24th January 2020
Ø Govt may raise Rs 10K cr from 7th CPSE ETF tranche
Ø RBI raises VRR limit for FPIs to Rs 1.50 lakh crore
Ø Jio's operating income may double in 2 yrs: CLSA
Ø Kuwait firm to set up Rs 49K cr oil refinery in TN: CM
Ø US judge rules against outsourcing firm
Ø Govt. may go for $28 bn off-budget borrowings: Sources
Ø SEBI may seek forensic audit of Infosys books amid whistleblower charges
Ø Global value chains need to reinvent itself to cope with tariff wars
Ø 137 countries on board for OECD digital tax plan: Gurria at WEF Davos
Ø Malaysia hikes sugar import from India to resolve palm oil spat: Report
Ø RBI buys Rs 10,000 cr of long-term securities in 4th special open mkt ops
Ø Assam Government requests Central Government to divest BPCL's stake in NRL to Oil India
Ø PVR Q3 consolidated net at Rs 36.25 cr
Ø KEC bags orders worth ₹1,255 crore
Ø Textile industry worried as Govt. scraps export sops
Ø Agri-tech start-ups set to bloom on huge investments
Ø Biocon Q3 net profit dips 7 per cent to Rs 203 cr
Ø RBI ups investment limit for FPIs in Govt., corporate bonds
Ø Reliance Jio clears its AGR dues of 195 crore till January 31
Ø Cable maker KEI Industries launches QIP to raise up to ₹500 crore
Ø Lenders set terms for DHFL liquidation after big loss
Ø PNB Housing Finance Q3 net falls 22% to ₹237 crore, misses estimates
Ø ITI fixes price band for FPO at ₹72-77 per share
Ø Tata Projects bags Rs 6,000-crore orders in oil, gas refinery sector
Ø DoT seeking Rs 3 lakh crore from GAIL, other non-telecom PSUs result of communication gap: Dharmendra Pradhan
Ø Japan’s Ajinomoto plans to expand market share in Indian MSG market
Ø ONGC gets 28 bids for 50 oil, gas fields in 1st bid round
Ø Investors bullish on Asian currencies as trade worries fade: report
Ø Malaysia to buy more sugar from India to help resolve palm oil spat: sources
Ø PE/VC investments ris to 1.7 per cent of GDP in 2019
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Message1:
(i) Stakeholders may please note that as part of Government of India’s Ease of Doing Business(EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form.
(ii) SPICe+ would be an integrated Web form offering multiple services viz. name reservation, incorporation, DIN allotment, mandatory issue of PAN, TAN, EPFO, ESIC, Profession Tax (Maharashtra) and Opening of Bank Account. It will also facilitate allotment of GSTIN wherever so applied for by the Stakeholders. After deployment of SPICe+ web form, RUN shall be applicable only for change of name of existing companies.
(iii) Upon notification & deployment, all new name reservations for new companies as well as new incorporations shall be applied through SPICe+ only
(iv) However, incorporation of companies for names reserved through the existing RUN service shall continue to be filed in the existing SPICe eform along with related linked forms as applicable and if marked under resubmission shall be resubmitted in SPICe eform.
(v) Resubmission of SPICe forms submitted prior to date of deployment of SPICe+ web form shall also be filed in the existing SPICe eform and related linked forms as applicable.
Message2:
Due to the proposed changes to the RUN web service (for companies), RESUBMISSION OPTION for name reservation SHALL NOT BE AVAILABLE from 1st Feb 2020 ONWARDS for approximately 15 days. Hence, after 01 Feb 2020, stakeholders are advised to EITHER AWAIT DEPLOYMENT OF SPICe+ AND THEN APPLY FOR NAMES through SPICe+ web form or perform due diligence while submitting any application in existing RUN web service for name reservation. RUN applications (for companies) filed w.e.f 1st February 2020 onwards shall either be approved or rejected based on checks performed by CRC officers. Stakeholders may kindly note and plan accordingly.
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# GSTN has issued FAQ and User Manual on New Return Dashboard.
It is a possibility that new returns will be available from 01.04.2020 with a transition cycle and will become mandatory for all soon.
Link: https://tutorial.gst.gov.in/userguide/newreturns/index.htm#t=returns_dashboard_faq.htm
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👉 GSTN has issued FAQ and User Manual on New Return Dashboard.
It is a possibility that new returns will be available from 01.04.2020 with a transition cycle and will become mandatory for all soon. https://tutorial.gst.gov.in/userguide/newreturns/index.htm#t=returns_dashboard_faq.htm
👉 ICAI: Training Prog for Peer Reviewers at Delhi. on 27 Jan. https://resource.cdn.icai.org/58078prb47365.pdf
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👉🏻RBI raises short-term investment limit of FPIs to 30% from 20% of portfolio
(RBI increased the short-term investment limit of such investors. It doubled the limit in case they voluntarily disclose their investment plan before hand.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2TP50et
👉🏻Alberta invites Express Entry candidates with CRS scores of 350
(Alberta issued 150 invitations, or Notifications of Interest (NOIs), to candidates in the federal Express Entry Pool.Candidates with Comprehensive Ranking System (CRS) scores as low as 350 were given NOIs)
👇🏻 👇🏻 👇🏻
http://bit.ly/2urrh7y
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IGST on ocean freight held illegal. pleased to share that on (23.01.2020) Gujarat HC in most awaited and landmark judgment in batch of petitions taking lead petition (Mohit Minerals SCA No.726 of 2018) held that collection of IGST on ocean freight under the impugned Notifications is not permissible in law. The High Court further held that "The impugned Notification No.8/2017 – Integrated Tax (Rate) dated 28th June 2017 and the Entry 10 of the Notification No.10/2017 – Integrated Tax (Rate) dated 28th June 2017 are declared as ultra vires the Integrated Goods and Services Tax Act, 2017, as they lack legislative competency. Both the Notifications are hereby declared to be unconstitutional."This judgment will have long lasting effect in taxation policy under GST. Which lead to this judgments in favour of taxpayers.
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👉 The Applicant who is an Advocate filed Application u/s 9 of IBC claiming that Corporate Debtor (CD) had not paid his professional fees for legal services rendered by him as a lawyer to the CD in a case filed by a Bank against CD for realisation of Rs 168.78 Crores with future interest @ 15.25 percent with monthly rests from 16.12.2009 filed before DRT Ernakulam.
Applicant claimed that he had conducted the case for 7 years. The case was settled out of Court for Rs 80 Crores as against 168.78 Crores plus interest @15.25 percent with monthly rests from 16.12.2009.
Applicant further claimed that as per Rules framed by Kerala High Court a lawyer is entitled to receive 5 percent of the subject matter of the case or if it is settled out of court then it will be 50 percent i.e 2.5 percent.
👉 NCLAT defers hearing on JSW Steel's Bhushan Power buyout till Jan 31
The ED has said a recent amendment in IBC would not apply to the JSW Steel-BPSL deal as it was approved last year, before the amendment came into force. Moreover, it has also hinted that promoters of JSW and BPSL are related parties as they had a joint venture for a coal block.