Corporate Snippets
Ø Ant Group's IPO sees record $3 Trillion in retail demand
Ø Online giants will have to open ad archives to EU antitrust regulators
Ø DealShare aims ₹7,000 Cr GMV by 2023-24, to expand footprint to 100 cities by March
Ø MoUs to be inked with 25 startups for exchange of tech: IGCAR
Ø NSE-BSE bulk deals: Spruce Grove International buys 82 Lakh Shares of Zee Entertainment
Ø Stimulus measures before festive season to support growth momentum: Report
Ø Nabard to set up subsidiary to guarantee agri-loan
Ø Apple turns the tide in India with record sales; 800,000 iPhones sold in Q2
Ø DLF net profit declines 49% to ₹227.8 Cr in Q2, revenue falls 6%
Ø Axis Bank, subsidiaries to acquire 19% stake in Max Life in revised deal
Ø IOC net profit jumps more than 15 times in Q2 over inventory, forex gains
Ø Jobless rate in urban areas fell to 7.9% in Q3 of last year, shows data
Ø 15th finance panel finalises recommendations, to submit report on Nov 9
Ø IT refunds of ₹1.27 Trillion issued so far this fiscal, says Finance Secy
Ø Won't spare any way in maintaining level-playing field in e-commerce: Govt.
Ø Singapore unemployment rate in third quarter rises to 16-year high
Ø Federal Reserve expands Main Street programme to smaller companies
Ø Eurozone economy soars record 12.7% but fears grow for winter
Ø IndusInd Bank Q2 net falls 53% on higher provisions
Ø Govt. puts off sale of SAIL’s Durgapur steel plant
Ø Karur Vysya Bank net profit jumps 83% to ₹115 Crore
Ø India Inc needs to respond to various reform measures of Govt.: CEA K V Subramanian
Ø Hike in ethanol prices will be positive for sugar industry: ICRA
Ø IRB InvIT Q2 revenue at ₹296 Cr
Ø PTC India Fin Services net profit falls 28% to ₹32 Cr in September quarter
Ø Forex reserves surge USD 5.4 billion to all-time high of USD 560.532 billion
Ø Combined fiscal deficit to cross 13%; Govt. debt to jump over 80% this yr: Report
Ø Govt. to provide production-linked incentives to more sectors: Niti Aayog
Ø German GDP saw 8.2% bounce-back in third quarter
Ø IOC plans to raise ₹20k Cr via privately placed bonds
Ø India to import over 30,000 Tonne of onion, 🥔
Ø RIL says ADIA & PIF to invest ₹3,779 Crore each in Jio Fibre InvITs
Ø States raise FY21 Capex target despite fiscal crunch
Ø Facebook posts 22% jump in Q3 Revenue, but US users down
Ø 37% Engineers find stretched working hours most challenging during WFH: Survey
Ø China says it grants more Debt relief, backs G-20 Coordination
Ø Grasim signs production deal with Warren Buffett’s specialty chemicals company
Ø US Consumer Spending rose a moderate 1.4% in September
Ø BSE StAR MF registers 76.74 Lakh Transactions worth ₹22,828 cr in Oct
Ø Govt not considering extension of Sugar Export subsidies for 2020-21: Goyal
Ø IFC extends USD 4 billion Loans to Private Companies to fight Pandemic
Ø Niti Aayog releases Draft Model Act on Land Titles
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ITC cannot be disallowed to purchaser if seller has collected tax but not paid to Govt.
[2020] 120 taxmann.com 345 (Madras)
GST/EXCISE/ST/VAT : Input tax credit cannot be disallowed on ground that seller has not paid tax to Government, when purchaser is able to prove that seller has collected tax and issued invoices to purchaser
Section 16 of the Central Goods and Services Tax Act, 2017/Rule 3 of the Cenvat Credit Rules, 2004 - Input tax credit - Whether Input tax credit cannot be disallowed on ground that seller has not paid tax to Government, when purchaser is able to prove that seller has collected tax and issued invoices to purchaser - Held, yes
Sri Ranganathar Valves (P.) Ltd.
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☀️💡ICAI Update
📑“WE CARE”- An Initiative of ICAI for Senior Chartered Accountants
a unique social security and benevolence program for Senior CA members of age 75 years and above. This initiative would provide support to this valuable segment of ICAI fraternity which endeavours for providing respect, continuous engagement, care and support of the Profession by creating a sense of belongingness.
https://www.icai.org/post/wecare-an-initiative-of-icai-for-senior-chartered-accountants
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✒️ Supreme Court has extended till 31st December, 2020 the deadline for implementation of its judgement on grant of permanent commission has (PC) to women SSC officers in the Indian Navy.
✒️ Supreme Court has asked the bombay High Court to expeditiously hear a plea filed by Varavara Rao’s wife for his bail and also consider whether the writer should be shifted from jail to hospital.
✒️ Supreme Court has issued notice to the Union Government in a plea alleging that two medicines Remdesivir and Favipiravir are being used for the treatment of COVID-19 without approval.
✒️ Supreme Court has stayed the order of the Delhi High Court denying further extension of interim bails granted to undertrials.
✒️ Supreme Court has upheld dismissal of police constable, reiterating that order of dismissal can be passed even if the delinquent official had been acquitted of the Criminal Charge.
✒️ Supreme Court Grants to move representation seeking exemption from GST on Disability Aids with GST Council.
✒️ Madras High Court states that ROC cannot deactivate DIN of Director for Disqualification in any Company.
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⚫The pandemic induced growth contraction & additional spending to support the needy amounting to a little over 2% of the economy are likely to push the combined fiscal deficit to 13% of GDP this fiscal nearly double of the past year, according to a report.
⚫Stimulus measures announced by the Govt before the festive season will support growth momentum as it will provide a push to consumer demand & traction to the unorganized sector, according to Dun & Bradstreet's latest Economy Forecast report. The signs of recovery are nonetheless fragile as industrial production, bank credit and capital expenditure remain low.
⚫The finance ministry has notified the extended due date for filing ITR for the 2019-20 fiscal. While the deadline for filing ITR by individual taxpayers has been extended by a month till December 31, the due date for those taxpayers whose accounts need to be audited has been extended to January 31, 2021.
⚫The country's foreign exchange reserves swelled by USD 5.412 billion to touch an all time high of USD 560.532 billion in the week ended October 23.
⚫Global coronavirus cases rose by more than 500,000 for the first time on Wednesday, a record one-day increase as countries across the Northern Hemisphere reported daily spikes.
⚫The pandemic induced growth contraction & additional spending to support the needy amounting to a little over 2% of the economy are likely to push the combined fiscal deficit to 13% of GDP this fiscal nearly double of the past year, according to a report.
⚫Stimulus measures announced by the Govt before the festive season will support growth momentum as it will provide a push to consumer demand & traction to the unorganized sector, according to Dun & Bradstreet's latest Economy Forecast report. The signs of recovery are nonetheless fragile as industrial production, bank credit and capital expenditure remain low.
⚫The finance ministry has notified the extended due date for filing ITR for the 2019-20 fiscal. While the deadline for filing ITR by individual taxpayers has been extended by a month till December 31, the due date for those taxpayers whose accounts need to be audited has been extended to January 31, 2021.
⚫The country's foreign exchange reserves swelled by USD 5.412 billion to touch an all time high of USD 560.532 billion in the week ended October 23.
⚫Delhi recorded highest single day rise of 5891 fresh COVID-19 cases on Friday.
⚫Global coronavirus cases rose by more than 500,000 for the first time on Wednesday, a record one-day increase as countries across the Northern Hemisphere reported daily spikes.
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Waiver of Condonation Fees by ICAI
Applicable for All Members, Firms and Students,
Condonation Fees waived for where Transactions Date Falling Between 1st April to 31st December
https://icai.org/post/further-extension-in-the-last-date-for-waiving-off-condonation-fees
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⚫UK Prime Minister has announced a second stay at home lockdown across England, starting from next Thursday and to run for four weeks until at least the start of December, in order to deal with the rapidly increasing coronavirus infections.
⚫Canada will admit a record 401,000 new immigrants in 2021, against the usual annual intake of 350,000. It is cheering news for Indians as they account for the bulk of immigrations.
⚫The Indian Institute of Science & the Research and Development Centre of Indian Oil Corporation have signed an MoU to develop and demonstrate biomass gasification based hydrogen generation technology for producing fuel cell grade hydrogen at an affordable price.
⚫The national capital recorded 5,062 fresh COVID-19 cases. Amid a surge in COVID-19 cases, the Delhi govt allowed marriage gatherings of up to 200 persons in closed spaces.
⚫The Federation of Hotel and Restaurant Associations of India welcomed FSSAI move of mandatory registration for home cooked food sellers which will help reduce health risk of consumers.The apex hospitality association has stated that food operators, whether operating from home or from dark kitchens, should be regulated for cleanliness and hygiene.
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