15th December 2K20
Ø 42 NBFCs, housing finance companies increased their provisioning under Indian accounting: EY report
Ø RBI, DBS move Supreme Court, want all LVB merger cases transferred
Ø RBI eases some conditions for banks to open current accounts
Ø Kapil Wadhawan submits proposal to repay DHFL creditors
Ø CRISIL projects slower contraction at -7.7% for India in FY21 against -9% in September
Ø Rs 1.58 lakh cr given to 4.05 m borrowers under ECLGS: Finance Ministry
Ø Retail inflation declines to 6.93% in Nov on softer food prices
Ø BSE, NSE, MCX gear up for India's first bullion exchange at Gift City
Ø IPO fundraising more than doubles to Rs 45,000 crore in 2020: KIB
Ø OPEC cuts 2021 oil demand outlook again as pandemic impact lingers
Ø Jio accuses Airtel, Vodafone Idea of fanning farmers' ire against it
Ø Airtel believes ARPU will reach Rs 200 levels in few months: Report
Ø Crisil revises GDP forecast to -7.7% for fiscal 2021
Ø India’s fuel demand climbs for third straight month in November
Ø GSK Consumer Healthcare strengthens nasal care space
Ø MG Motor ties up with e-waste recycling firm TES-AMM
Ø India Alternatives sells stake in TUCIBIL to Khazanah for ₹340
Ø AstraZeneca to buy Alexion for $39 b
Ø Centre likely to further cut out stake in Axis Bank
Ø RBI exempts certain accounts from its current account norm
Ø Adidas to decide whether to sell its underperforming brand Reebok
Ø Draft EU law could see tech giants fined 10% of revenue: Report
Ø Bank of Maharashtra raises ₹200.70 cr through tier II bonds
Ø Shriram City Union Finance to raise up to ₹200 cr via bonds
Ø Japan ‘tankan’ business survey shows optimism over recovery
Ø China’s Alibaba, Tencent unit fined under anti-monopoly late
Ø Torrent Gas to invest Rs 5,000 cr in Chennai city gas project
Ø Burger King India makes remarkable market debut; lists at 92% premium over issue price
Ø Centre receives multiple initial bids for Air India, Tata Sons 'interested'
Ø Round-the-clock RTGS from December 14
Ø HOEC to begin oil from production from B-80 field in April
Ø Hiranandani group to invest Rs 8,500 cr in 3 yrs to build data centres, industrial parks
Ø Bharti Infratel gets RoC nod for change of name to Indus Towers post mega merger
Ø JSW Steel's Dolvi Works plant expansion may be completed by March-end
Ø Thermal coal imports at major ports dip 17% to 48 MT in Apr-Nov: IPA
Ø Sebi defers T+1 settlement plan after opposition from foreign investors
Ø CEA foresees V-shaped recovery in industrial production going ahead
Ø Govt likely to launch third tranche of Bharat Bond ETF this fiscal: Report
Ø Govt re-invites bids for auction of 4 coal blocks for commercial mining
Ø Vedanta's steel business back on growth turf after Covid-19 speed breaker
Ø Hitachi to sell overseas home appliance biz to Turkey's Arcelik: Report
Ø Maruti’s market share dips below 50% mark
Ø Pfizer gets emergency-use authorisation for Covid-19 vaccine in the US
Ø AstraZeneca to buy Alexion for $39 b
Ø SJM flags nexus between Indian firms and multinationals in retail trade
Ø ICRA revises JSW Steel outlook from negative to stable
Ø Eric Schmidt calls for ‘strong’ India-US tie-up
Ø Foreign investors stock up on Indian equities with record ₹1.4-tn net inflow
Ø 'Centre to introduce single-window clearance for investors by mid-April'
Ø GSTN enables auto-populated GSTR-3B return form beginning Nov
Ø Yes Bank aims to double credit card customer base in 2 years
Ø UK, EU agree ‘extra mile’ deadline for post-Brexit deal talks
Ø Budget 2021-22: Nirmala Sitharaman to meet industrialists on Monday; begins pre-budget consultations
Ø RBI to set up Automated Banknote Processing Centre in Jaipur
Ø Finance Ministry to take call on Rs 14,500 crore capital infusion into banks in Q4
Ø Walmart commits to export India-made goods worth $10 billion each year by 2027
Ø Great news for EPFO subscribers, set to get 8.5 per cent interest for 2019-20 at one go
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⚫Businesses will now get complete auto populated monthly sales return form GSTR-3B on the basis of details filed in GSTR-1 and auto drafted ITC statement GSTR-2B from November 2020 tax period onwards.
⚫Domestic indices will track macro economic data announcement and global events like the US Fed interest rate decision for its movement this week.The trend in global markets will be guided by developments in Brexit deal talks and updates on the expected US stimulus package.
⚫The RTGS for high value transactions will become available round the clock from 00:30 hours Monday onwards, making India one of the few countries in the world to operate the system 24X7.
⚫Retirement fund body EPFO is likely to credit 8.5% rate of interest for 2019-20 in the EPF accounts of around six crore subscribers in one go by the end of December.
⚫The heads of all farmer unions protesting against the Centre's new agri laws for over two weeks now will observe a one-day hunger strike on Monday. The hunger strike between 8 am to 5 pm on Monday is part of the farmers' plan to intensify their agitation from December 14.
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➡️GSTN has started showing caution sign with a message to recheck any variance above 10% of the input tax credit in contravention to Rule 36(4) of the CGST Rules, 2017, in case the total Input Tax Credit claimed in GSTR 3B is in variance (>10%) with the auto-populated data(Based on the GSTR-2B). Also the color of the table will be changed to red.
➡️It is advisable to cross check your books with the data filled by supplier before generation of GSTR 2B.• *Enhancements in E-way Bill system* : Recipient GSTIN should be registered and active, on the date of preparation of the document by the supplier.
• Document Nos. are case sensitive for e-Waybill generation.
• In the Bulk Upload, if the Pin-to-Pin distance is not known, distance may be passed as zero. The system will automatically populate the distance, if available. However, if the distance is not available then error is returned. For such cases, user has to pass the distance.
• If Pin code does not exist in the EWB system then at-least the first 3 digits of the pin code must match with the State selected.
• In Bulk upload, 96 can also be passed as state code for ‘Other Country’.
• In case EWB is generated from e-Invoice system, then IRN is displayed in e-way bill print.https://taxguru.in/goods-and-service-tax/exemption-under-gst-on-education-services.html
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👆Cyber security awareness for citizens booklet by The Maharashtra Government Cyber Cell Department . Very comprehensive and effective way to understand cybersecurity at individual level.
Simple examples in images to understand different cyber fraud instances is very useful and can also be used for employee/ User education and awareness/ as cyber posters
Kindly circulate among your collegues ,friends and family to spread awareness on Cyber frauds to people in society .
People should also know how to Report Cyber Fraud Incidents for which information has been provided by the Cyber Cell dept .
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The Finance Ministry (MoF) on Saturday said it has approved ₹9,879.61 crore worth capital expenditure proposals of 27 states. Of this, ₹4,939.81 crore has been released as the first installment.
2. All states, except Tamil Nadu, have availed benefits of the newly-announced scheme for 'Special Assistance to States for Capital Expenditure',
3. The capital expenditure projects have been approved in diverse sectors like, health, rural development, water supply, irrigation, power, transport, education, urban development.
4. As part of the AatmaNirbhar Bharat Package, the Centre had announced that the government will offer ₹12,000 crore special interest-free 50-year loan to states, exclusively for capital expenditure.
5. The Scheme has three parts:
Part –I of the scheme covers the north-eastern region. Under this part, ₹200 crore is allocated to 7 north-eastern States (Arunachal Pradesh, Meghalaya, Manipur, Mizoram, Nagaland, Sikkim and Tripura).
In view of a higher population and geographical area, Assam has been allocated ₹450 crore under the scheme.
Part-II of the Scheme is, for all other States not included in Part-I. An amount of ₹7,500 crore is earmarked for this part.
Under Part- III of the scheme, an amount of ₹2,000 crore is earmarked. This amount will be available only to those states who carry out at least 3 out of the 4 reforms specified by the Ministry of Finance in its letter dated 17th May, 2020 regarding reform linked additional borrowing permissions.
The 4 reforms are - One Nation One Ration Card, Ease of doing Business Reform, Urban Local Body/ Utility Reform and Power Sector Reform.
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👉 Webinar on online application by Taxpayers for unblocking E-Way Bill generation facility
https://www.gst.gov.in/newsandupdates/read/425
👉 Webinar on e-invoicing for taxpayers
https://www.gst.gov.in/newsandupdates/read/426
👉 FAQs on Resolution Framework for Covid-19 related stress
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=137
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👉🏻How many Tax Audits have you completed so far?
(Plz participate in opinion poll on Twitter, Retweet it and follow @casansaar)
👇🏻 👇🏻 👇🏻
https://bit.ly/3mgrqjd
👉🏻GST Network enables fully auto-populated monthly sales return form GSTR-3B
(For ease of taxpayers, now the system will auto populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from Nov. 2020 tax period onwards)
👇🏻 👇🏻 👇🏻
https://bit.ly/37Vvd0k
👉🏻Round the clock RTGS Money transfer facility becomes operational
(Reserve Bank of India has made Real-Time Gross Settlement (RTGS) money transfer facility operational round-the-clock)
👇🏻 👇🏻 👇🏻
https://bit.ly/3nfV5KV
👉🏻GST taxpayers to get flexibility to decide on monthly tax payment
(GST taxpayers would be able to pay their tax dues on a self assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis)
👇🏻 👇🏻 👇🏻
https://bit.ly/2W8MFci
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⚫FM kick started her pre Budget consultations with industry leaders. They urged her to present a growth oriented Budget for 2020-21, even if fiscal consolidation was pushed for later years. Industry representatives also called for enhancing spending on health care, given the Covid-19 pandemic.
⚫Inflation based on the Consumer Price Index moderated to 6.93% in Nov from 7.61% in the previous month on the back of stable vegetable prices. However the economists ruled out any possibility of a policy rate reduction in the near term.
⚫Tata Sons has emerged as a front runner to take over 100% stake in the stressed national carrier Air India. There were other suitors as well including a consortium of Air India employees and US-based fund Interups.
⚫The IIT-Madras has shut all the departments after more than 100 students tested positive for Covid-19.
⚫As farmers intensified their protests against the newly enacted farm laws, Defence Minister asserted that agriculture was a mother sector and there was no question of taking any retrograde steps against it ever.
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Insolvency Professional and the Challenges ahead!
By IP Umesh Goyal, Designated Partner, AAA Insolvency Professionals LLP and Adv. Aditya Gauri
Insolvency Professional (IP) is an individual, enrolled with Insolvency Professional Agency (IPA) and registered with the Insolvency & Bankruptcy Board of India (IBBI or The Board). An IP is not a Public Servant (as per Section 232 of the IBC) and Section 233 of the Insolvency and Bankruptcy Code, 2016 (The Code or IBC) provides protection to the IP’s for the action taken in good faith.
Insolvency & Bankruptcy Code 2016 has facilitated in improving the index of ease of doing business in India. The implementation of the IBC is being handled by the Government of India and the Insolvency and Bankruptcy Board of India (IBBI) in a very pragmatic manner by bringing necessary changes as necessitated with the implementation of the IBC, for achieving the intent and purpose of the Code.
https://ibclaw.in/insolvency-professional-and-the-challenges-ahead-by-ip-umesh-goyal-and-adv-aditya-gauri/
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👉🏻GST officers arrest 140 persons including 5 chartered accountants on charges of fake invoicing
(GST authorities have arrested as many as 140 persons, including five chartered accountants, in about a month's time on charges of issuing fake invoices)
👇🏻 👇🏻 👇🏻
http://bit.ly/37jERuL
👉🏻RBI exempts certain accounts from its current account norm
(RBI allowed some accounts to be excluded from the ambit of its circular in August in which the regulator had specified certain rules for opening current accounts with banks)
👇🏻 👇🏻 👇🏻
http://bit.ly/3oQ6tNS
👉🏻QRMP Scheme under GST - How to make monthly tax payments under the QRMP scheme?
(GST: Quarterly Return & Monthly Payment - Modus Operandi For Making Payment in Scheme.)
👇🏻 👇🏻 👇🏻
https://bit.ly/34fXugW
👉🏻How many Tax Audits have you completed so far?
(Plz participate in opinion poll on Twitter / Retweet it and follow @casansaar)
👇🏻 👇🏻 👇🏻
https://bit.ly/3mgrqjd
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