The Law and Judiciary Department, Government of Maharashtra vide its notification published in the Maharashtra Government Gazette on 5 January 2017 has made significant amendments in Contract Labour (Regulation and Abolition) Act for the state of Maharashtra.
Now the said act will be applicable:
- To every establishment in which 50 (fifty) or more workmen are employed or were employed on any day of the preceding twelve months as contract labour.
- To every contractor who employs or who employed on any day of the preceding twelve months 50 (fifty) or more workmen.
Prior to the Amendment, the limit for applicability of the said Act in the State was 20 (twenty) or more workmen which was a small number . As we are aware that most of the medium and small enterprises are human intensive hence MSMEs were required to required to comply with more regulations.
Post 5th of January, 2017 business entities employing less than 50 contract labour or contractor employing less than 50 employees during preceding 12 months will be exempted .This will make operations easier for upcoming small scale units. Less number of compliance will lead to less complexity & the same will motivate higher number of start-ups to grow their roots in the state of Maharashtra.
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The Insolvency and Bankruptcy Board of India has issued the Notification on Insolvency and Bankruptcy Board of India. These Regulations shall come into force on 29th November, 2016.
At present, there are multiple overlapping laws and adjudicating forums dealing with financial failure and insolvency of companies and individuals in India. The current legal and institutional framework does not aid lenders in effective and timely recovery or restructuring of defaulted assets and causes undue strain on the Indian credit system. Recognising that reforms in the bankruptcy and insolvency regime the Government introduced the Insolvency and Bankruptcy Code, 2016.
This step opens a new opportunities of practice for professionals in the areas of Corporate and Individual Insolvency, Corporate Liquidation Process.
Who can be eligible?
An Individual who
- Is a resident of India
- Have prescribed qualification as provided under the regulations
- Is of sound mind
- Should be a fit and proper person
- Is not a minor
- Is not an undischarged insolvent or has not applied to be adjudicated as an insolvent
- Have not convicted any offence with imprisonment and others as prescribed under the regulations
Qualifications and Experience required getting registration
According to these regulations an Individual shall be eligible for registration as an insolvency professional, if he –
- has passed the National Insolvency Examination;
- has passed the Limited Insolvency Examination, and has fifteen years of experience in management, after he received a Bachelor’s degree from a university established or recognized by law; or
- has passed the Limited Insolvency Examination and has ten years of experience as –
- A chartered accountant enrolled as a member of the Institute of Chartered Accountants of
- A company secretary enrolled as a member of the Institute of Company Secretaries of India,
- A cost accountant enrolled as a member of the Institute of Cost Accountants of India, or
- An advocate enrolled with a Bar Council.
How can a person apply?
An individual enrolled with an insolvency professional agency as a professional member may make an application to the Board in Form A of the Second Schedule to these Regulations, along with a non-refundable application fee of ten thousand rupees to the Board.
If the Board is satisfied, after such inspection or inquiry as it deems necessary that the applicant is eligible under these Regulations, it may grant a certificate of registration to the applicant to carry on the activities of an insolvency professional in Form B of the Second Schedule to these Regulations, within sixty days of receipt of the application, excluding the time given by the Board for presenting additional documents, information or clarification, or appearing in person, as the case may be.
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With the issuance of revised model GST law, the countdown to implement much awaited Goods & Service Tax on 01.04.2017 has begun. It is required to recall here that on June 14th, this year, the aforesaid revised model was share for public feedback and now it is here with all the revisions based on the comments of public.
The major changes in the revised model include clear exclusion of securities from the definition of goods. Goods now means”every kind of movable property other than money & securities.” Another change is removal of ambiguity over taxation of supply to SEZ units, it is now clear that the same will avail all benefits available in the existing law. Inclusion of new provisions regarding “place of supply”, “use of business assets & services for private or Non-Business use”, “supplies made by principal to agent & vice-versa” are some of the other remarkable revisions.
But the most significant one is the introduction of ANTI-PROFITEERING which ensures responsibility of companies to pass the benefits of GST to ultimate consumers. The clause is dedicated to the fair price chargeability & transparency in price mechanism.
Though all the above will surely come out with positive impacts but despite expected positive outcomes the law certainly has many complications & it will be worth watching what challenges will the current government face for getting it pass from both houses & later by the ultimate consumers.
Disclaimer: This is an effort by Lexcomply.com to contribute towards improving compliance management regime. User is advised not to construe this service as legal opinion and is advisable to take a view of subject experts.