16 October 2020 News
Ø IMF warns global economy could be permanently scarred
Ø Slowdown in remittances could impact consumption demand further: India Ratings
Ø Retirement corpus crosses ₹5 lakh Crore: Pension regulator PFRDA
Ø Reliance Digital's retail business clocks growth of 30-40% in Aug, Sept
Ø Govt. seeks approval from Cabinet Committee on Economic Affairs on lowering stake in IDBI Bank
Ø Ttas plan to take head on Reliance Jio and SBI, to setup retail payments network
Ø Exports rise for the first time in seven months, up almost 6% in September
Ø RIL's retail arm receives ₹5,550 Crore from private equity firm KKR
Ø Adani Green transfers newly acquired Essel solar assets to TOTAL JV
Ø RITES takes 24% stake in railway station firm, gets board representation
Ø Norway's sovereign wealth fund gains $44 billion in third quarter
Ø OPEC+ will ensure oil prices do not plunge again: Mohammad Barkindo
Ø Renewable capacity addition falls 50% in H1 amid Q-o-Q improvements
Ø Borrowing for GST Compensation Cess to be of 3-year, 5-year
Ø No formal proposal received from SP Group to part ways with us: Tata Sons
Ø Tata Elxsi selected as certified 3PL partner for Google Widevine
Ø Employees opting for lower income tax rate ‘not eligible for LTC cash voucher scheme’
Ø BPCL tries again to cut dependence on Middle East LPG
Ø Railways ticket reservation counters to open from 16 October
Ø Mindtree’s Q2 underwhelms in comparison to larger peers
Ø US jobless claims jump to 898,000, highest since August
Ø Global sell-off on virus fears jitters India, Sensex tanks nearly 3%
Ø Despite RIL's fundraising, VC funding fall 21% to $28.9 billion in Jan-Sep: Report
Ø Private equity investments dry up in retail real estate
Ø Persistent Systems to acquire Palo Alto-based CAPIOT Software
Ø South Indian Bank Q2 profit falls 23% at ₹65 crore
Ø DoT urges space department, defence to vacate spectrum for 5G services
Ø The Netherlands return to 'partial lockdown' as COVID-19 cases soar
Ø India's GDP 11 times more than Bangladesh in PPP terms: Government sources
Ø Tata Group evaluates M&A opportunities to scale up Ecommerce play
Ø 5% of total bank loans could be restructured due to Covid: CARE Ratings
Ø Delinquencies could become a big reason to worry for auto lenders
Ø Govt allows ADNOC to export crude oil stored in Indian strategic reserves
Ø Solar manufacturing gap between India, china growing, says report
Ø Infosys outshines rivals with Q2 performance; net profit jumps 20.5%
Ø Tatas, private equity investors in talks with BigBasket for stake buy
Ø Hindustan Zinc, Gujarat govt sign MoU for Rs 10,000 cr greenfield smelter
Ø India's public debt ratio to jump to 90 per cent because of Covid-19: IMF
Ø Temporary impact on investment flow to India due to govt curbs: CEA
Ø OPEC+ oil output boost to leave market in precarious balance, IEA says
Ø Tata Power to set up 100-MW solar power plant in Gujarat
Ø Dr Reddy’s resubmits application for combined phase 2&3 trials
Ø ITAT held Double Taxation Avoidance Agreement rate supremacy over Dividend Distribution Tax rate
Ø Volumes in automobile industry to decline across segments
Ø HMD ships 56 million syringes to Covax facility for global use
Ø ₹7,000-crore revenue loss due to Covid was reason for sale to Reliance, says Biyani
Ø Mutual funds increase exposure to IT stocks to all-time high in September
Ø Magicbricks to offer home loan services, ties up with SBI, HDFC & 11 lenders
Ø IMF's debt restructuring programme should help countries overcome fiscal stress
Ø Passenger vehicle volumes may decline upto 25% in FY21: Icra
Ø Bankruptcy framework needs to be made more efficient: CEA
Ø PFC, REC disburse Rs 23,500 crore to state discoms under liquidity infusion scheme
Ø IMF recommends three policy priorities to overcome COVID-19 crisis
Ø No recast for accounts that cured 30-day default after March 1: RBI
Ø Unlike EM peers, India continues to attract FPIs in equities
Ø India's wholesale inflation climbs to 1.32% in September from 0.16% in August
Ø Kisan Rail transportation of notified fruits and vegetables cheaper by 50 percent
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⚫The wholesale price index based inflation rate rose for the second month in a row in September to 1.32%, from 0.16% in the previous month, as vegetable prices spiked. Inflation in manufactured items also saw some uptick because of the rise in prices of some metals.
⚫India & Portugal agreed to further boost cooperation in areas of defence and security, trade, and migration and mobility partnership.In the talks, the two foreign ministers also reaffirmed their commitment to reformed multilateralism and agreed to maintain close contact and coordination on regional and global issues with particular reference to India's presence in the UN Security Council from 2021
⚫The Govt decision's to waive off compound interest payment for small borrowers during the six month moratorium period should be implemented by November 2, said the Supreme Court.
⚫The Centre's permission to 21 states to borrow Rs 78,000 crore from the market is over and above the Rs 1.1 trillion special window given to all the states for GST compensation.
⚫India's public debt ratio, which remarkably remained stable at around 70% of the GDP since 1991, is projected to jump to 90% because of increase in public spending due to COVID-19.
⚫The IMF proposed three policy priorities, including continuing with essential measures to protect lives and livelihoods, building a more resilient and inclusive economy, and dealing with debt, to overcome the COVID-19 crisis and build a brighter future.
⚫India registered 67,988 new Covid cases, taking the total count to 7,305,070, and the death toll reached 111,311.
⚫After contracting for six straight months, India's exports rose 5.99% to USD 27.58 billion in September on account of growth in shipments of drugs and pharmaceuticals and readymade garments. Gold imports declined by nearly 53% to USD 601.43 million in September.
⚫FM said V-shaped pattern of recovery is being seen in several high frequency indicators, driven by various measures taken by the Govt to revive economic growth, hit hard by the outbreak of pandemic. FM said several low income and developing countries are confronted with the challenge to protect and ensure livelihood for millions slipping below the poverty line.
⚫In a complete change of stance, the Centre would now be borrowing the estimated revenue shortfall of Rs 1.1 lakh crore in appropriate tranches under a special window and the amount borrowed would be passed on to the states as a loan in lieu of GST compensation cess releases.
⚫The Supreme Court, revised its previous ruling on the Domestic Violence Act and said that daughters-in-law have the right to stay at their in-laws house. In effect, Indian women can now claim residential rights at her in-laws house both during & after domestic violence proceedings.
⚫When there is a ban on exit polls, prediction of poll results in the media by astrologers, tarot readers and analysts is a violation of the electoral law, the Election Commission said. The EC's advisory, re-issued ahead of the three-phase elections in Bihar.
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GST Alert
Due dates of filing of GSTR-1 and GSTR-3B for the period October, 2020 to March,2021 have been notified vide Notification No. 74/2020 – Central Tax , Notification No. 75/2020 – Central Tax and Notification No. 76/2020 – Central Tax, all dated 15-10-2020.
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GST Alert
The Central Government vide Notification No. 77/2020 – Central Tax dated 15-10-2020 has amended Notification No. 47/2019 – Central Tax, dated 09-10-2019 whereby the benefit of optional filing of annual return for registered persons whose aggregate turnover in a financial year does not exceed Rs 2 crore, has been extended for FY 2019-20 as well.
This means that such taxpayers are not required to furnish Annual Return for 2019-20 and they can choose to not to file such return. However, if they want they can definitely file the same.
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GST Alert
GST Audit relaxation to SMEs to continue in FY 2019-20
The Central Government vide Notification No. 79/2020–Central Tax dated 15-10-2020 has made some amendments to CGST Rules, 2017 out of which one of the amendment is in proviso to Rules 80(3) of the CGST Rules,2017. As per the amendment, the existing proviso is substituted by the following:
“Provided that for the financial year 2018-2019 and 2019-2020, every registered person whose aggregate turnover exceeds five crore rupees shall get his accounts audited as specified under sub-section (5) of section 35 and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C for the said financial year, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner.”.
Thus from above substitution of proviso to Rule 80(3), the tax payers with turnover upto Rs 5 crore will continue to be exempt from requirement of GST Audit under Section 35(5) of the CGST Act, 2017
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