8th September 2K20
Ø Maruti Suzuki India reports 11% rise in production in August
Ø RBI constituted KV Kamath committee names 26 sectors for restructuring
Ø August power demand close to last year low base level
Ø Air passenger traffic grows around 25% sequentially in August: Icra
Ø World economy unlikely to re-attain pre-pandemic output levels before 2022: Report
Ø Government to sell 15% stake in Bharat Dynamics through OFS
Ø Risks to economic recovery rise as Covid-19 infection rate spikes: Moody's
Ø RBI announces OMO for sale, purchase of govt securities of Rs 10,000 cr
Ø Happiest Minds IPO subscribed nearly 3 times on first day of issue
Ø ED arrests Chanda Kochhar's husband in money laundering case
Ø UK court rejects plea seeking partial reporting ban in Nirav Modi case
Ø Voda Idea to seek shareholders' nod to raise borrowing limit to Rs 1 trn
Ø L&T evaluating tech for CO2-to-methanol plant
Ø SBI plans to hire more than 14,000 employees
Ø LIC Act likely to be amended to facilitate public issue
Ø Asset quality concerns, defaults see MFs slash exposure to NBFCs
Ø Delhi HC orders SpiceJet to pay ₹242.9 crore to Kalanithi Maran, KAL Airways
Ø Financial service providers must engage openly with fintechs, says Finmin
Ø Global Multidimensional Poverty Index: Niti to leverage monitoring mechanism
Ø Vodafone Idea new brand identity ‘Vi’ reflects spirit of integration
Ø Banks sanction loans of ₹1.61 lakh cr to MSMEs under credit guarantee scheme
Ø Sebi sets March 31 as cut-off date for re-lodgement of share transfer requests
Ø India to maintain sugar export subsidies for third year in a row: Report
Ø China’s export growth quickens in August, imports edge lower
Ø RBI to set up innovation hub for finance sector
Ø Freefall in Q1 GDP hits companies’ sales, profits; non-banking, non-finance cos take maximum blow
Ø Mutual fund redemption pressure continued in August
Ø Boris Johnson gives October 15 deadline for Brexit deal
Ø UNICEF to lead global procurement, supply of COVID-19 vaccines
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⚫India entered that elite club when the Defence Research & Development Organisation’s experimental Hypersonic Technology Demonstration Vehicle took off from the APJ Abdul Kalam Launch Complex, off the Odisha coast, and, after separating from its launch vehicle at an altitude of 30 km, flew at Mach 6 for more than 22 seconds.
⚫Financial technology company Razorpay has started going deeper into the Indian financial services market. The Tiger Global and Sequoia-backed firm is starting a new lending service for small businesses, seeking various ways for accessing easy and flexible credit. It would help them maintain constant cash flow and also repay the borrowed interest with flexible timelines.
⚫The real estate sector, which has seen its worst crisis so far in the midst of the Covid-19, says the loan restructuring parameters approved by the RBI based on the recommendations of the K V Kamath committee would help the liquidity strapped industry overcome the challenges caused by the pandemic.
⚫Recommendations of the K V Kamath panel for Covid-related stress have failed to enthuse airlines, with industry executives and experts saying the sector doesn’t stand to benefit from the same. The very high parameter set in the resolution framework is a huge challenge
⚫With COVID-19 still dominating major developments globally, the world economy is not likely to re-attain pre-pandemic output levels before 2022. In India, the pace of economic revival will depend on how quickly the health concerns abate as India is yet to witness a peak.
⚫The ED arrested Deepak Kochhar, husband of ICICI Bank former managing director and CEO Chanda Kochhar, in connection with ICICI Bank-Videocon money laundering case.
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The Government of India has introduced a new Section 206C(1H) of the Income Tax Act, 1961 with regards to “Tax Collection at Source”.
Applicable to all sellers of goods whose turnover for the preceeding Financial Years exceeds Rs. 10 Crores rupees.
Example:-
If during FY 2019-20, turnover was exceeded ₹10 Crores , then For FY 2020-21 w.e.f 01.10.2020, this provision will applicable to such sellers.
Applicable from 01.10.2020
1. Every seller who has received any amount as sale consideration above Rs. 50 lakhs has to collect additional 0.075% of bill amount, collect PAN and pay as TCS every month.
2. TCS returns have to be filed as like TDS returns are filed.
3. So everyone is advised to complete accounting for half year till 30.09.2020 and separate parties with whom sale of Rs. 50 lakhs is made.
4. From every sale after 01.10.2020 to such parties levy 0.075% TCS in every bill and keep record of the same
Accordingly sellers will need to add 0.075% to the bill value and deposit with the government on receipt of the payment from buyers.
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