⚫India is on track to achieve the $1-trillion export target by 2025, said Commerce Minister where the Govt and industry deliberated on measures to boost exports, manufacturing and the new foreign trade policy. Industry urged the Govt to operationalise the new export credit insurance scheme, expand the production linked incentive scheme, announce the duty remission rates at the earliest and sign free trade pacts with the US, the EU and the UK.
⚫India will see $66 billion investment in the building of gas infrastructure as the Govt pushes for greater use of the cleaner fuel with a view to cutting down carbon emissions.
⚫India’s exports reduced by 9.07% in Nov, in a second straight month of decline, as major markets continued to be impacted by Covid-19. The outbound shipment in November this year stood at $23.43 billion, against $25.77 billion in the same month a year earlier.
⚫The Supreme Court will continue hearing pleas seeking an extension of the loan moratorium period and waiver of interest on interest on term loans in view of the Covid-19 pandemic.
⚫The talks between the Centre and agitating farmer unions failed to end the standoff over the new farm laws.The farmer unions rejected the Govt's offer to set up a committee to look into issues raised by them and said they will intensify their stir until their demands are met.
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The data was along expected lines as the suspension of sections 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC) remained in place through the second quarter.
"The drop in number of admissions in the quarter of July-September, is perhaps also on account of limitations of virtual hearings and the NCLT and the ecosystem adapting to the same," said Misha, partner at Shardul Amarchand Mangaldas & Co, adding that the suspension would have definitely put a stop to operational creditors (OCs) initiating CIRPs.
During the quarter, 22 admitted cases yielded an approved resolution plan against 33 last year, bringing the total number of CIRPs ending with resolution plans to 277 out of the total 4,008 cases admitted since 2016.
On the other hand, 68 CIRPs ended by orders for liquidation during the second quarter, taking the total number of cases going into liquidation to 1,025 as of September 30.
While 10 cases were closed on appeal, review or settled, 12 CIRPs were withdrawn during the period.
Therefore, 13% of the total 2,066 closed CIRPs ended with a successful resolution plan while the figure stood at nearly 50% for cases ending in liquidation.
In terms of value, the realisable value of the assets of the 277 corporate debtors rescued, when they entered the CIRP, was only Rs 1.02 lakh crore, although they owed Rs 4.89 lakh crore to creditors.
The resolution plans recovered Rs 1.97 lakh crore, about 193% of the realisable value, making the IBC the best option for debt recovery. However, in comparison to their claims, financial creditors recovered 43% of dues through successful resolution plans.
"Time taken in Insolvency processes has increased substantially," said Rajiv Chandak, partner at Deloitte adding, "It is also inversely proportional to value recovered from the resolution of stressed assets."
The average time taken from the insolvency commencement date till approval of resolution plan was 433 days, according to the data.
As stated by finance minister Nirmala Sitharaman in Parliament, the benefits of the IBC are largely seen in resolutions that take place outside the CIRP.
According to the data, 14,484 applications for CIRP with underlying defaults amounting to Rs 5.15 lakh crore were resolved before being admitted.
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⚫India's economy would return to growth in 2021-22 and higher spending in the budget due in February will lay the foundations for even stronger growth in the next four to five years, FM told Reuters. FM also suggested the Govt could ease up on spending in the months ahead to boost the growth rate.
⚫In an apparent sign of recovery of the aviation sector from the Covid-19, India’s largest airline IndiGo has eliminated Leave Without Pay for all employees which was introduced since April to control costs.
⚫Two out of three borrowers in the country are unaware of their CIBIL score, an indicator of credit worthiness, despite good progress on the financial inclusion front. CIBIL score as a parameter helps in understanding borrowers eligibility for loan
⚫The fourth round of talks between protesting farmers and the Centre on the three agriculture Acts seemed to make some headway, with the government willing to consider some of their objections to the legislation.
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Due Date Calender for the month of December
07/12/2020 - Payment of TDS/TCS deducted /collected in November.
10/12/2020 - GSTR-7 Monthly Return by Tax Deductors for November.
10/12/2020 - GSTR-8 Monthly Return by e-commerce operators for November.
11/12/2020 - GSTR-1 Monthly return of Outward Supplies for Nov (Turnover exceeding 1.5 Cr.in previous year).
13/12/2020 - GSTR-6 Monthly Return of Input Service Distributor for November.
15/12/2020 - E-payment of PF and ESI for November 2020.
15/12/2020 - Deposit of Third Instalment of Advance Tax (75%) by all assesses (other than 44AD & 44ADA cases).
20/12/2020 - GSTR-5 & 5A Monthly Return by Non-resident taxable person for November.
20/12/2020 - GSTR-3B
Summary Return cum Payment of Tax for Nov by taxpayers having an aggregate turnover of more than Rs. 5 cr in previous financial year.
22/12/2020 - GSTR-3B
Summary Return cum Payment of Tax for Nov by taxpayer with turnover upto 5 cr.in Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.
24/12/2020 - GSTR-3B
Summary Return cum Payment of Tax for Nov by taxpayer with turnover upto 5 cr.in Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh,Chandigarh or Delhi.
30/12/2020 - Form 26QB
Deposit of TDS on payment made for purchase of property in November.
30/12/2020 - Form 26QD
Deposit of TDS u/s 194M for November.
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31/12/2020 (Last DAY Compliance due)
Form-3CD Filing of Tax Audit Report AY 2020-2021.
Filing ITR for AY 2020-2021 for non-audit cases. (extended due date)
GSTR-9 - GST Annual Return for 18-19. Mandatory if Turnover > 2 cr.
GSTR-9C - GST Audit Report for 18-19. Mandatory if Turnover > 5 cr.
MCA - Holding of AGM for FY 19-20 (extended due date).
MCA - Avail Companies Fresh Start Scheme, 2020.
MCA - Avail LLP Settlement Scheme.
GSTR-9 - GST Annual Return for 19-20. Mandatory if Turnover > 2 cr.
GSTR-9C - GST Audit Report for 19-20. Mandatory if Turnover > 5 cr.
GSTR-9A - GST Annual Return for 18-19 by Composition taxpayer.
Income Tax
Making of Declaration under Vivad se Vishwas Scheme. Payment of disputed amount of Tax without additional payment can be made till 31.03.2021.
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👉🏻Supreme Court upholds imposition of GST on lotteries, betting and gambling
(The Supreme court on Thursday upheld that the GST shall be imposed on the sale of lotteries, betting and gambling)
👇🏻 👇🏻 👇🏻
https://bit.ly/2VNU8NT
👉🏻Tax Audit Checklist - Part 4 - Clause by Clause Discussion of Income Tax Audit Form 3CD
(Tax Audit Checklist - Part 4 - Clause by Clause Discussion of Income Tax Audit Form 3CD | 3CA | 3CB)
👇🏻 👇🏻 👇🏻
https://youtu.be/bB25N3dbVyI
👉🏻3CPE Hours VCM on Do's and Don'ts under Revised Code of Ethics AND Latest Issues under Tax Audit
(BKESC invites you to join 3 CPE hours VCM on 06th Dec,2020 from 11AM to 02:00 PM by *CA. Vivek Khurana* and *CA.Shivangi Mittal*.
👇🏻 👇🏻 👇🏻
https://tinyurl.com/y4sbbkrj
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⚫The RBI kept its policy rates unchanged and promised to continue its accommodative stance this fiscal year and into the next, while sharply revising its inflation forecast upward and retaining its earlier stand that the economy could start recording growth from the third quarter itself.
⚫The Directorate General of GST Intelligence & the CGST Commissionerates, in the three weeks of the nationwide drive against GST fake invoice frauds, have so far arrested 104 persons for illegally availing or passing on ITC fraudulently through fake entities and fly-by-night firms and circular trading.
On Friday, the authorities arrested 8 more fraudsters, booked 65 cases and unearthed 114 fake GSTIN entities. In the current drive so far, 1,161 cases have been filed against 3,479 fake GSTIN entities
⚫In view of the economic shock caused by the pandemic, RBI asked scheduled commercial banks and co-operative banks not to make any dividends for the financial year ended March 2020.
⚫The agitating farmers hardened their stand, threatening to hold a Bharat Bandh on December 8 and occupy toll plazas if their demands are not met by then.
⚫PM said India's vaccination programme against Covid-19 would begin as soon as scientists have their go-ahead, and asserted that healthcare workers involved in treating coronavirus patients, frontline workers and old people suffering from serious conditions would be inoculated on priority.
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👉 Due dates for filing of Form GSTR-3B for the Tax Periods from October, 2020 till March, 2021
https://www.gst.gov.in/newsandupdates/read/413
👉 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(1.14 MB)
http://www.mca.gov.in/Ministry/pdf/Circular_03122020.pdf
👉 Relaxation of additional fees and extension of last date of filling of CRA-4 (form for filing of cost audit report) for FY 2019-20 - (04-12-2020)
https://www.icai.org/post/relaxation-additional-fees-extension-lastdate-filling-cra-4
👉 Governor’s Statement, December 4, 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50746
👉 Monetary Policy Statement, 2020-21 Resolution of the Monetary Policy Committee (MPC) December 2-4, 2020
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50747
👉 Statement on Developmental and Regulatory Policies
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50748
👉 Card transactions in Contactless mode - Relaxation in requirement of Additional Factor of Authentication
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11999&Mode=0
👉 Perpetual Validity for Certificate of Authorisation (CoA) issued to Payment System Operators (PSOs) under Payment and Settlement Systems Act, 2007 (PSS Act)
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