1st January 2k21
Ø Current Account is in surplus for second consecutive quarter at 2.4% of GDP
Ø EU, China leaders seal long-awaited investment deal
Ø India may impose countervailing duty on Clear Float Glass imported from Malaysia
Ø India's exports may reach $290 bn by fiscal-end: FIEO
Ø India's current account surplus shrinks in latest quarter
Ø BSSUK, NKJ Biofuel tie up to set up ethanol plant in Chhattisgarh
Ø ICEA seeks 20% reduction in import duty on mobile phones
Ø Govt extends soft-loans for ethanol to non-sugarcane-based distilleries
Ø Just 2.1% of TLTRO funds went to NBFCs that needed them most: RBI report
Ø Union Bank gets shareholder approval to raise up to Rs 6,800 crore
Ø CBI books IVRCL in Rs 4,837 cr-bank fraud after extensive searches
Ø Adani Green commissions 100-Mw solar project ahead of schedule
Ø Reliance-BP invites bids for gas from KG-D6, priced against int'l benchmark
Ø Cabinet approves ₹3,005-cr project for Paradip port
Ø Centre plans ₹4,573-crore scheme for enhancing ethanol
Ø Adani Ports gets green nod for ₹12,256-cr, Phase 3 expansion of
Ø Finmin approves 8.5% interest for EPFO subscribers
Ø Strides Pharma may get transferred to a clutch of investors as promoters plan to exit
Ø Kalpataru Power Transmission bags orders worth ₹900 crore
Ø Cabinet Committee approves Industrial Corridor nodes worth ₹7,725 crore
Ø Oil prices up on weaker dollar and lower inventories
Ø Unacademy buys test prep platform NeoStencil in fifth acquisition in 2020
Ø Tiffany shareholders back LVMH takeover, ending long-drawn dispute
Ø Due date extended for filing income tax returns
Ø Wockhardt shares surged as UK approves Oxford covid vaccine
Ø Blackstone-backed IBS Software expects faster biz growth on rising digitalisation amid pandemic
Ø RCom group owes around Rs 26,000 cr to Indian banks, financial institutions: Company
Ø HPCL, FCI, Indian Oil, NSIC top buyers of SC/ST owned MSEs in FY21 so far amid 12% jump in govt buying
Ø State Bank of India to implement new cheque payment system from January
Ø Covaxin can offer protection against mutated coronavirus: Bharat Biotech
Ø Tesla's wait to run on Indian roads in 2021 gets longer
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Report on Audit Quality Review (2019-20) - (29-12-2020)
http://www.qrbca.in/wp-content/uploads/2020/12/report-aqr19-20.pdf
👉 Certificate Course on Public Finance & Government Accounting - 8th Online Batch (Evening) commencing from 10th January, 2021. - (29-12-2020)
https://www.icai.org/post/ccpfga-8th-online-batch
👉 Certificate Course on Public Finance & Government Accounting - 7th Online Batch (Morning) commencing from 10th January, 2021. - (29-12-2020)
https://www.icai.org/post/ccpfga-7th-online-batch
👉 Report on Trend and Progress of Banking in India 2019-20
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50871
👉 RBI releases “Statistical Tables Relating to Banks in India: 2019-20”
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50872
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Welcome 2021 😭
07/01 - TDS/TCS Payment
10/01 - ITR Non - Audit
11/01 - GSTR1 Monthly
13/01 - GSTR1 Quarterly
15/01 - Tax Audit
15/01 - TCS Return
18/01 - GST Composition
20/01 - GSTR 3B
31/01 - TDS Return
15/02 - Audit ITR
28/02 - GST 19-20
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Penalty for non-filing of GSTR 9 & GSTR 9C -
For GSTR 9 -
- Liable to a Fee of INR 200/- per day during which the default continues (INR 100 under CGST law + INR 100/- under State / UT GST law)
Same is Capped to a Maximum amount of 0.50% (0.25% under the CGST Law + 0.25% under the SGST / UTGST Law) of Turnover in the State/UT. [
Section 47(2) of CGST Act 2017]
For GSTR 9C -
- No specific provisions apply to GSTR-9C and hence non-filing of GSTR-9C could be subject to a general penalty of Rs 50,000 (CGST 25,000 + SGST 25,000)
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⚫The sixth round of talks between the Centre and agitating farmers made some headway on Wednesday, with Govt agreeing to two of the four main demands and deciding to meet again on January 4 to deliberate on the contentious issues of the repeal of three farm laws and a legal guarantee for MSP. The Centre also proposed to set up a committee to examine the latter two demands, a final decision on which is expected in the next meeting. During the talks, the Govt agreed to keep farmers outside the ambit of the pollution control Ordinance, a move that will prevent any penal action against them for stubble burning.
⚫India's residential real estate market seems to have bottomed out in 2020 and sales momentum that picked up during Oct-Dec is likely to continue through the next year to reach pre COVID level or even surpass it provided there are no further unforeseen negative events.
⚫The financial and asset quality profile of urban co-operative banks deteriorated in the FY20, with the sector reporting net loss, an uptick in bad loans, and a fall in the provision coverage ratio.
Gross NPAs rose from 7.3% in FY19 to 10.8% in FY20. In absolute terms, NPAs worth Rs 10,900 crore were added, taking the tally to Rs 33,010 crore by March 2020.
⚫The deadline to furnish annual return under central GST for FY20 has been extended February 28. However, no extension has been given for annual returns for FY19.
⚫More than 45.4 million tax returns for 2019-20 fiscal have been filed till December 29.
⚫The Govt is likely to take a call on the recommendations of the Supreme Court collegium to transfer four chief justices of high courts and elevate five judges to head high courts today.
⚫The YoY growth in RBI’s All India Housing Price Index continued to moderate and was 1.1% in Q2, against 2.8% in Q1 and 3.3% growth in the year-ago quarter.The HPI also varied widely, increasing 9% in Ahmedabad, contracting 5.5% in Delhi. Among major cities, Delhi, Bengaluru, Kolkata and Chennai recorded sequential decline in HPI, whereas prices in Mumbai remained around Q1’s level
⚫A sharp uptick in capital spending in November to boost the economy led to further widening of the Centre’s fiscal deficit to 135% of the full year’s Budget Estimates in the first eight months of 2020-21. This is despite a reasonable pick-up in tax revenues during the month as economic activity gradually reverts to normalcy amid the pandemic.
⚫The Govt has moved a step closer towards the listing of India’s largest insurer LIC of India. The Dept of Investment and Public Asset Management has selected Milliman Advisors LLP India for ascertaining the embedded value of LIC before its listing, which is seen as India’s one of the largest IPO .The IPO of LIC will help the Govt in getting a substantial chunk in divestment receipts. The Govt had budgeted Rs 2.1 trillion as divestment receipts for the current financial year, out of which Rs 90,000 crore was expected to be mopped up from LIC listing and a stake sale in IDBI Bank.
⚫The CBI filed a corruption case against debt-laden IVRCL, a listed firm, its managing director Sudhir Reddy and others for an alleged bank fraud of over Rs 4,837 crore, in a consortium led by SBI.
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