23rd April 2K21
Ø Fitch affirms BBB- rating, says COVID surge may delay economic recovery
Ø COVID second wave's impact on economy may not be very large: CEA
Ø India needs $401 bn capex to fight climate change: Report
Ø Reliance increases supply of oxygen to over 700 tonnes a day to COVID-hit states
Ø Companies' spending for setting up makeshift hospitals to be CSR activity: Govt
Ø Lenders to withdraw debt recast if Future Group-RIL deal goes through
Ø Vedanta ramps up oxygen supplies amid surge in COVID-19 cases
Ø S&P forecasts 11% growth for India this fiscal, flags impact of lockdowns
Ø Irdai allows insurers to invest in debt instruments of InvITS and REITS
Ø Torrent Power bags 300 Mw long-term solar power generation PPA
Ø Tata Steel takes Liberty Steel to court in UK over missed payments'
Ø Wipro aims to reach net-zero greenhouse gas emissions by 2040
Ø Downward re-rating triggers for infra sector as Covid-19 strikes again
Ø Govt bans supply of oxygen for industrial use from April 22
Ø EV sales decline 20% in FY2021 to 2,36,802 units
Ø Hitachi develops, deploys tech tools for a secure workplace in Covid times
Ø Filatex India Q4 profit jumps over 5-folds to ₹118.39 crore
Ø Number of life insurance policies dips in FY21; group covers lead the fall
Ø Tech Mahindra joins the 1.5°C supply chain leaders
Ø JLR to suspend operations at 2 UK plants due to semiconductor shortage
Ø Warburg Pincus buys HDFC’s stake in Good Host
Ø Rising covid cases biggest challenge to recovery: RBI MPC minutes
Ø Indian Oil refineries operating at 95% capacity, sources say
Ø Amazon-backed home tech startup SmartRent to go public in over $2 billion deal
Ø Credit Suisse races to contain Archegos hit with capital raising
Ø Covid-19 vaccination: Vaccinating everyone above 18 years to cost just 0.36% of GDP, says India Ratings
Ø Pandemic has impacted 82 pc of small businesses: Survey
Ø M&As jump over 17 pc to $25.3 billion in Q1: Report
Ø Sensex Jumps 375 Points To Close Above 48000
Ø Inflows In Sustainable Funds Surge 76 % To Rs 3,686 Cr In FY21
Ø Subhash Chandra Denies All Speculations Pertaining To Dish TV India
Ø Care Ratings revises India's GDP growth forecast to 10.2 pc for FY22
Ø Consumer confidence weakens in April: Survey
Ø ReNew Power commissions 105 mw solar project in Gujarat
Ø Tata Steel & HSBC execute a blockchain-enabled, paperless trade transaction
Ø Hero MotoCorp tied up with Gogoro Inc for electric mobility solutions
Ø VAV Lifesciences to supply key COVID vaccine ingredient to Pfizer, Moderna
Ø LIC paid Rs 1.34 trn as claims to policyholders in FY21, marking growth
Ø Discoms overdues falls by over Rs 151 bn to Rs 740 bn in Mar: Report
Ø Industry ready to strengthen capacity, back-end infra despite second wave
Ø IndiGo to acquire four A321ceo planes, convert them into freighter aircraft
Ø DCB Bank acquires equity stake in Bengaluru-based Techfino Capital
Ø Merger of TV18 Broadcast, Hathway, Den Networks into Network18 called off
Ø Insurers eye increase in third party motor premium
Ø Vedanta offers medical oxygen from shuttered Sterlite copper plant
Ø Phillips Carbon Black net jumps 76% in March quarter
Ø KEC International wins new orders worth ₹1,245 crore
Ø Finance Minister assures “seamless supply” of medical oxygen to States
Ø Tech Mahindra acquires DigitalOnUS for $120 million
Ø Bharat Biotech's Covaxin shows 78% efficacy in phase-3 interim analysis
Ø ICICI Securities March quarter profit jumps two-fold to Rs329 crore
Ø Canara Robeco Mutual Fund to launch focused equity fund
Ø Tiger-backed KredX to ramp up disbursements to Rs1,000 cr this fiscal
Ø Chinese Edtech Startup Zuoyebang plans US IPO to raise $500 million
Ø India ranks 87th in global energy transition index
Ø Indian Gas Exchange commences gas trade from 2 new hubs in Maharashtra
Ø NPAs Of State-Owned Banks May Cross 18 % In Extreme Case Scenario: RBI Ex-Deputy Governor Khan
Ø Private Life Insurers' New Premium Income Grows 8 % In FY21
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⚫Govt examining industry demands; breather on tax compliance deadline likely. Proposals for a 3-month extension of compliance timeline being considered
⚫Fitch Ratings has affirmed India’s long term foreign-currency IDR at ‘BBB-’ with a negative outlook.India’s rating balances a still strong medium-term growth outlook and external resilience from solid foreign reserve buffers, against high public debt, a weak financial sector, and some lagging structural factors.
⚫Banks have decided to shorten branch hours and cut staff attendance to 50%. The decision was taken by the IBA and the SOP's have been communicated to banks. Bank branches will now work from 10 am to 2 pm.
⚫India reported 332,503 fresh covid infections amid oxygen shortage and faltering health system.
⚫Delhi curfew, oxygen shortage take a toll on Noida industrial belt. Industry owners indicate that at least 15% of the 600,000-odd migrant workers employed in the region have already gone back.
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🔰 Supply of license of pre-developed or pre-designed software amounts to supply of goods covered under heading 8523
✅ The AAR, Karnataka in the matter of M/S. SPSS South Asia Pvt. Ltd., [Advance Ruling No. KAR/ADRG/15 of 2021, dated March 24, 2021] held that, supply of license of pre-developed or pre-designed software by assessee amounts to supply of goods and said supply is covered under tariff heading 8523. Further, such supply of computer softwares to a public funded research institution are covered under Serial No. 1 of Notification No.45/ 2017-Central Tax (Rate) dated November 14 2017 (“NN. 45/2017- CT(R)”).
The Complete AAR can be accessed at: http://www.a2ztaxcorp.com/supply-of-license-of-pre-developed-or-pre-designed-software-amounts-to-supply-of-goods-covered-under-heading-8523/
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