23rd November 2K20
Ø Tata Steel tests coking coal samples from Russia for producing steel: CEO Narendran
Ø TDSAT dismisses ISP Netmagic’s plea against DoT’s AGR demand
Ø GST Council panel for 2-pronged strategy to curb fake invoices
Ø Cryptos gaining currency in India amid bitcoin rally
Ø Prestige Group to invest Rs 2,000 cr on 4 new housing projects in Bengaluru, Hyderabad, Goa
Ø RBI working group on bank ownership puts greater onus on promoters, says Hinduja Group
Ø India's manufacturing poised to witness recovery in July-September quarter: Survey
Ø JSW Steel offers preferential pricing to small businesses, assures supply
Ø Sical Logistics defaults on Rs 281 crore loan and interest to lenders
Ø IOB expects resolution of NPAs worth Rs 18,000 cr in 2nd half of FY21
Ø WHO special envoy warns of 3rd wave danger in Europe in early 2021
Ø Germany eyes $190 billion in debt in 2021 to set off Covid impact: Sources
Ø Five of top-10 firms lose Rs 1,07,160 crore in m-cap; RIL top laggard
Ø Samsung to infuse Rs 5,000 crore to expand Noida manufacturing plant
Ø Unabated hike in steel price has put MSMEs in a quandary
Ø India to double refining capacity in next five years: PM Modi at PDPU convocation
Ø IMO to pursue industry-funded $5-b R&D proposal to decarbonise shipping
Ø CG Power lenders give nod for debt restructuring, pave way for takeover by Murugappa group
Ø Google extends Google Chrome support for Windows 7 till Jan 2022
Ø FPIs net buyers in November so far, pump in ₹49,553 crore
Ø RBI becomes first central bank in the world to reach 1 mn followers on Twitter
Ø Bitcoin revival unleashes animal spirits and $300,000 forecast
Ø Small towns account for 16% of MF asset base; Maharashtra biggest contributor
Ø Govt plans 10% stake sale in MIDHANI via offer for sale
Ø World Bank warns G20 against doing too little now to address debt problems
Ø Blue-collar jobs on recovery path led by delivery segment: Placement firm Vahan
Ø Forex reserves increase by over $100 billion since March lockdown; hit lifetime high at $572 billion
Ø LIC bats for a unified regulator to oversee all of India's financial sector
Ø GDP contraction likely to have narrowed to 9.5 per cent in September quarter: Icra
Ø Mphasis Consulting acquires UK-based Datalytyx for up to 13.3 million pounds
Ø Loan moratorium is fiscal policy matter, govt on top of it & required steps taken: Centre to SC
Ø EU auditors: Antitrust probes too slow to curb tech giants
Ø RBI's swift resolution of Lakshmi Vilas Bank to maintain sector stability: S&P
Ø L&T bags over Rs 7,000-cr order to construct part of Bullet Train Project
Ø India at 77 in global bribery risk rankings, improves by one spot
Ø Oaktree-led consortium offers Rs 15,000 crore funding to Vodafone Idea
Ø Reliance Retail completes Rs 47,265 cr fund raise for 10% stake sale
Ø EPFO dismisses reports about fall in number of subscribers in October
Ø Stressed debt across sectors falls 37% in Q2 to Rs 15 trn: Credit Suisse
Ø Adani has no guaranteed customer for $6 bn Indian solar project: Report
Ø Ratan Tata-backed BlueStone makes a comeback
Ø Huge gap between ‘demand’ and supply’ of iron ore: Steel Minister Dharmendra Pradhan
Ø Oxford-AstraZeneca vaccine is safe for older age groups: Study
Ø Welspun in talks with Canadian pension fund to invest in road projects
Ø Wipro CEO indicates acceleration of M&As
Ø Oil near $44 with tighter virus measures, OPEC+ cracks appearing
Ø US initial jobless claims rise for first time in five weeks
Ø IMF says global economic recovery may be fading, risks still very high
Ø Brexit trade talks suspended because of a COVID-19 case
Ø UPI may see a billion transactions a day in 2-3 years: NPCI CEO Asbe
Ø RCEP could have hurt Indian economy; fair, balanced trade required: S Jaishankar
Ø Vedanta says it’s in the fray for BPCL
Ø Karnataka eyes $300 billion digital economy in five years
Ø Lakshmi Vilas Bank shareholders to get nothing after merger with DBS India
Ø WPI inflation rises to eight-month high in October
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⚫Despite the Govt's Make in India push, manufacturing made up 27.5% of India’s GDP in 2019, the lowest in two decades. This makes India one of the least industrialised countries in Asia with the exception of Pakistan and Nepal.
⚫India plans to nearly double its oil refining capacity in the next five years, PM said, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy.
⚫India expects the fisheries sector to attract investments worth USD 9 billion over the next five years along with huge employment generation. Fisheries exports are expected to more than double to Rs 100,000 crore by 2024-25 from Rs 46,589 crore at present.
⚫Haryana has been witnessing a sudden surge in new cases. The state added over 3,000 new cases on 20th November, the biggest single-day spike.
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GST Council panel for 2-pronged strategy to curb fake invoices
The Law Committee of the GST Council has suggested a two-pronged strategy to tackle the issue of fake invoices, sources said. According to people in the know, the panel has recommended that new or fresh registrations in GST may adopt an Aadhaar-like registration process under which new registration can be done online with live photo and use of biometrics with due verification of documents. Such facilities can be provided at banks, post offices, and GST Seva Kendras (GSK), just like the Passport Seva Kendras or the Aadhaar Seva Kendras. The GSKs can work on the pattern of the Passport Seva Kendras to provide new registration facilities with required checks on fake registration. According to sources, the Law Committee has suggested that a fresh registrant must go for compulsory physical verification and personal identification in case he or she opts for non-Aadhaar authentication-based registration process and does not have income tax return supported adequate financial capability.
In such a case, he or she may have to submit a recommendation letter by two taxpayers of adequate reliability.
Further, also, if on the basis of document supported credentials, a registrant or dealer falls in "trustworthy" category, then he or she can be given registration within seven working days.
If he or she is not in the "trustworthy" category, then conditional registration shall be given within 60 working days only after physical verification of the place of business wherein in such cases input tax credit to their buyers shall be allowed only after filing of their return and the dealers would be required to pay certain portion of their liability in cash instead of paying 100 per cent tax through ITC.
According to sources in the Department of Revenue, to weed out existing fake dealers from the GST system, the panel proposed full application of the Business Intelligence and Fraud Analytics (BIFA) tool for precise identification of riskier dealers based on the riskier input supply chain and outward supply chain, abnormal taxpayer behaviour in terms of ITC availment, tax payment for catching fake dealer and taking appropriate action, including enforcement.
It has suggested suspension of first lot of riskier traders and identification of such taxpayers on the basis of significant criterion including non-filing of return for six months, said sources, adding that the committee underlined that fact that there are about 6 lakh dormant registrants in GST.
It further proposed that no income tax credential be given if 99 per cent tax is paid through ITC. There were about 35,000 such dealers who were given registration in 2018-19 and 2019-20, having GST liability of more than Rs 50 lakh (yearly), and more than 99 per cent tax paid through ITC and have no credential in income tax (did not pay income tax even of Rs 1 lakh in last three years).
Sources said that in the Law Committee's opinion, once a dealer is suspended, he has to explain the discrepancy within the prescribed time limit for revocation of suspension.
The urgent need to work out certain modifications in the GST Rules is evident from the fact that within ten days of a nationwide drive against the GST fake invoice frauds, the DGGI and CGST Commissionerates have so far arrested 48 persons, including one woman and three chartered accountants, and have booked 648 cases besides identifying 2,385 entities, said people in the know.
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⚫India is at 77th position with a score of 45 in a global list that measures business bribery risks of 2020. The list by TRACE, an anti bribery standard setting organisation, measures business bribery risk in 194 countries, territories, and autonomous and semi autonomous regions. In 2019, India's rank stood 78th position
⚫Home sales have risen to levels last seen before the lockdown in key markets, including Mumbai and Delhi, according to data compiled by rating agency Crisil. The note, released on Thursday, says some markets have seen even higher sales than before. Mumbai, witnessed sales which were 10-30% higher than the beginning of the year.
⚫Investments through participatory notes in the Indian capital market surged to Rs 78,686 crore at October-end, making it the highest level in 14 months, on enhanced global liquidity and measures taken by the Govt back home.
⚫India is set to see investments to the tune of around Rs 10,000 crore in three years to create infrastructure for using liquefied natural gas as a fuel for long-haul transportation. This will include the setting up of 1,000 LNG stations as well.
⚫Delhi recorded 7546 fresh COVID-19 cases on Nov 19, taking the infection tally in the national capital to over 5.1 lakh, even as 98 more fatalities pushed the toll to 8,041.
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👉 IMPORTANT ANNOUNCEMENT FOR NOVEMBER 2020 EXAMINATIONS - (19-11-2020)
https://resource.cdn.icai.org/61915icaiexam191120.pdf
👉 Change of certain Examination Centre / minor correction in the address for November 2020 - (19-11-2020)
https://resource.cdn.icai.org/61914examannoun191120.pdf
👉 IMPORTANT ANNOUNCEMENT - NOTICE TO CANDIDATES APPEARING FOR THE ICAI EXAMINATIONS - NOVEMBER, 2020 - (19-11-2020)
https://resource.cdn.icai.org/61913icaiexamnotice191120.pdf
👉 Announcement for January/February 2021 ICAI Examination - (19-11-2020)
https://resource.cdn.icai.org/61908exam191120.pdf
👉 RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50686
👉 9 key changes in ITR-1 and ITR-2 for FY 2019-20
https://economictimes.indiatimes.com/wealth/tax/9-key-changes-in-itr-1-and-itr-2-for-fy-2019-20/articleshow/78145060.cms
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👉🏻Monthly GST filing will not be necessary after e-invoice system is in place - Finance secretary
(GSTR-1 and GSTR-3B will ultimately be phased out, once we fully operationalise the electronic invoice (e-invoice), finance secretary Ajay Bhushan Pandey said)
👇🏻 👇🏻 👇🏻
https://bit.ly/2IV1pIc
👉🏻Communication To and Communication From Previous Auditor - Part 2 | Pending Fees | Qualified Report
(Whether Auditor should accept the audit assignment in case of Qualified Report, Non Compliance or Pending fees of previous auditor?)
👇🏻 👇🏻 👇🏻
https://youtu.be/qQgXBWNrb0U
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⚫Payments banks that intend to convert into small finance banks can do so with three years’ experience rather than five, according to the recommendations of a working group of the RBI.
⚫The SEBI proposed changes to delisting regulations to plug gaps in the existing framework and to enhance disclosures to help public shareholders take informed decisions.
*Finance*
⚫The cap on promoters stake in private banks has been proposed to be raised to 26% from 15% over a period of 15 years. For non-promoter shareholding, a uniform cap of 15% has been proposed up from 10%. Promoters can choose to bring down the holding to even below 26% at any time after a lock-in period of five years
⚫The country's foreign exchange reserves swelled by $4.277 billion to a lifetime high of $572.771 billion in the week ended Nov 13, RBI data showed.
⚫India is the second most hit country in the world after the US. The total confirmed case count in India has now crossed 9 million.
⚫The Directorate General of GST Intelligence is likely to ask the ICAI to take necessary action against three CAs over alleged misconduct. These CAs were arrested in the GST fake invoice frauds during the nationwide drive in the last few days.
⚫Despite the Govt's Make in India push, manufacturing made up 27.5% of India’s GDP in 2019, the lowest in two decades. This makes India one of the least industrialised countries in Asia with the exception of Pakistan and Nepal.
⚫India plans to nearly double its oil refining capacity in the next five years, PM said, offering a much more aggressive timeline than previously despite the coronavirus pandemic blighting the economy.
⚫India expects the fisheries sector to attract investments worth USD 9 billion over the next five years along with huge employment generation. Fisheries exports are expected to more than double to Rs 100,000 crore by 2024-25 from Rs 46,589 crore at present.
⚫Haryana has been witnessing a sudden surge in new cases. The state added over 3,000 new cases on 20th November, the biggest single-day spike.
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👉 Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme
https://www.gst.gov.in/newsandupdates/read/417
👉 CA Exams, November, 2020-Advisory to Students against writing threatening mails to Exam Centres-Action regarding - (20-11-2020)
https://resource.cdn.icai.org/61916icaiexam201120.pdf
👉 Observations of the Candidates on the Question Papers of CA Examinations November 2020. - (20-11-2020)
https://www.icai.org/post/observations-candidates-qp-caexamnov2020
👉 Important Announcement for November 2020 Examinations - (20-11-2020)
https://resource.cdn.icai.org/61918exam-ahm-201120.pdf
👉 Change of certain Examination Centre/minor correction in the address for November 2020 - (20-11-2020)
https://resource.cdn.icai.org/61917exam201120.pdf
👉 RBI releases the Report of the Internal Working Group to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector Banks
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50695
👉 Reserve Bank of India imposes monetary penalty
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50699
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