30 October 2020 News and Updates

30th October 2K20

Ø  India's April-Sept fiscal deficit at Rs 9.1 lakh crore

Ø  US economy surges 33.1% in Q3, biggest gain on record: Govt

Ø  ServiceNow says India among its fastest growing markets

Ø  Centre proposes mandating license for foreign vessels engaged in coastal shipping in India

Ø  JBIC signs loan agreements totaling Rs 11,000 crore to support Indian Industry

Ø  Shapoorji Pallonji Group submits plan to Supreme Court for separation from Tata Group

Ø  Mahindra Electric eyes investment, bulk deals with e-commerce companies

Ø  US hints at possibility of reducing trade, investment barriers with India

Ø  BPCL Q2 net profit jumps 58% to Rs 2,589.52 cr due to lower expenses

Ø  Cognizant net profit falls 30% to $348 mn in Q3; revenue flat at $4.2 bn

Ø  US pitches cheaper solar tech to India amid high dependence on China

Ø  IMF tells Britain to keep spending to fend off coronavirus crisis

Ø  SFIO searches Sahara's office in Lucknow, probe against group widens

Ø  KKR launches platform to acquire renewable energy assets in India

Ø  Core sector contraction narrows to 0.8% in Sept

Ø  Pidilite Industries acquires Araldite maker for ₹2,100 crore

Ø  TVS Motor Company posts ₹196 crore net in Q2

Ø  MCX Q2 net profit slips 18 per cent to Rs 58.55 crore

Ø  Procter & Gamble sets up ₹400-crore India Growth Fund

Ø  Laurus Labs’ Q2 net zooms to ₹242 crore

Ø  US jobless claims aid fall to 751,000, virus resurges

Ø  SmallCap World Fund bought 1.04% stake in MCX for ₹94 crore

Ø  RBI to conduct second OMO purchase of SDLs next month

Ø  ICICI Prudential Life to raise ₹1,200 crore

Ø  BlackRock is defying stock chaos to launch small-cap value ETF

Ø  Vodafone Idea Q2 net loss narrows to ₹7,218 crore; Arpu rises

Ø  Govt approves mandatory packaging of food grains in jute bags

Ø  Samsung India expects 40% growth in smartphone segment in Q4

Ø  IndiGo posts Rs 1,194 cr loss for September quarter

Ø  RBI imposes Rs 22 lakh fine on DCB Bank for violating marketing norms

Ø  Bidding process of Air India’s divestment would be on enterprise value, says Hardeep Singh Puri

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Increase in the no. of Structured CPE hours being granted in online mode from 15 CPE hours to 20 CPE hours and extension of last date for completion of 20 Structured CPE hours through Digital Learning Hub or Virtual CPE Meetings from 31st October, 2020 to 31st December, 2020 - (29-10-2020)

Continuing Professional Education Directorate & CDS

The Institute of Chartered Accountants of India

29th October, 2020

ANNOUNCEMENT

Increase in the no. of Structured CPE hours being granted in online mode from 15 CPE hours to 20 CPE hours and extension of last date for completion of 20 Structured CPE hours through Digital Learning Hub or Virtual CPE Meetings from 31st October, 2020 to 31st December, 2020

This has reference to earlier announcement dated 23.09.2020 available at https://www.icai.org/post.html?post_id=16516 informing that out of 20 Structured CPE hours which is mandatory to be completed by Members below 60 years holding COP, in each calendar year, 15 Structured CPE hours can be granted through online mode (either through Digital Learning Hub or through above Virtual CPE meetings including mandatory CPE hours on “Code of ethics” and “Standard on auditing”) till 31st October, 2020.

However, taking cognizance of the COVID-19 pandemic situation worldwide when public gathering is still restricted/not advisable, it has been decided to allow grant of 20 Structured CPE hours through online mode till 31st December, 2020.

Accordingly, following may be noted for information and compliance by members, CPE POUs and other stakeholders:-

“Requirement of completion of 20 hours Structured CPE hours which is mandatory to be completed by Members below 60 years holding COP, in each calendar year, can now be fulfilled through online mode (either through Digital Learning Hub or through Virtual CPE meetings including mandatory CPE hours on “Code of ethics” and “Standard on auditing”) till 31st December, 2020.” To clarify, if a member has earned more than 20 Structured CPE hours through Digital learning Hub and/or VCMs till 31st December, 2020, for compliance purpose, only 20 Structured CPE hours will be credited.

Regards

Secretary

CPE Directorate

The Institute of Chartered Accountants of India

‘ICAI BHAWAN',

A-29, Sector 62, NOIDA – 201309

E-mail: cpeadmin@icai.in

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⚫Facing severe revenue stress because of muted economic activity during the Covid-19, the Govt’s fiscal deficit soared to 115% of the full Budget estimates in the first half of 2020-21. The gap between the Centre’s revenue and expenditure touched Rs 9.13 trillion between April &  Sept.

⚫Companies in the UK find it easier doing business in India. But they also find the regulatory and legal hurdles, including those relating to the GST, along with corruption, as major areas of concern, revealed a survey of 106 UK organisations operating in India.

⚫Output in crucial eight industry core sector contracted for the seventh month in a row, but the unlocking of the economy reduced the rate of decline to a mere 0.8% in Sept against 7.3% in the previous month. 

⚫The World Bank said remittances to India would fall this year by 9% to $76 billion due to the ongoing coronavirus pandemic and global economic recession. As the Covid-19 & economic crisis continues, the amount of money migrant workers send home is projected to decline 14% by 2021 compared to the pre-Covid-19 levels in 2019.

⚫Delhi recorded over 5,700 fresh COVID-19 cases, the highest single-day spike till date.

⚫The officials of the anti-evasion branch of the CGST, Delhi (East), have busted a major racket for generation of huge inadmissible input tax credit through fake billing of about Rs 1,278 crore.

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👉🏻CGST officials bust racket for generating fraudulent ITC through fake billing of around Rs 1,278 Cr

(Searches were conducted over more than nine places spread over different locations in the state of Delhi and Haryana to identify the taxpayers, who were defrauding the Govt of its legitimate taxes)

👇🏻 👇🏻 👇🏻

https://bit.ly/34DAglu

👉🏻FinMin extends I-T exemption under LTC cash voucher scheme to non-central government employees

(Govt has decided to extend the income tax exemption available under leave travel concession (LTC) cash voucher scheme to non-central government employees also to boost consumer spending)

👇🏻 👇🏻 👇🏻

https://bit.ly/2HRqOSw

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29 October 2020 News and Updates

∆ Corporate Snippets on Oct 29 ∆

Ø Abu Dhabi to issue FDI licences allowing 100% foreign ownership

Ø China bought nearly 30% of Indian steel exports in April-Sept: Data

Ø 15th Finance Commission on course to finalise report by end of this month

Ø India extends anti-dumping duty on imports of Fluoroelastomers from China

Ø ITAT rules in favour of Jamsetji Tata Trust, revokes the penalty imposed by Income Tax department

Ø Piramal Housing Finance notifies CCI of proposed combination with DHFL

Ø IBBI approaches SC to club all cases on personal guarantee pending in HCs

Ø SEBI bars investment bankers from sharing bidding data with investors

Ø Italian regulator investigates Google over abuse in digital ad market

Ø Lloyd's insurer Apollo to stop underwriting Adani coal mine from Sep 2021

Ø Air India Express records highest-ever annual profit at ₹413 Cr

Ø Axis Bank posts net profit of ₹1,683 Cr in Sept qtr as bad loans decline

Ø Financial conditions in India are on the mend, affirms CRISIL

Ø Revival on, India will be fastest growing economy next year: FM

Ø Titan reports 37.8% drop in net profit for Q2

Ø Dr Reddy’s Laboratories Q2 net down 30% at ₹762 crore

Ø Heritage Foods nets ₹54 cr in Q2 ‘after adjustments’ related to Future Retail

Ø Airtel awaiting clarity from DoT on AGR dues

Ø Deutsche Bank rebound hinges more than ever on trading unit

Ø India, UK agree to address barriers to sustainable bilateral investment

Ø Wipro to acquire cloud firm Encore Theme Technologies

Ø GlaxoSmithKline Pharma Q2 net profit declines 85% to ₹76.47 Cr

Ø India needs policy intervention to uplift its urban poor

Ø PNB Housing Finance Q2 net profit down 15% at ₹313 crore

Ø Payment deadline for Vivad se Vishwas scheme extended

Ø DPIIT releases next edition of consolidated FDI policy

Ø Digitalisation to drive USD 6.8 trillion IT spending from 2020 to 2023: IDC

Ø Marico Q2 net rises 7.9% to ₹273 Cr, sales up 8.7% to ₹1,989 Cr

Ø RBI asks lenders for ex-gratia payment of interest on interest scheme

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⚫The finance ministry said India and the United Kingdom have agreed to establish a bilateral Sustainable Finance Forum.This partnership is helping set up a Project Preparation Support Facility cum Centre of Excellence for PPP projects. FM said India and the UK have increased cooperation through the International Solar Alliance and the Coalition for Disaster Resilient Infrastructure.

⚫Oil Secretary hinted at more reforms to raise the level of private participation in upstream oil and gas exploration and production, but remained non-committal on the industry's demand for cutting levies to make the business attractive during low price regime.

⚫The SBI inked a pact to raise a $1-billion loan from Japan Bank for International Cooperation  and other Japanese lenders like SMBC, MUFG Bank, and Mizuho Bank. The loan will be used to provide funds to manufacturers, suppliers and dealers of Japanese automobiles in India.

⚫As economic activity revives after the gradual lifting of the lockdown, the demand for gold loans is expected to rise. The gold loan assets of finance co's in country are estimated to grow by 15-18% in current financial year, according to CRISIL.

⚫India has reported a daily jump of nearly 50,000 Covid-19 cases, even as the tally has soared past the 8-million mark.

⚫Delhi on Wednesday recorded over 5,600 fresh cases for the first time, with the city witnessing a sudden surge in daily incidences in the past few days.

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👉 Filing NIL Form CMP-08 statement through SMS on GST Portal

https://www.gst.gov.in/newsandupdates/read/409

👉 Hosting of the details of allotment of assignment as observers for November, 2020 Examination. - (26-10-2020)

https://www.icai.org/post/details-allotment-of-assignment-as-observers-for-nov2020exam

👉 Important Announcement November-2020 CA Examinations - (27-10-2020)

https://resource.cdn.icai.org/61607exam27102020.pdf

👉 ICAI Invites Suggestions for Pre-Budget Memorandum-2021 - (28-10-2020)

https://www.icai.org/post/icai-invites-suggestions-pre-budget-memorandum-2021

👉 Scheme for grant of ex-gratia payment of difference between compound interest and simple interest for six months to borrowers in specified loan accounts (1.3.2020 to 31.8.2020)

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11989&Mode=0

👉 RBI releases “State Finances: A Study of Budgets of 2020-21”

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50573

👉 Option of repaying the funds availed under Targeted Long-Term Repo Operations (TLTRO and TLTRO 2.0) before maturity

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50578

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28 October 2020 News and Updates

28th October 2K20

Ø  US consumer confidence falls as outlook turns gloomy: Survey

Ø  Tata Motors sees better second half even as it prepares for hard Brexit

Ø  Overseas direct investment plans to face stricter scrutiny

Ø  Patel Engineering bags Rs 1,564 cr order to build 2GW hydro project in Arunachal Pradesh

Ø  Economy saw growth rebound through Q2FY21: Nomura

Ø  Harley Davidson partners with Hero MotoCorp to sell motorcycles in India

Ø  Global FDI flows fell 49% in first half of 2020 due to Covid-19: UNCTAD

Ø  GAIL, ONGC look to firm up strategies for low oil and gas price regime

Ø  Near zero GDP today, among fastest growing next year: FM on Indian economy

Ø  Foreign ownership limits: MSCI India to see passive inflow of $2.5 billion

Ø  Cochin Shipyard, Italy's Fincantieri sign deal for business development

Ø  Bharti Airtel Q2 net loss shrinks 97%, posts highest-ever rise in revenue

Ø  Loan moratorium: Lenders to credit ‘interest on interest’ to borrowers by Nov 5, Centre tells SC

Ø  US senators seek removal of high tariff on pecans imports by India

Ø  CAIT raises concerns on Flipkart-ABFRL deal

Ø  TGV SRAAC in equity, power supply deal with APGPCL

Ø  Angel Broking records highest ever quarterly PAT at ₹74.6 crore in Q2

Ø  ICICI Bank says SEC to not take action in provisioning probe

Ø  Treebo raises ₹10 cr from Vijay Shekhar Sharma and others

Ø  MakeMyTrip Q2 loss narrows to $12.9 million

Ø  Almost 200 European airports face insolvency, airports body ACI Europe says

Ø  Bharti Airtel to exit Ghana business

Ø  Strong sales of drugs, vaccines, propel Merck in Q3

Ø  Global FDI flows fell 49% in first half of 2020 due to COVID-19: UNCTAD

Ø  COVID-19 to erode 3 years of fiscal consolidation gains of states: RBI

Ø  Spike in internal remittance, new EPFO registrations indicate recovery: Report

Ø  Airtel plans to exit Ghanaian telecom market

Ø  Aditya Puri retires; Sashidhar Jagdishan takes over as HDFC Bank MD and CEO

Ø  India sees pick up in consumer demand during festival season: Sitharaman

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Following additional fields have been made mandatory now by ICAI while generating UDIN for GSTR 9C:-

1.Additional GST declared in GSTR 9

2.Additional Interest on account of above accrued to the Government

3.Total ITC Reversed if any

New data asked by UDIN portal for generating UDIN in case of GST Audits.

1. No reference numbers given as to data of which sr no is to be put. If such data is not given, how is user of document expected to match this data to verify UDIN?

2. What is the need to give all of this data when user could have easily matched earlier data and verified UDIN?

3. Sr no 4 asks for data from GSTR 9. CA is certifying GSTR 9c, not GSTR 9, how can such data be asked?

4. There is no field in GSTR 9 which clearly shows Data asked ast Sr no 4 i.e. additional liability. It is merged with the existing data of assessee, so how does ICAI think a user of UDIN will match this data since its nowhere visible?

5. Sr no 5 and Sr no 6: data can be GSTR 9 also and 9C also and both data can be different. No guidance on which data to be used.

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1️⃣✅Govt. notifies December 31st as the cut-off date for filing declaration under the Vivad se Vishwas Act, 2020;   

Also, extends timeline from December 31st, 2020 to March 31st, 2021 for making payment without additional amount.

2️⃣✅ICAI issued Checklist on Tax Audit under section 44AB of the Income tax Act, 1961.

The said Checklist can be downloaded from the link:

For Pdf: https://resource.cdn.icai.org/61602dtc-taqrb50133a.pdf

For word: https://resource.cdn.icai.org/61603dtc-taqrb50133b.docx

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⚫The Commerce and Industry Ministry is working with states and local bodies to make it easier for businesses to get licences, permissions and approvals. The Govt is looking at addressing problems of quality so that domestic products can be recognised for high quality.

⚫The Centre amended the Jammu and Kashmir Development Act, 1970 for setting up an industrial development corporation for rapid establishment, growth and development of industries in the union territory.

⚫The Govt further extended the date for making payment without any addition under Vivad se Vishwas scheme by three months till March 31, 2021. However, declaration by taxpayers for opting dispute settlement under the scheme must be made by December 31, 2020.

⚫States may see a massive cut in capital expenditure in FY21 due to the revenue impact of the pandemic, the RBI said in its annual study of state finances.The report  found that states drastically cut their capex by Rs 1.26 trillion, or nearly 0.6% of the country’s GDP, in the previous fiscal year 2019-20.

⚫With 36,469 new COVID-19 cases, India's total cases surged to 79,46,429.The recovery rate is at 90.62%.

⚫Delhi recorded 4,853 fresh COVID-19 cases on Tuesday, the highest single-day spike here till date.

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👉🏻Income tax department raids expose Rs 500-crore racket of fake bill entry operation

(Income tax department carried out search and seizure action on a large network of individuals running a Rs 500-crore racket of entry operation and generation of huge cash through fake billing)

👇🏻 👇🏻 👇🏻

https://bit.ly/3jC0Pf4  

👉🏻Latest Changes in Tax Audit Report - Form 3CD

(Form 3CD revised wef 01.10.2020 vide Notification No. 82/2020-Income Tax Dated: 1st October, 2020 but Schema for the same changed on 22.10.2020 - What Would be the Impact?)

👇🏻 👇🏻 👇🏻

https://youtu.be/tr-aMbG_QXQ  

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27 October 2020 News and Updates

Corporate Snippets on Oct 27∆

 

Ø India begins anti-dumping probe into low density polyethylene imports from US, UAE, others

Ø RBI's regulation to improve risk management, governance of HFCs: Experts

Ø 75% of borrowers to benefit from interest concession: CRISIL

Ø India will drive global energy demand: PM Narendra Modi

Ø Amazon set for face-off with Mukesh Ambani's RIL for India retail dominance

Ø Aurobindo Pharma inks pact with New Mountain Capital to sell US-based unit for USD 550 million

 

Ø India's crude steel output dips 3% to 8.5 MT in Sept: World Steel Assoc

Ø RBI encourages investment in sovereign bonds as part of liquidity measures

Ø SEBI plan to introduce capital adequacy norms rattles stockbrokers

Ø PNB scam: London court rejects Nirav Modi's bail application for 7th time

Ø Divestment of US subsidiary to leave Aurobindo Pharma cash positive

 

Ø DIPAM to monetise assets worth over ₹100 Cr

Ø Production from JV with Reliance to represent 15% of India’s gas demand: BP

Ø Modi to meet global funds on November 5, invite investments into India

Ø CDSL Q2 profit after tax surges 68% to ₹48.87 Cr

Ø Ant Group IPO pricing ‘history's largest’: Alibaba's Jack Ma

Ø Lenders ask DHFL's bidders to sweeten their bids by 31 Oct

Ø Torrent Pharma Q2 net profit up 27% at ₹310 crore

Ø Paytm Money launches ETFs, aims for investment by 1 lakh users in 12-18 months

Ø Oil drops on rising virus cases, increasing Libyan output

Ø Top global IT company's market cap erodes by $33 bn due to trimmed outlook

 

Ø BP eyes India's fuel market, wants gas in GST

Ø Economic, oil demand recovery around the corner with development of COVID-19 vaccine: OPEC

Ø Capex: PMO asks 13 oil PSUs to double FY21 spend to ₹2 lakh Cr

Ø GHCL Q2 net profit down 27.7% to ₹85 Cr

Ø PM Modi to inaugurate National Conference on Vigilance and Anti Corruption

Ø Bharat Biotech's COVAXIN receives nod for third phase of human trial

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⚫PM brainstormed with global energy sector leaders on the post pandemic world order and discussed strategies for accelerating investments in the oil and gas value chain. The meeting deliberated on demand scenario as well as ways to revive investment, particularly in oil and gas exploration and production.

⚫NITI Aayog CEO stressed on the need for a clear ten-year road map to boost clean energy technologies & creating standards for innovations.India should focus on strengthening standards & certification infrastructure.Kant also showcased India's ambitious target of having 450GW of renewable energy by 2030 at the international forum.

⚫Goods and Services Tax Network, has launched the facility of filing of Nil statements by composition taxpayers through SMS.This means that composition taxpayers needn't log on to the GST portal for filing nil returns.However, the facility of filing nil statements on GST portal will remain available to taxpayers. 

⚫To boost ethanol production in the country, the Govt is considering extending subsidised loans to grain-based distilleries also under the ongoing scheme.

⚫The Supreme Court said the system of video-conferencing in providing access to justice to citizens during the ongoing pandemic situation has been "extremely successful" and granted liberty to the high courts to frame rules for such virtual hearings for themselves and the subordinate courts.

⚫India reported its lowest single-day spikes in total coronavirus infection tally in over three months. The daily jump of 36,838 in total count was the lowest

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26 October 2020 News and Updates

26th October 2K20

Ø  India and Philippines commence negotiations on investment treaty

Ø  Anil Agarwal lauds Niti's initiative on Hindustan Copper divestment

Ø  Relief for Amazon, arbitration panel says Future can't go to RIL

Ø  Religare gets interest from some investors for RFL; introduces them to lenders

Ø  Pandemic to change Indian insurance sector's landscape: IndiaFirst Life

Ø  Lenders to debt-ridden DHFL to meet on Monday to take call on bids

Ø  India may see $206 bn investment in oil and gas in next 8-10 years

Ø  Vedanta's $1.17 billion debt maturities prompt credit rating warnings

Ø  Bajaj Auto witnesses a strong revival in various export markets

Ø  FPIs remain net buyers in October so far, pump in Rs 17,749 crore

Ø  Coal imports rise 12 per cent to 19 MT in September on improved consumption

Ø  Due date for filing GST annual return for FY19 extended till December 31

Ø  Japan mulls $95.5 billion extra budget to counter Covid-19: Reports

Ø  Franklin Templeton to move Supreme Court against HC order to wind up six debt schemes

Ø  Kotak exploring potential takeover of IndusInd Bank

Ø  Reliance Industries rolls back salary cuts, offers performance bonus: Report

Ø  FPIs remain net buyers in Oct so far amid better-than-expected financial results

Ø  IRDAI proposes changes in insurance advertisement regulations

Ø  India economy on verge of slow recovery as worst is over: PHDCCI

Ø  Yes Bank lacked cost control; aim to cut op expenses by 20 pc in FY21: CEO

Ø  IL&FS to address over 50% of Rs 99k crore debt by March, 2021

Ø  IRDAI proposes lower capital, liberal norms to float micro-insurance companies

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👉 Engagement of Young Professionals (YPs) in Ministry of Corporate Affairs on contract basisPdf(235 KB)

http://www.mca.gov.in/Ministry/pdf/AdvertisementMCA_22102020.pdf

👉 Multipurpose Empanelment Form for the year 2020-21 extended till 6th November, 2020 - (22-10-2020)

https://www.icai.org/post/mef-year-2020-21-extended-till-6thnov2020

👉 Register for Exclusive Blended Online Weekend Batch of Spanish Language (60 Hours) for ICAI Members and Students at New Delhi - From 8th November, 2020 - (22-10-2020)

https://www.icai.org/post/register-exclusive-online-weekend-batch-of-spanish-language-nov2020

👉 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)-Adv. Information Technology Test - Computer Based Mode on 10th November, 2020 - (22-10-2020)

https://resource.cdn.icai.org/61586exam50104.pdf

👉 RBI announces Open Market Operations (OMO) Purchase of Government of India Securities

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50552

👉 Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11986&Mode=0

👉 Digital Payment Transactions – Streamlining QR Code infrastructure

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11987&Mode=0

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LEGAL-KNOWLEDGE CAPSULE

✒️ Supreme Court has admitted an appeal against a National Green Tribunal order, disposing the execution Petition filed for implementation of measures to restore environmental conditions in Singrauli and Sonebhadra districts of Madhya Pradesh and Uttar Pradesh respectively, allegedly despite non-compliance of its original directions.

✒️ Supreme Court has set aside the order of interim bail granted by Allahabad High Court to former Uttar Pradesh Minister, Gayatri Prajapati who is facing charges in a rape case.

✒️ Delhi High Court has observed that triple talaq has been declared to be void and illegal, it does not mean that the legislature could not have made the continuation of such practice, an offence.

✒️ Delhi High Court has observed that there should be no further extension of interim order in civil cases, interim bails should be granted to undertrials in heinous Crimes.

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🌹DUE DATE EXTENSION UPDATE

✏ GSTR 9, 9C date for FY 2018-19 extended to 31st December, 2020

✏ ITR Filing Date for entities subject to Tax Audit for AY 2020-21 extended to 31st January, 2021

✏ ITR Filing Due Date of International Transactions Taxpayers for AY 2020-21 extended to 31st January, 2021

✏ ITR Filing Due Date for other tax payers extended to 31st December, 2020

✏ Tax Audit Filing Date also extended to 31st December, 2020

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⚫Foreign portfolio investors remained net buyers in Indian markets in October so far, pumping in a net Rs 17,749 crore in the month as better than expected quarterly results, the opening of the economy, and resumption of business activities kept investors' interest intact.

⚫The ongoing 'One District One Product' virtual fair, organised as an experiment amid the COVID-19 pandemic, has been a grand success and has now been extended till October 27.

The fair, organised by FICCI, the ODOP cell and state Govt's MSME dept, is aimed at giving a platform to traditional products at the national and international level and to assist craftsmen and artisans get recognition in newer markets

⚫The country's oil and natural gas sector is likely to see investment to the tune of $206 billion during the next eight to ten years. 

⚫Centre will seek the Parliament's approval for additional spending of Rs 37,000 crore on infrastructure development in the second batch of supplementary demands for grant. FM had earlier in the month announced that Centre's capital expenditure budget for current fiscal has been increased by an additional Rs 25,000 crore from a level of Rs 4,13,000 crore provided for FY21.

⚫India's total cases have risen to 7909049, with 45157 new Covid-10 infections. 

⚫PM has announced that all people will be provided vaccines free of cost in India. An estimated Rs 500 will be spent on vaccination of each person.

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👉 Withdrawal of EVC facility extended to companies for filing GSTR1 and GSTR3B.

https://www.gst.gov.in/newsandupdates/read/408

👉 Important Announcement November 2020 Examinations - Admit Card and Opt Out Window - (23-10-2020)

https://resource.cdn.icai.org/61590exam50116.pdf

👉 Minutes of the Monetary Policy Committee Meeting October 7 to 9, 2020

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50560

👉 GST Annual Return (GSTR 9) & GST Audit (GSTR 9C)  : 31/12/2020

👉 ITR where Audit Required (Form 3CA/3CB, 3CD & 3CEB) : 31/01/2021

👉 Self Asstt Tax due date for payment of self assessment tax for taxpayers whose self-assessment tax liability is up to Rs. 1 lakh is 31/01/21 (where audit is required) & 31/12/2020 (where no audit is applicable)

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

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24 October 2020 News and Updates

👉 Engagement of Young Professionals (YPs) in Ministry of Corporate Affairs on contract basisPdf(235 KB)

http://www.mca.gov.in/Ministry/pdf/AdvertisementMCA_22102020.pdf

👉 Multipurpose Empanelment Form for the year 2020-21 extended till 6th November, 2020 - (22-10-2020)

https://www.icai.org/post/mef-year-2020-21-extended-till-6thnov2020

👉 Register for Exclusive Blended Online Weekend Batch of Spanish Language (60 Hours) for ICAI Members and Students at New Delhi - From 8th November, 2020 - (22-10-2020)

https://www.icai.org/post/register-exclusive-online-weekend-batch-of-spanish-language-nov2020

👉 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS)-Adv. Information Technology Test - Computer Based Mode on 10th November, 2020 - (22-10-2020)

https://resource.cdn.icai.org/61586exam50104.pdf

👉 RBI announces Open Market Operations (OMO) Purchase of Government of India Securities

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50552

👉 Framework for Recognition of a Self-Regulatory Organisation for Payment System Operators

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11986&Mode=0

👉 Digital Payment Transactions – Streamlining QR Code infrastructure

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11987&Mode=0

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LEGAL-KNOWLEDGE CAPSULE

✒️ Supreme Court has admitted an appeal against a National Green Tribunal order, disposing the execution Petition filed for implementation of measures to restore environmental conditions in Singrauli and Sonebhadra districts of Madhya Pradesh and Uttar Pradesh respectively, allegedly despite non-compliance of its original directions.

✒️ Supreme Court has set aside the order of interim bail granted by Allahabad High Court to former Uttar Pradesh Minister, Gayatri Prajapati who is facing charges in a rape case.

✒️ Delhi High Court has observed that triple talaq has been declared to be void and illegal, it does not mean that the legislature could not have made the continuation of such practice, an offence.

✒️ Delhi High Court has observed that there should be no further extension of interim order in civil cases , interim bails should be granted to undertrials in heinous Crimes.

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🌹DUE DATE EXTENSION UPDATE

✏ GSTR 9, 9C date for FY 2018-19 extended to 31st December, 2020

✏ ITR Filing Date for entities subject to Tax Audit for AY 2020-21 extended to 31st January, 2021

✏ ITR Filing Due Date of International Transactions Taxpayers for AY 2020-21 extended to 31st January, 2021

✏ ITR Filing Due Date for other tax payers extended to 31st December, 2020

✏ Tax Audit Filing Date also extended to 31st December, 2020

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22 October 2020 News and Updates

22 October 2020 News and Updates

Ø  IMF slashes Asia's growth forecast

Ø  UNCTAD sees 7-9% dip in 2020 global trade

Ø  India at the cusp of economic recovery: RBI Governor

Ø  Cabinet to soon consider new PSE policy: DEA Secretary

Ø  Government pushes strategic PSU sales, 4 companies may net Rs 49,000 crore

Ø  World trade rebounds slowly in Sept quarter, outlook uncertain

Ø  Purdue Pharma to plead guilty and pay $8.3 billion over opioids

Ø  India receives highest ever FDI in Apr-Aug FY21: Government

Ø  MFs, alternative investment funds may come under ambit of new tax norms

Ø  Govt open to further stimulus to lift economy, says DEA Secretary

Ø  Hindustan Copper board to consider raising funds by issue of shares via QIP

Ø  RBI to release on-tap TLTRO funds every Monday, scheme to run till Mar 31

Ø  Modi to meet 15 global funds as India seeks investment to lift economy

Ø  Fin sector must reduce reliance on banking system for fundraise: Sebi chief

Ø  Canada's annual inflation rate accelerates to 0.5% in September

Ø  Aatmanirbhar Bharat: Raghuram Rajan cautions against import substitution by erecting tariffs

Ø  USAID announces $5 m to support India’s initiatives

Ø  India opposes US, Brazil push for fast implementation of trade facilitation measures at WTO

Ø  India posted strong mid single-digit growth: Nestle

Ø  UltraTech Q2 net more than doubles to ₹1,235 cr

Ø  JK Tyre Q2 net down 34% at ₹110 crore

Ø  Sebi penalises Kirloskar brothers on charges of fraud

Ø  Bajaj Finance Q2 net profit drops 36% on higher provisioning

Ø  Equitas Small Finance Bank IPO subscribed 67 pc on second day of bidding

Ø  Brexit talks set to restart with aim of deal by mid-November

Ø  ReNew Power’s $325 million dollar bond offering sees strong demand

Ø  Commerce ministry recommends continuation of anti-dumping duty on Chinese Synthetic Rubber

Ø  Neutralising negative growth, Coal India poised for output ramp-up

Ø  E-tailing to become USD 200-billion opportunity by 2025: Report

Ø  India receives $35 billion FDI in first five months of the fiscal

Ø  Pharma sector may post Covid-induced rise in Q2 earnings

Ø EPFO records 10.05 lakh new enrolments in August

Ø Govt. procures 98.19 lakh ton paddy at MSP for ₹18,540 crore

Ø Govt. working on giving flexibility to Air India bidders to decide on debt: DIPAM Secy

Ø PFC to fund Vapi project, extends ₹ 2,070 Cr to Sterlite Power

Ø verdict on Amazon arbitration plea over ₹24,713 Cr Future - RIL deal expected in few days

Ø MSSL signs strategic agreement to acquire Bombardier’s Electrical Wiring Interconnection Systems

Ø Modi Govt. to ask Coal India, NTPC among others for cash via buybacks

Ø InvITs to acquire over 

₹ 4 trillion of infra assets in five years: ICRA

Ø Recovery on Indian economy 'strengthened, broadened' in September: ICRA

Ø Govt. bans natural gas, coal-bed methane producers from buying own produce

Ø Moody's places Vedanta Resources CFR under review for downgrade

Ø IRDAI panel to examine need for standard cyber liability insurance product

Ø HUL’s net profit jumps 8.58% to ₹1,974 Cr in Q2

Ø IEX Q2 profit falls 9% to ₹44 Cr

Ø DCM Shriram’s Q2 revenue increases 17% at INR 2,047 crore

Ø RMZ group sells 12.5-m sq ft real estate assets to Brookfield for $2 billion

Ø MRPL board approves acquisition of OMPL’s shares from ONGC

Ø FDI up 16% to $27 billion in April-August, highest ever: Govt. data

Ø Tesla to export cars made in China to Europe

Ø SEBI revamp makes AT1 perpetual bonds suitable only for QIBs, savvy investors

Ø Low risk premium has fuelled equity returns: RBI paper

Ø HC restrains Canara Bank from taking coercive action against a MSME

Ø Indians invest primarily in life insurance, FDs for retirement: Survey

Ø Steel Minister asks CII to identify areas of steel usage

Ø Siemens Healthineers to invest EUR 160 million to set up innovation hub in Bengaluru

Ø Govt. asks at least 8 state-run firms to consider buybacks: Report

Ø Vietnam invites India for 37th ASEAN virtual summit in November

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LEGAL-KNOWLEGE CAPSULE

✒️ Supreme Court has dismissed a husband plea against Patna High Court direction to pay Rs. 20,000 /- per month to his wife as a condition for grant of anticipatory bail.

✒️ Delhi High Court has stayed Criminal Proceeding against Congress Leader "Shastri Tharoor" in a defamation complaint over his alleged scorpion on shivling.

✒️ Madras High Court has observed that charges on online booking is not subject to entertainment tax.

✒️ Bombay High Court has observed that due to lack of regulations on the electronic media and urged by the Central Government to think upon the appropriate measures to control the problems of " Trial by Media ".

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CBDT revises guidelines for intrusive or coercive tax recovery. Corrigendum to Order under section 119 of the Income-tax Act, 1961 dated 16.10.2020 for exercising power of intrusive or coercive action for recovery of tax demand by Assessing Officers or Tax Recovery Officers.

CBDT reiterated tolerance range of 1-3% under transfer pricing rules for the current financial year even though experts said it was expected that the tax department would provide concession given the Covid-19 pandemic. India’s transfer pricing rules, which apply to the transaction among subsidiaries of multinational companies, set an acceptable tolerance range for the variation between arm’s length price and the transaction price, failing which the department adjusts the pricing leading to tax implication.

CBIC Notification No 74/2020-Central Tax : This notification revised the due date for filing of GSTR-1 for small taxpayer who files GSTR 1 Quarterly. Registered person whose aggregate turnover in preceding financial year or current year up to 1.5 Crore, will file GSTR 1 Quarterly within 13th Day of succeeding month for the tax period October 2020 to March 2021.

CBIC Notification No 75/20200-Central Tax : The Registered person whose aggregate turnover in preceding financial year or current year exceeds 1.5 Crore, are required to file GSTR 1 monthly within 11th of month succeeding the quarter for the tax period from October 2020 to March 2021.

ICAI MEF-2021 the last date for filing Multipurpose Empanelment Form for the year 2020-21 (available at https://meficai.org) is 23rdOctober 2020. 

State Bank of India, New Delhi, from Chartered Accountants for Empanelment Of Stock & Receivable Auditors, Address : New Delhi, Delhi Phone : 011-23743852 Email : sbi.03973@sbi.co.in Last date is Nov, 05 2020. 

👉 ICAI MEF - the last date for filing Multipurpose Empanelment Form for the year 2020-21 (available at https://meficai.org) is 23rdOctober 2020.

👉 The Faceless appeal Scheme has been challenged before the Delhi High Court being against the principles of natural justice . The order of HC is being sent. Lakshya Budhiraja Vs. UOI and others. W.P No. 8044/2020.

👉 Programmes by IIM Ahmedabad Under MoU with ICAI - (20-10-2020)

https://www.icai.org/post/programmes-by-iim-ahmedabad-under-mou-with-icai

👉 Reopening of Empanelment of Members to act as Observers for November, 2020 Examinations. - (21-10-2020)

https://www.icai.org/post/reopening-empanelment-members-to-act-as-observers-nov2020-exam

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✒️ Supreme Court has issued notice to the Union of India on a Public Interest Litigation (PIL) seeking for inclusion of the enumeration of Other Backward Classes (OBCs) in the country in the Census to be conducted in 2021.

✒️ Supreme Court has observed that the breach of the audi alteram partem rule cannot by itself, without more, lead to the conclusion that prejudice is thereby caused. The Court has said that the "prejudice" exception must be more than a mere apprehension or even a reasonable suspicion of a litigant.

✒️ Supreme Court has observed  that there can be a conviction based on the sole testimony of the sexual assault victim if she is found to be reliable and trustworthy.

✒️ Punjab and Haryana High Court observed that statements recorded before court hold equal sanctity as a Written Instrument Of Compromise.

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👉 Memorandum of Understanding between the Institute of Chartered Accounts of India (ICAI) and the Certified Practising Accountants, Papua New Guinea (CPA PNG) - (21-10-2020)

https://resource.cdn.icai.org/61580icai50100pib2.pdf

👉 Mutual Recognition Agreement (MRA) between ICAI and Malaysian Institute of Certified Public Accountants (MICPA) - (21-10-2020)

https://resource.cdn.icai.org/61581icai50100pib8.pdf

👉 Reopening of Empanelment of Members to act as Observers for November, 2020 Examinations. - (21-10-2020)

https://www.icai.org/category/announcements

👉 Reserve Bank announces On Tap Targeted Long-Term Repo Operations

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50547

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20 October 2020 News and Updates

20 October 2020 News and Updates

Ø  Urban unemployment fell to 8.4% in July-September 2019: Government

Ø  No more extension of BPCL privatisation bid deadline: DIPAM Secy

Ø  Brookfield Asset Management acquires RMZ Corp’s assets for over Rs 15,000 crore

Ø  Working hard to transform India into a digital society: Mukesh Ambani

Ø  CBIC offers more relaxations to small taxpayers for FY20

Ø  Air India bid deadline may be extended till Dec 15, govt to ease asset valuation norm

Ø  India's 5G rollout investment plan to cost govt Rs 1.3-2.3 trn: Report

Ø  Exporters feel pinch as sea freight to US and Europe rises by 30-40%

Ø  Sebi releases guidelines for utilisation of fund created for farmers, FPOs

Ø  Coal India subsidiaries to have autonomy in base e-auction price from Nov

Ø  Top trader-retailer body moves govt against Amazon, Flipkart festive sales

Ø  Govt may look at strategic sale of Hind Copper to meet disinvestment target

Ø  OIL to go it alone in next oil/gas auction rounds

Ø  ACC Q3 net profit surges 20 per cent to Rs 364 cr

Ø  Duty-remission scheme for exports to start with 3 sectors

Ø  L&T emerges as the lowest bidder for Mumbai-Ahmedabad Bullet Train project

Ø  Century Textiles posts net loss of Rs 10.35 cr in Q2

Ø  Britannia net jumps 23% to ₹495 crore in Q2

Ø  Sebi forms committee to democratize data

Ø  NHAI receives ₹5,011 cr from Cube Highways towards TOT third bundle

Ø  Clerical error led to inadvertent data sharing on website, says Airtel

Ø  ConocoPhillips buying Concho in $9.7 billion all-stock deal

Ø  Blackstone looks to buyout L&T Mutual Fund, expand India financial services play

Ø  Investment for all-India 5G rollout seen at Rs 1.3-2.3 lakh cr: Report

Ø  IMF says nearly all Mideast economies hit by coronavirus pandemic recession

Ø  APMC mandis lose grip on Maharashtra FPCs

Ø Adani Group, Piramal among 4 bidders for DHFL, lenders stare at over Rs 60,000 crore write-off

Ø Gold imports down 57% to USD 6.8 billion in H1 FY21

Ø DLF raises ₹2,400 crore from SBI through lease rental discounting

Ø Thermal, coking coal imports at major ports dip 25% to 55 MT in Apr-Sept: IPA

Ø IPOs, buybacks to fuel Government’s divestment plan: DIPAM Secretary

Ø Govt. may not extend ₹3 trillion credit guarantee scheme for MSMEs beyond Oct

Ø Higher NPAs hinder transmission of monetary policy actions: RBI paper

Ø Govt. move to notify GICs as Fin services at IFSC to spur MNC investment

Ø Bank of Japan has no plan to change inflation target, says Haruhiko Kuroda

Ø Recovery in sight, will invest for Make-in-India: Mitsubishi Electric

Ø India set to lose Farzad-B gas field in Iran as looks at domestic firms

Ø Kalrock-Jalan consortium plans to get Jet back in air by April

Ø OIL to go it alone in next oil/gas auction rounds

Ø Reliance Retail gets ₹5,512.50 crore subscription amount from GIC

Ø WHO lends support to IP-waiver proposal from South Africa, India

Ø ‘Serum India, Bharat Biotech to start trials in coming months’

Ø Tata Steel supplies 80% of steel for longest bridge in AP

Ø Power consumption grows 11.45% in first half of October

Ø Raw material crisis may lead to closure of many SME steel wire units: Official

Ø UK says door remains 'ajar' for post-Brexit trade deal

Ø Maruti Suzuki announces offers for Government, Public Sector Employees

Ø Passenger vehicle exports fall by over 57%: Report

Ø IMF chief says 'much more decisive' action needed to deal with debt problems

Ø China passes new law restricting sensitive exports

Ø Adani to complete 1,000 MW transmission line to Mumbai by Dec 2022

Ø Bank NPAs weaken monetary policy transmission, lower loan growth rate, says RBI paper

Ø Urban consumption sees worst decline in two decades

Ø Rough diamond imports grow after seven months as order come in

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CBDT issues stringent guidelines for coercive/intrusive tax recovery

✅CBDT, with immediate effect, by order u/s 119 restricts the coercive/intrusive powers of AO/TRO for tax recovery;

 ✅Allows coercive/intrusive measures only after exhaustion of other means of recovery; 

✅Restricts recovery surveys to the non-responsive/non-traceable taxpayers;

✅ Reminds that Sec. 133A has been amended to allow survey only by Investigation and TDS wings; 

✅Orders for setting up a 2 members collegium of Pr.CCIT/CCIT rank for screening of survey for cases other than TDS;

 ✅Excludes involvement of AO/TRO from surveys;

 ✅Mandates Pr.CCIT/CIT for monitoring of survey to ensure that it's restricted to the scope approved by the collegium;

✅ Survey team to prepare a report and share with ITBA and concerned AO/TRO;

✅ Presses for strict compliance with Second Schedule, Survey Manual, and Guidelines for attachment of movable/immovable properties

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Income Tax: No TCS u/s 206(1H) on receipt above 50 lacs in a FY from a party if TCS is already applicable like on motor vehicle, foreign remittance, scrap etc.

ITAT, Delhi has held that The A.O. did not provide any material collected at the back of the assessee-company by the Inspector of the Kolkata to the assessee and did not allow any cross examination to the assessee-company. The A.O. in the assessment order held that assessee has no absolute right to ask for the cross-examination or to seek report. Thirubala Chemicals Pvt. Ltd. vs. ITO (ITAT)

For FY 2019-20 also GSTR-9 compulsory for turnover above 2cr & GSTR-9C for turnover above 5 cr. Notification 77&79/2020-CT of 15.10.20. (Due date 31.12.20).

Reserve Bank on October 16 rationalised the risk weightage to LTV (loan to value) ratio for all new housing loans sanctioned up to March 31, 2022 In a bid to increase flow of credit to the real estate sector. 

Punjab and Haryana High Court has repelled the challenge against the constitutionality of the condition for pre-deposit prescribed under section 43(5) of Real Estate Regulation and Development Act, 2016 for filing of an appeal by a promoter before the Appellate Authority against any direction of the adjudicating officer.

Supreme Court has reiterated that whatever stay has been granted by any Court including the High Court on Civil or Criminal proceedings will  automatically expire within 6 months unless extension is granted for good reason within the next six months. 

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The Confederation of GST Professionals and Industries (CGPI) filed the writ petition in the Bombay High Court for the extension of the due date for filing GSTR-9/9C. 

On behalf of the CGPI, the advocates who appeared stated that the various problems which are being faced by professionals in view of severe restrictions on public transport and staff attendance in many places. Furthermore, the petitioner has submitted that Article 21 rights of professionals and their staff are being violated by the manifestly arbitrary and unreasonable decision to give a totally inadequate extension to the time limit. 

After hearing the petition the Bombay High Court called for ASG to appear and tell them how the Union of India intends to resolve the problem for the benefit of the public. 

On October 27, 2020, the matter is kept High on Board, and ASG is called to assist the Court.

The Court has specifically said that it will resolve issues if the Government does not figure out any solution

Approximately around 45 tax associations, professional forums, bar associations have filed for extension of Gst 9/9C, tax audit report and ITr extension dates at different levels across India

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16 October 2020 News and Updates

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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14 October 2020 News and Updates

14th October 2K20

Ø  Indian economy to contract by 10.3% in 2020; may bounce back with 8.8% growth rate in 2021: IMF

Ø  India extends anti-dumping duty on import of a certain variety of fibre board exported from China

Ø  India among top three FDI destinations in near future: CII-EY survey

Ø  Expected hike in urea sales to raise subsidy bill

Ø  NephroPlus acquires majority stake in Philippine's Royal Care dialysis centers

Ø  India offers $38 bn opportunity for bi-lateral trade growth: Standard Chartered

Ø  Wipro board approves Rs 9,500-crore share buyback; revenue up 1.4%

Ø  India set to slip below Bangladesh in 2020 per capita GDP, says IMF

Ø  Reliance Jio continues to remain the fastest mobile network: Trai

Ø  JSW to raise $1 bn from overseas, domestic markets to retire debt

Ø  Vedanta to return $2.5 billion funds after delisting plan fails: Report

Ø  Securitisation sees 80% drop in H1FY21 due to Covid-19, moratorium: Crisil

Ø  Govt hints at another stimulus package to boost demand

Ø  Diesel, kerosene prices have been cut, no change in petrol, LPG: IOC

Ø  Race for DHFL’s assets may be down to Piramal, Adani, Welspun

Ø  CCI clearance for Tube Investments’ CG Power buy

Ø  RBI’s ₹1-lakh crore long-term repo operation will push credit growth, say analysts

Ø  UK economy to slump 9.8% this year on virus: IMF

Ø  States see $31 billion of taxes disappear due to covid recession

Ø  Major US stimulus would boost US, global economies: IMF official

Ø  EU wins tariff clearance on $4 billion of US imports in Boeing case

Ø  Wipro plans robust hiring in second half of FY21

Ø  Non-life insurance industry’s gross direct premiums clock 4.41% fall

Ø  Bank of Baroda mulling to move 50% of staff into WFH in 4-5 years

Ø  Vodafone Idea ropes in IBM for ‘big data’ platform

Ø  Cabinet to soon consider new public sector enterprises policy: Sources

Ø  IRDAI proposes lower capital, liberal norms to float micro-insurance companies

Ø  Pharma market reports growth in September

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⚫The Indian economy, severely hit by the pandemic, is projected to contract by a massive 10.3% this year, the International Monetary Fund said. However India is likely to bounce back with an impressive 8.8% growth rate in 2021, thus regaining the position of the fastest growing emerging economy.

⚫India has emerged as the leading choice for foreign direct investment, a latest survey of MNCs has revealed. The survey, conducted by the CII & EY found, India is set to become one of top three destinations for FDI inflow by 2025.the country’s market potential, skilled workforce and political stability are the three key reasons that make India their favoured destination.

⚫The Centre’s decision to fund the compound interest payment for small borrowers during six month moratorium period will come at a cost of Rs 6,500 crore.

⚫The Railways announced that it will operate 392 festival special trains between Oct 20 and Nov 30 in view of the upcoming festive season.

⚫ICAI November Exams postponed to 21st Nov 2020.Complete XBRL – Introduction

XBRL stands for eXtensible Business Reporting Language.

The Companies Act, 2013 has made it compulsory for certain companies to file their financials and documents in XBRL format with the Registrar of Companies (ROC). These companies are required to file their financial statements in e- form AOC – 4 (XBRL) with the ROC.

As per the Companies Act, 2013, following companies are required to file their financials and other documents in XBRL:

1. All public limited companies listed on a stock exchange in India and their subsidiaries.

2. All companies with a turnover of Rs. 100 Crore or more.

3. All companies with a paid-up share capital of Rs. 5 Crore or more.

4. All companies which were hitherto covered under the companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules, 2011.*INDEX*

NIFTY 11934.50 +0.03%

NIFTY FUT. 11946.10 -0.01%

SGX Nifty 11896.00 -0.38%

OUTLOOK

The market is expected to open on a negative note tracking weak global markets. 

GLOBAL MARKET

Asian equities were set to slip on Wednesday as halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighed on investor sentiment, while the dollar rose from Tuesday's three-week low as demand firmed for safe-haven assets. US stocks were mixed on Tuesday as the Dow and the S&P 500 closed lower and the Nasdaq notched up gains. All sectors in the S&P 500 index were lower on Tuesday driven down by losses in Real Estate and Financials, Consumer Staples was the best performing sector in a down tape. 

FIIs/ FPIs

As per provisional figures, Foreign Institutional Investors (FIIs)/Foreign Portfolio Investors (FPIs) bought shares worth net Rs.832.14 crore and Domestic institutional investors sold shares worth net Rs.1674.46 Crore on 13th October 2020.*Aadhaar PVC Card* : The New Aadhaar card will now come in a completely different avatar as the Unique Identification Authority of India (UIDAI) has allowed it to be reprinted as polyvinyl chloride (PVC) card. So, now you will be able to carry the Aadhaar card in your wallets, just like your ATM or debit cards." Loaded with the latest security features, your Aadhaar is now more durable, convenient to carry, instantly verifiable offline," UIDAI said.

 USD 73.43 💷GBP 95.31

🥇Gold ₹50,350@10 gm 24 (Krt)

🥈 Silver ₹63,100@ Kg

⛽ Petrol ₹ 85.62

⛽ Diesel ₹ 77.63

Price of Non-Subsidised LPG cylinders/14.2 kg today in Gaya is at ₹ 692.00

🇮🇳

 

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👉 Important Announcement - Revised Schedule of Chartered Accountant Examinations, November 2020 - (13-10-2020)

https://resource.cdn.icai.org/61467exam50014.pdf

👉 List of Valid Nominations for NICASA AGM 2020 to be held on 27th October, 2020 at ICAI Bhawan, Vishwas Nagar, Shahdara, Delhi. - (13-10-2020)

https://www.icai.org/post/valid-nominations-nicasa-elections-2020

👉 Provisional Registration in Foundation Course of the Institute of Chartered Accountants of India (ICAI) after passing Class X Examination. - (13-10-2020)

https://www.icai.org/post/provisional-registration-foundation-course-after-passing-class-x

👉 RBI Bulletin - October 2020

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50498

👉 RBI Releases “Handbook of Statistics on Indian States 2019-20”

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50500

👉 FAQs on Resolution Framework for Covid-19 related stress

https://www.rbi.org.in/Scripts/FAQView.aspx?Id=137

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13 October 2020 News and Updates

13th October 2K20

Ø  No deal on global digital tax this year, says OECD

Ø  Oman to impose value-added tax amid pandemic fallout

Ø  GST Council meet ends without conclusion on compensation

Ø  Businessman BR Shetty seeks India probe of NMC, Finablr ex-CEOs over $6 bln scandal

Ø  RBI remains net purchaser of US dollar in August, buys $5.30 bn

Ø  Fresh stimulus to push economic activity: Niti Aayog vice-chairman Rajiv Kumar

Ø  Industrial recovery slow as manufacturing leads 8% fall in August IIP

Ø  Food prices push retail inflation to 8-month high of 7.34% in Sept

Ø  Blackstone refinances Rs 2,500-cr lease rental discounting loans with SBI

Ø  Jio adds 3.5 million customers in July, Voda Idea loses 3.7 million: Trai

Ø  Rs 11.1 trillion: Amount RBI pumped into banking system to boost liquidity

Ø  Saudi's largest lender NCB agrees to buy rival Samba for $15 billion

Ø  Shipping Corp, BEML’s non-core assets to be hived off ahead of sale: DIPAM Secretary

Ø  ONGC aims to merge OMPL with MRPL by June 2021

Ø  Navy scraps ₹20,000-crore tender torpedoing local shipyards’ hopes

Ø  India bucks global cotton trend with production set to rise to 6.2 mt

Ø  Jindal Aluminium seeks govt support for downstream industry

Ø  Reliance Jio becomes first telco to cross 40 crore subscribers mark: Trai data

Ø  India Inc welcomes Nirmala Sitharaman's announcement to boost demand

Ø  WHO expects to see Covid-19 vaccine by end of 2020 at earliest

Ø  Australia seeks clarity from Beijing on coal import ban

Ø  Oil prices fall 3% as US, Libyan, Norwegian supplies resume

Ø  Jio, Airtel add users while Voda Idea continues to lose

Ø  Domestic natural gas output falls 13% in April-September

Ø  TN signs 14 MoUs worth Rs 10000 cr, generate 7000 jobs

Ø  ADB, govt ink USD 570 million loan agreement

Ø  Power demand up 4.6% in September

Ø  IRDAI proposes lower capital, liberal norms to float micro-insurance companies

Ø  Pharma market reports growth in September

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LEGAL KNOWLEDGE CAPSULE

✒️ Karnataka High Court has observed that "A tender student, even when the delinquency is established, cannot be treated as the offender of the war crime; it hardly needs to be mentioned that all this has entered the framing of this judgment."

✒️ NCLT has further extended the date of hearing in pending matters at Delhi benches. The next date of hearings shall be from 2nd November, 2020.

✒️  National Consumer Disputes Redressal Commission held that an intentional self-injury cannot be inferred in a case where a person rides a high-end motorcycle without the necessary orientation.

✒️ Delhi High Court has restrained an ex-employee of Air India from directly or indirectly, publishing and/or commenting or communicating or issuing any video, tweet, article, interview containing or referring to the allegations against Air India (in any manner).

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Flipkart acquires 140-acre land at Manesar for Rs.432-Cr for logistics park

Flipkart has acquired a 140-acre land parcel at Manesar, Haryana near Gurugram to set up its largest fulfilling centre in Asia for INR 432 crore. 

The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) has approved the allotment. Property consultant Knight Frank was the advisor to Flipkart for this project.  

 

Flipkart will set up a logistics park over the next 3-5 years, with a potential total built up area of 5 million square feet, to be developed in 2-3 phases. 

The development is expected to cost INR 3,500 crore and will create over 12,000 jobs.

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✍️  KEY UPDATES:   From FM Nirmala Sitharaman’s press conference:-

1. FM Sitharaman introduced proposals to stimulate consumer spending. It included the LTC Cash Voucher Scheme and Special Festival Advance Scheme.

2.  Under LTC Cash Voucher Scheme, the government employees can opt to receive cash amounting to leave encashment along with 3 times ticket fare, to buy items that attract a GST of 12 percent or more.

3. The finance minister announced a one-time Rs 10,000 interest-free festival advance to all its officers and employees as part of plans to increase consumer spending to spur demand in the economy.

This Rs 10,000 advance will come as a pre-paid RuPay card, which can be availed and spent by March 31, 2021.

4.  The repayment of the interest-free festival advance will be in 10 installments. Rs 4,000 crore is likely to be spent on this.

5. A special interest-free 50-year loan to states for Rs 12,000 crore capital expenditure to be issued.

6. Out of the Rs 12,000 crore, Rs 1,600 crore will be given to north-eastern states and Rs 900 crore will be for Uttarakhand and Himachal Pradesh. Rs 7,500 crore will be for the remaining states. The remaining Rs 2,000 crore will be given to states that fulfill pre-stated reforms.

7.  The Rs 12,000 crore loan is over and above borrowing ceilings of the states and the repayment will be one bullet payment after 50 years.

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⚫Consumer price index based inflation for September came in at 7.34%, from 6.69% in the previous month on account of rising food prices. This marks the highest level recorded in eight months, and well above the RBI’s target range of 2-6%. 

⚫The Index of Industrial Production declined 8% in August. Industrial activity bore the brunt of localised lockdowns and work restrictions in August, chipping away nearly a tenth of the factory output.

⚫Zero cash flows during Corona time spark fire sale of India Inc's assets. Not just mid & small sized firms, even big ones will either sell group co's or stakes in their listed entities to tide over crisis; more sell-offs seen in coming months.

⚫The GST Council meeting remained inconclusive for the second time after the Centre offered two options to states for compensating them for the loss of revenue under the indirect tax regime as there was no consensus on the issue.FM appealed to the Council and the states to quickly decide on the states which want to borrow. 

⚫In a bid to increase credit flow to small businesses, the RBI raised banks maximum aggregate retail exposure limit to entities with turnover up to Rs 50 crore to Rs 7.5 crore, up from Rs 5 crore.The risk weight of 75% will apply to all fresh exposures and also to existing exposures where incremental exposure may be taken by the banks up to the revised limit of Rs 7.5 

⚫Power supply was restored in most parts of India’s financial capital after its worst blackout in decades disrupted transport networks and briefly hit trading volume in bond markets.

⚫ NCLT has further extended the date of hearing in pending matters at Delhi benches. *The next date of hearings shall be from 2nd November, 2020.

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Additional claim can be made before ITAT despite no such claim in Return of Income. Case Name : Bector Food Specialties Ltd Vs JCIT (ITAT Chandigarh) Appeal Number : ITA No. 396/CHD /2013

Government may consider allowing India Inc to deposit GST on cash basis to help them tide over the liquidity woes during the COVID-19 pandemic, a PwC report said. It said while formalising its support strategy for the industry in the next phase, the government could also consider suspending GST payments for select sectors during the COVID-19 period.

All The  MSME Industries Need to Get Registered Under UDYAM REGISTRATION. The validity of UAM/EM PART II is till 31.03.2021 so it is advised  to get the new registration should be done before 31.03.2021. 

NCLT has further notified that the Regular Proceedings at NCLT shall now start from 02-11-2020 instead of 12-10-2020. The regular proceedings at NCLT Delhi were stopped immediately after the lockdown was announced on 24-03-2020. 

Reserve Bank has decided to move to the Next Generation Treasury Application (NGTA) for managing the country’s foreign exchange and gold reserves. The NGTA, according to the RBI, would be a web-based application providing scalability, maneuverability and flexibility to introduce new products and securities, besides supporting multi-currency transactions and settlements. 

SEBI has issued a Circular to extend the facility for conducting extraordinary meetings of unit holders INVIT’s and REIT’s through video conferencing or other audio-visual means under the InvIT Regulations and REIT Regulations.

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