⚫The domestic power transmission segment is expected to attract investments worth Rs 1.8 trillion in the next five years, according to a report by ICRA.It said evacuation infrastructure for renewable energy projects will drive investments in the power transmission segment.
⚫Insurers have seen more than 90,600 Covid-related claims worth Rs 1,463 crore, of which almost 60,000 claims amounting to Rs 563.81 crore have been settled.While initially, the claim amount was high, now it has moderated as many states have prescribed a standard treatment rate for Covid-19.
⚫The RBI constituted K V Kamath committee on one time loan restructuring, but it won’t be easy for the panel to negotiate the rocky road that led to the failure of all such efforts in the past.
⚫In an effort to plug GST evasion and frauds and ease compliance, the existing GST return filing system is being enhanced to have an in-built invoice matching system to determine input tax credit and liability.The returns will be auto-populated to minimize errors, ease reconciliation and simplify compliance.
⚫Gold price surged for the 16th straight session and touched an all-time high of Rs 57,008 per 10 grams.Silver, too, continued its upward movement, with the price touching a record-high of Rs 77,840 per kilogram.
⚫New business premium of life insurers grew 6.86% in July to Rs 22,986 crore. It was, largely driven by private insurers performance.
⚫PM will launch a financing facility of Rs one trillion under the Agriculture Infrastructure Fund. He will also release the sixth instalment of funds of Rs 17,000 crore to 85 million farmers under the PM-KISAN scheme.
⚫The online auction of coal blocks for commercial mining and sale for private co's will commence in October and winners will be declared in November. The Centre has also extended the deadline for various processes under the auction including a site visit, sale of tender documents, and submission of technical bids.
⚫India's FDI regime is the most liberal in the world, and even during the pandemic, the country has attracted over $22 billion worth of direct investments
⚫Indian banks will not have to pay GST on reverse charge mechanism for facilitating trade for exporters or importers through foreign banks, as per a recent ruling by an appellate tribunal.
⚫The demand for small warehouses within city limits is expected to rise over the next one year as e-commerce firms are targeting to ensure same-day deliveries of food and grocery items to customers.
⚫A total of 196 doctors in the country, majority of them being general practitioners, have succumbed to Covid-19 so far, said the IMA, requesting the PM for his attention on the issue.
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👉 Announcement Regarding Guidance Notes of IPCE/Intermediate Nov 2020 Exams - (07-08-2020)
https://resource.cdn.icai.org/60714exam49351.pdf
👉 Review Engagements on Interim Financial Information in the Current Evolving Environment Due to COVID-19 - (07-08-2020)
https://resource.cdn.icai.org/60696aasb49345.pdf
👉 Important Announcement - DMBF August 2020 Examination - (07-08-2020)
https://resource.cdn.icai.org/60654exam49341a.pdf
👉 Reserve Bank announces constitution of an Expert Committee
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50182
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GST -
Petitioner seeking quashing of summons and consequent exemption from appearance of its partner in recording her statement during ongoing investigation in the case of classification of goods – Assessee SLP against High Court order rejecting the writ petition of the assessee-petitioner on the ground that summons were issued in accordance with law – HELD - We decline to interfere in this Special Leave Petition - However, it will be open to the petitioner to request the concerned authority to defer the recording of statement of the petitioner until the lockdown period is over. That request be considered on its own merits and in accordance with law - The Special Leave Petition is dismissed
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GST –
Interception and detention of vehicle on its return journey, without the goods – transportation of goods for auction – HELD - there was no offence for which the vehicle could have been detained on its return journey - the detention was on account of a misunderstanding of the nature of the transaction and transportation of the goods - on the return journey, when the vehicle was intercepted, it was not carrying any goods that had contravened the provisions of the Act - the respondent is directed to forthwith release the vehicle that has been detained through detention notice - The Writ Petition is allowed
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UPCOMING DUE DATES:
1️⃣ Income Tax:
## 15.08.2020 is the due date to issue Form 16 to employees for FY 2019-20 and Form 16A to other deductees for Q4 of FY 2019-20.
## 30.09.2020 is the due date to file Belated/Revised Income tax return for FY 2018-19.
## 31.03.2021 is the due date for SFT (Significant Financial Transactions) response (Form 61A/ Preliminary) for FY 2019-20.
## 31.03.2021 was the due date of filing of TDS/TCS Return of Q1 (20-21).
2️⃣ Goods and Services Tax:
## GSTR-3B Due Dates:
❇️ 20.08.2020 is the due date to file GSTR-3B for the month of July, 2020 for taxpayers having turnover more than INR 5 crores.
❇️ 12.09.2020/23.09.2020 for May and June month for the taxpayers having turnover upto Rs. 5 Crores and the principal place of business situated in West and South india.
❇️ 15.09.2020 /25.09.2020 for May and June month for the taxpayers having turnover upto Rs. 5 Crores* and the principal place of business situated in East and North india.
Note- Interest @ 9% shall be applied after passing above-mentioned due date till 30.09.2020.
## GSTR-1 Due Dates:
❇️ 11.08.2020 is last date for the month of July, 20 month to file GSTR-1 for taxpayers is having turnover exceeding Rs. 1.5 Crores.
3️⃣ Corporate & Allied Laws:
## MCA has announced a “Moratorium Period" from 01.04.2020 to 30.09.2020 for filing of ROC Forms and no additional fees will be charged for such period due to late filing of any form due within this period.📢
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