Ø RIL ups stake in skyTran Inc to 54.46%
Ø SBI eyes aircraft leasing business
Ø Pakistan may resume import of cotton from India: Report
Ø COVID-19 stress altering consumer behavior in India: IIM Survey
Ø 96 per cent people faced drop in earnings during lockdown: Survey
Ø Private health insurers offering 80-100% discounts on renewal premia
Ø IKEA to increase sourcing of toys from India
Ø Govt examining quality, competitiveness required by toy industry: Official
Ø India's crude steel output grows 7.6% to 10 MT in January: Worldsteel
Ø India's coal import declines 12% to 181 mn tonnes in April-January
Ø Discoms' outstanding dues to power gencos rise 24% to Rs 1.36 trn in Dec
Ø China's factory activity expands at a slower pace in February: PMI
Ø Aditya Birla Finance set to raise Rs 5,000 crore through debentures
Ø Reviving private sector investment more important than FDI: Birla
Ø Schwing Stetter India guns for double-digit growth in 2021
Ø Inbrew acquires Molson Coors’ beer business in India
Ø Hitachi ABB Power Grids posts 54.9% higher profits in Q4
Ø IndianOil to invest ₹32,946 crore on capacity expansion at Panipat refinery
Ø India emerging as Covid-19 vaccine manufacturing hub: Harsh Vardhan
Ø Last date for filing GSTR-9 and GSTR9-C for FY20 extended till 31 March, 2021
Ø Inflection Point Ventures to invest $20 mn in start-ups in India this year
Ø IPRs & WTO waivers in the time of COVID-19
Ø FPIs net buyers for 2nd consecutive month in Feb, invest ₹23,663 crore
Ø Bringing petroleum products under GST will be good move: Chief economic advisor
Ø Adani Ports promoters release 3.21 crore pledged shares
Ø Indian economy in +ve zone, grows 0.4%
Ø Brazil signs COVID-19 vaccine deal with Bharat Biotech
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The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore of which CGST is ₹ 21,092 crore, SGST is ₹ 27,273 crore, IGST is ₹ 55,253 crore (including ₹ 24,382 crore collected on import of goods) and Cess is ₹ 9,525 crore..
Extension to 31.3.21 of last date to file GSTR-9 for turnover above 2 cr & GSTR-9C for turnover above 5 cr for FY 19-20. Notification 4 CT of 28.2.21.
There is a great necessity of Integration of Income E-filing Portal with GST portal. The step taken by Central Government with respect to linking and integrating E-filing portal with GST portal is one of the most welcoming step towards the growth of tax revenue of Central Government which will ultimately lead to growth of economy,
GST related proposals made in the Union Budget pivot around enhanced enforcement to safeguard the interest of revenue by removing anomalies and plugging the loopholes in the law leading to tax evasion or wrongful availment and/or utilization of ITC. Further, some of the changes aimed at helping businesses by reducing the compliance burden etc.
12th and last series of the government- run sovereign gold bond (SGB) scheme 2020-21 opened for subscription on Monday for a period of five days. The subscription will close on March 5. Each gold bond (equivalent to one gram of gold) is priced at RS. 4,662 under the 12th tranche, according to the Reserve Bank of India (RBI).
ICAI Exams observer portal i.e. http://observers.icaiexam.icai.org and apply for acting as observer for CA Exams May 2021 on of before 20/03/2021.
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⚫The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore. The revenues for the month of February 2021 are 7% higher than the GST revenues in the same month last year.
⚫Rising fuel prices didn’t put the brakes on the recovery in car sales, but industry executives warned that a continued rise in petrol and diesel prices could impact sentiment soon.
⚫On the first day of spectrum auction, the Govt received winning bids worth ₹77,146 crore as against its expectation of ₹45,000 crore.There were only three bidders - Airtel, Vi, and Reliance Jio this year, as against seven bidders during the last spectrum auction in 2016.
⚫Finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices.
⚫The SEBI proposed to overhaul norms pertaining to the appointment, removal and remuneration of independent directors, considered to be the flag bearers of minority shareholders.
⚫PM set the ball rolling for the third phase of vaccination with an early morning jab of Covaxin. Over 2.5 million citizens had registered on the CoWIN portal, of which 2.4 million were citizen beneficiaries and remaining healthcare and frontline workers.
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👉🏻Rs. 30,000 Cr Approx Loss to Chartered Accountants / Cost Accountants
(The Budget proposes removing the mandatory requirement of getting the accounts audited and the reconciliation statement submitted by specified professionals, such as chartered accountants / cost accountants)
👇🏻 👇🏻 👇🏻
http://bit.ly/3q7vYub
👉🏻Cheque Bounce cases can't be filed or continued against firms facing IBC proceedings - SC
(SC held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of IBC)
👇🏻 👇🏻 👇🏻
http://bit.ly/3q5bXEv
👉🏻GST collection rises 7% to Rs 1.13 lakh crore in February
(GST collection crossed Rs 1 lakh Cr mark for the fifth time in a row in February. GST collection rose 7% year-on-year to Rs 1.13 lakh Cr in the month)
👇🏻 👇🏻 👇🏻
http://bit.ly/3bOwkB2
👉🏻SEBI Proposes New Norms For Independent Director Appointment, Removal, Remuneration
(SEBI proposed to revamp norms pertaining to appointment, removal and remuneration of independent directors (ID)
👇🏻 👇🏻 👇🏻
http://bit.ly/305CeIh
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Now
Conversion of Sole Proprietorship into a Pvt Ltd
Has been eased by Budget 2021
Benefits:-
- Exemption from Capital Gain u/s 47 of Income Tax Act
- Continuation of Goodwill – The Brand value of the proprietorship firm remains intact and continues to enjoy the previous victories with a better legal recognition.
- Separate legal entity – The Private Limited Company has its distinct identity other than its shareholders and directors.
- Limited Liability – The members of the company have no personal liability to the creditors beyond whatever is their holding in the company.
Imp:-
Once a new Private Limited Company comes into existence, the sole proprietorship shall be duly terminated.
Any contracts / leases / agreements signed by the proprietor need to be re-signed under the name of the newly incorporated Private Limited Company.
All tax and other registrations need to be surrendered and new registrations should be obtained in the name of the Private Limited Company.
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👉 Advisory on Annual Return (GSTR-9)
https://www.gst.gov.in/newsandupdates/read/454
👉 FAQs on Video Conferencing and Seek Adjournment, Click here
https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/VC_and_Seek_adjournment_FAQ.pdf
👉 Call for Research Proposals under "Funding Research and Studies, Workshops and Conference, Etc." under the plan scheme "Corporate Data Management" timeline extension.Pdf(461 KB)
http://www.mca.gov.in/Ministry/pdf/NoticeFundingResearch_26022021.pdf
👉 Report on Currency and Finance (RCF) for the year 2020-21
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51187
👉 Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51188
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⚫India Ratings and Research has upgraded its FY21 credit growth estimates to 6.9% from 1.8%, given the improved economic environment in 2H FY21 and the Govt's focus on higher spending on infrastructure.
⚫PM asked the toy manufacturers to use less plastic and more eco-friendly material, in addition, to focus on innovation. PM said, We have to become Aatmanirbhar in the toy sector and also cater to the global market. He regretted that India's share in the USD 100 billion global toy market is very less, and about 85% of the toys sold in the country are imported.
⚫India and Bangladesh discussed "early completion" of the pending fencing work along the international border they share as they reiterated their commitment to address issues related to terrorism and extremism during the home secretary level talks.
⚫Private hospitals can charge up to Rs 250 for a dose of Covid vaccine in the second phase of India's vaccine program that will target those above the age of 60 and also those above 45 years with comorbidities starting from March 1.
⚫Maharashtra, Kerala, Punjab, Karnataka, Tamil Nadu, and Gujarat have shown a surge in new cases in the last 24 hours. 16,488 new cases were registered, Maharashtra reported new cases at 8,333, followed by Kerala with 3,671 while Punjab reported 622 new cases.
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Scenario of FY 2021-22 in respect of time barring dates will be like this...
# Time Barring of Scrutintly cases related to AY 2018-19 - 30th April 2021
# Time Barring of penalties - 30th June 2021
# Time Barring of Scrutiny cases related to AY 2019-20(Non-CASS)- 30th September 2021
#Time Barring of Scrutiny cases related to AY 2019-20(CASS) & 2020-21(CASS & Through Approval)- 31st March 2022
** Time Barring date of Reopened cases will be subject to extension of date of issuance of notice u/148 of IT Act, if not extended than these Time Barring date of these cases may also be considered as 31st March 2022.
Plan your work for FY 2021-22 accordingly.
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⚫The net FPI into the Indian equities in Feb21 was Rs 25,787 crore.The total net FPIs in 2020-21 now stand at Rs 45,260 crore.
⚫The free LPG connection scheme is one structural reform of the Modi Govt that has been internationally acclaimed for ridding indoor household pollution and improving women's health. Now, the Govt plans to give one crore more free LPG connections to the needy over the next two years and make it easier to access cooking gas to achieve near 100% penetration of the clean fuel in the country.
⚫The domestic retail sector will see higher consolidation in the post-Covid world as larger players get even bigger. The rebound in CY21 & CY22, along with India’s strong GDP growth, will be supported further by increasing internet and mobile penetration.
⚫The new series of Sovereign Gold Bonds 2020-21 will be opened for the period March 1-5, 2021. The issue price shall be Rs 4,662/gram.
The Settlement date had been fixed for March 9.
⚫The Govt extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31.
⚫Traders' body said it would launch a nation wide agitation against issues related to the GST and alleged malpractices of foreign e-commerce firms from 5th March.
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Dear All
The interim order passed by Delhi High Court challenging levy of 125% tax on the basis of FAQ no 70 of Circular dated 4th December ,2020 is petitioner specific. There is no general direction for all such cases. Relief is only for those who have filed writ petition. If any one wants to take benefit of paying 100% then it has to file writ petition challenging the circular on the basis of which 125% tax has been demanded in form 3 (irrespective of the fact whether it is original form 3 or revised ) and obtain order from High Court. High court has granted interim relief in both cases where form 3 was revised by the Deptt and also where in original form 3 , 125% tax was demanded considering a search case.
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🦚 Namaskar!
GST Updates 01.03.2021
Due date for filing GSTR-9 and 9C for FY 2019-20 has been extended to March 31, 2021 Notification 04/2021-CT.
Bringing petroleum products under GST will be good move, says chief economic advisor.
Traders body to launch agitation from Mar 5 against GST, e-commerce issues.
Sunday @Kochi: Office-bearers of the ICAI met FM Nirmala to discuss the implications of the move to dispense with audit under the GST Act.
The FM expressed concern over the level of tax evasion. She said that the opinion of the ICAI will be given due consideration.
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👉🏻CBDT chief Pramod Chandra Mody gets further extension for 3 months
(The Appointments Committee of the Cabinet has approved an extension for a period of three months with effect from March 1, 2021, to May 31, 2021)
👇🏻 👇🏻 👇🏻
http://bit.ly/2MxAW5K
👉🏻Chartered Accountant firms, Hospitals under Taxman’s lens
(Chartered Accountant firms and hospitals are under scrutiny after the revenue department found mismatches between their income tax and indirect tax filings)
👇🏻 👇🏻 👇🏻
http://bit.ly/2MzPylh
👉🏻Tax Changes in Budget 2021 for Common Man
(How Tax Changes in Budget Impact the Common Man? discussed by CA. Satuti Mahajan)
👇🏻 👇🏻 👇🏻
https://bit.ly/3uFgp0k
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CBDT notifies Extension of time barring Assessments to 30th April 2021 and Penalty to 29th June 2021.
Government has extended the last date for availing of the direct tax Vivaad Se Vishwas dispute resolution scheme to March 31, 2021, from the earlier date of February 28. This is the fifth extension of the scheme. Those willing to settle their tax disputes under the Direct Tax Vivad Se Vishwas Act can file their declarations till March 31 and pay the settled tax amount by April 30, 2021,
Re-appointment of Shri Pramod Chandra Mody as Chairman, Central Board of Direct Taxes extended for further period of three months.
Government has EXTENDED the due date of furnishing Annual Return (GSTR-9) and Reconciliation Statement (GSTR-9C) from 28.02.2021 to 31.03.2021.
Government has approved 19 applications with committed investment of Rs 4,623.01 crore under the production linked incentive (PLI) scheme for promotion of domestic manufacturing of critical key drug intermediates and active pharmaceutical ingredients (APIs).
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