👉🏻Govt defers release of April GST collection data
(Govt deferred the release of April GST revenue collection data due to the on going lockdown)
👇🏻 👇🏻 👇🏻
https://bit.ly/2KSkB7f
👉🏻Govt may raise up to Rs 10,000 Cr via tax-free bonds
(Govt is seeking to raise up to Rs 10,000 crore in its maiden tax-free bond issue to help bridge the fiscal gap)
👇🏻 👇🏻 👇🏻
https://bit.ly/3aUVPOo
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👉 The National Company Law Tribunal has notified the transfer of 8 members with immediate effect.
They are
1. BP Mohan, Member (Judicial) - NCLT Mumbai to NCLT Amravati
2. Mohammed Ajmal, Member (Judicial) - NCLT Amravati to NCLT Mumbai
3. Sucharita R, Member (Judicial) - NCLT Cuttack to NCLT Chennai
4. Narender Kumar Bhola, Member (Technical)- NCLT Hyderabad to NCLT New Delhi
5. Veera Brahma Rao Arekapudi, Member (Technical) - NCLT Kochi to NCLT Hyderabad
6. Virendra Kumar Gupta, Member (Technical) - NCLT Kolkata to NCLT Ahmedabad
7. Prasanta Kumar Mohnaty, Member (Technical) - NCLT Ahmedabad to NCLT Guwahati
8. Venkata Subha Rao Hari, Member (Judicial) - NCLT Guwahati to NCLT Mumbai.
The notification states that members should move to their new stations of posting after the lockdown is lifted by the Central Government and the respective State Governments.
👉 New Delhi, April 30 (IANS) The blockbuster deal involving the world''s largest oil producer Aramco picking up a minority stake in refinery business of the country''s largest corporate house Reliance Industries Ltd (RIL) is on track with the Saudi entity continuing with its due diligence for the planned multi-billion investment.
The deal that has been in works for some time and doubts were raised on its early completion due to Covid-19 outbreak and lockdown.
"In spite of Covid-19 crisis and the lockdowns, the due diligence by Saudi Aramco for the planned investment in O2C (oil-to-chemical) business is on track as both the parties are committed and actively engaged," RIL said in a statement given as part of its fourth quarter earnings report on Thursday.
The deal between Reliance and Aramco involves the Indian entity offering at least 20 per cent stake in a special purpose vehicle covering refining, petrochemicals and marketing.
The RIL board on Thursday also approved hiving-off its $75 billion O2C business into a separate entity. This is subject to approval of the National Company Law Tribunal (NCLT).
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One more bank died!
This time it's CKP Cooperative Bank!!
RBI cancelled it's banking license today.
🚨 The head office is in Dadar and have 8 branches in Mumbai & Thane
🚨 485 cr of FDs is in risk
🚨 125k account holders will face hardships
🚨 There is operational profit yet they are in heavy loss resulted into big erosion in Net worth. Networth is (-)239 cr as on Nov'19
🚨 Loan outstanding as on Nov'19 is 161.17 cr
Given the financials, getting back the funds to deposit holders would be next to impossible.
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👉🏻ICAI allowed communication with the Retiring Auditor through E-mail
(ICAI decided that the members may communicate with the Retiring Auditor vide E-mail)
👇🏻 👇🏻 👇🏻
https://bit.ly/35s6yyY
👉🏻Residential Status | Amendments under section 6 of Income Tax Act
(Individual Residential Status Amended by Finance Act 2020 - Amendments under section 6 of Income Tax Act )
👇🏻 👇🏻 👇🏻
https://bit.ly/2VX6BPV
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39th GST Council Meeting Highlights
🌴Infosys Nilekani gave GST Network presentation to Council.
🌴Council ask Infosys to improve GST Network by July
🌴Decides to extend deadline for filing of GSTR9 & GSTR9C for FY18-19 till June 30, 2020,
🌴Filing to be mandatory for taxpayers over Rs 5cr of annual turnover
🌴GST Council to continue with 3B till September & defer the new return system.
🌴Council defers the proposal on taxability of economic surplus of brand owners of alcohol for human consumption,
🌴Reassures states towards payment of compensation dues,
🌴Where Cancellation have been cancelled till March 14, application for cancellation of revocation can be filed till March 31, 2020.
🌴GSTR-1 to be made compulsory only for making B2B supplies, exports & amendments
B2C & non-filers of GSTR-3B to be exempted from filing GSTR-1
Before 10th for turnover greater than Rs 1.5 cr
Before 13th for turnover lesser than Rs 1.5 cr
GSTR-2A to be generated on 14th of every month
🌴Council approves “Know your Supplier” Scheme
🌴Major Relief: Interest for delay in #GST payment will now be charged on net cash liability under Section 50, to be applicable from July 2017
🌴Council Cuts Aircraft MRO Tax to 5% from 18%.
🌴Rates for all types of match sticks which are machine and handmade have been rationalised for 12% now
🌴Mobile phones to be taxed at 18 percent (current rate 12 percent)
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