22nd December 2K20
Ø CAIT says Amazon's arbitrary policies to dominate India's retail trade should end
Ø India's quarterly GDP contraction to end in December quarter: NCAER
Ø Importers challenge notices seeking duty on EOU imports
Ø Pillai panel begins verification of benefit rates under RoDTEP
Ø Coal India's fuel allocation under spot e-auction rises 59 pc during Apr-Nov
Ø 30,000 power looms fall silent as rayon yarn price goes up
Ø Mahindra's South Korean arm SsangYong Motor files for bankruptcy
Ø IBC to remain 'rightfully' suspended till FY21 end: FM Sitharaman
Ø CII urges finance ministry to impose basic custom duty on solar equipment
Ø Indian economy to clock double-digit growth next fiscal: Deloitte report
Ø Corporate profits touch all-time high in the September qtr: Crisil
Ø NIIF completes fund raise for $2.3 bn Master Fund in fifth and final round
Ø Oil tumbles as new Covid-19 virus strain revives demand worries
Ø Centralised investment clearance cell by April 15
Ø Ramco Systems to implement aviation software for Europe’s
Ø Tata Motors to increase CV prices from January 1
Ø Bombay Shaving Company eyes bigger share in personal care
Ø AstraZeneca Pharma gets DCGI nod to market asthma drug
Ø Mahindra & Mahindra’s Farm Equipment Sector announces price increase from January 1
Ø IFC and arm to invest $76 m in Puravankara Group affordable
Ø KKR's Moneyline Portfolio sells 37.40 lakh shares in Max Financial for ₹245 cr
Ø Karnataka approves EV manufacturing projects of nearly ₹23,000 cr
Ø Singapore gets Asia's first Pfizer-BioNTech covid-19 vaccine doses
Ø Sebi comes out with new stress testing perimeters for commodity derivatives
Ø JPMorgan’s Jamie Dimon gets his $30 billion buyback wish
Ø India to witness double-digit growth in next fiscal: Report
Ø EU-UK trade talks slog on past another Brexit deadline
Ø New coronavirus strain hits British pound, euro as investors seek dollars
Ø Invoicemart discounts Rs 10,000-cr MSME invoices
Ø Pharma chief urges transparency in virus vaccine rollout
Ø Cotton farmers facing hardships as CCI fails to buy produce
Ø Corporate Affairs Ministry defers implementation of CARO order
Ø EPFO net new enrolments rises 56% to 11.55 lakh in October
Ø India Inc bats for a bad bank in pre-budget consultations
Ø 6 suitors submit bids for acquiring Reliance Home Finance
Ø All three bidders for Dewan Housing Finance are likely to junk some conditions
Ø Delhi High Court to give verdict on Future Retail-Amazon case on December 21
Ø Reliance, BP to get govt capped price of $4.06 for new gas from KG-D6
Ø Integrating ESG into financial sector to benefit all stakeholders: Report
Ø Compliance with new rules for audit reports deferred to April 2021-22
Ø Bombay HC asks Essar to deposit security payable to AM/NS with court
Ø Fuel supply by CIL to power sector drops 5% to 277 MT in April-November
Ø Waiver norms for independent directors eased
Ø India, Vietnam to sign pacts on defence, energy, healthcare
Ø Solar power tariff sees a new low of ₹1.99/kWh
Ø Amul records 55% increase in consumer pack exports at ₹250
Ø Govt moves to address woes of EXIM trade, shipping lines
Ø Tatas looking to acquire bigbasket, CCD vending machine business
Ø Iraq devalues its currency by a record as economy unravels
Ø Minutes show the hawkish side of RBI’s monetary policy committee
Ø Govt may invite EoIs for Shipping Corporation sale this week
Ø Amazon India adds 1.5 lakh sellers, 70000 exporters in 2020
Ø Johnson’s emergency lockdown adds pressure to Brexit talks
Ø The world’s largest sovereign-wealth fund weighs a more active approach
Ø Power consumption grows 4.8% in first half of December
Ø Max Ventilators eyes over 20 per cent growth in 2021
Ø Indian banks pursue UK bankruptcy order against Vijay Mallya
Ø Pharma chief urges transparency in virus vaccine rollout
Ø Amazon, publisher told to pay Rs 10,000 compensation to book buyer
Ø Cotton farmers facing hardships as CCI fails to buy produce
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QRMP Message Update
Dear All,
You or your client may be receiving SMS from GST department today regarding QRMP (Quarterly Return Monthly Payment) scheme.
This is only intimation regarding your default status under QRMP scheme.
1. If you were filing monthly GSTR1, you are by default selected for monthly GSTR1 and GSTR3B return filing.
2. If you were filing Quarterly GSTR1 and monthly GSTR3B, you are by default selected for quarterly GSTR1 and GSTR3B.
Above is applicable for Turnover less than 5 Crores.
Please not that GST payment under QRMP needs to be done on monthly basis only although returns are quarterly.
So select the option accordingly.
You can opt out from QRMP scheme if you want to file monthly returns.
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⚫The Govt has suspended all flights originating from the UK to India until Dec 31, in view of the rising spread of a new coronavirus strain there. With the travel ban, India joins 30 other countries in Europe, Asia, and South America, which have restricted travel from the island nation.
⚫The gravity defying run on the Indian bourses came to an abrupt halt on Monday as investors braced for a fresh round of economic disruption after a new fast spreading strain of coronavirus was detected in the UK. The benchmark indices witnessed their biggest one day fall since March this year. The widely traded Nifty50 closed the day 432 points lower while the Sensex was down 1,407 points.
⚫FM said the Insolvency and Bankruptcy Code would remain suspended until the end of the current financial year in view of “major stress” owing to the Covid-19 pandemic
⚫The ministerial committee on divestment has approved the proposal to invite bids for the privatisation of Shipping Corporation of India. This would push the pedal on Govt’s drive to privatise state-owned firms that were approved last year.
⚫Maharashtra will from Tuesday put Mumbai and other major cities under curfew from 11 pm to 6 am till January 5 to counter a threat from a new strain of the coronavirus.
⚫The UK Govt announced a lockdown in various parts of the country, including London, saying that more than half of all new Covid-19 cases had been caused by a mutated, more infectious coronavirus strain. The new virus strain is said to be 70% more transmissible.
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⚫PM indicated that the controversial farm laws would not be repealed, saying farmers have started getting benefits of agricultural reforms. PM said the country has made up its mind to embrace the changes in various rules and regulations being made by his Govt to meet the goal of Atmanirbhar Bharat. PM said his Govt has repealed more than 1500 archaic laws and is continuously making efforts to frame new legislations.
⚫Union Minister of Highways and Road Transports & MSME said that the Govt will soon come out with a new ethanol policy aimed at protecting the interests of sugarcane and paddy growers.
⚫PSBs may find it hard to raise money on asset quality, governance concerns. While the banks have cleaned up books and the space has seen consolidation after the merger exercise, the impact of big-ticket frauds of the past and the bad-loan burden remain an issue.
⚫Defence Minister inaugurated the advanced Hypersonic Wind Tunnel test facility here, making India the third country after the US and Russia to have such a facility.
⚫President Trump on Friday signed legislation that could kick Chinese companies off of US exchanges unless American regulators can review their financial audits, a move likely to further escalate tensions between the two countries.
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⚫Economists have urged FM to relax fiscal deficit consolidation in the Budget for FY22 & make efforts to enhance exports from the country. They also called for raising expenditure on health and focusing on agriculture infra without which the recent reforms would not hold ground.
⚫Foreign portfolio investors pumped in Rs 48858 crore into equities and Rs 6122 crore into debt segment in Indian markets in December.
⚫Incidents of corporate loans turning bad could be less than anticipated, but the banks challenge will be retail loans. Large scale job losses will have a bearing on the retail portfolio.
⚫A writ petition has been filed in the Bombay High Court challenging the arrest provisions under the GST laws. While the Govt claims firms are booked under GST laws for fraudulently claiming ITC, experts find loopholes in the provisions, particularly those related to arrests.
⚫The Govt on Sunday asked protesting farmer unions to specify their concerns over its earlier proposal of amendments in the new agri laws and choose a convenient date for the next round of talks so that the ongoing agitation could end at the earliest.
⚫With 25153 new infections in the last 24 hours, India's Covid-19 case tally crossed the 10-million mark.
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👉 Ignore prompt on liability for inward supplies attracting reverse charge in Table-3.1 (d)
https://www.gst.gov.in/newsandupdates/read/429
👉 Companies (Appointment and Qualification of Directors) Fifth Amendment Rules 2020Pdf(117 KB)
http://www.mca.gov.in/Ministry/pdf/FifthAmdtRules_18122020.pdf
👉 Companies (Compromises, Arrangement and Amalgamations) Second Amdt Rules 2020Pdf(193 KB)
http://www.mca.gov.in/Ministry/pdf/SecondAmdtRules_18122020.pdf
👉 Mandatory validation of UDIN in all Income Tax Forms - (19-12-2020)
https://www.icai.org/post/mandatory-validation-of-udin-in-all-income-tax-forms
👉 Announcement regarding Further extension of applicability date of CARO, 2020 for one year, i.e., upto 1st April, 2021 by CL&CGC ICAI - (19-12-2020)
https://www.icai.org/post/extension-applicability-date-caro-2020-for-one-year
👉 Announcement regarding Further relaxations by the Ministry of Corporate Affairs till December 1, 2021 for inclusion of the name of Independent Directors in the Independent Directors Data Bank and criteria for registration by CL&CGC ICAI - (19-12-2020)
https://www.icai.org/post/relaxations-mca-inclusion-name-iddb
👉 Minutes of the Monetary Policy Committee Meeting December 2 to 4, 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50831
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👉🏻Govt likely to extend IBC suspension to prevent cos from being forced into insolvency proceedings
(Much to the relief of small businesses, the Govt is likely to extend IBC suspension further to prevent companies from being forced into insolvency proceedings due to debt defaults triggered by the COVID-19 crisis)
👇🏻 👇🏻 👇🏻
http://bit.ly/34wry8t
👉🏻MCA provides additional relaxations to independent directors for Online Proficiency Test
(MCA has relaxed the criteria for taking the online self-proficiency test mandated for all independent directors)
👇🏻 👇🏻 👇🏻
http://bit.ly/34yKCme
👉🏻Tax Audit - Important issues and possible solutions on Tax Audit
(Solutions of the Important issues faced by members during Tax Audit under Income Tax, Link of the Recording)
👇🏻 👇🏻 👇🏻
https://bit.ly/34jQiR7
👉🏻EOI for Engaging of CA Firms for Internal Audit of 36 States/UTs
(Expressions of Interest for Engaging of CA Firms for Internal Audit of 36 States/UTs across the country.)
👇🏻 👇🏻 👇🏻
http://bit.ly/37s9hL6
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