13th January 2K21
Ø CPI inflation eases to 4.59% in Dec; IIP contracts 1.9% in November
Ø Domestic hospitality industry to contract by 65 per cent in FY21: Report
Ø India to set up $ 1 billion financial facility for academic collaboration with Arab World
Ø BMW Motorrad sales increase 7 per cent to 2,563 units in 2020
Ø Realme taps two Indian manufacturers for its smart televisions
Ø PE fund TA Associates acquires OmniActive Health
Ø IRDAI proposes extension of regulatory sandbox guidelines by 2 years
Ø United States says India's digital services tax is discriminatory
Ø Karnataka Bank third quarter net profit rises 10% to Rs 135 crore
Ø Blackstone's Aadhar Housing may file $1bn IPO prospectus in India soon
Ø Tata Chemicals in advanced talks for Archean's industrial salt unit
Ø SJVN board approves plan to raise up to Rs 2,000 cr via bonds, debentures
Ø AAI approves Adani’s takeover of MIAL
Ø FinMin says ‘no’ to anti-dumping duty on carbon black imports from China, Russia
Ø India Inc’s overseas borrowings back on track
Ø Bharat Biotech signs agreement with Precisa Medicamentos for supply of COVAXIN in Brazil
Ø Tesla opens India subsidiary
Ø RPP Infra Projects JV bags ₹232-crore road order
Ø VComply raises $6 million in Series A from Counterpart Ventures and Accel
Ø RBI imposes ₹2 crore fine on Deutsche Bank for non-compliance of various norms
Ø Elon Musk's Tesla opens India entity in Bengaluru, names three directors
Ø Byju’s to acquire Blackstone-backed Aakash Educational Services for ₹7,300 cr
Ø PFC to raise ₹10,000 crore through bonds issue; 1st tranche to open 15 January
Ø M-cap of BSE-listed companies at all-time high of Rs 197.46 lakh crore
Ø TCS to acquire GE’s stake in TCS Saudi Arabia
Ø Future-RIL deal: Amazon moves Delhi HC’s division bench for relief
Ø Cities key to India's post-pandemic growth: WEF study
Ø Supreme Court stays implementation of 3 controversial farm laws
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👉🏻Bank NPA may rise to 25-year high under severe stress - RBI
(Bank non performing assets (NPAs) may rise to as high as 14.8% in one year in case of a severe stress scenario)
👇🏻 👇🏻 👇🏻
http://bit.ly/2K4mq4a
👉🏻FinMin rejects all representations for Extension of Due Dates
(The finance ministry has ruled out any further extension of the deadline for filing audit reports by companies and income tax returns)
👇🏻 👇🏻 👇🏻
http://bit.ly/2LoRUmj
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CBDT has given the extension for updating UDINs on all above stated forms and can be done latest by 15th February, 2021 for treating these forms as valid. the members are requested to avail this last opportunity and update the UDINs on the e-filing Portal at the earliest but not later than 15th February, 2021 to avoid invalidation.
GST Functionality for Aadhaar Authentication and e-KYC where Aadhaar is not available, has been deployed on GST Common Portal w.e.f. 6th January, 2021, for existing taxpayers. All taxpayers registered as Regular Taxpayers (including Casual Taxable person, SEZ Units/Developers), ISD and Composition taxpayers can do their Aadhaar Authentication or e-KYC on GST Portal. This is not applicable for Government Departments, Public Sector Undertakings, Local Authorities and Statutory Bodies.
GST: Proper Officer can possess Confiscated Goods if taxpayer opts not to pay tax payable, penalty & other charges. Case Name : M.S. Meghdoot Logistics Vs Commercial Tax Officer (Karnataka High Court)
GST data in GSTR-1 is now available on T+3 day basis, i.e. for example, the data from e-invoices uploaded on 18-12-2020 would be visible in GSTR-1 on 21-12-2020. The corresponding reflection of such e-invoice details in GSTR-2A/2B/4A/6A has also started.
ICAI last date for complying with the mandatory CPE hours’ requirement for the Calendar Year 2020 (either in physical/offline mode or in virtual mode through Virtual CPE Meetings/ Digital Learning Hub) has been extended from 31st December, 2020 to 31st January, 2021.
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⚫The benchmark Nifty50 index reached another milestone in its journey to scale fresh peaks. The index P/E multiple reached an all time high of 40x on Tuesday when it made an intraday high of 14,590.65. This is first time in 25 years that a benchmark equity index in India is trading at a P/E multiple of 40x or higher.
⚫The consumer price index based inflation rate moderated to 4.59% in Dec, down from 6.93% in Nov. This happened because of a sharp fall in food inflation from 9.5% in Nov to 3.4% in Dec, the lowest since August 2019.
⚫New registrations of foreign portfolio investors saw an uptick in December as buoyant market conditions have spurred the setting up of funds focused on India and emerging markets. The month saw more than 100 registrations after seven months. The number of FPIs crossed the 10,000 mark for the first time.
⚫US electric vehicle maker Tesla registered with the ROC in India as Tesla India Motors and Energy Private Ltd.
⚫The Supreme Court stayed implementation of the three agriculture Acts till further orders and constituted a four member committee to resolve the impasse over the laws between the Centre and protesting farmers.
⚫Covid-19 vaccine journey takes off; 5.6 mn doses were shipped to 13 cities.
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👉 Auto-population of e-invoice details into GSTR-1
https://www.gst.gov.in/newsandupdates/read/439
👉 Due dates for filing of Form GSTR-3B for the Tax Period of December, 2020
https://www.gst.gov.in/newsandupdates/read/440
👉 e-filing website has enabled the public to file information on Tax Evasion under the link 'Submit Tax Evasion Petition or Benami Property holding'. Click here for Press Release
https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/Press-Release-CBDT-launches-e-portal-for-filing-complaints-regarding-dated-12-01-2021.pdf
👉 Change of Examination Centre for January / February 2021. - (12-01-2021)
https://www.icai.org/post/change-of-examination-centre-for-jan-feb2021
👉 New Publication - Compendium of Opinions - Volume XXXVII - (12-01-2021)
https://resource.cdn.icai.org/62747eac50736.pdf
👉 RBI releases the Financial Stability Report, January 2021
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50949
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