Corporate Snippets on Oct 12
Ø RBI to move to next generation treasury application for managing forex, gold reserves
Ø India will become the world's third largest economy by 2050, says Lancet study
Ø GST Council to discuss compensation issue for third time in a row on Monday
Ø SAIL plans to start commercial production of HH rails in FY21
Ø Discoms' outstanding dues to power gencos rise 37% to ₹ 1.33 lakh Cr in August
Ø Extended monsoon unlikely to hurt harvest
Ø Auto component firms see capacity utilisation doubling to 60-95% levels
Ø Libya Govt. gets ready to pump more oil as it reopens biggest field
Ø Demand recovery hope, price hikes brighten outlook of cement players
Ø Smaller pharma firms post faster domestic sales growth in September
Ø FPIs turn positive on Indian markets, invest
₹1,086 Cr so far in October
Ø Set aside order on NPA classification freeze: RBI to Supreme Court
Ø IMF to meet this week amid historic recession
Ø Agri-commodities exports rise 43.4% in April-September: Government
Ø Covid impact: With demand exceeding supply, used car prices zoom
Ø ONGC aims to merge OMPL with MRPL by June 2021
Ø Registered Valuers organisations: IBBI
standardises meeting norms of Disciplinary Committee and Appellate Panel
Ø Discoms' outstanding dues to power gencos rise 37% to ₹1.33 trillion in August
Ø Mukesh Ambani loses interest in Debenhams: Report
Ø IRDAI panel for lower entry-level capital for micro-insurance companies
Ø Cummins India says revival taking place, 'bullish' on India market
Ø H&M to expand physical stores in India
Ø India Inc to see mild recovery but miles to go˘
Ø Mining sector Rationalise levy of stamp duty
Ø Promoter shareholding in Eveready falls below 5% for first time
Ø Govt. buys 37.92 lakh ton kharif paddy at MSP in last 15 days
Ø Pharma market reports growth in September
Ø Moratorium extension not in borrowers' interest: RBI tells SC
Ø RBI gives relief to big ticket loans of above ₹ 75 lakh
Ø China’s new data security initiative has implications for India
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⚫The monetary policy committee unanimously decided to keep policy rates unchanged in the bi-monthly policy meets for October, while the RBI said the worst was possibly over for the economy and the focus must now “shift from containment to revival.
⚫Accounting for the impact of the pandemic, real GDP in FY21 will fall 9.5%, the MPC noted in its statement.
⚫The tax collection remains muted. Direct tax, net of refunds, contracted by 24 % as of Oct 8 to Rs 3.66 trillion compared with Rs 4.8 trillion in the corresponding period last year.
⚫The finance ministry said taxpayers are required to report in the annual GST return of 2018-19 only the values of transactions pertaining to that financial year.
⚫The issue price for the sovereign gold bond has been fixed at Rs 5,051 per gram of gold.The Scheme 2020-21 Series VII will be opened for subscription from October 12 to October 16.
⚫RBI has decided to made RTGS system available round the clock on all days from Dec.
⚫India registered over 60,262 new Covid-19 cases, taking the tally to 6,964,074 and the death toll reached 107,142.
⚫The country's foreign exchange reserves reach a life-time high of $545.638 billion in the week ended October 2, 2020.
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👉 Participate in GST-n-You Creative Contest
https://www.gst.gov.in/newsandupdates/read/400
👉 Blocking of E-Way Bill (EWB) generation facility for taxpayers with AATO over Rs 5 Cr., after 15th October, 2020
https://www.gst.gov.in/newsandupdates/read/406
👉 Important Announcement November 2020 Examinations
https://www.icai.org/post/important-announcement-nov2020-exams
👉 Announcement for Extn. of Last Date of MEF 2020-21
https://www.icai.org/post/extn-last-date-mef-2020-21
👉 Invitation of Comments on Exposure Drafts of Forensic Accounting and Investigation Standards(FAIS) - 210, 240, 310, 320, 330, 340 and 350 - (09-10-2020)
https://www.icai.org/post/invitation-of-comments-on-ed-fais-210-240-310-320-330-340-350
👉 RBI announces Open Market Operations (OMO) Purchase of Government of India Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50481
👉 Monetary Policy Statement, 2020-21 Resolution of the Monetary Policy Committee (MPC) October 7-9, 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50479
👉 Statement on Developmental and Regulatory Policies
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50480
👉 Governor’s Statement – October 9, 2020
https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=3912
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✅ GST Updates
📢 CBIC clarifies provisions of ITC availment restrictions (Rule 36(4) for February, 2020 to August, 2020 Instead of giving benefits, clarify by CBIC to mandatory follow Rule 36(4) without having parental law in force.
📢 Press Release: The taxpayers are required to report only the values pertaining to Financial Year 2018-19 and the values pertaining to Financial Year 2017-18 which may have already been reported or adjusted are to be ignored. It means whatever report, file on time till 31.10.2020. Aagain harsh on taxpayers in pandemic situation.
📢 EWB generation facility (as consignor, consignee or by transporter) for all GSTIN associated with PAN where turnover exceeds ₹5 crores & GSTR-3B for 2 or more tax periods, up to August, has not been filed, will be blocked on EWB Portal after 15 October.
Follow: https://youtu.be/TPKNPa7SUJk
📢 GSTN has enabled the “RESEND OTP” button on the portal to request the same OTP again. Resend request can be made maximum three times. This will help taxpayers and ease the compliance
📢 Nearly 7 million IRNs generated in first week of GST e-invoicing systen
📢 GST Evasion: DGGI Gurugram arrests one person on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit of Rs 190 cr
📢 GST Tech: Amnesty scheme for GSTR-3B return late fee adjustment has ended on Sep 30, 2020; now late fee will be calculated as per the original rules
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⚫Engineering Export Promotion Council of India claimed that shipping lines are demanding high freight charges as inward traffic from different countries, particularly from China, has declined for which the exporters are required to pay a higher amount for outbound consignments. Several trade bodies have urged the Centre to set up a regulator to deal with the rising freight charges, amid the problem of container shortages that exporters are facing.
⚫India's fuel demand in September rose for the first time since June as easing coronavirus restrictions supported economic activity and travel
⚫The RBI in an affidavit, filed before Supreme Court in the loan moratorium case, said that it would not be possible to give more time as a relief for sectors hit by the coronavirus pandemic. RBI said, a long moratorium exceeding six months can impact the credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments.It may result in vitiating the overall credit discipline which will have a debilitating impact on the process of credit creation in the economy.
⚫The Directorate General of GST Intelligence's Gurugram Zonal Unit has arrested a Delhi resident on charges of setting up and operating fictitious firms on forged documents and passing fake ITC totalling Rs 190 crore through issuance of invoices without actual receipt or supply of goods and services.
⚫China has amassed more than 60,000 troops on India's northern border, US Secretary of State has said as he hit out at Beijing for its "bad behaviour" and the threats it poses to the Quad countries.
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⚫Stocks markets are expected to continue their winning run in the short-term driven by hopes of more stimulus measures and stock specific action while investors would keep an eye on quarterly earnings by leading IT firms and macro economic data. A dovish RBI monetary policy and steps to boost liquidity in the banking sector to promote lending supported the market rally for the seventh consecutive day on Friday, which was the longest winning run in almost a year.
⚫Foreign portfolio investors have invested Rs 1,086 crore on a net basis so far in October in Indian markets, tracking encouraging factors including improved GST collection, acceleration in economic activity and positive global cues.
⚫Debt-oriented mutual fund schemes witnessed a net outflow of over Rs 51,900 crore in Sept, making it the second consecutive monthly withdrawal, largely on the back of a massive pullout from liquid categories
⚫In a bid to improve its functioning, the RBI has decided to move to the Next Generation Treasury Application for managing the country's foreign exchange and gold reserves.The NGTA, would be a web-based application providing scalability & flexibility to introduce new products and securities, besides supporting multi currency transactions and settlements.
⚫India’s total count of coronavirus cases went past the 7-million mark with 74,383 cases getting added to the tally.
⚫The Govt said it has constructed 2,921 km of highways under the Bharatmala Pariyojna.
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Amendment in Form 3CD for FY 2019-20 (AY 2020-21) tax audit w.e.f. 01.10.2020
The updation is mainly related to insertion for information under section 115BAA, 115BAB into the tax audit form.
1. in Part A, after serial number 8 and the entries relating thereto, the following shall be inserted, namely: –
“8a. Whether the assessee has opted for taxation under section 115BA/115BAA/115BAB?”
2. in Part B, – (I) in serial number 18, after clause (c), the following clauses shall be inserted, namely: –
“(ca) Adjustment made to the written down value under section 115BAA (for the assessment year 2020-21 only)
(CB) Adjusted written down value”;
(II) in serial number 32, for clause (a), the following clause shall be substituted, namely: –
“(a) Details of brought forward loss or depreciation allowance, in the following manner, to the extent available:
Sl No
Assessment Year
Nature of loss/ allowance (in rupees)
Amount as returned (in rupees)
All losses/ allowances not allowed under section 115BAA
Amount as adjusted by withdrawal of additional depreciation on account of opting for taxation under section 115BAA^
Amounts as assessed (give reference to relevant order)
Remarks
If the assessed depreciation is less and no appeal pending than take assessed figures.
^ To be filled in for the assessment year 2020-21 only.”;
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