27 November 2020 News and Updates

28th November 2K20

Ø  India can create USD 1 trillion of economic value using digital technology by 2025: Amitabh Kant

Ø  Government cuts import duty on crude palm oil to 27.5 pc effective November 27

Ø  Anti-dumping duty on yarn imports from China, Thailand extended till year end

Ø  Brazil emerging as attractive destination for Indian investors

Ø  Bombay HC refuses to stay merger of Lakshmi Vilas Bank, DBS

Ø  PFC, REC to provide Rs 8,520 cr loan to SJVN's power project in Bihar

Ø  Indian economy exhibited stronger pick up than expected: RBI Governor

Ø  FinMin, Sebi look to ease curbs on NRI investment through FPI route

Ø  Google India posts 35% jump in full-year revenue, profit climbs 24%

Ø  India's wearables market soars by 165% in the third quarter: IDC

Ø  Govt plan to set up bio-gas plants will boost bamboo production: IBF

Ø  S&P downgrades DIAL's rating to 'B-' over heightened liquidity risk

Ø  HDFC Bank, ICCI join hands to support SMEs, start-ups

Ø  Laurus Labs to buy 72.55% stake in Richcore Life Sciences

Ø  JSW Cement subsidiary to invest ₹1,500 crore in 1.36-mt clinker unit

Ø  IL&FS to sell off energy advisory unit IEDCL

Ø  Tube Investments to raise ₹350 cr via preferential issuance of shares

Ø  JSW Steel moves Bombay HC against Goa govt cess of ₹156 crore

Ø  DHFL promoter urges NCLT tribunal to reject Adani, Oaktree, Piramal offers

Ø  RBI advises LVB to fully write down tier-2 bonds before DBS merger

Ø  Arbitration filed by Amazon in SIAC to continue says Future Retail

Ø  NPCI allows payment banks and fintechs to be shareholders

Ø  Govt extends emergency credit guarantee scheme to stressed sectors

Ø  IT department to reject tax audit reports filed without ICAI authentication

Ø  RBI’s culpability in Lakshmi Vilas Bank’s failure needs to be looked into: AIBEA

Ø  Adani Gas to change name to Adani Total Gas

Ø  Operations at PSU banks partially hit due to trade union strike

Ø  Germany may start giving COVID-19 vaccine shots as soon as next month

Ø  US to distribute 6.4 million Covid vaccine doses in first tranche

Ø  Govt looks to revamp key exports incentive scheme for services sector

Ø  $271 bn consumer spending to shift from cash to cards, digital payments by 2023 in India: Accenture

Ø  RBI extends bar on opening up of foreign law firm’s liaison offices

Ø  RIL's Jio Platforms receives Rs 33,737 crore from Google

Ø  Non-performing loans in Indian banking sector to rise in next 12-18 months: S&P

Ø  AIBEA to join trade unions in nationwide general strike on Nov 26

Ø  Banks' collection efficiency may not sustain, says rating agency S&P

Ø  Domestic mining-construction equipment biz recovers 22% YoY in Q3CY20: Icra

Ø  Bad loans in Indian banking sector to rise in next 12-18 months: S&P

Ø  RBI rejects Muthoot Finance's plan to buy IDBI AMC over lack of consonance

Ø  Reliance Industries seeks LNG cargo for December delivery: Report

Ø  Oil prices hit highest since March on vaccine and Biden transition

Ø  Jindal explores ₹20,000 crore investment in Maharashtra

Ø  GMR evaluating options on arbitration award to subsidiary

Ø  Biocon to buy 26% stake in Hinduja Renewables Two

Ø  Centre clears 7 projects under agro-processing cluster scheme

Ø  Diageo India to achieve net-zero carbon emissions by 2025

Ø  EbixCash acquires BPO company AssureEdge Global Services

Ø  Worried PE/VC industry expresses concerns to Sebi over investment committees

Ø  Union Bank of India proposes to raise ₹1,000 crore from bonds

Ø  SBI raises ₹2,500 cr from Basel-lll compliant bonds to fund business growth

Ø  Trai fines Jio, Airtel, BSNL in Paytm vs telcos phishing case

Ø  upGrad acquires The Gate Academy, forays into test preparation market in India

Ø  Fintech firm Cashfree raises $35.3 million in series B funding

Ø  Airlines set to lose $157 billion amid worsening slump: IATA

Ø  German business confidence down for second consecutive month

Ø  Highest tax payers get least facilities: GHMC polls disparity

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⚫India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5% and held out hopes for further improvement on better consumer demand. Manufacturing clocked a surprise 0.6% growth in July-Sept after it had shrunk by a massive 39% in the preceding quarter.

The agriculture sector grew by 3.4%, while the trade and services sector showed lower than expected contraction at 15.6%.

⚫The fiscal deficit touched 120% of the full year’s budget estimates in the first seven months of fiscal year 2020-21.

⚫The Supreme Court Friday directed the Govt to ensure that all steps be taken to implement its decision to forego interest on eight specified categories of loans paid upto Rs two crore in view of the pandemic.The eight categories of loans are MSME, Education, Housing, Consumer durable, Credit card, Automobile, Personal and Consumption.

⚫The Supreme Court Friday refused to permit reservation to doctors for admission in Super Specialty Medical Courses for the year 2020-2021.

⚫Delhi reported an increase of 5475 cases and 91 more deaths. In addition, a major mismatch has erupted between the number of deaths due to Covid-19 and the number of funerals conducted in the city.The municipal corporation has said over 10,300 such funerals were performed until Nov 23 while the official death toll was around 8,500

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Income Tax Updates

24.11.2020 | Tuesday

Instruction sheets for filling of ITR-2,3,5,6 & 7 revised for better clarity.

 https://t.co/cZHCk0yhrS

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⚫The Centre will extend the e-way billing to co's with at least a Rs 100-crore turnover in January and for all co's in April next year for B2B transactions.

⚫The Central Govt has invited a group of farmers agitating against the farm Bills from Punjab for second round of talks on Dec 2, a section of the growers has decided to carry on with their march towards the national capital on November 26 and 27. Addressing a press conference the All India Kisan Sangharsh Coordination Committee said the farmers protest will continue indefinitely if the central Govt does not accede to their demands.

⚫More than 40 lakh new subscribers have been enrolled under the Atal Pension Yojana, Govt's pension scheme, so far this fiscal year. With the new additions, the total enrolments have crossed 2.63 crore, 

⚫The Ram Janmabhoomi Teertha Kshetra Trust has decided to launch a massive nationwide fund collection drive from today through December 25, according to Pejavara Mutt seer Vishwaprasanna Teertha.

⚫Indian Railways will resume train services in Punjab while following Covid-19 protocols from today. Train services to and from Punjab had been disrupted for months due to farmers' protests on railway tracks against the new farm laws.

⚫Delhi reported 6,224 new COVID-19 cases, 4,943 recoveries, and 109 deaths in the last 24 hours, according to Delhi Health Department.

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👉 Session for taxpayers on e-invoicing and IRN generation

https://www.gst.gov.in/newsandupdates/read/error/system

👉 Instruction sheets for filling of ITR-2,3,5,6 & 7 revised for better clarity Click here to download

https://www.incometaxindiaefiling.gov.in/downloads/incomeTaxReturnUtilities

👉 Engagement of Young Professionals (YPs) in Ministry of Corporate Affairs on contract basisPdf(168 KB)

http://www.mca.gov.in/Ministry/pdf/VacancyCircularYPS_24112020.pdf

👉 CA Examinations, November 2020 - Nivar Cyclone - (24-11-2020)

https://resource.cdn.icai.org/61924exam50336.pdf

👉 Important Announcement - Nivar Cyclone - (24-11-2020)

https://resource.cdn.icai.org/61926exam241120.pdf

👉 ITR guide | Claiming deductions u/s 80C to 80U

https://economictimes.indiatimes.com/wealth/tax/how-to-claim-deductions-under-section-80c-to-80u-while-filing-itr-1/articleshow/64658166.cms

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SITI Networks: Decent upside possible

✅Revenue 880 Cr, Vast Reach, Strong established Brand, sound Assets,  Robust business model Possible take over Target. 

Siti Networks Limited (SNL) is a part of Essel group, which is one of India’s leading business houses with a diverse

portfolio of assets in media, packaging, entertainment, technology-enabled services, infrastructure development and

education. It has grown to be India’s largest Multi-System Operator (MSO) and a leading wired broadband service

provider. With 15 digital head ends and a network of more than 33,000 km of optical fibre and coaxial cable, it provides its cable services in India to ~580 locations and adjoining areas, reaching out to over 11.55 million digital viewers. SNL deploys State-of-the-art technology for delivering multiple TV signals to enhance consumer viewing experience. Its product range includes Digital & Analogue Cable Television, Broadband and Local Television Channels. SNL has been providing services in analogue and digital mode, armed with technical capability to provide features like Video on Demand, Pay per View, Over-The-Top content, Electronic Programming Guide and Gaming through a Set Top Box. All products are marketed under SITI brand name.

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NCC TP 60. NCC L1 in 9600 Cr order. Announcement Possible in Dec

✅Denofwealth estimate NCC can be in 3 Digits in 2021as Financials will show spectacular Growth

https://www.moneycontrol.com/news/business/stocks/buy-ncc-target-of-rs-60-hdfc-securities-6105941.html

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⚫PM asked states to develop a state-specific export strategy and reviewed development projects worth Rs 1.41 lakh crore spread across 10 states and union territories. Reforms are beneficial only when one performs, and this is the way forward to transform the country, Modi said as he chaired the meeting of PRAGATI -- an ICT-based multi-modal platform for Pro-Active Governance & Timely Implementation involving central & state Govts.

⚫Banking operations across the country may be impacted on Thursday as some bank unions would be joining the one day nationwide strike called by central trade unions.

⚫A day ahead of farmers slated protest march to Delhi against the Centre’s farm laws, Haryana heavily barricaded its borders with Punjab & suspended its bus service to the neighbouring state in a bid to foil the march. The police in Delhi, on the other hand, said it has rejected all requests received from various farmer organisations to protest in the national capital

⚫BSE has also declared Karvy Stock Broking as a defaulter and expelled the brokerage house from its membership after a similar action was taken by NSE. Without authorisation, Karvy had transferred securities of clients into its demat accounts by misusing PoAs  given by its clients. The firm had misused client collateral for its own trades.

⚫India is now the 7th most affected country by active cases, 3rd by fatalities, and 2nd by total cases, India has added 309,309 cases in the past seven days. 

⚫Delhi reported an increase of 6,224 cases and 109 more deaths in the past 24 hours. 

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👉🏻Four arrested for GST fraud worth over Rs 2,400 Cr on 10th day of nationwide drive

(With this, the total number of arrests during the government’s nationwide crackdown against GST fraud has jumped to 62 in 10 days)

👇🏻 👇🏻 👇🏻

https://bit.ly/364Q1Te 

👉🏻Whether a Chartered Accountant can Certify ITR as Certified True Copy

(Whether a Chartered Accountant can Certify Income Tax Return (ITR) as Certified True Copy? FaQ of ICAI)

👇🏻 👇🏻 👇🏻

https://bit.ly/2UPjdac

👉🏻Engagement of Internal Auditor in BBNL for the FY 2020-21

(Engagement of Internal Auditor in Bharat Broadband Network Limited (BBNL) for the FY 2020-21)

👇🏻 👇🏻 👇🏻

https://bit.ly/3fz4B8R

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⚫A nationwide strike by trade unions in protest against the BJP-led Centre's economic policies hit normal life in Kerala, parts of West Bengal, Assam and Telangana as public transport went off-road and banking services were disrupted. However, the SBI & private sector banks were functional.

⚫More than 1.4 crore cashless treatments worth over Rs 17,500 crore have been provided to poor citizens under central Govt's Ayushman Bharat - Pradhan Mantri Jan Arogya Yojna till date

⚫The Govt extended the Emergency Credit Line Guarantee Scheme to the health sector and 26 other sectors identified by the Kamath Committee. Under ECLGS 2.0 entities with outstanding credit above Rs 50 crore and not exceeding Rs 500 crore as on February 29, 2020, which were less than or equal to 30 days past due as on February 29, 2020 are eligible.

⚫SEBI look to ease curbs on NRI investment through FPI route. NRIs who aren't tax residents in India can invest in India focused offshore funds via the FPI route.

⚫The CBI has booked Delhi-based Amira Pure Foods Pvt Ltd and its top executives including promoter for allegedly cheating a consortium of a dozen banks led by Canara Bank to the tune of over Rs 1,200 crore.

The CBI after filing the FIR on the basis of a complaint from Canara Bank carried out a search operation at eight locations in Delhi and NCR at the premises of the accused named in the FIR.

⚫Delhi recorded 5475 fresh COVID-19 cases in a day, while 91 more fatalities pushed the city's death toll to 8811.

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👉🏻Canada sent 5,000 invitations for PRP

( Canada sent 5,000 invitations for Permanent Residence, The Express Entry cutoff score dipped below 470 for the first time in an all-program draw this year)

👇🏻 👇🏻 👇🏻

https://bit.ly/3ldcW3b

👉🏻CBDT to validate UDIN generated from ICAI portal at the time of upload of Tax Audit Reports

(Income-tax e-filing portal has completed its integration with the ICAI portal for validation of UDIN for documents certified/attested)

👇🏻 👇🏻 👇🏻

https://bit.ly/39jxZin  

👉🏻Extension of Emergency Credit Line Guarantee Scheme through ECLGS 2.0 for the 26 sectors

(Govt has extended Emergency Credit Line Guarantee Scheme ( ECLGS) through ECLGS 2.0 for the 26 sectors identified by the Kamath Committee and the healthcare sector)

👇🏻 👇🏻 👇🏻

https://bit.ly/3q4WZQb

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

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

24 November 2020 News and Updates

24th November 2K20

Ø  India drops anti-dumping probe on Mono Ethylene Glycol imports on RIL request

Ø  India can attract $120-160 billion FDI annually by 2025: CII-EY report

Ø  Indian real estate likely to attract $8 billion capital inflows in FY22

Ø  Sweet Spot: India's top refiner IOC buys most crude since COVID-19 outbreak, say sources

Ø  Strides Pharma Science gets USFDA nod for Prednisone tablets

Ø  Primary steelmakers to offer preferential pricing to MSMEs

Ø  Credit risks rising for infrastructure projects in India, says S&P

Ø  Govt plans to set up charging infrastructure across 69K petrol pumps

Ø  India's 2020-21 edible oil imports pegged at 12.5-13.5 mn tonne: SEA

Ø  Tata, Birla, Bajaj, and Piramal Group may lead race for bank licence

Ø  Franklin Templeton Mutual Fund moves SC on winding up six schemes

Ø  Adani Ports ranks 14th on global transportation in Dow Jones EM index

Ø  At ₹2, Saudi firm quotes lowest tariff for solar power in country

Ø  FY21 to end with current account surplus, says CEA

Ø  Indian pharma exports may cross $25 billion this fiscal

Ø  ZNZ Pharma buys majority stake in Celon Laboratories

Ø  Biocon to buy 26% stake in Hinduja Renewables Two

Ø  Reliance Retail ties up with over 30,000 artisans in three years

Ø  JSW Steel to work closely with MSMEs to unravel potential

Ø  Sebi gives extra mode to investor to apply in public issue of debt securities

Ø  China’s growth story contradicts global shrinkage

Ø  AU Small Finance Bank sells 4.46% stake in Aavas Financiers for ₹530 crore

Ø  India's Oct crude imports mark biggest fall since July

Ø  Asset quality of Indiabulls Housing Finance, IIFL Finance vulnerable: Moody's

Ø  Sebi may relax rules for re-classification of promoter as public shareholder

Ø  India smartphone exports could cross $1.5 billion in 2020: techARC

Ø  RBI asks banks not to approve proposals of foreign law firms to open branch office in India

Ø  IT spending in India to grow 6% in 2021 to $81.9 billion: Gartner

Ø  Germany may start giving COVID-19 vaccine shots as soon as next month

Ø  Poorer and developing nations face vaccine wait as West locks down supply

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⚫FM assured the industry that momentum of economic reforms will continue to make India a hotspot of global investment.

⚫The Govt is planning to set up at least one e-charging kiosk at around 69,000 petrol pumps across the country with an aim to accelerate the uptake of electric vehicles. The Govt has taken several steps to promote electric vehicles which include reduction in GST to 5%, allowing delinking of battery cost of 2-3 wheelers from vehicle cost as it accounts for nearly 30% of the cost etc.

⚫Non-life insurers have seen a 14.5% increase in premium collection in the health segment between April and October this year, reflecting the need for health insurance in the country grappling with a surge in Covid-19 cases. The health segment has seen premium collection of Rs 32,879.39 crore compared to Rs 28,704 crore in the corresponding period last financial year.

⚫The Supreme Court pulled up Delhi and Gujarat for the recent rise in Covid-19 cases. It rapped the Gujarat Govt for allowing large gatherings. It asked all states to file affidavits on the steps taken so far by them in the next two days. The situation is likely to grow grim. All states must be prepared for the coming months,  We need to know the situation as on date, it said.

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👉🏻GST registration to get tougher with live photo, biometrics

(GST registration could become tedious if the GST Council accepts its Law Committee's recent recommendations to plug GST leakages via input tax credit (ITC) using fake invoices.

👇🏻 👇🏻 👇🏻

https://bit.ly/35WJ1HZ  

👉🏻Retail investors can apply for new bond issues from Jan 1 through UPI - SEBI

(The regulator has allowed the UPI mechanism to block funds for application value up to Rs 2 lakhs submitted through intermediaries)

👇🏻 👇🏻 👇🏻

https://bit.ly/2IZASJX  

👉🏻E-invoicing under GST - Mandatory for Turnover over Rs 100 Crore

(E-invoicing under GST mandatory for Turnover over Rs 100 Crore from January 1, 2021 discussed by CA. Satuti Mahajan)

👇🏻 👇🏻 👇🏻

https://bit.ly/2KzZRo2

👉🏻RBI invites applications for Appointment of Concurrent Auditor

(Reserve Bank of India invites applications for Appointment of Concurrent Auditor for the year 2020-21 w.e.f. January 1, 2021 to September 30, 2021)

👇🏻 👇🏻 👇🏻

https://bit.ly/3m27IZf

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LEGAL-KNOWLEDGE CAPSULE

✒️ Delhi High Court has issued notice to the Central Bureau of Investigation(CBI) on *Bhartiya Janta Party(BJP) member of Parliament, Maneka Gandhi's plea challenging a trial court order rejecting its closure report in a graft case against her and two others and directing further investigation in the matter. 

✒️ Bombay High Court  has held that the National Company Law Tribunal has no jurisdiction to examine the legality or validity of action taken under the Maharashtra Protection of interest of depositors (In financial Establishment) Act, 2016 and it is only the designated court constituted under section 6 of the said act that will have exclusive jurisdiction to deal with the same.

✒️ Allahabad High Court has clarified that amendments proposed to section 166 (Application for compensation) of the *Motor Vehicle Act, 1988* are yet to be notified. Thus, the proposed limitation period of six months for filing a claim petition before the Motor Accident Claims Tribunal has not yet come into force.

✒️ Madras High Court has directed the authorities to permit all the Television Channels to cover the Festivals live and that there should not be any discrimination among the Television Channels, so as to enable the devotees to witness "Soorasamharam" as well as "Thirukalyanam" of "Lord Muruga"

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

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Thanks for reading

23 November 2020 News and Updates

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

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

19 November 2020 News and Updates

19th November 2K20

Ø  L&T bags the order to supply Komatsu mining equipment to Tata Steel

Ø  Vedanta Group puts in expression of interest to buy government stake in fuel retailer BPCL

Ø  Insolvency and Bankruptcy Board of India amends liquidation regulations to hasten process

Ø  Increase public spending on health sector to 2.5% of GDP by 2024: N K Singh

Ø  Merger with LVB to strengthen DBS Bank's India biz: Moody's

Ø  Clix Capital may apply for banking licence after failed merger with Lakshmi Vilas Bank

Ø  Special forum likely for foreign investors to ease contract woes

Ø  Global debt balloons by $15 trn this yr, may hit all time high of $227 trn

Ø  RBI's out-of-the-box solutions may strengthen India's banking sector

Ø  Subscribers under NPS, APY schemes reach 3.83 crore till Oct-end: PFRDA

Ø  Market regulator asks bourses to increase the size of IPF corpus

Ø  JSW Infra buys Chettinad Group's port terminals for Rs 1,000 crore

Ø  Rising steel prices hit engineering exports: EEPC India

Ø  Need to reverse trend of steel import for meeting domestic demand: Pradhan

Ø  Welspun One Logistics Parks close to several deals for new warehouses

Ø  Supreme Court to hear Tata Sons’ appeal against NCLAT ruling on December 2

Ø  Mukand to get ₹713 cr from share sale to promoters

Ø  Odisha approves ₹464.72 crore investment plans

Ø  Unilever targets 1-bn-euro sales for plant-based foods

Ø  Stable asset quality at Repco supports its modest valuation

Ø  EU economy chief urges capitals to back recovery plan

Ø  Hero MotoCorp retails over 14-lakh units of two wheelers during festive period

Ø  Punjab & Sind Bank's board to consider plan for raising up to ₹5,500 cr

Ø  I-T refunds worth ₹1.36 trillion issued to 40.19 lakh taxpayers till Nov 17

Ø  Brexit creates jobs for customs staff in eastern Europe, India

Ø  Domestic air passenger volume falls 57% to 52.71 lakh in October

Ø  DBS Bank issues maiden green loans in India worth Rs 1,050 cr to CapitaLand

Ø  WPI inflation rises to eight-month high in October

Ø  Poorer and developing nations face vaccine wait as West locks down supply

Ø  Lakshmi Vilas Bank shareholders to get nothing after merger with DBS India

Ø  RBI proposes merger with DBS Bank as possible solution to Lakshmi Vilas Bank's capital woes

Ø  Centre seeks time for decision on appealing against Vodafone int'l arbitration award

Ø  Goldman Sachs raises India FY21 GDP forecast to -10.3%

Ø  Sugar production jumps nearly 3-folds to 14.10 lakh tn till November 15: ISMA

Ø  Tata Steel evinces interest in assets of Odisha-based NINL

Ø  Bharat Petroleum confident of meeting 10% ethanol blending target by 2022

Ø  Wipro shareholders approve up to Rs 9,500-cr buyback plan at Rs 400/share

Ø  Piramal revises offer for DHFL's retail book to counter Adani bid

Ø  Embassy Reit to acquire Embassy TechVillage in Bengaluru for $1.3 bn

Ø  Pfizer moves US court against Aurobindo Pharma, Dr Reddy's on cancer drug

Ø  Funds, securities worth Rs 2,300 cr settled in Karvy case, says NSE

Ø  Oil prices fall back on tightening restrictions despite OPEC+ hopes

Ø  Oil PSUs to start procurement of ethanol from maize soon

Ø  L&T delivers booster segment for ISRO’s Gaganyaan launch vehicle

Ø  NSE arm acquires ed-tech firm Talent Sprint

Ø  Govt unveils new rules for setting up ICDs, CFS’ and air freight stations

Ø  IIFL Finance raises ₹100 crore via NCDs

Ø  Importers may find FSSAI’s proposed regulatory amendments ‘unpalatable’

Ø  RBI announces merger of Lakshmi Vilas Bank and DBS Bank's India arm

Ø  Walmart sells majority stake in Seiyu, nearly exiting Japan

Ø  DHFL lenders looking at repayment plan for 55,000 FD holders

Ø  Oil marketing companies to procure ethanol from maize

Ø  Bitcoin tops $17,000 for first time since December 2017

Ø  AirAsia flags cash drain in India after Japan unit goes bust

Ø  US, China and EU to shape post-covid world economy: Moody’s

Ø  Centre, states look to tighten GST registration process

Ø  PM Modi pitches India as investment destination for urbanisation, mobility

Ø  Jio wants periodic spectrum auctions, SpaceX pushes for satellite use to promote broadband

Ø  Indian students contributed USD 7.6 billion to US economy last year

Ø  WPI inflation rises to eight-month high in October

Ø  Indian economy may be recovering faster than anticipated: Oxford Economics

Ø  15th Finance Commission submits report to Prime Minister

Ø  DIPAM signs pact with World Bank for advising on CPSE asset monetizationk

Ø  CIL floats tenders for 35 mining projects identified for mechanised coal transportation

Ø  Larsen & Toubro emerges lowest bidder for road bridge over river Brahmaputra

Ø  State-owned construction firm, NBCC, bags orders worth Rs 1,165 crore in October

Ø  Korean Air to take over troubled Asiana Airlines for $1.6 billion

Ø  WPI inflation rises to 8-month high of 1.48% on pharma, metal prices

Ø  BPCL disinvestment gets going with multiple EOIs, Reliance stays away

Ø  I&B Ministry seeks compliance of 26% FDI in digital news within a month

Ø  UK faces skills shortage as Covid-19 splits job market, says McKinsey

Ø  Home Depot to buy HD Supply Holdings in deal valued at $8 billion

Ø  Moderna vaccine found 94.5% effective at preventing Covid-19

Ø  November power consumption up 7.8% in first fortnight

Ø  NTPC to procure 5 mt agro-based pellets this year

Ø  Govt yet to finalise new inflation target beginning April 1, 2021

Ø  Bharat Biotech’s Covaxin now in Phase III trials

Ø  Vodafone confirms guidance after resilient H1

Ø  EY acquires AI-enabled skilling platform Spotmentor Technologies

Ø  Spain's BBVA exits US in $11.6 billion deal with PNC

Ø  Aramco turns to bonds to help fund $75 billion dividend

Ø  Australian bourse halts trading in longest outage in decade

Ø  Walmart sells majority stake in Seiyu, nearly exiting Japan

Ø  Ahead of IPO, FinMin invites bids from actuarial firms for valuing LIC

Ø  Ruchi Soya to launch FPO next year: Baba Ramdev

Ø  China’s factory output beats forecasts as Asia shakes off COVID-19 slump

Ø  Shipments to West Asia decrease by nearly 50%

Ø  September bank credit to micro, small businesses up 6.7% from year-ago even as growth in FY21 contracts

Ø  Indian economy may be recovering faster than anticipated: Oxford Economics

Ø  UAE grants 10-year golden residency visa to more professionals

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⚫India is among the few major nations among emerging and developing economies with higher inflation in Oct 2020 compared to pre-Covid levels. While the market expects headline inflation to ease to 4.2 in India in Q4 from 6.6% in Q2, inflation is estimated  to remain at 6% in Dec & Jan of the current financial year.

⚫The Fifteenth Finance Commission Chairman, said the combined public sector spending on health should go up to 2.5% of GDP by 2024. The call comes as the Covid-19 pandemic continues. The report outlines how the public private partnership model can address the deficit in  health infrastructure.

⚫The Govt collected Rs 72,480 crore so far under its flagship, Vivad se Vishwas direct tax resolution scheme, with over a month to go for the deadline.

⚫Small savings cross Rs 1-trillion mark in first 6 months. This is 25% more than last year, and 130% more than the average of the past five years.

⚫Delhi recorded 7486 fresh COVID-19 cases on Wednesday, taking the infection tally in the city to over five lakh, while 131 new fatalities, the highest single-day death count till date.

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⚫India’s industrial activity returned to the growth territory in Sept after a gap of six months. Data released showed a small uptick led by recovery in consumer goods, electricity and mining sectors.The IIP grew by 0.2% in Sept on a YOY basis compared to a 7.36% contraction posted in August.

⚫The recovery in exports seen in Sept was short lived as outbound shipments contracted by 5.12% in October as the second wave of Covid-19 hit Europe and the US continued to reel from the pandemic's impact. Almost all high value items petroleum products, gems and jewellery, engineering goods or electronic goods contracted except for pharmaceuticals.

⚫The Govt’s move to allow primary or first sale of housing units costing up to Rs 2 crore at a price 20% below the stamp duty circle rate would enable real estate developers to liquidate their unsold inventory and also benefit homebuyers.

⚫India has reported 45343 fresh Covid 19 cases in the past 24 hours. The total caseload now stands at 87.73 lacs. Delhi recorded a spike of 7802 Covid-19 cases.

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👉🏻Finance Ministry seeks ideas, suggestions and proposals for Annual Budget 2021-22

(General public in their individual capacity need to register on MyGov to submit their ideas for Budget 2021-22)

👇🏻 👇🏻 👇🏻

https://bit.ly/2ICEAJ8  

👉🏻Discontinuation of Returns/Reports under Foreign Exchange Management Act, 1999

(RBI has decided to discontinue the 17 returns/reports as listed in the Annexure with immediate effect.A.P. (DIR Series) Circular No. 05 dated 13/11/2020)

👇🏻 👇🏻 👇🏻

https://bit.ly/35w8UOA

👉🏻Communication To and Communication From Previous Auditor

(Communication To and Communication From Previous Auditor| New mode of communication by ICAI - Part 1)

👇🏻 👇🏻 👇🏻

https://bit.ly/32IGqzw

 

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⚫A petition has been filed before the Supreme Court, which is likely to come up for hearing in the coming days, has sought life imprisonment for offences such as bribery, black money, benami property, tax evasion, money laundering, profiteering, grain hoarding, food adulteration, human and drug trafficking, black marketing and cheating.

⚫The UAE will extend its "golden" visa system which grants 10 year residency in the Gulf state to holders of doctorate degrees, medical doctors and also computer, electronics, programming, electrical and biotechnology engineers.

⚫Initial bids for privatisation of BPCL will close on Monday amid indications of supermajors UK's BP Plc, Total of France and Saudi Aramco unlikely to bid. The Govt, which is selling its entire 52.98% stake in India's second largest oil refining and marketing company, had on four occasions extended the date of putting in the preliminary EoI.

⚫Negative real rates in India and recovering growth alongside high inflation suggest its central bank has little room for more monetary stimulus, but policy is likely to stay accommodative, economists & analysts said.

⚫Delhi is witnessing a third wave of surge. On Sunday it added 7,340 Covid cases to take its tally to 482,170.

⚫As many as 25 persons including two kingpins and as many professionals have been arrested in last four days for allegedly issuing fake invoices for taking ITC under the GST regime. As many as 350 cases have been booked against 1,180 entities in the matter.

⚫Wholesale price index based inflation rate rose for the third straight month to an eight month high of 1.48% in October, from 1.32% the previous month. Economists say WPI data enforces the case for status quo in the policy rate by the RBI''s monetary policy committee.

⚫Heeding the call to boycott China from various quarters, Indian consumers have mostly stayed away from purchasing China made products this festive season. According to a survey, 71% of local consumers did not purchase goods that carried Made in China tag.

⚫BPCL disinvestment gets going with multiple EOIs, Reliance stays away. Aramco also not in fray; actual number bids not revealed but sources say three of four have been received.

⚫The Ministry of Information and Broadcasting issued a public notice asking entities involved in streaming of news and current affairs through digital media to comply with the Centre's earlier order permitting 26% FDI under the Govt approval route to such entities.

⚫Home Minister has asked the Delhi Govt to add up to 300 more ICU beds and double RT-PCR testing capacity as part of urgent steps to control the rising Covid-19 cases.

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👉🏻Govt may invoke COFEPOSA against offenders in fake invoices for GST credit

(Govt. is examining if the offenders can be booked under COFEPOSA (Conservation of Foreign Exchange and Prevention of Smuggling Activities Act)

👇🏻 👇🏻 👇🏻

https://bit.ly/3kDXahi

👉🏻ITR 5 for AY 2020 - 21 | Change in ITR 5 for AY 2020-21

( New ITR 5 Form for the AY/FY 2020-21/2019-20 and Procedure to file ITR 5 Discussed by CA. Satuti Mahajan)

👇🏻 👇🏻 👇🏻

https://bit.ly/3nveg2T

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⚫PM spoke to US President, with the two leaders discussing the pandemic, climate change and cooperation in Indo Pacific Region, while reiterating their firm commitment to the strategic bilateral partnership.

⚫PM is keen to attract foreign investment to modernize India’s urban centers as the world’s second most populous nation rebuilds its economy after the coronavirus halted activity.The country will have to develop up to 800 million square meters each year till 2030 with more than 40% of population expected to live in cities.

⚫The RBI proposed to merge private sector lender Lakshmi Vilas Bank with the India subsidiary of Singapore’s DBS Bank, even as LVB was put under moratorium for at least a month by the Govt.  

⚫RBI imposed restrictions on withdrawals from Maharashtra based Mantha Urban Cooperative Bank for six months.

⚫With daily Covid positive cases touching new highs for the past two weeks in the national Capital, Delhi CM said his govt has sought permission from the Centre to modify guidelines to shut markets that may emerge as Covid-19 hotspots. Delhi Govt is also looking at reducing the number of people allowed at weddings to 50, from 200.

⚫Param Siddhi, the super computer established under the National Supercomputing Mission, has achieved 63rd rank in the list of 500 most powerful supercomputers in the world.

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👉 Update on Blocking of E-Way Bill (EWB) generation facility, after 1st December, 2020

https://www.gst.gov.in/newsandupdates/read/415

👉 Important Announcement November-2020 CA Examinations - (12-11-2020)

https://www.icai.org/post/imp-announcement-november-2020-ca-exam-12thnov2020

👉 Timeline for filing of belated documents has been extended upto 30th November, 2020 due to Extension of LLP Settlement Scheme, 2020 - (12-11-2020)

https://www.icai.org/post/timeline-for-filing-of-belated-documents-extended-upto-30th-nov-2020

👉 Change of certain Examination Centre / minor correction in the address for November 2020. - (17-11-2020)

https://resource.cdn.icai.org/61862exam171120.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=50654

👉 Discontinuation of Returns/Reports under Foreign Exchange Management Act, 1999

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11994&Mode=0

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

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

13 November 2020 News and Updates

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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10 November 2020 News and Updates

10th November 2K20

Ø  Loan growth continues to remain tepid: RBI data

Ø  15th Finance Commission submits final report for FY22-26 to President Kovind

Ø  Biocon Biologics to expand to Latin America, Africa and Asia

Ø  Voda Idea drag industry AGR in Q1: Trai data

Ø  Tata Steel signs MoU with Hindustan Zinc for procuring zinc and other metals

Ø  IRDAI sets up panel to revisit retail business of engineering tariff

Ø  UK's Sunak says no longer waiting for EU on post-Brexit finance rules

Ø  Govt invites foreign investment in India's strategic petroleum reserves

Ø  Pfizer, BioNTech say their Covid-19 vaccine is more than 90% effective

Ø  Oil prices jump on Covid-19 vaccine hopes and OPEC+ supply signals

Ø  Global economy to remain in tenuous position in 2021, says Moody's

Ø  TCS to acquire 100% shares of Postbank Systems from Deutsche Bank

Ø  RailTel Corporation gets Sebi's go-ahead to float Rs 700-crore IPO

Ø  Centre gives green signal to 21 cold chain infrastructure projects

Ø  Discoms must comply with Energy Conservation Act: Power Ministry

Ø  EID Parry posts ₹318-cr profit in Q2

Ø  Amazon gets land for setting up data centres

Ø  US, Australia, Brazil question India’s proposal for mandatory GM-free certification for food imports

Ø  Ashok Leyland sees growth in MHCV segment

Ø  Prestige, Blackstone sign term sheet for mega ₹11,000-crore realty deal

Ø  Covid-19 testmakers dealt $38 billion blow by Pfizer’s vaccine

Ø  RBI’s issues with non-banks stem from less control

Ø  Equitas Small Finance Bank's Q2 net profit more than doubles to ₹103 cr

Ø  Gland Pharma IPO starts slow subscribed 4.5% on day 1

Ø  Future Lifestyle Fashion posts ₹258 crore loss

Ø  Rupee slips 7 paise to close at 74.15 against USD

Ø  India sits on extra $320 billion growth potential in 11 key manufacturing areas: McKinsey

Ø  Oil regulator gives up to 251 days more to IOC, Adani Gas, others to complete work

Ø  Mid sized banks report higher Q2 net profit as asset quality improves

Ø  After unpredictable Samvat 2076, India's stock markets look forward to a stable year

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✒️ Supreme Court directed Airtel, Vodafone for disclosing information sought by TRAI for segmented offers.

✒️ Supreme Court held that insult/intimidation of SC-ST person inside a building, not an offence under SC's & ST's Act, 1989.

✒️ Supreme Court held that objective of granting Alimony/Maintenance is to ensure dependent spouse is not reduced to destitution and not anything different.

✒️ Supreme Court held that power for transfering petition (U/s 21A) of HMA,1955 can be invoked when following petition either seeks judicial separation(U/s 10) or(U/s 13) seeks divorce.

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⚫India’s benchmark indices logged their new all-time highs on Monday amid continued optimism around the US election results. The Sensex closed at 42,597, up 704 points, while the Nifty rose 197 points, to end at 12,461, extending the 5% plus gains posted last week. Indian stocks are expected to extend gains on Tuesday on the vaccine announcement, which came after market hours. 

⚫US drug major Pfizer and German biotech firm BioNTech have surprised the world on November 9 by announcing that their potential COVID-19 vaccine was found to be more than 90% effective in tackling the novel coronavirus.

⚫The market capitalisation of both India and the world has hit a record high of $2.23 trillion and $94.5 trillion, respectively. India has added $177 billion in just eight trading sessions. India surpassed its previous high of $2.22 trillion made on January 15.

⚫Delhi has been reporting its sharpest single day spikes in daily cases for several days now. On Monday, its tally reached 438,529 with an addition of 7745 cases.

⚫Bihar might be on the cusp of a major generational shift in politics as it braced for Tuesday's counting of votes for the assembly election, with most pollsters predicting a landslide for the five party Grand Alliance led by the young RJD leader.

⚫Air quality dipped further in Delhi NCR, staying in the "severe" category which affects even healthy people.

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9 November 2020 News and Updates

∆ Corporate Snippets on Nov 9 ∆

Ø Tata Motors aims to have widest portfolio of SUV in domestic market

Ø ONGC puts mature oil, gas fields on block

Ø GSTN infra upgraded to handle up to 3 lakh users concurrently

Ø Government eases claim criteria under unemployment scheme

Ø IRDAI issues exposure draft on compensating shareholder on merger of insurers

Ø Alpha Vector eyes Middles East, Europe as export markets for its e-bicycles

Ø Govt. may extend export subsidy for sugar to cash in on bumper production

Ø Major ports' cargo traffic falls for 7th month in Oct; 12% drop in Apr-Oct

Ø FPIs invest ₹8,381 Cr in first five trading sessions of November

Ø Sales of Indian-made foreign liquor slip 9% in the quarter: CIABC

Ø BigBasket faces potential data breach; details of 20 mn users put on sale

Ø Apple India net profit jumps 253% to ₹926 Cr; operating revenue up 29%

Ø Maruti Suzuki grabs more than 50% of PV retail pie in October

Ø Finance Commission to submit report to the President on Monday

Ø Amazon’s objection a breach of FDI rules, Future tells HC

Ø Ipca Labs Q2 profit up 38 per cent at ₹267 cr

Ø REC Limited reports 

₹2,197.14 Cr consolidated net profit in Q2

Ø Elgi Equipments Q2 profit up at ₹29.8 Cr

Ø SAIL back in black in Q2; posts net profit of ₹393 Cr

Ø Industry urges FinMin to offer ECLGS scheme for stressed sectors

Ø MFs withdraw ₹14,300 Cr from equities in Oct, rebound least expected in 2020

Ø Merger of insurance: Pay adequate compensation to shareholders, says IRDAI

Ø Indian Overseas Bank seeks about ₹1,000 crore capital support from Govt.

Ø Adani Group takes over Ahmedabad airport operations

Ø India Inc looks forward to enhanced Indo-US ties as Biden wins

Ø Commerce Ministry asks Shipping Ministry to reduce quarantine period for vessels arriving from China

Ø Expect all approvals for Optotec buyout by Dec-Jan: STL Group CEO

Ø Mid sized banks report higher Q2 net profit as asset quality improves

Ø Amazon Web Services to set up data centre region in Hyderabad, invest ₹20,761 Cr

Ø RBI announces Co-lending scheme for banks, NBFCs for priority sector

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👉 Important Announcement November-2020 CA Examinations - (07-11-2020)

https://www.icai.org/post/imp-announcement-november-2020-ca-exam-7thnov2020

👉 MEF - Last date for filling the Multipurpose Empanelment Form for the year 2020-21 Extended for further 4 days, i.e., till 10th November 2020

👉 ICAI: Guidance Note on

Applicability of AS 25 and Measurement of Income Tax Expense for Interim Financial Reporting - (04-11-2020)

https://www.icai.org/resource/61671research50201gnas25.pdf

👉 Guidance Note on Accounting for Share-based Payments (Revised 2020) formulated by Research Committee - (04-11-2020)

https://www.icai.org/resource/61670research50201gn-sbp.pdf

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⚫As the world awaits the result of the American presidential election, India said the global strategic partnership between the two countries have a very strong bipartisan support in the US, suggesting that the bilateral ties will not be impacted by the poll outcome.

⚫Petroleum,textiles, steel & automobile are some of the key sectors that could be the focus areas under the Supply Chain Resilience Initiative, which was launched by India, Australia and Japan in September. While the broad objective of the initiative is to promote, expand and diversify trade and investment, the specific action plans include digitisation of trade documentation, activities for promotion of trade, investment & identification of sectors for cooperation, among others.

⚫FM said increased digitisation will help in making better assessment of the country's economic growth and nudged tax practitioners to suggest their clients to shift towards digital modes of payments.

⚫The country's foreign exchange reserves rose USD 183 million to touch a record high of USD 560.715 billion in the week ended October 30.

⚫India has reported nearly 50,000 fresh Covid-19 cases in the past 24 hours. Delhi logged the highest single day spike of 7,178 new cases.

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👉🏻WhatsApp starts payment service in India

(There is no fee, because it's WhatsApp, you know it's secure and private too. With UPI, India has created something truly special and is opening up a world of opportunities for micro and small businesses - Mark Zuckerberg said)

👇🏻 👇🏻 👇🏻

https://bit.ly/3l7rTEM 

👉🏻Amount of fraud in GST needs cautious approach

(CGST department needs to take a cautious approach because of the amount of fraud happening in claiming input tax credit (ITC) by business entities)

👇🏻 👇🏻 👇🏻

https://bit.ly/38lrhb0 

👉🏻VCM on Do's and Don't under Revised Code of Ethics

(Karnal Branch of NIRC of ICAI is inviting you to join 2 hrs Structured CPE Program on Do's & Don't under Revised Code of Ethics by *CA. Vivek Khurana* on *07/11/2020* from *3pm to 5pm*)

👇🏻 👇🏻 👇🏻

https://bit.ly/3eABoKj

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👉 MEF - 2020-21 extended till 10th November 2020 - (06-11-2020)

https://www.icai.org/post/mef-2020-21-extended-till-10thnov2020

👉 Co-Lending by Banks and NBFCs to Priority Sector

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11991&Mode=0

👉 RBI Announces Special Open Market Operations (OMO) of Simultaneous Purchase and Sale of Government of India Securities

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50624

👉 NBFC Regulation- Looking ahead – Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - November 6, 2020 - at the ‘National E-Summit on Non-Banking Finance Companies’ organized by ASSOCHAM

https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1101

👉 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=50632

👉 Central Bank of India Invites online Applications for Empanelment of Concurrent Auditors. Only Online Applications will be considered. Last Date for filing Online Applications: 21.11.2020 upto 6PM.

http://centralbankofindia.co.in/CBIAudit/welcome.aspx

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LEGAL-KNOWLEDGE CAPSULE

✒️ Supreme Court directed to issue necessary direction regarding ban/Regulation on usuage of disinfection tunnels/ human exposure to *Artificial UV-rays.

✒️ Supreme Court held retired person can file writ petition against Stoppage of Pension, at her residing place no need to approach the High Court Pension Authority's location.

✒️ Bombay High court issued notice to centre, in Arnab Goswami pleas seeking transfer of TRP Scam Probe from Mumbai Police to CBI.

✒️ Gujarat High Court issued notice, seeking grant of MBA degree, students pursuing PGP in Management from IIM Ahmedabad.

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⚫Joseph Robinette Biden Jr has defeated Donald Trump to become the 46th US President, unseating the incumbent with a pledge to unify and mend a nation reeling from a worsening pandemic, faltering economy and deep political divisions.

⚫Biden’s running mate, California Senator Kamala Harris, 56, becomes the first Black and Indian-American woman to serve as Vice President.

⚫PM Modi will flag off Ropax ferry services between Surat and Saurashtra on Sunday, which will reduce the distance between these two places from 317 kilometres to just 60 kilometres.

⚫Over 11 lakh MSMEs have registered on the newonline system of Udyam Registration launched in July. Out of these, 3.72 lakh enterprises have registered under manufacturing category whereas 6.31 lakh enterprises under service sector.

⚫Delhi's air quality deteriorated to 'severe' category on Saturday as Punjab and nearby regions recorded the highest number of stubble burning incidents this season.

⚫India's domestic passenger traffic has reached more than half of pre coronavirus pandemic level operations with the number of daily air travellers crossing over two lakh in November.

⚫Govt is reconsidering extension of sugar export subsidies as India has got good opportunity to sell the sweetener in the international market. Sugar mills exported 5.7 million tonnes of sugar against the mandatory quota of 6 million tonnes set for the season.

⚫India's top 12 ports registered a 12.43% decline in cargo traffic during the April-Oct period of the current fiscal to 354.81 million tonnes amid COVID 19 related disruptions.

⚫GSTN infrastructure has been upgraded to handle up to 300,000 logged in users at a time. Besides, the GSTN has introduced auto populated sales return form GSTR-3B in PDF form which will be available from Oct 2020 tax periods onwards.

⚫With economic activity gradually improving post lockdown, PNB Housing Finance is closely monitoring the inventory levels of builders and asking them to start selling as demand for home loans is nearly getting back to normal.

⚫Luxury apartment sales make a comeback in big cities, stamp duty cut helps. South-Central Mumbai localities in October had luxury home sales worth Rs 500 crore; demand grows for South Delhi properties

⚫India's COVID19 caseload went past 85 lakh, while the number of people who have recuperated from the disease surged to 7868968 pushing the national recovery rate to 92.49%.

⚫US President-elect Joe Biden will work towards providing a roadmap to American citizenship for nearly 11 million undocumented immigrants, including over 500,000 from India, and will also establish a minimum admission number of 95,000 refugees annually.

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👉🏻GST portal scaled up to handle 3 lakh taxpayers at a time

(GST portal has been enabled to handle double the taxpayer traffic for return filing after the GST infra was upgraded to handle up to three lakh concurrent users at a time)

👇🏻 👇🏻 👇🏻

https://bit.ly/3k9I6Yz  

👉🏻Structured of Ind AS - List of Ind AS

(List of Indian Accounting Standards (Ind AS) along with comparative IFRS & Accounting Standard (AS)

👇🏻 👇🏻 👇🏻

https://bit.ly/32nhTzF

👉🏻GST authorities will soon be able to intercept transactions by dubious firms

(Fake invoicing, abuse of tax credits and frauds around export incentives have been a major headache for the indirect tax administration)

👇🏻 👇🏻 👇🏻

https://bit.ly/2JPxnpX 

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