5th October 2K20
Ø Government buys 5.73 lakh tons of paddy at minimum support price in last 8 days
Ø BEML puts in place 'catch-up' plan to make up for production backlog due to COVID impact
Ø CIL's coal allocation to power sector under e-auction rises 8% in April-August
Ø Regional rural banks incur net loss of Rs 2,206 crore in FY20, Nabard data reveals
Ø Rating agencies see surge in downgrades in second half of current fiscal amid pandemic
Ø PE/VC investments in pharma companies grow 3.5X in 2020, cross $1 bn mark
Ø Vedanta's Q1 profit tumbles 23.5% as Covid-19 lockdown hurts output, demand
Ø Lenders to consider Videocon promoters' application for debt resolution
Ø ArcelorMittal likely to bid for Uttam Galva after its admission to NCLT
Ø Clix Capital, Lakshmi Vilas Bank set to make a joint presentation to RBI
Ø Industry expects capacity utilisation to touch 50% in H2
Ø Interest waiver: Borrowers may get monetary relief of up to ₹80,000 for loans
Ø UP sugar mills’ dues to farmers rise to ₹8,447 cr in FY20 on lockdown effect, subsidy delay
Ø IGL cuts piped natural gas price by ₹1 per scm
Ø Dhoot family offers ₹30,000 crore to take back control of Videocon Industries
Ø Sebi wants closer look at Coffee Day’s accounting
Ø Business optimism returning, economic recovery to be L-shaped: Axis Bank MD
Ø Hong Kong to issue up to $1.9 billion of inflation-linked bonds
Ø Tata Sky's new installations return to pre-lockdown levels: CEO
Ø Two-wheeler export sales give hopes of growth revival post the pandemic
Ø Nerolac expects double-digit growth, to invest Rs 450 cr
Ø CEOs indicate business sentiment revival; steady recovery of Indian economy on anvil: CII
Ø SAIL exploring new markets to source coking coal: Chairman
Ø India third largest job provider in renewable energy sector after China, Brazil
Ø India's factory activity gains momentum despite job losses
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⚫GST collection stood at Rs 95480 crore in Sept against Rs 86,449 crore in August. In a significant rebound, GST collection posted growth in September after six months of contraction, indicating a return to normalcy in economic activities after months of disruption caused by lockdown.
⚫The Indian pharma sector, currently valued at USD40 billion, has the potential to become a global pharmacy hub in the coming years, the Govt is extending production linked incentives for new manufacturing units in the upcoming bulk drug and medical devices parks.
⚫The insolvency law has led to a significant behavioural shift among borrowers as non repayment of loan is no more an option and ownership of a firm is no more a divine right.
⚫E-way bills hit a record high in September. More than 57.4 million e-way bills were generated in the month of September.
⚫The Centre has procured 1,04,417 tonnes of paddy worth Rs 197 crore in the past five days at MSP from Punjab and Haryana.The Govt possibly aims to send a message to farmers protesting against new farm laws that it has no intention of scrapping procurement at MSP.
⚫Dhanlaxmi Bank’s board has appointed a committee of directors to manage the day-to-day affairs of the bank. The development comes a day after the bank’s shareholders voted against MD and CEO.
⚫The CBI has booked Hyderabad-based Chadalavada Infratech Ltd and its Managing Director for allegedly cheating State Bank of India to the tune of over Rs 166 crore.
⚫The Govt announced the launch of an ambitious information technology project 'Sunidhi' to digitise all provident fund and pension related activities of the Coal Mines Provident Fund Organisation.
⚫India posted a trade deficit of $2.91 billion in goods in September. Merchandise imports contracted 19.60% in September to $30.31 billion from a year ago while exports rose 5.27% to $27.40 billion.
⚫Automobile manufacturers showed significant signs of recovery as they dispatched 13% more vehicles to dealers in September. Tractor sales also increased, indicating that a good monsoon is driving the rural economy.
⚫NBFCs pin hope on festive season for revival in credit disbursals. Collection efficiency of non-banking lenders and housing finance companies picks up.
⚫India registered 79,705 new Covid-19 cases, taking the tally to 6,471,734. With a high level of recoveries, India was maintaining its global position as the country with the highest number of recovered Covid-19 patients.
⚫An effective vaccine is not likely to be available for the general public before the fall of 2021, according to experts working in the field of vaccine development.
⚫Goa airport expects to touch 75-80% of its flight handling capacity by December-end from the current figure of around 35%.
⚫PM inaugurated the strategically important 9.02-km Atal Tunnel, the world's longest highway tunnel which reduces the distance between Manali and Leh by 46 km and the travel time by four to five hours. The Govt deployed all its strength to develop border infrastructure, adding that never before has work been done at such a big scale, be it building roads, bridges or tunnels.
⚫Commerce and Industry Minister said that India has the capability to become a global player in many sectors and needs to scale up manufacturing activities.India can surely be part of the global supply chain and also a reliable partner, adding that building capabilities, scale and good manufacturing practices are the need of the hour.
⚫Bringing huge relief to individual and MSME borrowers, Centre told the Supreme Court that it would waive interest on the repayment of loans of up to Rs 2 crore.The move will provide relief to individual borrowers MSMEs during the COVID-19 outbreak.The waiver on interest would apply, irrespective of whether the borrower has availed of the moratorium in the categories of loans specified by the Govt.The waiving off interest on loans to every category would amount to a burden of Rs 6 lakh crore for banks.
⚫India’s death toll stand at 100,842. Even as the country crossed this grim milestone, there was a drop in single-day jump in total coronavirus cases – to 79,476 from 81,484 a day before.
⚫India conducted 1132675 coronavirus tests, and had a test positivity rate of 7.0%.
⚫The states and UTs that have seen their biggest respective single day spike in total cases today are Kerala, West Bengal, Rajasthan, Manipur and Meghalaya .
⚫The Centre said about 5.73 lakh tonne of paddy worth Rs 1,082.46 crore has been purchased at the MSP in the last eight days from key growing states like Punjab and Haryana. Besides paddy, cotton procurement has also begun from October 1.
⚫The GSTN has clarified that carrying physical copies of e-invoices, mandatory for co's having an annual turnover of Rs 500 crore, is not required during movement of goods. Instead, it is sufficient if the QR code having invoice reference number is produced electronically for verification by the proper officer.
⚫The finance ministry said the festive months were expected to further boost economic growth after high frequency indicators showed improvement. It, however, cautioned that the spread of Covid-19 and an increase in precautionary personal savings posed risks to the prospects of economic expansion.
⚫Regional rural banks as a group reported net loss of Rs 2,206 crore in the fiscal year ended March 31, 2020, as against Rs 652-crore net loss in FY19, according to Nabard.
⚫India's COVID-19 caseload went past 6.5 million, with 75,829 people testing positive for the infection in a day.
⚫All schools in the national capital will remain closed till Oct 31 in view of the COVID-19 pandemic.
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GST Updates:
42nd GST Council Meeting Recommendations:
⚛️ Quarterly filing of GSTR-1 & GSTR-3B for taxpayers with aggregate turnover of less than Rs. 5 Crores from 1st January, 2021. However, payment of tax would be made monthly through challan.
⚛️ For the taxpayers filing quarterly returns as above, a facility to only upload outward supply invoices would be provided.
⚛️ For taxpayers with aggregate turnover of more than Rs. 5 Crores, HSN code to be mentioned at 6-digit level and for those with aggregate turnover of less than Rs. 5 Crores making B2B supplies, HSN code to be mentioned at 4-digit level.
⚛️ Further, for notified classes of supplies, 8 digits is required to be mentioned.
⚛️ From 1st January, 2021, refund would be disbursed to only those bank accounts which are validated with PAN and Aadhar. Further, refund applications can now be signed through Aadhar authentication via OTP.
⚛️ Satellite launch services are to be exempted to promote start-ups making satellites.
⚛️ With respect to compensation to States with revenue shortfall, another meeting would be held on 12th October 2020 to reach ultimatum.
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