Ø Govt debt set to hit historic high of 91% of GDP
Ø India needs USD 50 billion investment to build airport assets over 2 decades: Report
Ø RBI surplus transfer lowest in 7 yrs: Garg
Ø Telecom subscriber base falls to 116.3 cr
Ø India may impose anti-dumping duty on Choline Chloride imports from China, Malaysia, Vietnam
Ø Indians' disposable income growth stagnates
Ø ICICI Bank will offload 2% in ICICI Securities to attain 25% public holding
Ø BoI plans to raise up to Rs 8,000 cr in tier-I and tier-II capital
Ø CCI approves Carlyle Group's stake acquisition in Airtel's data centre biz
Ø ArcelorMittal SA declares force majeure after blast furnace breakdown
Ø India-China spat starting to impact domestic unicorns, Chinese investors
Ø NTPC ties up with Greenko to offer Round the Clock renewable energy
Ø Interest to be paid on net GST with effect from September 1
Ø Reliance Industries appoints former Indian Oil CMD as Group President
Ø BPCL to spend ₹16,500 crore as Capex and Opex by March
Ø Coal India awards ₹2,900 cr contract to Belarus-based Belaz
Ø Maharashtra government slashes stamp duty to boost real estate sector
Ø Punjab and Sind Bank declares DHFL loan account as fraud
Ø PFRDA appoints ombudsman to resolve grievances for NPS, APY
Ø Govt looks to mop up ₹5,020 crore through stake sale in HAL
Ø Mahindra inks pacts with Israeli firm to develop electric commercial vehicles
Ø China’s Alibaba Group puts India investment plan on hold amid tensions: Sources
Ø Cotton spinners’ revenue to fall 30-35 pc in FY21 on tepid demand: Crisil
Ø New govt employment in June down 60% from FY20 level
Ø Sensex ends above 39,000 for first time in 6 months, Nifty crosses 11,500-mark
Ø Ex-RBI governor D Subbarao backs setting up of a bad bank to tackle rise in NPAs
Ø Gujarat tops Export Preparedness Index 2020, Maharashtra ranks second
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⚫General Govt debt -- which is the combined liabilities of the Centre and states -- is likely to hit a record 91% of GDP this fiscal. This will be the highest in record since data began to be maintained in 1980.
⚫Pulling up the Centre for “hiding behind the RBI, the Supreme Court asked to clarify its stand within a week on the waiver of interest on loan repayments during the moratorium period. A Bench said the Govt had failed to clear its position on the issue despite the fact that ample powers were available with it under the Disaster Management Act.
⚫Ahead of the crucial single-agenda GST Council meeting most states reached a consensus that the Centre should borrow to compensate states for the revenue shortfall owing to inadequate cess collection.
⚫The RBI will rationalise regulations for overseas direct investment in order to make them simpler and more principles-based. The strategy for 2020-21 is to focus on consolidating and carrying forward all the initiatives which were undertaken in the previous year.
⚫India has recorded its worst-ever single-day spike of 75,995 coronavirus cases, taking its total past 3.3 million, 1017 fatalities reported.
⚫In a major boost to the real estate sector in the state, Maharashtra Govt announced a cut in stamp duty and other levies for buying and selling of properties in urban and rural areas.
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GST QUERIES
1. Can I verify the authenticity or the correctness of e-invoice?
✅Anyone can verify the authenticity or the correctness of e-invoice by uploading the signed JSON file or Signed QR Code into e-invoice system. The option ‘Verify Signed Invoice’ under Search option can be selected and the signed JSON file can be uploaded and verified. Similarly, the QR Code Verify app may be downloaded and used to verify the QR Code printed on the Invoice.
2. I got my registration cancelled in the financial year. Am I required to file Form GSTR-4 (Annual Return)?
✅ The Form GSTR-4 (Annual Return) is required to be filed, if you were a composition taxpayer during any part of the financial year and if you have got your registration cancelled during the said financial year.
3. I am applying for registration and what if I fail to undergo Aadhar Authentication?
✅The registration shall be granted only after physical verification of the place of business in the presence of the person, in the manner provided under rule 25. But if the joint Commissioner permits then it can be done by verification of documents. The notice in FORM GST REG-03 may be issued not later than twenty one days from the date of submission of the application.
4. What is the turnover threshold for applicability of E-Invoicing?
✅ As per Notification No 61/2020 – Central Tax dated 30th July, 2020 threshold turnover for preparing e-Invoice is Rs 500 Crores.
The turnover for the purpose of E-Invoicing is to be computed at PAN Level (for all GSTINs combined) for the Financial Year 2019-20.
5. When I enter Vehicle number, I get a message that Vehicle is registered in more than one RTO, what should I do?
✅This message indicates that the Vehicle details are found in more than one RTOs. You need to approach your RTO and request for updation of the office. Once the details are updated this message will not appear again. Not doing so, later it will be treated as Vehicle no. is not existent and may not be allowed for e-waybill generation.
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