3rd May 2K21
Ø RBI to strengthen risk-based supervision of banks, NBFCs
Ø India Inc's foreign borrowings jump 24 percent to $9.23 billion in March
Ø 462 infrastructure projects show cost overruns worth Rs 4.36 lakh crore
Ø Engineering goods exports jump sharply in April
Ø Blackstone betting big on India-its most profitable market
Ø Lenders brace for deterioration in asset quality metrics
Ø Exports up 197% YoY in April; trade deficit widens to $15.24 billion
Ø Govt extends income tax, GST compliance timelines to ease Covid-19 pain
Ø FPIs turn net sellers after 6 months; withdraw Rs 9,659 crore in April
Ø Franklin Templeton unitholders to get Rs 2,489 cr in next tranche
Ø Tech Mahindra, Reagene to file patent for coronavirus attacking molecule
Ø Budget carrier flydubai posts $194 mn loss due to pandemic
Ø Covid wave to shrink cotton consumption by 8 per cent
Ø Telecom infra operation, maintenance work running smoothly amid curfews: TAIPA
Ø GST mop-up hits record ₹1.41-lakh crore in April
Ø Singareni Collieries shines in April despite Covid disruptions
Ø Ola to take e-scooter to international markets this fiscal
Ø Biden’s $4.5 trillion spending plan faces deficit test
Ø Tesla’s German plant delayed until next year: Report
Ø Warren Buffett defends Berkshire’s moves over pandemic year
Ø Consumer appliances firms scale back production as covid dents demand
Ø India's fuel sales drop in April on Covid wave
Ø Covid-19:Railways deploys nearly 4,000 isolation coaches with almost 64,000 beds
Ø Govt appoints Rabi Sankar as next RBI deputy governor
Ø Govt waives late fee for delayed filing of March, April GSTR-3B, tax payment
Ø FHRAI Requests Govt For Special Credit Guarantee Window Under ECLGS For Hospitality Sector
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🔰 CBIC provides relief by lowering the interest rate for the tax periods March, 2021 to April, 2021
✅ The CBIC vide Notification No. 08/2021- Central Tax dated May 01, 2021 amended Notification No. 13/2017- Central Tax dated June 28, 2017 to provides relief by lowering of the interest rate for a prescribed time for tax periods from periods March, 2021 to April, 2021 for the class of registered person.
The Notifications can be accessed: http://www.a2ztaxcorp.com/cbic-provides-relief-by-lowering-the-interest-rate-for-the-tax-periods-march-2021-to-april-2021-in-form-gstr-3b/
🔰 Extended the due date for filing Form GSTR-4 for the F.Y 2020-21 to May 31, 2021
✅ The CBIC vide Notification No. 10/2021- Central Tax dated May 01, 2021 extended the due date for filing of Form GSTR-4 i.e. Annual Return for the FY 2020-21.
The Notification can be accessed at: http://www.a2ztaxcorp.com/extended-the-due-date-for-filing-form-gstr-4-for-the-f-y-2020-21-to-may-31-2021/
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🔰 IGST on import of Oxygen Concentrators for personal use reduced from 28% to 12%
✅ The CBIC vide Notification No. 30/2021- Customs dated May 01, 2021 reduced the IGST rate on Oxygen Concentrator imported in India for personal use falling under Heading 9804 of the First Schedule to the Customs Tariff Act, 1975 from 28% to 12% to bring IGST rate on such personal imports at par with commercial imports of the same.
The Notification can be accessed at: http://www.a2ztaxcorp.com/igst-on-import-of-oxygen-concentrators-for-personal-use-reduced-from-28-to-12/
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Due date for ITC-04 extended to May 31, 2021 for the quarter January to March, 2021
✅ The CBIC vide Notification No. 11/2021- Central Tax dated May 01, 2021 extended the time period for furnishing declaration in Form ITC-04.
The Notification can be accessed at: http://www.a2ztaxcorp.com/due-date-for-itc-04-extended-to-may-31-2021-for-the-quarter-january-to-march-2021/
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🔰 Extended due date for furnishing Form GSTR-1 for April, 2021 to May 26, 2021
✅ The CBIC vide Notification No. 12/2021- Central Tax dated May 01, 2021 inserted proviso in Notification No. 83/2020- Central Tax dated November 10, 2020 to extend that time limit for furnishing the details of outward supplies in Form GSTR-1.
The Notification can be accessed at: http://www.a2ztaxcorp.com/extended-due-date-for-furnishing-form-gstr-1-for-april-2021-to-may-26-2021/
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🔰 Relaxation in Rule 36(4) of the CGST Rules and extension for IFF for April ’21 till May 28, 2021
✅ The CBIC vide Notification No. 13/2021- Central Tax dated May 01, 2021 issued Central Goods and Services Tax (Third Amendment) Rules, 2021 to amend Centra Goods and Services Tax Rules, 2017 ( “CGST Rules” ).
The Notification can be accessed at: http://www.a2ztaxcorp.com/relaxation-in-rule-364-of-the-cgst-rules-and-extension-for-iff-for-april-21-till-may-28-2021/
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🔰 Various relaxations in time limits of compliance falling under April 15, 2021 to May 30, 2021 till May 31, 2021
✅ The CBIC vide Notification No. 14/2021- Central Tax dated May 01, 2021 has sought to extend due date of compliance which falls during the period from “April 15, 2021 to May 30, 2021” till May 31, 2021.
The Notification can be accessed at: http://www.a2ztaxcorp.com/various-relaxations-in-time-limits-of-compliance-falling-under-april-15-2021-to-may-30-2021-till-may-31-2021/
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⚫The Supreme Court directed the Centre to formulate within two weeks a national policy on admissions to hospitals in the wake of the second wave of COVID-19 and said no patient shall be denied hospitalisation or essential drugs in any state for lack of local residential proof.
⚫The Govt extended key compliance timelines for income tax and GST and waived late fees to ease the compliance burden during the second wave of Covid-19.
⚫India’s merchandise exports nearly trebled in April to $30.21 billion over the same period year, mainly due to low-base effect, as nationwide lockdown an year ago had temporarily stopped economic activity.
⚫MSMEs need help again but not the way Govt did last time. While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which only RBI can provide
⚫India reported a decline in the number of fresh Covid-19 cases. With 370,059 infections in the last 24 hours.
⚫The UK announced that it will be sending additional 1,000 ventilators from the UK's surplus supply to Indian hospitals as part of its commitment to support India's fight against coronavirus.
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