1st February 2K21
Ø GST collections for Jan 2021 touch all-time high of Rs 1.2 lakh crore
Ø Rural demand seen ebbing in 2021-22, but urban consumption to rise: Report
Ø Government mops up Rs 19,499 crore from CPSE disinvestment, buyback so far in FY21
Ø Boards of 2 TVS group firms approve merger plan
Ø CEA Subramanian pitches for private sector-led bad bank to deal with NPAs
Ø Power demand hits all-time high on Saturday, indicating economic revival
Ø Govt may give Cairn oil field instead of paying $1.4 billion: Sources
Ø Indian Oil board gives nod for subsidiary to set up Rs 29,000 cr refinery
Ø AM/NS buys Essar Steel's CPP under Sarfaesi, says lenders will recover 85%
Ø World Bank's IFC to invest $45 million equity in upGrad Education
Ø SEBI backs Franklin on debt schemes winding up at SC
Ø GoM recommends 4G spectrum allocation to BSNL's Delhi and Mumbai circles
Ø ‘JSW Energy shuns thermal power projects for better ESG rating’
Ø Shree Cements Q3 profit jumps over two-fold to ₹632 cr
Ø SAIL posts a 398% profit growth for Q3
Ø Demand recovery being led by leisure tourism : IHCL CEO
Ø India to emerge as most resilient economy after Germany in 2021: PHDCCI
Ø Britain to apply to join Asia-Pacific free trade block
Ø Rural demand seen ebbing in 2021-22, but urban consumption to rise: Report
Ø PNB Housing Fin plans tie-ups with banks for co-lending in housing loan sector
Ø China’s factory outlook eases again, services slow down
Ø Tamil Nadu nod to Tata’s Rs 5,763-crore plan to build mobile parts unit
Ø Govt buys paddy worth over Rs 1.12 lakh cr at MSP so far
Ø ICICI Bank net profit up 19% at Rs 4,940 crore
Ø Economic Survey 2021 calls for fresh asset quality review
Ø WHO teams visits Wuhan food market in search of virus clues
.
========>
.
⚫The GST revenue collected for the month of January 2021 has touched nearly Rs 1.20 lakh crore. This is the highest GST revenue the Govt has collected since the rollout of the GST regime.The revenues for the month of January are 8% higher than the revenues collected in the same month last year.
⚫The RBI is likely to maintain a status quo on benchmark interest rate in its next monetary policy meet outcome to be announced on February 5.
⚫Govt said that Ministry of Information and Broadcasting will soon release a set of guidelines to regulate content on Over-the-Top streaming platforms such as Netflix and Amazon Prime in view of the rising number of complaints against them.
⚫With 244,307 more vaccinations across India on Saturday, the total count of those inoculated reached 3,744,334. The count of recovered coronavirus cases across India, reached 96.99% of total caseload – with 13,965 new cured cases being reported
.
========>
.
.
========>
.
India needs to restructure its export basket if it wants to achieve high growth in exports, the Economic Survey has said. It adds that India’s current approach violates the first principles of trade theory in economics. The Survey has used the example of India’s eastern neighbour Bangladesh to explain what needs to be done. Bangladesh’s exports grew at 8.6% in the last decade (2011-2019), whereas India’s export growth was a paltry 0.9%. One of the biggest reasons for India’s poor export performance is that it is not exporting goods where Indian manufacturers have an edge vis-a-vis the rest of the world. This is against the basic principle of modern trade theory of comparative advantage which says that a country should export goods which it can produce cheaply and import goods which are more expensive to produce domestically.
MCA File e-forms AOC-4, AOC-4(CFS), AOC-4 XBRL & AOC-4 non-XBRL for FY 2019-20 by 15.2.21 without additional fee. MCA General Circular 04/2021 of 28.1.21.
Condonation Scheme to regularize UDINs announced by the ICAI vide its announcement dated 28th December 2020. As per the scheme, the documents signed between 1st Feb.2019 till 31st Dec. 2020 the UDINs can be generated during 1st Jan. 2021 to 31st Jan. 2021.
UDIN Directorate 31.01.2021
ICAI: it is being informed to the members that all the missed UDINs between the period 1st Feb. 2019 to 31st Jan. 2021 can now be generated upto 28th Feb. 2021 and this be taken as extension of the Condonation Scheme announced previously.
.
========>
.
✅ Budget Updates :
The following are the Key Highlights from the Union Budget 2021, as presented by the Hon’ble Finance Minister.
Direct Taxes
• Vivad Se Viswas Scheme Last Date of filing extended to 28th February, 2021.
• Citizens of age 75 years and above who have only Pension and Interest income – Need not file Income Tax Returns
• Re-opening of Assessment to reduced to 3 years from 6 years. Only where evidence of concealment of Income of Rs. 50 lakhs or more – re-opening can be made upto 10 years & only with approval of Pr.CCIT.
• Reducing Litigation for small tax payers – Constitution of Faceless Dispute Resolution Panel for people with Total Income upto Rs.50 lakh and disputed income of Rs.10 lakh
• Income Tax Appellate Tribunal to become Faceless – Only electronic communication will be done
• Relaxation to NRIs – Rules to remove hardship of Double Taxation
• Tax Audit Limit to be increased to Rs.10 crores from Rs.5 crores for those having less than 5% cash transactions
• Dividend Tax- Dividend will be exempt from TDS. Advance tax liability on dividend income will arise only after declaration or payment of dividend. For Foreign Investors – lower treaty rate benefit will be given.
• Affordable Housing – Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakhs to be extended for loans taken till 31st March, 2022.
• Affordable Housing Projects – Tax Holiday extended till 31st March, 2022.
• Tax Holiday for Capital Gains for Aircraft Leasing Companies and Tax Exemption to Lease paid to Foreign Persons
• Pre-Filling of Returns – Details of Capital Gains, Dividend Income and Interest income will be pre-filled in the returns
• Relief to Trusts – Charitable trusts running Hospitals and Educational Institutions relief increased from Rs.1 crore to Rs.5 crore.
• Employee contribution not paid by employer will not be allowed as a deduction.
• Tax holiday for Start-Ups extended to 31st March, 2022. Capital Gains exemption on investment in start ups also extended to 31s March, 2022.
MCA, Companies Act, LLP Act
• Easing Compliance requirements of Small Companies – Threshold increased to Share Capital upto Rs.2 crore and Turnover upto Rs.20 crore will be Small Companies
• Allow One Person Companies (OPC) to grow without any restriction in Share Capital or Turnover. NRIs will be allowed to set-up OPCs. Presence in India of 120 days in a year enough to start an OPC.
• Launching MCA Version 3.0 – E-Scrutiny, E-Adjudication and Compliance management to be simplified.
• Decriminalisation of LLP Act, 2008
• Tribunals to be rationalised
GST imp amendments proposed in Budget 2021-Brief
1. Exporter liable for penalty equal to 500% of refund claimed if Input taken on invoice obtained by fraud, collusion, wilful misstatement
2. Input Tax credit can be availed when supplier furnished the details of invoice in GSTR-1 and such details communicated to recipient (as shown in GSTR-2A/2B)
3. GST audit shall be omitted
4. GST Annual return may include a self-certified reconciliation statement reconciling value of supplies b/w GST returns and audited annual financial statement
5. Interest on delayed payment of GST shall be payable on that portion of GST which is paid in cash*
6. Recovery of GST when registered person filing GSTR-1 not GSTR-3B in any of following modes
(i) by detaining and selling the goods belonging to defaulter or
(ii) recovery from any other person who owes money to defaulter or
(iii) attachment of immovable property belonging to defaulter
7. Seized or detained goods shall be released on payment of following penalty :-
(a) Where owner of goods comes forward – penalty equal to 200% of tax payable
(b) Where owner of goods does not come forward – penalty equal to 50% of value of goods
8. Where person fails to pay penalty within 15 days, goods shall be sold or disposed and conveyance (truck etc) shall be released on payment of penalty or Rs 1 lakh whichever is less*
9. New section 151 proposed where Commissioner or any officer authorized by him direct any person to furnish information relating to any matter dealt with in connection with GST act.
10. *Exporters liable to deposit the refund received along with interest in case of non-receipt of sale proceeds* within the time limit prescribed under Foreign Exchange Management Act, 1999
General
1. First digital Budget in the history of India
2. Vehicle Scrapping Policy. Vehicle Fitness Test after 20 years in case of Personal vehicle and 15 years in case of commercial vehicles
3. 64,180 crores allocated for New Health Schemes
4. 35,000 crores allocated for Covid Vaccine
5. 7 Mega Textile Investment parks will be launched in 3 years
6. 5.54 lakh crore provided for Capital Expenditure
7. 1.18 lakh crore for Ministry of Roads
8. 1.10 lakh crore allocated to Railways
9. Proposal to amend Insurance Act. Proposal to increase FDI from 49% to 74 %.
10. Deposit Insurance cover (DICGC Act 1961 to be amended). Easy and time bound access of deposits to help depositors of stress banks.
11. Proposal to revive definition of ‘Small Companies’ under Companies Act 2013. Capital less than 2 Cr. and Turnover Less than 20 Cr.
12. Disinvestment: IPO of LIC, Announced Disinvestment of Companies will be completed in FY 2021-22
.
========>
.
LEGAL-KNOWLEDGE CAPSULE
✒ Supreme Court has held that prenatal sex determination is a grave offence which has potential to damage the very fabric of gender equality and dignity.
✒ Supreme Court has issued notice in a PIL seeking for directions to expeditiously fill the long- standing vacancies at the Appellate Tribunal , Prevention of Money Laundering Act( ATPMLA )
✒ Delhi High Court clarifies that disclosure of interest neccessary only when 'personal' information sought under RTI act .
✒ Punjab & Haryana High Court has held that
parents or society cannot compel a major
child to live a life in their terms.
.
==============>
.
📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝
Thanks for reading
