Corporate Snippets on March 24
Ø UNCTAD estimates economic impact of virus at $1-tn
Ø Lok Sabha passes Finance Bill without discussion
Ø RBI extends priority-sector tag for bank loans to NBFCs
Ø Covid-19 may shave off $245 mn exports in March: WTC
Ø Govt. asks banks to provide liquidity support to corporates
Ø Asia-Pacific region staring at $620 bn income loss: S&P
Ø UBS cuts India's FY21 real GDP growth forecast to 4%
Ø RBI advances OMO date, announces repo of Rs 1 trn in two tranches
Ø Hindustan Unilever acquires hygiene brand VWash from Glenmark Pharma
Ø High-debt companies face risk of default amid coronavirus spread: Analysts
Ø Govt. amends law to get power to hike tax on petrol, diesel by Rs 8 per ltr
Ø MFI operations come to halt in lockdown districts; biz severely impacted
Ø Softbank plans $41-billion asset sale to expand buyback, cut debt
Ø As buyers stock up, exports of cereals, processed food, spices spike
Ø South-based auto makers suspend production in fight against Covid-19
Ø With April 1 deadline looming, more than 7 lakh BS-IV vehicles are lying unsold
Ø Airbus adds 15 billon euro credit line, scraps dividend
Ø Fitch Ratings assigns stable outlook to Tata Chemicals
Ø Sterlite Power concludes $100-million assets sale in Brazil
Ø Coronavirus impact: SEBI eases compliance requirements for traders, MFs
Ø Eros Now expands on English offerings, strikes deal with NBC Universal
Ø Policyholders get an extension on insurance premiums due in March
Ø 70,000 companies report preparedness to fight coronavirus
Ø Companies can spend social responsibility fund to fight coronavirus crisis
Ø Nirmala Sitharaman’s food bags for people in need; allows states to take foodgrain from FCI, pay later
Ø Loan on every Indian doubles in 7 years; Govt’s incentives on credit bears fruit
Ø MSMEs may not survive if cash flow problem occurs amid lockdown, FICCI tells Govt.; suggests steps
Ø SENSEX sinks close to 4,000 points, Nifty tanks 1,100 points below the 7,650 mark
Ø RBI prepones second tranche of g-sec buying to March 26
Ø Global markets sink as pandemic deaths soar
Ø IGL to close two-third CNG outlets as demand drops on corona lockdown
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GST Circulars Issued by CBIC dated on 23.03.2020:
Circular No.134/04/2020- Seeks to clarify issues in respect of issues under GST law for companies under Insolvency and Bankruptcy Code, 2016.
Circular No.133/03/2020- Seeks to clarify issues in respect of apportionment of input tax credit (ITC) in cases of business reorganization under section 18 (3) of CGST Act read with rule 41(1) of CGST Rules.
READ MORE- https://www.gststation.in/cgst-circulars-5/
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👉🏻SC invokes its plenary power to extend limitation period of appeals
(SC invoked its plenary powers under Article 142 of the Constitution to extend limitation period of appeals from high courts or tribunals on account of coronavirus (COVID-19) pandemic)
👇🏻 👇🏻 👇🏻
https://bit.ly/2J7bkrf
👉🏻Finance Minister sets Rs 15 Lakh income cap to tax NRIs
(FM softened the contentious budget proposal to tax non-resident Indians, putting in place a threshold of Rs 15 lakh for the levy of tax on incomes emanating from India)
👇🏻 👇🏻 👇🏻
https://bit.ly/3bj8ZW7
👉🏻Companies under IBC will need New GST Registration
(Companies under Insolvency and Bankruptcy process must avail a fresh GST registration within 30 days of a resolution professional being appointed for them)
👇🏻 👇🏻 👇🏻
https://bit.ly/39ggFXA
👉🏻Covid-19 related spends to be treated as CSR activity - MCA
(MCA said that spending of CSR funds for Covid-19 would be treated as eligible CSR activity)
👇🏻 👇🏻 👇🏻
https://bit.ly/3ahxJ0P
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.Income Tax
1. Income Tax Return Date for Financial Year 18-19 extended to 30-06-2020
2. Delay Payment Interest rate reduction to 9% till 30-06-2020
3. Interest on Delay Payment of TDS will be 9% till 30-06-2020
4. Adhar PAn linking extended till 30-06-2020
5. Vivad se Viswas Scheme extended till 30-06-2020 without 10% additional payment
6. Investment in savings Instruments for deduction and for capital gains extended 30-06-2020
7. Filling of appeals, Issue of notice and others extended till 30-06-2020
GST
1. Last date for filling of all GST returns (for March, April, may) extended till 30-06-2020 in staggered manner
2. No late fee, Interest and penalty for turnover upto 5 crs
3. Last date to opt for composition scheme extended till 30-06-2020
Custom
9. Customs - 24x7 Clearance till 30.06.2020
Companies Act
10. MCA - moratorium from 01.04.20 to 30.09.20 - there shall be no additional fees for late filings.
11. Board meetings are relaxed for 60 days for next 2 quarters
12. Revised CARO to get applicable from FY 20-21 instead of FY 19-20
13. For newly incorporated companies - Commencement of business is to be filed within 6 months, which is now extended for another 6 months.
IBC
- Default threshold increased from Rs. 1 lakh to Rs. 1 crore
- Section 7, 9, 10 may be suspended for 6 months
Thanks for reading
