- The Indian government has recently launched a program in collaboration with the Bureau of Indian Standards (BIS) aimed at enhancing and fortifying the nationwide laboratory infrastructure.
- About the Bureau of Indian Standards (BIS):
- Established under the BIS Act 2016, BIS serves as the apex body for standardization, marking, and quality certification of goods in India. It traces its origins back to the Indian Standards Institution (ISI) founded in 1947 to ensure quality control amidst the country's burgeoning industrialization.
- The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) recently ruled that the taxpayer could claim credit for Minimum Alternate Tax (MAT) under the Vivad se Vishwas (VSV) Scheme for the relevant assessment year.
- Understanding Minimum Alternate Tax (MAT):
- MAT is a provision outlined in the Income Tax Act of India primarily aimed at companies.
- Its purpose is to ensure that companies, despite reporting significant book profits, cannot evade income tax by leveraging various exemptions and deductions.
- MAT serves to establish a minimum level of taxation for such companies.
- The Department of Pharmaceuticals, under the Ministry of Chemicals and Fertilizers, has introduced the Revamped Pharmaceuticals Technology Upgradation Assistance (RPTUAS) Scheme.
- The primary objective is to facilitate "subsidies based on quality" reimbursement, aimed at aiding pharmaceutical companies in attaining the revised Schedule M and WHO-GMP certifications.
