18th May 2K21
Ø WPI inflation rises steeply to 10.49% in April
Ø India Inc foreign investment jumps two-folds
Ø Apollo Tyres gets NABL accreditation for outdoor regulatory testing
Ø Reliance Jio joins global consortium to build undersea cable network
Ø Panacea Biotec files suit against Sanofi for patent infringement
Ø Apollo Hospitals, Dr Reddy's announce vaccination drive with Sputnik V
Ø AT&T to merge media assets with Discovery in $43-billion deal
Ø Colgate-Palmolive India Q4 net profit jumps 54% to Rs 314.6 crore
Ø Moglix raises $120 mn in funds, joins India's growing unicorn club
Ø Adar Poonawalla exits Panacea Biotec; sells entire stake for Rs 118 cr
Ø MRPL posts ₹328-crore profit in fourth quarter
Ø DRDO’s anti-Covid drug to hit the market in June
Ø Average E-way Bill generation dipped in May to 12.15 lakh
Ø Franklin Templeton gets ₹1,261 crore in six debt schemes
Ø TVS Motor scooter Ntorq’s international sales cross 1 lakh units
Ø Pine Labs raises $285 mn in new funding round
Ø S&P Dow Jones Indices is fined by SEC over US 'volatility' crash
Ø RBI remains net seller of US dollar in March; sells $5.699 bn
Ø Elon Musk loses world’s second-richest ranking as Tesla dips
Ø Actis eyes majority stake in Fortum’s solar projects
Ø MFs increase holdings in key index heavyweights in April
Ø World Economic Forum cancels Singapore meeting as pandemic haunts global event
Ø Gold schemes fetch record Rs 20,227 crore in FY21
Ø Pine Labs raises $285 million in fresh funding
Ø KKR to invest $95 million in Lenskart
Ø Bharti Airtel Posts Rs 759 Cr Profit For Jan-Mar
Ø India Loses Farzad-B Gas Field In Iran
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⚫India’s wholesale price based inflation surged to an 11-year high of 10.49% in April, mainly due to a sustained rise in fuel and commodity prices, signalling a build-up of inflationary pressures.
⚫The demand for gem and jewellery is back in major export markets, as the overall shipments surged to Rs 25,226.11 crore yoy in April 2021.
⚫Several co's rush to file DRHP with SEBI.12 co's looking to raise a cumulative Rs 22,230 crore have filed their offer documents so far this month.
⚫Fewer e-way bills have been generated in May so far, with the daily average falling to a one year low, indicating a sharp slowdown in economic activity owing to the intense second wave of Covid-19.This suggests that GST collection for May and June may see a downward trend after touching record levels in April and March.
⚫NHAI on track to award Rs 2.25 trillion projects this fiscal. Construction target for the year roughly translates into 12-13 km a day.
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LTC deadline to submit bills/claims for benefits under the LTC Special Cash package scheme has been further extended to May 31, 2021. The Department of Expenditure, via an Office Memorandum stated that due to the current Covid-19 situation the last date of submission of bills under the LTC Cash scheme has been extended till May 31.
Today (18.5.21) is last date to pay tax for Q4 of 20-21 by GST Composition persons with interest @ 9% pa from 4.5.21. Interest @ 18% pa wef 19.5.21.
Personal bank accounts of promoters cannot be attached under CGST. Case Name : Roshani Sana Jaiswal Vs Commissioner of Central Taxes (Delhi High Court). Appeal Number : WP(C) No. 2348 of 2021. Date of Judgement/Order : 12/05/2021
CBIC has asked field offices to clear all pending refunds of customs and drawback claims by month-end. The Central Board of Indirect Taxes and Customs has issued an instruction to all customs Principal Chief Commissioners that a 'Special Refund and Drawback Disposal Drive' will be conducted with the objective of priority processing and disposal of all pending refund and drawback claims.
Simultaneous investigation by central and state gst authorities for same period is not allowed in the matter of Anurag Suri Versus The Director General of Goods and Services Tax Intelligence and others (w. P. ( c ) no. 158 of 2020).
RBI has shot down suggestions of a fresh suspension of the Insolvency & Bankruptcy Code (IBC) due to the second wave of Covid-19, while making it clear that banks can still restructure distressed but viable loans, ensuring that their balance sheets remain transparent. During initial discussions with the government, RBI has indicated a freeze will not help anyone in the long run as it will only show lower level of NPAs.
PDC ICAI would like to inform that Office of the C&AG is hosting the Provisional Empanelment of the CA firms for the year 2021-2022 along with the provisional points / scores. The draft Panel will be available on the website of the C&AG at www.care.cag.gov.in from 18.05.2021 to 27.05.2021. email at sao2ca5@cag.gov.in latest by 27.05.2021. at 011-23509223/240.
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✅ GST Update:
🌷 Death of Proprietor- the Procedure for Transfer of Business as Going Concern to Successor- in GST
🪴 1. Registration of a New Entity in which business of deceased individual is to be transferred w. e. f. date of succession i.e. date of death of proprietor. If successor is a minor, his legal guardian will be the authorized signatory.
🌱 2. Application by legal heir/ successor with Jurisdictional GST Officer for appointment as authorized signatory and issuance of new login id and password.
🍄 3. The GST Officer will send a temporary user id and password on the email of newly added authorized signatory.
🌴 4. The Authorized signatory shall file all monthly GST Returns applicable till the date of succession and pay applicable taxes.
🍁 5. The authorized signatory shall file Form GST ITC-02, for transfer of ITC lying in the electronic credit ledger, using the registration of deceased proprietor.
🌲 6. The New Entity shall accept the details of Form GST ITC-02 and upon such acceptance the unutilized ITC will be transferred to the Electronic Credit Ledger of New Entity.
🎋 7. The authorized signatory shall file application for cancellation of registration in Form GST REG 16 for cancellation of registration of deceased proprietor after completing all other compliances till date.
🌻 8. After issuance of cancellation order the authorized signatory shall file final return in form GSTR-10.
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