Ø RBI excludes 6 PSBs from 2nd Schedule of RBI Act
Ø Fiscal deficit at 109% of budget target
Ø US economy shrinks at 31.4% annualized rate
Ø India's external debt contracts 0.7 per cent in June
Ø Trai refrains from intervening in international mobile tariffs
Ø Adani Group bids for 8 commercial coal blocks
Ø TCS to be collected by seller from October 1 only if turnover exceeds Rs 10 crore: CBDT
Ø GST collections for Sept may cross Rs 95,000 cr for first time in FY21
Ø Govt keeps its borrowing programme unchanged at Rs 12 trn for full year
Ø Housing sales rebound to 65% of pre-Covid, new launches at 79% of Q4FY20
Ø Nelco, Telesat collaborate to bring LEO satellite network to India
Ø UK GDP collapsed nearly 20% in second quarter in historic Covid hit
Ø Core sector output contracts to 8.5% in Aug
Ø Domestic gas price slashed to $1.79/ mBtu
Ø Future Enterprises defaults on interest payment of NCDs
Ø Jindal Stainless reduces logistics cost by 15% to catalyse CDR exit
Ø Centre extends BPCL EoI deadline to November 16
Ø General Atlantic to invest ₹3,675 crore in Reliance Retail
Ø Interest rate on PPF, NSC, and other small savings schemes kept unchanged for Q3
Ø PNB declares ₹1,203-cr loan to Sintex Industries as fraud
Ø Brookfield to raise ₹4,400 crore through REIT listing
Ø US economy plunges 31.4% in Q2 but big rebound expected
Ø Govt opening up economy for greater private sector participation: Piyush Goyal
Ø DGTR for imposition of anti-dumping duty on certain steel items for 5 more years
Ø Saudi economy shrank by 7% in Q2 showing depth of coronavirus hit
Ø Covid pandemic to leave up to 3.7 per cent of loans as NPAs
Ø RBI postpones monetary policy meeting as govt yet to announce MPC members
Ø India occupies 8th spot of total Russian coal exports globally
Ø Rosneft, Aramco unlikely to bid for BPCL
Ø Adani, JSPL bid for commercial coal mines
Ø India among worst performing economies in world; stimulus inadequate: Abhijit Banerjee
Ø India Ratings maintains negative outlook for residential real estate
Ø Cairn Energy seeks $1.4 billion from government in losses from retro tax demand
Ø RBI gives more time to avail additional market borrowing, OD facility
Ø India Ratings maintains negative outlook on base metals sector for H2 FY21
Ø Sebi to introduce code of conduct for mutual fund managers, AMC officers
Ø Listed entities to make disclosure about initiation of forensic audit: Sebi
Ø Japan's Nippon Tech launches $40 billion buyout of wireless unit Docomo
Ø Centre sets ₹36,000-cr revenue target for PFC in FY21
Ø Birla Tyres in talks with multiple partners for strategic collaboration
Ø Wealth of India’s rich grows despite pandemic-led headwinds
Ø India has sufficient supplies of crude oil, LNG: Pradhan
Ø CCI approves demerger of textiles business of GHCL
Ø Coal Ministry gets 82 bids for 23 mines being auctioned for commercial mining
Ø Amendments to companies law get President's assent
Ø FinMin seeks inter-ministerial view on LIC IPO
Ø RBI defers Basel III provisions amid covid uncertainty
Ø Vedanta's Anil Agarwal seeks $5 billion for turnaround fund
Ø Trading in energy, share deals exempt from TDS, TCS on e-commerce
Ø Diesel demand drop forcing India refiners to import gasoline
Ø Concerns over pace of economic recovery have deepened: Report
Ø Credit demand from priority sectors drops to 1.9 per cent in June quarter: Report
Ø BPCL’s Mozambique block acquisition under scanner
Ø Engineering exports once gain down in August after growth in July
Ø RBI postpones monetary policy meeting as govt yet to announce MPC members
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ICAI extends last date to pay membership fees & COP Fees for the year 2020-2021 from 30 Sept 2020 to November 30, 2020.
Please create login on SSP and pay your fees online using ICAI Self Service Portal upto the extended due date, To avoid on Name Removal / Restoration Formalities & Restoration Fees.
https://www.icai.org/post/extension-last-date-for-payment-of-membership-cop-290920
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⚫A bill that provides for a slew of amendments to the companies law, mainly to decriminalise various compoundable offences, has received assent of the President.
⚫The RBI deferred the implementation of the capital conservation buffer requiring banks to set aside additional reserves of 0.625% by a further six months due to the COVID-19 pandemic.
The implementation of the regulations was to happen by September 30, and the same has been now deferred to April 1, 2021.
⚫The I-Tax dept issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1% tax on sale of goods and services with effect from October 1. The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-commerce operator shall deduct income tax at the rate of 1% of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform.
⚫Despite many efforts by the Govt to boost credit supply by offering many a scheme to MSMEs and other priority sectors, the same has plunged to a low 1.9% in the June quarter from 10.2% a year ago.
⚫India registered 80,500 new Covid-19 cases, taking the tally past the 6.2-million mark. According to ICMR's second sero-survey findings, one in 15 individuals aged 10 years and above were estimated to be exposed to SARS-CoV2 by August, showing that a considerable population in India is still susceptible to coronavirus.
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Due date alert
1 . Relaxation provides for nil late fees if there is no tax liability and, if there is any tax liability then a maximum late fee of Rs. 500 per return would be applicable to such GSTR-3B returns filed between 01st July 2017 to 30th September 2020.
2. GSTR 9/9A/9C – For the financial year 2018-2019 – 30.9.2020
3. One time Extension in period for seeking revocation of cancellation of registration – 30/09/2020
4. Filing of Income-tax return (original as well as revised) for FY 2018-19 (AY 2019-20) – 30/09/2020
5. One-Time Relaxation for Verification of ITR for AY 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 which are pending due to non-filing of ITR-V form and processing of such returns. – 30/09/2020
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👉 Extension of time- LLP Settlement Scheme, 2020.Pdf(271 KB)
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.31_28092020.pdf
👉 Extension of time - Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013-.Pdf(298 KB)
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.32_28092020.pdf
👉 Extension of time for EGM through Video Conference (V)C or Other Audio Visual Means (OAVM) or passing of certain items only through postal ballot without convening general meeting -.Pdf(288 KB)
http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo.33_28092020.pdf
👉 Companies (Amendment) Act, 2020Pdf(385 KB)
http://www.mca.gov.in/Ministry/pdf/AmendmentAct_29092020.pdf
👉 Announcement regarding Highlights made by the Companies (Amendment) Act, 2020 by CL&CGC ICAI - (29-09-2020)
https://resource.cdn.icai.org/61306clcgc290920b.pdf
👉 Extension in the Last Date for Payment of Membership /COP Fee - (29-09-2020)
https://www.icai.org/post/extension-last-date-for-payment-of-membership-cop-290920
👉 Announcement regarding Extension of due dates for various Schemes, Registration as Independent Director, DIR-3 KYC, holding EGM, till 31st December, 2020 by the Government of India by CL&CGC ICAI - (29-09-2020)
https://resource.cdn.icai.org/61295clcgc290920.pdf
👉 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)-Adv. Information Technology Test - Computer Based Mode on 22nd October, 2020. - (29-09-2020)
https://resource.cdn.icai.org/61288exam290920.pdf
👉 Extension of Interim Relaxation in WMA limits and OD regulations
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50431
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As per entry no. 19A and 19B of notification no. 12/2017-Central Tax (Rate) as amended by Notification No 21/2019 Central Tax (Rate) dated 30th September 2020, “Services by way of transportation of goods by a vessel and aircraft from customs station of clearance in India to a place outside India” meaning export freight is exempt from GST until 30th September 2020.
And accordingly today is last date of relaxation for GST on ocean freight and air freight in case of export of goods and government have not yet come with any clarification on this matter. Therefore, it is advisable to consider the impact of GST on ocean freight as well as air freight for all the transactions affected with effect from 1st of October 2020 until government comes up with any further clarification on this matter.
Rate of GST on these two category of services will be as under;
1. Ocean Freight [Vessel] :- 5%
2. Air Freight [Aircraft] :- 18%
Please do let us know if you need any clarification on this matter
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👉🏻CBDT Clarifications on new TDS / TCS norms applicable wef 1st Oct.2020 onwards
CBDT issues clarifications on new TDS/TCS norms, Guidelines under section 194-O(4) and section 206C(1-I) of the Income-tax Act, 1961 applicable from October 1, 2020 onwards)
👇🏻 👇🏻 👇🏻
https://youtu.be/mpnk568oJqg
👉🏻TCS on Sale of Goods under Income Tax Laws wef 01-10-2020
(TCS on Sale of Goods under Income Tax Laws wef 01-10-2020 | Section 206C(1H) of Income Tax Act, 1961)
👇🏻 👇🏻 👇🏻
https://youtu.be/0s0LPbAapAs
👉🏻TDS on E Commerce Transactions under Section 194O of Income Tax
(TDS on E Commerce Transactions under Section 194O of Income Tax Act 1961)
👇🏻 👇🏻 👇🏻
https://youtu.be/KP4AsKebXLA
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Various announcements regarding E Invoicing under GST on 30.09.2020
1. Press release: Invoice Reference No(IRN) can be generated with in 30days for the invoices generated during the month of October. Accordingly a big relief for E invoice process to be implemented as per rule 48(5) w.e.f. 1st of October 2020 as penalty u/s 122 has also been relaxed in such cases.
2. Notification No. 70/2020: Amendment has been made in earlier Notification No. 13/2020 dated 21st Mar'20 issued w.r.t E-Invoice in relation to followings:
i). FY for which aggregate turnover is to be checked. Now, it is 'any preceding FY from FY 2017-18 onwards' instead of 'a financial year' meaning thereby that if the T.O of any taxpayer was more than Rs. 500 Crs in any preceding FY from FY 2017-18 onwards then E-Invoice will be applicable.
ii) Further, earlier the mandate to prepare E-invoice was for B2B transactions though by way of FAQ's it was clarified that export invoices are also covered. Now, the same have been regularised by way of this notification adding the words 'or for exports' also after the words ' goods or services or both to a registered person.
3. Notification no 71/2020: Requirement of dynamic QR code for B2C invoices deferred till 1st of December 2020
4. Notification No 72:
I) Under rule 46 which prescribed mandatory particulars to be mentioned on the invoice, QR code having enabled IRN in case of B2B invoices shall be part of mandatory particulars of this rule.
ii) In rule 48(4) which prescribe manner for isuing e invoice, power has been given to commissioner to exempt any registered person for issuing of e invoice for a specified period by way of notification.
iii) In Rule 138A_ In case of e invoice transporter can produce IRN and QR code electronically for verification by Proper officer instead of physical copy of tax invoice.
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⚫Core sector output contracted for the sixth consecutive month at 8.5 % in August, indicating that economic recovery has slowed on a sequential basis. The figures showed seven of the eight industries in the core sector continued to contract in August.
⚫The Govt’s fiscal deficit remained above the annual target for second month in row at the end of August, mainly on account of the impact of lockdown on revenue collections.The fiscal deficit during April August was at 109.3 % of the annual target estimated in the Budget.
⚫The Govt deferred by two months the requirement of printing dynamic QR code on B2C invoices till December 1.
⚫Businesses will have 30 days time to generate e-invoice for B2B transactions for the month of October. Under the GST law, Co's with turnover of over Rs 500 crore will have to generate e-invoice for B2B transactions from October 1.
⚫The Govt kept the interest rates on small savings schemes, including PPF and NSC, unchanged for the October-December quarter amid moderating bank deposit rates.
⚫India registered 86748 new Covid-19 cases, taking the tally past the 6.3-million mark.The Govt took a decisive step towards unlocking almost everything, with the MHA lifting restrictions on cinema halls, schools, and swimming pools as part of its fifth tranche of guidelines to revive business and other activities.
⚫PNB reported a borrowal fraud of Rs 1,203.26 crore in the NPA account of Sintex Industries Ltd.
⚫The amendments to the Motor Vehicles Act will come into force from today.
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From 1 October 2020, many rules are going to change, Motor vehicle rules, Ujjwala scheme, health insurance, credit and debit card rules are changing from tomorrow. So it is important that you know about them in advance. Let us know what is going to change from October 1*
1) No physical verification of documents like Driving License and RC
The tension of keeping a hard copy of documents like RC and driving license together while driving is going to end. Now you can drive a vehicle with only a valid soft copy of these documents attached to the vehicle.The Ministry of Road Transport and Highways has issued notification of various such amendments made in the Motor Vehicles Rules 1989, which will come into effect from October 1. In a step towards easing commuter convenience, the central government is set to digitise documents including maintenance of vehicles, driving licences and e-challans that will now be done through an information technology portal from 1 October 2020. Drivers can maintain their vehicular documents on Central govt's online portal like Digi-locker or m-parivahan.
2) Mobile phones only for route navigation
According to the amendments made in the Motor Vehicles Rules 1989 by the Ministry of Road Transport and Highways, you will now be able to use mobile for route navigation in such a manner that it shall not disturb the concentration of the driver while driving.
3) LPG connection will not be free
Under the marque Pradhan Mantri Ujjwala Yojana (PMUY), the process of getting a gas connection for free is ending on 30 September 2020. The Union cabinet had approved an extension till end September for availing free cooking gas cylinders under PMUY.
4) 5% tax will be levied on foreign fund transfer
Any amount sent abroad to buy foreign tour packages, and every other foreign remittance made above ₹7 lakh, will attract a tax-collected-at source (TCS) beginning 1 October unless tax is already deducted at source (TDS) on that amount. While the tax on foreign tour packages will be 5% for any amount, for other foreign remittances the tax will kick in only for the amount spent above ₹7 lakh.
5) Sweet sellers will need to display 'best before date
Sweet shops will now have to declare the 'best before date' of non-packaged or loose sweets available in their shop. Food Safety and Standards Authority of India (FSSAI) has directed the sweet shop owners to adhere to the protocol from 1 October.
6) New health insurance rules to be implemented
The changes in the health insurance cover have of course being introduced in the aftermath of Covid-19. The prices for premium health services will eventually rise. The new health insurance rules to be introduced post-Covid-19 inclusion will make 17 permanent illnesses outside the cover.
7) Buying television sets can be expensive
Open cell panels will attract 5% import duty from 1 October, with the government saying that a duty exemption expiring at the end of this month will not be extended . As part of 'Atmanirbhar Bharat' the government is keen to expand domestic production capacity for open cell panels so that imports can be curbed. The one-year exemption given to the item expires today, 30 September.
8) RBI’s new credit and debit card rules
The Reserve Bank of India (RBI) has issued new guidelines to secure debit and credit cards. These changes will be effective from 1st October 2020. According to the new guidelines, card users will now be able to register opt-in or opt-out of services, spend limits, etc. for international transactions, online transactions as well as contactless card transactions.
9) FSSAI bans blending of mustard oil with any other cooking oil
Food regulator FSSAI has banned blending of mustard oil with any other cooking oil with effect from October 1. In a letter to commissioner of food safety of all states and Union Territories, FSSAI said the "blending of mustard oil with any other edible oil in India has been prohibited with effect from October 1, 2020."
10) New Tax Collected at Source (TCS) regime
The Income Tax Department issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on sale of goods and services. The new Tax Collected at Source (TCS) regime will come into effect from October 1 . The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-commerce operator shall deduct income tax at the rate of 1 per cent of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform.
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Various announcements regarding E Invoicing under GST on 30.09.2020
1. Press release: Invoice Reference No(IRN) can be generated with in 30days for the invoices generated during the month of October. Accordingly a big relief for E invoice process to be implemented as per rule 48(5) w.e.f. 1st of October 2020 as penalty u/s 122 has also been relaxed in such cases.
2. Notification No. 70/2020: Amendment has been made in earlier Notification No. 13/2020 dated 21st Mar'20 issued w.r.t E-Invoice in relation to followings:
i). FY for which aggregate turnover is to be checked. Now, it is 'any preceding FY from FY 2017-18 onwards' instead of 'a financial year' meaning thereby that if the T.O of any taxpayer was more than Rs. 500 Crs in any preceding FY from FY 2017-18 onwards then E-Invoice will be applicable.
ii) Further, earlier the mandate to prepare E-invoice was for B2B transactions though by way of FAQ's it was clarified that export invoices are also covered. Now, the same have been regularised by way of this notification adding the words 'or for exports' also after the words ' goods or services or both to a registered person.
3. Notification no 71/2020: Requirement of dynamic QR code for B2C invoices deferred till 1st of December 2020
4. Notification No 72:
I) Under rule 46 which prescribed mandatory particulars to be mentioned on the invoice, QR code having enabled IRN in case of B2B invoices shall be part of mandatory particulars of this rule.
ii) In rule 48(4) which prescribe manner for isuing e invoice, power has been given to commissioner to exempt any registered person for issuing of e invoice for a specified period by way of notification.
iii) In Rule 138A_ In case of e invoice transporter can produce IRN and QR code electronically for verification by Proper officer instead of physical copy of tax invoice.
New information in 26AS:
1. Central Board of Direct Taxes has now authorised Principal Director General of Income Tax (Systems) or Director General of Income Tax (Systems) to upload information related to GST Returns in the Annual Information Systems in Form 26AS within 3 months from the end of the month in which information is received by him.
2. Thus GST Returns related information would now be available in Form 26AS on the Income Tax site making comparison between Income Tax filings and GST filings easy for the Income Tax authorities.
3. The necessary procedures, formats and standards for the same, shall be specified by Principal Director General of Income Tax (Systems) or Director General of Income Tax (Systems).
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Credit Card to Income Tax to Driving License: 10 Rules changing from tomorrow.
The 10 rules changing from 1 October, 2020
Motor vehicle rules, income tax, health insurance, credit and debit card rules are changing from tomorrow. So, it is important that you know about them in advance. What changes is here...
1) No physical verification of documents like Driving License and RC
The tension of keeping a hard copy of documents like RC and driving license together while driving is going to end. Now you can drive a vehicle with only a valid soft copy of these documents attached to the vehicle.The Ministry of Road Transport and Highways has issued notification of various such amendments made in the Motor Vehicles Rules 1989, which will come into effect from October 1. In a step towards easing commuter convenience, the central government is set to digitise documents including maintenance of vehicles, driving licences and e-challans that will now be done through an information technology portal from 1 October 2020. Drivers can maintain their vehicular documents on Central govt's online portal like Digi-locker or m-parivahan.
2) Mobile phones only for route navigation
According to the amendments made in the Motor Vehicles Rules 1989 by the Ministry of Road Transport and Highways, you will now be able to use mobile for route navigation in such a manner that it shall not disturb the concentration of the driver while driving.
3) LPG connection will not be free
Under the marque Pradhan Mantri Ujjwala Yojana (PMUY), the process of getting a gas connection for free is ending on 30 September 2020. The Union cabinet had approved an extension till end September for availing free cooking gas cylinders under PMUY.
4) 5% tax will be levied on foreign fund transfer
Any amount sent abroad to buy foreign tour packages, and every other foreign remittance made above ₹7 lakh, will attract a tax-collected-at source (TCS) beginning 1 October unless tax is already deducted at source (TDS) on that amount. While the tax on foreign tour packages will be 5% for any amount, for other foreign remittances the tax will kick in only for the amount spent above ₹7 lakh.
5) Sweet sellers will need to display 'Best Before Date'
Sweet shops will now have to declare the 'best before date' of non-packaged or loose sweets also available in their shop. Food Safety and Standards Authority of India (FSSAI) has directed the sweet shop owners to adhere to the protocol from 1 October.
6) New health insurance rules to be implemented
The changes in the health insurance cover have of course being introduced in the aftermath of Covid-19. The prices for premium health services will eventually rise. The new health insurance rules to be introduced post-Covid-19 inclusion will make 17 permanent illnesses outside the cover.
7) Buying television sets can be expensive
Open cell panels will attract 5% import duty from 1 October, with the government saying that a duty exemption expiring at the end of this month will not be extended . As part of 'Atmanirbhar Bharat' the government is keen to expand domestic production capacity for open cell panels so that imports can be curbed. The one-year exemption given to the item expires today, 30 September.
8) RBI’s new credit and debit card rules
The Reserve Bank of India (RBI) has issued new guidelines to secure debit and credit cards. These changes will be effective from 1st October 2020. According to the new guidelines, card users will now be able to register opt-in or opt-out of services, spend limits, etc. for international transactions, online transactions as well as contactless card transactions.
9) FSSAI bans blending of mustard oil with any other cooking oil
Food regulator FSSAI has banned blending of mustard oil with any other cooking oil with effect from October 1. In a letter to commissioner of food safety of all states and Union Territories, FSSAI said the "blending of mustard oil with any other edible oil in India has been prohibited with effect from October 1, 2020."
10) New Tax Collected at Source (TCS) regime
The Income Tax Department issued guidelines for applicability of TCS provision which requires an e-commerce operator to deduct 1 per cent tax on sale of goods and services. The new Tax Collected at Source (TCS) regime will come into effect from October 1 . The Finance Act, 2020 inserted a new section 194-O in the Income-tax Act 1961 which mandates that with effect from October 1, 2020, an e-commerce operator shall deduct income tax at the rate of 1 per cent of the gross amount of sale of goods or provision of service or both, facilitated through its digital or electronic facility or platform.
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