⚫GST collection stood at Rs 1.15 trillion in Dec as against Rs 1.05 trillion in the previous month. Signalling an economic revival, GST collection touched a record high in December, posting growth of 11.6% YoY & surpassing the Rs 1 trillion mark for the third straight month. The double digit expansion in collection could partially be attributed to the Govt drive against GST evaders and fake bills, besides tighter compliance measures.
⚫US President has extended the freeze on the most sought after H-1B visas by Indian IT professionals, along with other types of foreign work visas and green cards through March 31 to protect American workers, saying that the reasons for which he had imposed such restrictions amidst the pandemic have not changed.
⚫Banks continued to depend on personal loans for credit growth in the Sept quarter. While bank credit grew only 5.4% in Q2 on YoY basis, personal loans, accounting for one fourth of the credit, continued to maintain double digit growth. New projects involving setting up of factories, buildings and other assets fell to their lowest levels since the pandemic began. While there were Rs 7.01 trillion worth of new assets in Dec 2019, this fell 88.6% to Rs 80,000 crore for the three months ending Dec 2020, shows data from project tracker Centre for Monitoring Indian Economy.
⚫India readies for mega Covid vaccine rollout, phase 1 targets 300 million. On priority list are Health care and frontline workers; those over 50; and below 50 with co-morbidities. The expert panel gave an in principle nod to Serum Institute of India, ending the country’s wait for a Covid-19 vaccine.
⚫Agriculture Minister said the Govt is hopeful of a "positive outcome" at its next meeting with farmers' unions on January 4 but refrained from predicting whether the seventh round of talks will be the last one. The Haryana Police on Thursday used a water cannon and tear gas as farmers on tractor-trailers broke through barricades at the Shahjahanpur border with Rajasthan, trying to push towards the national capital.
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👉 Extension of date for conducting Board Meeting through VC/OAVM from 31st December, 2020 to 30th June 2021 - (31-12-2020)
https://www.icai.org/post/extension-date-for-conducting-board-meeting-30th-june-2021
👉 Last date extended till 5th January, 2021 to apply for 14th ICAI Awards being organised by Committee for Members in Industry & Business (CMI&B) - (01-01-2021)
https://awards.icai.org/
👉 Update UDINs in all Income Tax Forms - (01-01-2021)
https://www.icai.org/post/update-udins-in-all-income-tax-forms
👉 RBI Announces Special Open Market Operations (OMO) Simultaneous Purchase and Sale of Government of India Securities
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50889
👉 Selection of Chief Executive Officer, Reserve Bank Innovation Hub
https://rbidocs.rbi.org.in/rdocs/content/pdfs/CEORBIH01012021.pdf
👉 Reserve Bank of India introduces the RBI-Digital Payments Index
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50901
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Members who are not able to generate UDIN on account of Non Payment of COP/Membership Fees are requested to kindly file online Form 9/Form 101 for restoration of Membership/COP on SSP which will be made available tonight ! Post restoration of Membership UDIN will be reactivated.
https://resource.cdn.icai.org/61822sspfaq-50282restoration-membership.pdf
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Wef 1.1.21 E-invoicing Mandatory for Turnover above Rs 100 cr in 17-18, 18-19 or 19-20 (including Branch Transfers, goods outside GST etc).
Central Board of Indirect Taxes and Customs has issued a Notification No. 95/2020 – dated December 30, 2020 Seeks to extend the time limit for furnishing of the annual return specified under section 44 of CGST Act, 2017 for the financial year 2019-20 till February 28, 2021.
Central Board of Indirect Taxes and Customs has issued a Circular No. 56/2020 – dated December 31, 2020 Regarding Import and Export of vaccines in relation to COVID-19 through courier.
MCA due date of form filing shall be computed based on the actual date of AGM or due date/extended due date of AGM as the case may be. Post 31st December 2020, additional fee shall be applicable from the actual date of AGM or due date/extended due date of AGM + 30/60 days as the case may be and Rs.100 per day shall be charged starting from such day even if such date falls prior to 31st December 2020.
SEBI Relaxes timelines for compliance with regulatory requirements till 28.02.2021. Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/DOP/CIR/P/2020/255
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👆CBDT Notification No. 92/2020 dated 31.12.2020 for extention under VsVS to 31.1.2021for filing declaration.
👆CBDT Notification No. 93/2020 dated 31.12.2020 under section 3(1) of Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 making following further extensions:
(1) Furnishing of TDS Statement of 3rd Qtr. of 2020-21(which is otherwise due on 31.1.2021) is extended to 31.3.2021.
(2) Furnishing of TCS Statement of 3rd Qtr. of 2020-21(which is otherwise due on 15.1.2021) is extended to 31.3.2021.
(3) Completion of Audit under any provision of Income Tax Act, 1961 for FY 2019-20 relevant for AY 2020-21is extended to 14.1.2021.
(4) Furnishing of report of Audit under any provision of the Income Tax Act, 1961for FY 2019-20 relevant for AY 2020-21(including TAR of 44AB, Trust Form 10B, Trust Form 10 for set apart etc.) is extended to 15.1.2021.
(5) Furnishing of return if income for AY 2020-21 by Companies, Audit cases under any provision of Income Tax Act, Audit cases under any law for the time being in force, Partner of a firm whose accounts are required to be audited under the Income Tax Act, Partner of a firm whose accounts are required to be audited under any other law for the te being in force, cases where section 92E applies) is extended to 15.2.2021.
(6) All assessees who were required to furnish return of income for AY 2020-21 on or before 31.7.2020, i.e. non audit returns, is extended to 10.1.2021.
Note: If a return due on or before 10.1.2021 is not furnished by 10.1.2021, late fee shall be charged under section 234F as follows:
(a) if total income does not exceed Rs. 5 lakh - Rs. 1000/-
(b) if total income exceed Rs. 5 lakh - Rs. 10000/-
In continuation of my 👆post, please note that -
(7) As per recent extensions, for FY 2019-20 relevant for AY 2020-21 assessee is required to get his accounts audited / obtain audit report under Income Tax Act, e.g. section 44AB, section 12A(b) etc., up to 14.1.2021.
(8) report of such audit is required to be furnished by 15.1.2021.
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⚫The country's exports declined marginally by 0.8% to USD 26.89 billion in Dec 2020, due to contraction in sectors like petroleum, leather and marine products.The trade deficit in December widened to USD 15.71 billion, as imports grew by 7.6% to USD 42.6 billion, the data showed.
⚫India held a dry run by all states and union territories in preparation for a massive vaccination drive, with Health Minister appealing to people not to be misguided by rumours and disinformation regarding the safety and efficacy of coronavirus vaccine. An expert panel of India's central drug authority recommended granting permission for restricted emergency use of the indigenously developed COVID-19 vaccine Covaxin with certain conditions. Covaxin has been indigenously developed by Bharat Biotech in collaboration with the ICMR.
⚫Aviation Minister said flights from India to UK will resume from January 6, while services from that country to here would resume from January 8 onwards.
⚫Hardening their position ahead of the next round of talks with the Govt, protesting farmer unions said they will take out a tractor parade towards Delhi on January 26, when the country will celebrate Republic Day, if their demands are not met.
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ICAI Updates
Below is the link for taking Medical Insurance Policy specially for CAs at very discounted price compared to others.
https://icai.newindia.co.in/NIAICAI/Account/Login
Make use of this.
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