11th September 2K20
Ø Government planning incentives worth $23 billion to boost manufacturing
Ø Yes Bank repays entire Rs 50,000 crore special liquidity facility dues to RBI
Ø Two-thirds of Crisil-rated companies eligible for one-time loan recast
Ø FTA talks with Russia, US, EU on, trade policy not planned around one nation: Piyush Goyal
Ø Nabard to disburse Rs 1.20 lakh crore crop loan this fiscal
Ø TRAI's R S Sharma calls for speedy liberalisation of satcom policy
Ø India's exports in September first week jump 13% to $6.12 billion
Ø States may cut FY21 capex by Rs 3 trillion due to GST shortfall: Icra
Ø PE investments worth $1.9 bn in August, dipping 53% from July deals
Ø ONGC, OIL earnings hinge on upside in crude prices as production stagnates
Ø Reliance to offer $20-bn stake in retail business to Amazon: Report
Ø Stressed firms accuse ARCs of asset stripping in complaint to RBI
Ø GDP to contract 9% in FY21, says Crisil
Ø KPMG, Khaitan & Co to assist in Ordnance Factory Board corporatisation
Ø Gujarat Pipavav Port awaits extension of concession term
Ø ITI bags ₹7,796-cr optical fibre cable project for the Army
Ø Motherson Sumi charts 5-year plan with $36-billion revenue target
Ø Dalmia Cement buys shares worth ₹98 crore of Indian Energy Exchange
Ø Saudi sovereign fund PIF weighs investing in Ant IPO: Report
Ø Expert panel to assist govt for assessment of relief to bank borrowers
Ø Route Mobile IPO subscribed 4.21 times on day 2
Ø Hindalco to recover to pre-Covid levels by H2FY21: Birla
Ø Crisil slashes India FY21 GDP estimate to worst since 1950
Ø Banks tap consultants for debt recast assessment
Ø Covid crisis: IMF says further fiscal stimulus warranted in India
Ø PM Modi launches Rs 20,050-cr scheme for fisheries sector
Ø Capital India Finance gets forex business licence from RBI
Ø Zomato plans to file for IPO in first half of 2021
Ø NBFCs witness 15-20 per cent improvement in retail lending in last 2 months
Ø Fuel consumption in August witnesses biggest monthly dip since April
Ø States may cut FY21 capex by Rs 3 lakh crore, says ICRA
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⚫PM launched Rs 20,050 crore Pradhan Mantri Matsya Sampada Yojana to boost production and exports in the fisheries sector as part of the Govt's aim to double farmers' income.
⚫India has fallen 26 spots to the 105th position on the Global Economic Freedom Index 2020. The report said prospects for increasing economic freedom in India depend on next generation reforms in factor markets and in greater openness to international trade.
⚫In a bid to support agri sector amid COVID-19 crisis, NABARD said it aims to disburse Rs 1.20 lakh crore crop loan to farmers for meeting production expenses this fiscal.
⚫The IMF said that there is a need for another stimulus, especially expenditures on health, food and income support for vulnerable households, and support for businesses in view of the Covid-19 pandemic.
⚫India is planning to offer incentives worth Rs 1.68 trillion to attract co's to set up manufacturing in the South Asian nation.
⚫The Govt will offer production-linked incentives to automobile manufacturers, solar panel makers, and specialty steel to consumer appliance companies,textile units, food processing plants and specialised pharmaceutical product makers are also being considered for the plan.
⚫Gold exchange-traded funds see 5th consecutive month of inflows in August. Inflows came despite gold price coming off its all-time high, though it has risen 30% in the first eight months of the year
⚫With a highest single day spike of 96,760 coronavirus cases, India's tally has surged past the 4.5-million mark. Maharashtra and Delhi recorded 23,446 and 4,308 cases.
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Provision for Aadhar Authentication in GST Registration
1. Aadhaar Authentication process has been introduced, for the persons applying for GST registration as Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ Developer/ SEZ Unit etc, in Form GST REG 01 (refer Notification No 62/2020-CT dt 20.08.2020 ).
2. Under this, Individuals, Authorised signatory of all types of businesses, Managing and Authorised partners of a partnership firm and Karta of an Hindu undivided family, applying for new registration, can opt to undergo e-KYC authentication of their Aadhaar number.
3. Applicants, who, either do not provide Aadhaar, while applying for new registration or whose Aadhar authentication fails in validation, would be subjected to site verification by the tax department. However, Tax authority based on the documents produced can grant registration.
4. Timelines for grant of registration are:
-> In case of successful authentication of Aadhaar, registration will be deemed approved within 03 working days
-> If Aadhar authentication is not opted for or if authentication fails in validation and no SCN is issued within 21 days by tax official, registration will be deemed approved
-> Tax Officer can issue SCN within the period specified for grant of registration, like in cases of successful Aadhar authentication i.e. 03 working days, or in cases when taxpayer do not opt to provide Aadhaar or when Aadhar authentication fails i.e. 21 working days. Applicants can submit their reply within 07 working days from issue of SCN
5. Important points while opting for Adhaar authentication is as follows:
-> Once registration application is submitted, an authentication link will be shared on GST registered mobile numbers and email ids mentioned in the GST application
-> On clicking the verification link, a window for Aadhaar Authentication will open where they have enter Aadhaar Number and the OTP received by them on the mobile number linked with Aadhaar
-> Taxpayer need to complete Aadhaar authentication of all Promoters/ Partners/ Authorized Signatories/ Karta etc. as mentioned in the application to avail this option
-> Applicant can access the link again for authentication by navigating to My Saved Applications > Aadhaar Authentication Status > RESEND VERIFICATION LINK
-> Persons already registered on GST portal are not required to undergo Aadhar authentication at this stage
-> Persons who are not resident /citizen of India are exempted from the Aadhaar authentication process
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