29th September 2K20
Ø RBI extends enhanced borrowing limit for banks under MSF till Mar 31
Ø Saudi Aramco is committed to $44-bn Ratnagiri refinery-cum-petrochemicals complex: Project CEO
Ø BPCL paid up for defaulting partner Videocon to defend Brazilian JV, says CMD
Ø COAI seeks urgent allocation of E and V band spectrum via auction to access providers
Ø Diesel demand seeing degrowth, petrol picking up amid pandemic, says Indian Oil
Ø DHFL case: Grant Thornton flags fraudulent transactions worth Rs 12,705 crore
Ø Icra scales up projection for GDP contraction to 11% from 9.5% earlier
Ø Corporate Affairs ministry extends date for various schemes amid Covid-19
Ø Sugar export deadline extended by 3 months till Dec: Food Ministry
Ø MFs add 450,000 investor accounts in August; debt schemes gain traction
Ø Moody's downgrades IIFL Finance's secured debt, changes outlook to stable
Ø Gulf Oil Lubricants India inks pact with South Korea's S-Oil Corporation
Ø No need for scrip-wise reporting for LTCG in IT returns: CBDT
Ø RBI postpones MPC meeting scheduled to begin tomorrow
Ø BPCL opens talks to buy out Oman Oil in Bina Refinery
Ø PepsiCo India net surges in FY19-20 to ₹329 crore
Ø REC sanctioned loans worth ₹1.11-lakh crore in 2019-20
Ø Tyre imports plunge 44% in Q1
Ø Max's promoters sell healthcare, financial services biz shares worth ₹284 cr
Ø No Covid-19 impact on $24 billion Mozambique project: BPCL
Ø Lenders give bidders 30 Sept deadline to revise bids for Jet Airways
Ø Sebi releases new guidelines for investment advisers in IFSC
Ø Apple suppliers commit to $900 mn investment to build capacities in India
Ø Lenders give clean chit to Reliance Commercial Finance as GT audit finds no fraud
Ø Desi startups lap up USD 63 billion since 2016, spawn 27 unicorns
Ø COVID-19 woes: ICRA downgrades TAGVK Hotels & Resorts
Ø Engineering exports once gain down in August after growth in July
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LEGAL KNOWLEDGE CAPSULE
✒️ Delhi High Court has directed an insurance company, that had suddenly discontinued an insurance plan, to provide a similar alternative plan to the Petitioner-claimant, having approximately the same coverage and the same premium.
✒️ RBI has announced introduction of Positive Pay System for Cheque Truncation System (CTS) which shall be implemented from 1st January, 2021.
✒️ Delhi High Courtr ruled that a person, who has retired as the Director of the Company, cannot be said to be in-charge of and responsible for the conduct of the day-to-day affairs of the Company, as contemplated in Section 141 of NI Act for being proceeded against
✒️ Supreme Court has reiterated that Absence of motive in a case depending on circumstantial evidence is a factor that weighs in favour of the accused,
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⚫Defence Minister unveiled the new Defence Acquisition Procedure of 2020, which will govern the procurement of defence equipment from the capital budget. It will supersede the Defence Procurement Procedure of 2016 from October 1.
⚫The Govt has now made it mandatory for traders to register themselves with the Steel Import Monitoring System to import all iron and steel products as also certain railways related items, a move aimed at discouraging inbound shipments of such goods and promoting local manufacturing.
⚫The MCA has extended the Co's Fresh Start Scheme and the LLP Settlement Scheme, besides allowing companies to conduct EGMs and board meetings through video conference or other audio-visual means till end of this year.
⚫The management of BPCL said that 2% of its treasury stock will be transferred to a separate trust, while the remaining 7.33% is likely to be sold in a bulk deal.The decision will be part of the RFP that will be out within 15 days after the EoIs are received for disinvestment.
⚫Fraudulent transactions worth Rs 12,705.53 crore took place at debt-ridden mortgage firm DHFL during FY17 to FY19. According to the auditor's report, this pertains to certain irregularities in loan disbursements towards the development of two Slum Rehabilitation Authority projects undertaken by the company in the past.
⚫The Union Health Ministry launched a web portal that will provide all important information on Covid-19, vaccine development, ongoing clinical trials and progress made in this area locally and globally.
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✅ GST Updates: GSTR-3B Jul-2020
🌴 Aggregate Turnover upto Rs. 5 Cr in preceding FY
🎯 Whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi.
🎯Note: If GSTR-3B is filed after 29.09.2020 but upto 30.09.2020, then Interest @9% p.a. and Late Fees Upto Rs. 500 shall be levy.
🎯Important Note: If GSTR-3B is filed after 30.09.2020, then Interest @18% p.a. and Late Fees shall be Rs. 50/20 per day w.e.f. 25-08-2020.
*📢 Get ready to continue to spend more on purchase of car, aerated drinks, cigarettes/Pan Masala
📢 Prize Money recieved from horse-race clubs not liable to GST: AAAR
📢 AAAR affirms applicant can’t charge 12% GST under Forward Charge Mechanism as a GTA
📢 Tax rate cannot be challenged in a Court of law unless it is confiscatory in nature: Delhi HC - Gaurav Yadav v. Union of India-[2020] 119 taxmann.com 384 (Delhi)
A petition has been filed before the Hon’ble High Court to reduce the GST rate of 18% on alcohol based sanitizers to either 5% or 12%.
🎯ICAI Membership Fees to be paid for the year 2020-21 thru SSP Portal is 30.09.2020- In case of any query write mail on circ@icai.in and copy to chairmancirc@icai.in
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