SKMC Global

India Plans ‘Made in India Brand Scheme’ to Boost Domestic Manufacturing

The Government is working on a ‘Made in India Brand Scheme’ to identify nearly 100 products that are either not manufactured domestically or are under-produced in India.

KEY FOCUS AREAS
• Improve quality and value addition
• Build globally competitive supply chains
• Expand manufacturing beyond assembly
• Attract long-term industrial investment
• Leverage FTAs & AI-driven manufacturing opportunities

IMPACT FOR INDIA
• Stronger Domestic Sourcing
• Manufacturing Ecosystem Expansion
• Higher Quality & Compliance
• Boost to Exports & Global Competitiveness
• Opportunities for MSMEs & Large Industries

SKMC Global can help businesses set up and grow in India through company incorporation, regulatory compliance, tax advisory, FEMA/RBI support, GST, customs, and end-to-end business consulting services.

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#MadeInIndia #Manufacturing #IndiaGrowth #SupplyChain #AtmanirbharBharat #IndustrialPolicy #PLI #MSME #AutoComponents #EconomicGrowth #IndianEconomy #Exports #BusinessStrategy #ManufacturingIndia #DPIIT #skmcglobal

2 weeks ago | [YT] | 1

SKMC Global

Happy Mother’s Day to the woman who taught us love, strength and kindness. Your care makes every moment brighter and every challenge easier.

SKMC Global
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#HappyMothersDay #MothersDay #BestMomEver #ThankYouMom #MotherLove #MomCare #FamilyLove #UnconditionalLove #MothersDay2026 #CelebrateMoms #skmcglobal

2 weeks ago | [YT] | 0

SKMC Global

A major relief from ITAT Chennai as a ₹10 lakh penalty on ESOP non-disclosure was set aside.

The tribunal recognized that the lapse was a genuine error without any intent to conceal foreign assets, This ruling highlights the importance of intent and transparency in tax compliance. It also reinforces that technical mistakes should not attract disproportionate penalties.

Key Takeaways
• ₹10 lakh penalty was imposed under the Black Money Act for non-disclosure of foreign ESOPs in Schedule FA.
• ESOPs were linked to a foreign parent company and held through a structured arrangement.
• Taxpayer had already reported details in other sections of the ITR, showing no intent to hide assets.
• ITAT Chennai emphasized that intent matters absence of malafide intent weakens penalty proceedings.
• Tribunal observed that mere technical non-reporting does not justify heavy penalties.
• No evidence of undisclosed income, tax evasion and deliberate concealment.
• Reinforced principle that penalty provisions should not be applied mechanically.

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#TaxCompliance #ITR #ESOP #BlackMoneyAct #ITAT #TaxLitigation #IndiaTax #Finance #TaxUpdate #SKMCGlobal #ITATchennai

1 month ago (edited) | [YT] | 0

SKMC Global

Celebrate the spirit of Baisakhi with joy!
Wishing you growth, prosperity and continued success always.

SKMC Global
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#HappyBaisakhi #Baisakhi2026 #HarvestFestival #FestiveWishes #IndianFestival #Prosperity #Success #Growth #SKMCGlobal #BusinessGrowth #FestiveVibes #NewBeginnings

1 month ago | [YT] | 1

SKMC Global

Big Relief for SEZ Units – Customs Duty Relaxation Announced!

In a significant move to support businesses amid global uncertainties, the government has introduced a one-time customs duty relief for SEZ units selling in the domestic market.

Key Highlights:
• Applicable for SEZ units supplying goods domestically
• Reduced customs duty benefit
• Valid for 1 year – from April 1, 2026 to March 31, 2027
• Aimed at easing pressure due to ongoing geopolitical challenges

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#SEZ #CustomsDuty #IndiaBusiness #ExportImport #TradeCompliance #SEZUnits #GovernmentPolicy #BusinessGrowth #SupplyChain #SKMCGlobal

1 month ago | [YT] | 0

SKMC Global

The government has clarified that income tax refunds under the old Income Tax Act, 1961 can now be adjusted against tax demands under the new Income Tax Act, 2025 and vice versa.

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#IncomeTaxUpdate #IncomeTaxIndia #IncomeTax2026 #SKMCGlobal #TaxRefund #TaxRefundUpdate #NewTaxRegime #OldTaxRegime #TaxSetOff #IncomeTaxNews #TaxCompliance #ITRUpdate #IncomeTaxRefund #DirectTaxUpdate #IndianTaxLaws #TaxPlanningIndia #FinanceUpdateIndia #TaxAdvisory #CAUpdates #BusinessTaxIndia #TaxProfessionals

2 months ago | [YT] | 0

SKMC Global

May this Eid bring peace, happiness, and prosperity to your life. Eid Mubarak!

#EidMubarak #EidAlFitr #BlessedEid #FestivalOfJoy #Gratitude #PeaceAndProsperity #IslamicFestivals #EidCelebration #skmcglobal

2 months ago | [YT] | 0

SKMC Global

The Chairman of the Central Board of Direct Taxes (CBDT), Mr. Ravi Agrawal, has directed Income Tax Department officials to be fully prepared for the implementation of the new Income Tax Act, 2025, which is scheduled to come into force from 1 April 2026.

Calling 2026 a year of “special significance” for the department, the CBDT Chairman emphasized the need for clarity, readiness, and a strong understanding of the new law among tax officials. He highlighted that the transition from the existing Income Tax Act, 1961 to the new legislation will be a major reform in India’s direct tax administration.

According to the CBDT, new rules, procedures, and forms required under the Income Tax Act, 2025 are currently under formulation, and training and capacity-building initiatives for tax officials are already underway to ensure smooth implementation.

However, with less than three months remaining before the new law becomes effective, stakeholders such as taxpayers, professionals, and businesses are expressing concerns, as the detailed rules, procedures, and statutory forms are yet to be officially notified. This raises questions about overall preparedness and ease of transition for all stakeholders involved.

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#IncomeTaxAct2025 #CBDT #TaxReforms #DirectTax #TaxUpdates #CharteredAccountants #TaxProfessionals #IndiaTax

4 months ago | [YT] | 1

SKMC Global

The Ministry of Corporate Affairs (MCA) has amended Director KYC compliance rules to replace the annual KYC filing requirement with a once-in-three-years KYC intimation, under the revised Rule 12A of the Companies (Appointment and Qualification of Directors) Rules, 2014. This change aims to reduce the recurring compliance burden on directors while retaining essential data updates.

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#CorporateLaw #MCAUpdate #DirectorKYC #Compliance #CompanyLaw #skmcglobal

4 months ago (edited) | [YT] | 0

SKMC Global

GSTN has introduced system-driven controls to closely monitor Input Tax Credit (ITC) and Reverse Charge Mechanism (RCM) compliances. These changes will directly impact GSTR-3B filing.

New System-Driven Statements Introduced:

• Electronic Credit Reversal & Re-claimed Statement (effective from Aug-23 | Q2 FY24)
Tracks ITC reversed in Table 4(B)(2) and re-claimed in Tables 4(A)(5) & 4(D)(1)
• RCM Liability / ITC Statement (effective from Aug-24 | Q2 FY25)
Tracks RCM liability in Table 3.1(d) and ITC claimed in Tables 4(A)(2) & 4(A)(3)
Upcoming Critical Change:

GSTR-3B filing will be blocked if:

• Re-claimed ITC exceeds the available balance in the Reclaim Ledger
• RCM ITC claimed exceeds RCM tax paid + ledger balance

If a Negative Balance Exists:
• Excess ITC must be reversed in Table 4(B)(2) (or added to output tax liability if ITC is insufficient)
• Under RCM, taxpayers must either pay additional liability or reduce ITC claim

Action Required:

Taxpayers should urgently reconcile ITC Reclaim and RCM Ledgers to avoid last-minute return filing disruptions once system validations go live.

Need expert support for GST reconciliation, ITC advisory or GSTR-3B compliance?

SKMC Global is here to help you stay compliant accurately and confidently.
Contact us Today!
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#GSTUpdate #ITCReversal #RCMCompliance #GSTR3B #GSTAdvisory #InputTaxCredit #GSTN #TaxCompliance #IndirectTax #SKMCGlobal

4 months ago (edited) | [YT] | 0