5th May 2K21
Ø Steel makers hike prices of HRC, CRC by up to Rs 4,500 per tonne
Ø Currency in circulation hits Rs 29 lakh crore on 2nd wave
Ø India, UK unveil 10 year roadmap; announce enhanced trade partnership
Ø Billionaire Gautam Adani’s unit considers scrapping Myanmar deal after coup
Ø Foxconn, Wistron, Dell, 16 other cos apply for investments under PLI scheme for IT hardware
Ø April auto sales show impact of lockdowns: Report
Ø India's recovery to be hit by Covid surge; fiscal metrics to stay weak: S&P
Ø DoT approves telcos' applications for 5G trials; no Chinese tech for trials
Ø S&P, Dow Jones bring bitcoin, ethereum to Wall St with crypto indexes
Ø United States trade deficit hits record $74.4 billion in March
Ø US FDA to authorise Pfizer jabs for 12 to 15-year-old by next week
Ø Saudi Aramco beats first-quarter profit forecast, keeps dividend
Ø Coal India’s offtake increased to 54 million tonnes in April 2021
Ø IOC begins supply of biodiesel made from used cooking oil
Ø ‘Sterlite plant in TN ready to begin oxygen production’
Ø Organic products exports rise over 80 times since 2002-03 to record $1.4 b last fiscal
Ø APSEZ Q4 net zooms 288% to ₹1,321 cr
Ø L&T Technology Services reports 5% fall in Q4 profit at ₹194.5 crore
Ø MCA gives compliance relief to businesses
Ø India Pesticides get Sebi’s nod for Rs800 crore IPO
Ø Wipro to invest £16 million to set up innovation centre in London
Ø RBL Bank reports 34% drop in Q4 net profit as provisions rise
Ø Markets slip 1% as increasing localised lockdowns to hit economic recovery
Ø Axis Bank trims stake in Yes Bank
Ø Covid-19 curbs push unemployment rate to four-month high of 8%
Ø Adani Total Gas net profit rises 8% to Rs 472 crore in FY21
Ø MFIs To Witness Asset Quality Pressures In Near Term: ICRA
Ø Sensex Ends Lower By 465 Pts, RIL Top Loser
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🔰 CBDT issued refunds of over Rs. 15,438 crore to more than 11.73 lakh taxpayers between April 01, 2021 to May 03, 2021
✅ The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs. 15,438 crore to more than 11.73 lakh taxpayers between April 01, 2021 to May 03, 2021.
lRead More at:
http://www.a2ztaxcorp.com/cbdt-issued-refunds-of-over-rs-15438-crore-to-more-than-11-73-lakh-taxpayers-between-april-01-2021-to-may-03-2021/
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🔰 Circular cannot stand in the way of a benefit offered under statutory provisions
✅ The Hon’ble Madras High Court in M/S. Chaizup Beverages LLP v. the Assistant Commissioner & Ors. [W.P. Nos. 10969, 10972 and 10978 of 2020 and WMP. Nos. 13335, 13339 and 13343 of 2020, dated March 26, 2021] set aside orders of Appellate Authority rejecting the refund claim of the assessee, on the ground of claim of excess duty drawback as per Circular No.37/2018-Customs dated October 9, 2018 ( “Circular No. 37/2018- Customs”) and directed the Authorities to refund the sanctioned amount. Held that, circular cannot stand in way of a benefit under a statutory scheme and is contrary to the statutory provisions of Section 54(3) of the Central Goods and Services Tax Act, 2017 ( “CGST Act” ).
The Complete Judgment can be accessed at: http://www.a2ztaxcorp.com/circular-cannot-stand-in-the-way-of-a-benefit-offered-under-statutory-provisions/
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🔰 GSTN issued module wise new functionalities deployed on the GST Portal for taxpayers
✅ The Goods and Services Tax Network (GSTN) has issued module wise new functionalities deployed on the GST Portal for taxpayers.
✅ New Functionalities made available for Taxpayers on GST Portal
(April, 2021).
Read More at: http://www.a2ztaxcorp.com/gstn-issued-module-wise-new-functionalities-deployed-on-the-gst-portal-for-taxpayers-3/
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🔰 Non-resident investor having income only from transfer of specified capital asset exempted from obtaining PAN
✅ The CBDT vide Notification No. 42/2021-Income-Tax dated May 4, 2021, issued the ‘Income-tax (14th Amendment) Rules, 2021’ to further amend Rule 114AAB of the Income-tax Rules, 1962 ( “Income-tax Rules”), that deals with class or classes of person to whom provisions of Section 139A of the Income tax Act, 1961 ( “Income-tax Act” ) i.e., Permanent Account Number( “PAN” ) shall not apply.
The Notification can be accessed at:
http://www.a2ztaxcorp.com/non-resident-investor-having-income-only-from-transfer-of-specified-capital-asset-exempted-from-obtaining-pan/
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❇️ Relaxation of time for filing forms related to creation or modification of charges
On account of the resurgence of Covid-19 pandemic, MCA has allowed relaxation of time and condone the delay in filing forms related to creation/ modification of charges (i.e. Forms CHG-1 and CHG-9) and the period beginning from 01st April, 2021 and ending on 31st May, 2021 shall not be reckoned for the purpose of counting the number of days under sections 77 and 78 of the Companies Act.
💢 Important FAQs:
✅ 1) What is the applicability of the Circular?
The Circular is applicable in respect of filing of Forms CHG-1 and CHG-9 by a company or a charge holder:
👉 a) Where the date of creation/ modification of charge is before 01st April, 2021, but the timeline for filing such form had not expired (i.e. 120 days) as on 01st April, 2021; or.
👉 b) Where the date of creation/ modification of charge falls on any date between 01st April, 2021 to 31st May, 2021 (both dates inclusive).
✅ 2) Whether Form CHG-4 for satisfaction of charge can be filed under the Scheme?
No. ❌
✅ 3) Whether the Form CHG-1 or CHG-9 can be filed if the timeline (i.e. 120 days) for filing such forms had expired prior to 01st April, 2021?
No. ❌
✅ 4) What if Form CHG-1 or CHG-9 has already been filed before the date of Circular (i.e. 03rd May, 2021) by paying additional fees?
The Circular is not available for such forms and no refund can be claimed.
✅ 5) What is the relaxation in timeline and applicable fees under the Circular?
Relaxation of time: The period beginning from 01st April, 2021 and ending on 31st May, 2021 shall not be reckoned for the purpose of counting the number of 120 days. In case, the form is not filed between 01st April, 2021 and 31st May, 2021 the first day after 31st March, 2021 shall be reckoned as 01st June, 2021 for the purpose of counting the number of days within which the form is required to be filed.
🌀 Applicable Fees: If the form is filed on or before 31st May, 2021, the fees payable as on 31st March, 2021 under the Fees Rules for the said form shall be payable. If the form is filed thereafter, the applicable fees shall be payable as per the Fees Rules after adding the number of days beginning from 01st June, 2021 and ending on the date of filing plus the time period lapsed from the date of the creation of charge till 31st March, 2021.
✅ 6) Is the Circular has been implemented on MCA Portal?
The changes required in the MCA-21 System to implement this decision are being made and MCA would inform the stakeholders in this regard in due course through a Notice on MCA portal. Therefore, the stakeholders may plan accordingly.
⛲ Click here to view Circular: http://mca.gov.in/Ministry/pdf/GeneralCircularNo7_03052021.pdf
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⚫PM Modi and British PM unveiled an ambitious 10-year road map to elevate the India UK bilateral relationship to a comprehensive strategic partnership, paving the way for a stronger engagement in areas such as trade and economy, defence and security, and health.
⚫The DoT allowed mobile operators to conduct 5G trials in the country with equipment manufacturers they have tied up with, barring Chinese companies.
⚫Performance linked incentives fail to excite solar manufacturing firms. They could end up getting barely 3-5% of the sale value of their solar cells and modules as incentives through this scheme.
⚫India's e-scooter manufacturers hope to ride out Covid-19 pandemic. They are aiming higher on the back of encouraging initial demand.
⚫With the surge in Covid-19 infections and lockdowns in various states, collections by India's microfinance Institutions may drop sequentially by 8-10% in April.
⚫Key Covid-19 bulk drugs see 180% price increase over four months. However, there is no shortage expected at the retail level anytime soon.
⚫Delhi Police files 113 FIRs of fraud, black marketing of Covid-19 medicines.
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