12th January 2K21
Ø India to see quickest growth rebound in Asia in FY'22: UBS
Ø Indian car market may post record 30% growth in 2021 on low base
Ø India not just commercial partner, but also rival to post-Brexit UK: Report
Ø India's real GDP to expand by 10.1% in FY2022: Icra
Ø Adani Green commissions 25 MW solar plant in Chitrakoot
Ø Sales of housing units decline by 47% in 2020: Report
Ø ICEA plans bigger push for smartphone design, R&D in India
Ø Indian banks' bad loans may rise significantly: Financial stability report
Ø Amazon urges Sebi to suspend review of $3.4 billion Future-RIL deal
Ø Cement demand expected to rise by up to 20% in fiscal 2022: Icra
Ø Textile industry asks govt to axe anti-dumping duty on viscose staple fibre
Ø NSE launches derivatives on Nifty financial services index
Ø Engineering exporters seek govt intervention to stem steel prices
Ø BSNL, MTNL turn EBIDTA positive in H1 of FY21: DoT
Ø India Inc’s overseas borrowings back on track
Ø Steel cos, iron ore miners spar over exports to China
Ø Exports rise 16.2% , imports up 1.1% in first week of Jan
Ø CCI approves Total Renewables’ stake buy in Adani Green Energy
Ø ‘Domestic airlines’ capacity up at 67% in Dec’
Ø India's banking system faced COVID with relatively sound capital: RBI Guv
Ø GAIL to consider share buyback, dividend on Friday
Ø Cognizant to acquire Linium to bolster its cloud business
Ø Tata Motors owned JLR car sales take pandemic hit; sales strong in China
Ø 10 central trade unions decline to sit with Govt on labour codes
Ø BHEL secures Rs 450 cr order for steam and power plant from NALCO
Ø Banks gross NPA may rise to 13.5 pc by September 2021: RBI FSR
Ø NSIC, Airtel team up to drive digital transformation of MSMEs
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👉🏻Delhi HC upholds arrest provision in CGST Act for tax evasion
(A Bench of Justice Manmohan and Justice Sanjeev Narula gave the decision on a petition challenging the Sections 69 (power to arrest) and 132 (punishment for certain offences) of the CGST Act)
👇🏻 👇🏻 👇🏻
http://bit.ly/2LEtbKE
👉🏻Govt creates special unit in Income Tax dept for probe into undisclosed foreign assets
(A special unit has been created by the Govt in the countrywide investigation wings of the Income Tax dept for focussed probe in cases of undisclosed assets held by Indians abroad & possession of black money in foreign shores)
👇🏻 👇🏻 👇🏻
http://bit.ly/3nG4FpT
👉🏻Rs 700 crore recovered, 215 arrested in crackdown on fake GST bills scam
(Out of the 215 arrests so far, there are 71 masterminds, 81 proprietors, 36 director/managing directors, 15 partners, 3 CEOs, 6 chartered accountants and one each of company secretary, broker, and GST practitioner)
👇🏻 👇🏻 👇🏻
http://bit.ly/38yZQKG
👉🏻Beginning of New Era under GST Compliance
(QRMP Scheme | Rule 86B | Rule 36(4) | E-Invoicing | QR-Codes | Changes in HSN and others applicable under GST Law)
👇🏻 👇🏻 👇🏻
https://youtu.be/GeOxzA-HzPY
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Power to attach Bank Account can be used in limited circumstances: Delhi High Court quashes GST Authority’s order
The Delhi High Court while setting aside the GST Authority’s order of Provincial Attachment held that the power to attach a Bank Account can be used in limited circumstances. The petitioner, Proex Fashion Pvt. Ltd. challenged a communication by which the bank account of the petitioner in the respondent Bank has been attached by respondent authority, purportedly under Section 83 of the Central Goods and Services Tax Act, 2017. Mr. Govind Rishi, counsel for the petitioner, contended that the respondent authorities have taken action against the petitioner under Section 83 of the Act, pursuant to proceedings initiated under Section 71 of the Act, whereas Section 83 of the Act, on its terms, cannot be invoked in such a situation. On the other hand, Mr. Harpreet Singh, learned counsel for respondent authority contended that The petitioner was declared as a „risky exporter‟, and an attempt was made to elicit certain information and documents from the petitioner. However, according to respondent authority, several communications addressed to the petitioner at its registered office were returned undelivered. Proceedings under Section 71 of the Act were therefore initiated against the petitioner, and the attachment of the bank account under Section 83 of the Act is pursuant to those proceedings. The single-judge bench of Justice Prateek Jalan clarified that the attachment of a bank account entails serious consequences to the assessee, particularly in the case of a running concern such as the petitioner herein. The power to attach the bank account must therefore be exercised only in strict compliance with the statutory power, and cannot be extended to cover situations that are not expressly contemplated by the section. Absent the statutory precondition for the exercise of the power of attachment, any order under Section 83 is wholly illegal and unsustainable. Therefore, the court while quashing the order held that the impugned order was ultra vires the statutory powers of the respondent authority.
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⚫The RBI’s Financial Stability Report of Dec 2020 has stated that banks’ gross NPAs may rise sharply to 13.5% by Sept 2021, and escalate to 14.8%, nearly double the 7.5% in the same period of 2019-20, under the severe stress scenario.
⚫A decisive phase in India's fight against coronavirus began as the first consignment of Covishield vaccines left Serum Institute of India for Pune airport, four days ahead of the nationwide inoculation drive launch.
⚫The finance ministry has ruled out any further extension of the deadline for filing audit reports by co's and ITRs. The statement of the CBDT came after the Gujarat High Court had directed the Union Ministry of Finance to look into the issue of extension of due dates for filing of the report.
⚫Thr passenger vehicle retail sales in December witnessed a year-on-year increase of 23.99% to 2,71,249 units on the back of the pent up demand continuing from the festive seas.
⚫The Supreme Court on Monday sought to put on hold the implementation of the three controversial farm Acts to let a high powered committee deliberate on the laws and end the impasse, which was later in the day rejected by the protesting farmers.The farmers, said that they are unwilling to participate in any committee formed by the Supreme Court on the laws as the Central Govt has already made it clear that it won't repeal the laws which is the main and prime demand of the protestors.
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