyance, transportation of goods within a state, and transportation of specified goods like fruits, vegetables, and livestock. Documents required to generate Eway Bills To generate an Eway bill, you need the following documents: Invoice/bill of supply/delivery challan Transporter ID or Vehicle number What is the Eway bill format? The Eway bill consists of two parts: Part A and Part B. Part A contains details about the goods being transported, the consignor, the recipient, and the transporter. Part B contains information about the vehicle used for transportation, including the vehicle number and the transporter’s ID. The Eway bill is generated in JSON format and can be downloaded or printed for reference. How to Generate Eway Bill? To generate an Eway bill, follow these steps: Visit the Eway Bill portal (https://ewaybillgst.gov.in/) Log in using your GSTIN (Goods and Services Tax Identification Number). Click on the “Generate New” option under the “Eway Bill” tab. Enter the required details, including the consignor, the recipient, the transporter, and the goods being transported. Verify the details and click on the “Generate Eway Bill” button. The Eway bill will be generated and can be downloaded or printed for reference. Eway Bill Validity The validity of the Eway bill depends on the distance between the consignor and the recipient. The validity of the Eway bill is as follows: For distances up to 100 km: One day For every additional 100 km or part thereof: One additional day For example, if the distance between the consignor and the recipient is 500 km, the Eway bill will be valid for six days (one day for the first 100 km and one additional day for every additional 100 km). SMS E-Way Bill Generation on Mobile The Eway bill can also be generated through SMS on a mobile phone. To enable this facility, you must first register your mobile number on the Eway Bill portal. Once your mobile number is registered , follow these steps to generate an Eway bill through SMS: Send an SMS in the following format to the designated number: For Registered Persons: “EWBG (space) TranType (space) RecGSTIN (space) InvNo (space) InvDate (space) TotalValue (space) HSNCode (space) ApprDist (space) VehicleNo” For Unregistered Persons: “EWB (space) RecName (space) Pincode (space) SupplyType (space) RecGSTIN (space) ItemDetails (space) Value (space) ApprDist (space) VehicleNo” Once the SMS is sent, the Eway bill will be generated and sent to the registered mobile number. Enabling SMS E-Way Bill Generate Facility To enable SMS Eway bill generation facility, follow these steps: Log in to the Eway Bill portal using your GSTIN. Go to the “Registration” tab and select the “Update Registration” option. Scroll down to the “E-Way Bill SMS” section and enter your mobile number. Verify your mobile number using the OTP sent to your mobile. Once the verification is complete, you can start generating Eway bills through SMS. FAQs Q: Is it necessary to generate an Eway bill for all inter-state movements of goods? A: No, Eway bills are not required for the transportation of goods worth less than Rs. 50,000 or for the movement of goods within a state. Q: Can an Eway bill be cancelled? A: Yes, an Eway bill can be cancelled within 24 hours of its generation. Q: Can an Eway bill be modified? A: Yes, an Eway bill can be modified, provided it has not been verified by the transporter. Q: What happens if an Eway bill is not generated for inter-state transportation of goods worth more than Rs. 50,000? A: The transporter may be liable to pay a penalty equal to 10% of the value of the goods. Cases When E-Way Bill is Exempted or Not Required the eWay bill is mandatory for inter-state transportation of goods worth more than Rs. 50,000. However, there are certain cases when an eWay bill is not required or exempted. Let’s take a look at some of the scenarios where eWay bill exemption or not required: Exemption Transportation of agricultural produce: If the goods being transported are agricultural produce, then no eWay bill is required. Agricultural produce includes fruits, vegetables, grains, pulses, and meat, among others. Goods transported by non-motorized conveyances: If the goods are being transported by non-motorized conveyances such as hand carts or bicycles, then an eWay bill is not required. Goods transported from customs port,

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