13th November 2K20
Ø India loses 21% of brand value to USD 2 trillion due to pandemic: Report
Ø Atmanirbhar Bharat 3.0 could widen fiscal deficit to 9.5%, say economists
Ø October fuel demand marks first y/y gain in 8 months
Ø Indian Oil runs at full capacity on demand rebound
Ø Fiscal impact of stimulus measures to be around 0.25-0.6 pc of GDP in FY21, say experts
Ø Amazon not shareholder, no say in company affairs: Future Retail tells Delhi High Court
Ø Financial package continues govt's efforts to help all sections: PM
Ø Moody's raises India's 2020 GDP forecast to -8.9% as Covid cases drop
Ø Govt infuses Rs 6,000 cr in NIIF debt platform to increase infra funding
Ø Sebi comes out with monitoring, disclosure framework for debenture trustees
Ø US weekly jobless claims at 7-month low; consumer prices unchanged
Ø PFC, REC sanction loans worth Rs 1.18 trn under discom liquidity package
Ø Economy rebounds faster than contact-intensive service sectors, says RBI official
Ø Bayer sets up ₹200-crore ethiprole plant at Vapi
Ø Reliance Industries to invest $50 mn in US-based Breakthrough Energy Ventures
Ø Grasim Industries sells fertiliser unit to Indorama for ₹2,649 crore
Ø Blackstone races ahead of Bain with $1-b bid for Piramal Glass
Ø FinMin allocates ₹39,097 crore for MEIS benefits for 2019-20
Ø Spike in food prices pushes October inflation up to 7.61%
Ø Jubilant FoodWorks September quarter net profit up 3.85%
Ø Nirmala Sitharaman announces ₹10,000 crore to boost rural employment
Ø HDFC to merge its health, general insurance; Irdai gives final nod
Ø Eicher Motors' Q2 consolidated profit declines 40% to ₹343 crore
Ø UK economy saw big bounceback in summer before fresh curbs
Ø TCS to acquire over 1,500 staff, select assets of Pramerica Systems Ireland
Ø SIDBI commits Rs 250 cr funding to 3 firms; Stride Ventures gets up to Rs 85 cr
Ø With India's economy in a tailspin, Cabinet approves PLI plan for 10 key sectors
Ø FM Sitharaman announces new stimulus measures for India's COVID-stricken economy
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⚫PM made a fervent appeal to people to promote ‘local for Diwali’ big time and buy local products this festival season, saying it will give a new boost to the economy. He also spoke about the agriculture reforms introduced by the Govt, saying they will connect farmers directly to the market and “send middlemen out of the system”.
⚫India has invited global firms to invest in its strategic petroleum reserves as the nation's energy consumption growth would be fastest among large economies in coming decades.
⚫Showing signs of improvement, the country's exports grew 22.47% year on year to USD 6.75 billion in the first week of November, mainly driven by healthy growth in pharmaceuticals, gems and jewellery and engineering sectors.
⚫The RBI has lifted all restrictions imposed on Equitas Small Finance Bank a year ago, the lender said, a week after it went public.
⚫FM told bankers to only issue Rupay cards as the first option to customers, and also to seed all bank accounts with Aadhar number and, wherever necessary, with the pan card by December this year.
⚫Delhi recorded a 24 hour average air quality index of 476, which falls in the "severe" category.
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◆Wipro's Azim Premji & family have topped EdelGive Hurun India Philanthropy List 2020 with ₹7,904 crore in donations in FY20 for several causes. "Azim Premji was 'India's Most Generous' as he donated ₹22 crore per day," the list said. He's followed by HCL Tech's Shiv Nadar & family at ₹795 crore and RIL's Mukesh Ambani & family at ₹458 crore.
◆Finance Minister Nirmala Sitharaman on Tuesday asked banks to ensure that all accounts are linked with Aadhaar numbers of customers by March 31, 2021. "By March 31, 2021, every account should have a PAN where needed and where applicable, and Aadhaar in every one of your accounts," she told banks. She also said that banks should discourage non-digital payments.
◆The Delhi High Court has sought Amazon's reply on a plea by Future Group alleging that Amazon was interfering in its deal with Reliance Retail with an interim order by a Singapore arbitrator. The court added the issue of suit's maintainability, raised by Amazon, would be kept open. Amazon had accused Future Group of violating a contract with Reliance deal.
◆Future Retail's lawyer Harish Salve told the Delhi High Court on Tuesday that Amazon knew about Kishore Biyani-led company's deal with Reliance Industries since June 2020, when the negotiations were ongoing. "Amazon has various falsehoods," Salve said, adding that one of them is Amazon claiming it didn't know anything about the deal until September 2020.
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Important points from recent GST Notifications:
Notification No 82,83,84,85 and 86/2020:
Below updates are effective from 01.01.2021:
GSTR-1 related:
- Quarterly return filers can file their first and second month B2B invoices in Invoice Furnishing Facility (IFF) on or before 13th of 1st month in next qtr
- Total value for such B2B invoices is capped to 50 lakhs per month
- No need to report invoices again in GSTR-1 if already reported in IFF
- Due date of GSTR-1 for quarterly filers is 13th of 1st month in next qtr
- HSN/SAC codes shall be mentioned mandatorily in GSTR-1 ( <5Cr- 4 digit, >5Cr- 6 digit)
GSTR-2 related:
- The invoices reported in IFF shall be made available to recipient in their GSTR-2A/2B
- Notified FORM GSTR-2B
GSTR-3B related:
- Rule 61(6) was inserted to provide due date for filing GSTR-3B for the months of Oct 2020 to Mar 2021 as 20th of next month if TO > 5 Crores
- Quarterly return filers shall deposit tax in electronic cash ledger on or before 25th of next month for first and second months
87/2020:
- Due date for filing ITC-04 (Job worker return) for the period July 2020 to September 2020 is extended to 30th November 2020
88/2020:
E-invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate TO in any of the FY from 17-18 exceeds 100 Crores
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MCA has issued Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Amendment Rules, 2020.
(2) They shall come into force on the date of their publication in the Official Gazette.```
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2. No bail to GST officer who is accused of pressurizing complainant for bribe: P. & H (HC)
Gurvinder Singh Sohal, In re- [2020] 121 taxmann.com 49 (Punjab & Haryana)
The petitioner is working as Superintendent in the office of Commissioner of CGST, Rohtak. The petitioner and the other officials, in compliance of a public notice issued by the department conducted a raid in the premises of complainant & was found evading 6% tax of GST, therefore, he was directed to pay the tax. The petitioner and the other officials pressurised the complainant to pay Rs. 09 Lacs as bribe. The complainant, however, handed over Rs. 03 lacs in a polythene bag by keeping the same in the car of the petitioner and this fact is recorded in the CCTV.
The Central Board of Investigation (‘CBI’) also witnesses the incidence and had also arrested the co-accused with a huge unaccounted amount of Rs. 64 lacs from his house.
The Hon’ble High Court (‘HC’) dismissed the grant of the anticipatory bail as the petitioner is involved into the serious allegations and the custodial investigation is required.
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⚫The BSE Sensex rallied 316.02 points to end at a record closing high of 43593.67, while the Nifty50 climbed 118.10 points to 12,749.20.The market gained for the eighth consecutive session with the benchmark indices hitting a fresh record high on November 11 as bulls seem to be not in a position to let the bears enter Dalal Street. The rally across sectors barring PSU banks pushed the benchmark indices higher.
⚫India approved an incentive program worth Rs 1.46 trillion to attract companies to set up manufacturing in the South Asian nation.The Govt will offer production linked incentives to 10 sectors including automobile, solar panel, specialty steel makers, textile units, food processing plants and specialized pharmaceutical over a five-year period.
⚫The Central Govt is likely to unveil another stimulus package focusing on stressed sectors, middle-income groups in urban and rural areas, and employment generation before Diwali. The measures are essential to bolster the pandemic hit economy. A reuters report said the Govt was planning to announce a fresh round of stimulus of about $20 billion this week.
⚫Delhi recorded its biggest single-day jump of 8593 COVID-19 cases.
⚫Digital current affairs and news portals along with online content providers such as Netflix and Hotstar have been brought under the Ministry of Information and Broadcasting.
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👉 Invitation for applications from IEPFA for preparation of panel for engagement of Consultants from amongst retired Officers of Central Government/ PSUs/SEBI purely on contract basis.Pdf(1.01 MB)
http://www.mca.gov.in/Ministry/pdf/circular_11112020.pdf
👉 Inviting Suggestions for Improvement in Functioning of MCA-21 E-Governance Portal - (10-11-2020)
https://www.icai.org/post/inviting-suggestions-for-improvement-in-functioning-of-mca-21e-governance-portal
👉 Apply for 14th ICAI Awards being organised by Committee for Members in Industry & Business - (11-11-2020)
https://awards.icai.org/
👉 RBI Bulletin - November 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50650
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From judiciary
✒️ Supreme Court ordered no unnecessary adjourments to be granted in criminal case against legislators throughout the country. Also, Witness Protection Scheme, 2018 to be enforced throughout the country and clarified that these are applicable to cases involving both sitting and former legislators.
✒️ Delhi High Court granted bail where accused was to comply with conditions U/s167(2) CrPC,1973 but submitted U/s 439 CrPc,1973 stating wring filing of application cannot deny defualt bail.
✒️ Madras High Court directed Facebook , Youtube & Google blocking derogatory videos against retd. SC & HC Judges and their families.
✒️ Madras High Court rapped Anna university for giving "scant regard" to UGC & AICTE for working at temporary teaching staff and directed to fill all the vacant spots.
✒️ Supreme Court granted Interium bail to Arnab Goswami, who was in judicial custody for criminal case of Abetment to Suicide in 2018 of Anvay Naik an inerior designer.
✒️ Delhi High Court asked AAP govt. & NDMC explaining about sticking to deadline as govt. Claims to inaugurate the project of pedestrianisation of chandni chowk on 31st december, 2020.
✒️ Bombay High Court held rejection of declaration application under Sabka Vishwas Scheme,2019 comuunicated via email not justified.
✒️ Bombay High Court allowed 2 Jain temples in Mumbai*, one in dadar & other in Byculla during diwali from 13th November, 2020 to 17th Nvemver, 2020 with fixed timings & 8 persons at a time in temple hall .
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UPDATION OF FORM 26AS
GSTR-3B Return details from F.Y. 2019-20 (A.Y. 2020-21) are now appearing in Form 26AS monthwise.
GSTIN, ARN No, Date of filing of return, Return Period, Taxable Turnover and Total Turnover are appearing in 26AS Part H.
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⚫India's retail inflation rose to the highest in more than six years on account of elevated food prices. According to Consumer Price Index data released by the Ministry of Statistics and Program Implementation, inflation stood at 7.61% in October, the highest since May 2014.
⚫The finance ministry announced Emergency Credit Line Guarantee Scheme 2.0 under which stressed sectors can avail themselves of debt moratoriums for up to five years, which will help revive their pandemic hit co's and encourage them to invest in building new capacities.The ECLGS 2.0 will provide collateral free, additional credit at capped interest rates to firms in 26 stressed sectors identified by the KV Kamath panel in October.
⚫The Govt has provided another push to the infrastructure sector by announcing measures that could infuse liquidity both in companies and lenders. The Govt relaxed EMD and performance security on Govt and public sector tenders, it will also put in Rs 6,000 crore as equity in the National Investment and Infrastructure .
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