👉🏻RBI revises personal loan limit for Bank Directors to Rs.5 Cr from Rs.25 lakh
(RBI has raised the limit of personal loan amount that can be granted by lenders to directors of other banks and their families at not more than ₹5 Cr from ₹25 lakh.)
https://bit.ly/3zFCcH6
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Goods and Services Tax
New functionality on Annual Aggregate Turnover (AATO) deployed on GST Portal for taxpayers.
👉GSTN has implemented a new functionality on taxpayers’ dashboards with the following features:
👉•The taxpayers can now see the exact Annual Aggregate Turnover (AATO) for the previous FY, instead of just the two slabs of Above or Upto Rs. 5 Cr.
👉•The taxpayers can also see the Aggregate Turnover of the current FY based on the returns filed till date.
👉•The taxpayers have also now been provided with the facility of turnover update in case taxpayers feel that the system calculated turnover displayed on their dashboard varies from the turnover as per their records.
👉•This facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GSTINs
👉•The taxpayer can amend the turnover twice within a period of one month from the date of roll out of this functionality. Thereafter, the figures will be sent for review of the Jurisdictional Tax Officer who then can amend the values furnished by the taxpayer.
👉Note: For details, the taxpayers may check out the ‘Advisory’ section of the aforementioned functionality on their respective dashboards.
https://www.gst.gov.in/newsandupdates/read/492
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⚫Tourism economy fell by nearly 43% and an estimated 14.5 million jobs were lost in the Q1 FY20-21 as the COVID-19 pandemic and resultant lockdown decimated the sector which directly employed 34.8 million people in the country the year before.
⚫The National Pharmaceutical Pricing Authority has fixed ceiling prices of 355 medicines and 882 formulations under the National List of Essential Medicines, 2015.
⚫68.76 crore transactions have been done under PM KISAN scheme till the end of June and less than 1% of them failed due to dormant bank accounts and other factors.
⚫SEBI asks for ultimate beneficial owners' information in Adani firms in 15 days.
⚫The Health Ministry reported a rise in daily new Covid cases in 22 districts across seven states, calling it a “cause for concern”.
⚫Vaccines for children likely by Sept, says govt.
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⚫Investors' wealth has risen by Rs 4.09lakh crore in two days of market rally, taking the market capitalisation of BSE listed Co's to a fresh high of Rs 235.11 lakh crore. The BSE Sensex gained 138.59 points to close at 52,975.80.
⚫Outlook for Cement Co's remains strong, Three top players, UltraTech, Ambuja and ACC post a robust performance in June quarter.
⚫RBI increases loan limit of bank directors to Rs 5 cr from Rs 25 lakh.
⚫Govt should consider import tariff cut on alcohol in phased manner. Duty cut will reduce cost of raw materials, enabling local manufacturing in India. Import duties on raw materials can be brought down to zero to support domestic manufacturing.
⚫The Govt does not have any plans to suspend NEET and other common entrance examinations.
⚫UK health officials issued a warning of an increased risk of catching the Delta variant even if someone has had COVID-19 before and urged caution as further investigations remain ongoing.
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👉Result of the Online Examination of the Certificate Course on Ind AS held on 27th June, 2021. - (22-07-2021)
https://resource.cdn.icai.org/65658indas52980.pdf
👉Loans and Advances – Regulatory Restrictions
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12132&Mode=0
👉Indian Bank declares Lanco Infra, Basundhara Green Power as fraud a/cs with Rs 589 crore exposure
https://economictimes.indiatimes.com/industry/banking/finance/banking/indian-bank-declares-lanco-infra-basundhara-green-power-as-fraud-a/cs-with-rs-589-crore-exposure/articleshow/84678827.cms
👉NCLAT says any further action on Piramal's DHFL Resolution Plan subject to 63 moons plea
https://economictimes.indiatimes.com/industry/banking/finance/nclat-says-any-further-action-on-piramals-dhfl-resolution-plan-subject-to-63-moons-plea/articleshow/84675331.cms
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⚫The Indian pharma industry is expected to grow almost by 3times to about 130 billion US dollars by 2030.The Govt's encouragement of reforms in the policy to incentivize the industry and thrust being given to innovation, among others, augur well for the industry.
⚫IndusInd Bank plans to raise up to Rs 30,000 crore through debt and equity to support business growth and also meet regulatory norms for capital.
⚫The CBDT claimed to have detected "fictitious transactions" of Rs 2,200 crore after the I-tax Dept carried out multi-city raids against the Dainik Bhaskar media group early this week.
⚫Indian Railways delivered 200 metric tonnes of liquid medical oxygen to Bangladesh in 10 containers via the Oxygen Express for the first time ever under 'Neighbourhood first' policy.
⚫The Delhi Metro and public buses in the city will operate at full seating capacity while cinema halls, theatres and multiplexes will open with 50% occupancy.
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⚫FPI's offloaded Indian equities to the tune of over Rs 5,689 crore in July so far as they continued to adopt a cautious stance in view of various domestic and global factors.
⚫CII called for relaunch of the Pradhan Mantri Awas Yojana with mandatory life insurance for all borrowers to ensure that the intent of providing 'Housing for All' does not take a hit due to death or disability of the primary borrower.
⚫PM has set the target of providing pure drinking water to every household in the country before the completion of 75 years of Independence.
⚫The finance ministry has recommended extending the tenure of 3 MDs and CEOs and 11 EDs of PSB's, for up to two years or until the age of retirement, whichever is earlier, as it looks to ensure stability and continuity at state owned lenders amid the pandemic.
⚫The Ramappa temple at Palampet in Telangana has been conferred the tag of UNESCO World Heritage site.
⚫The death toll in flood ravaged Maharashtra shot up to 149 while another 64 are still missing. In what is billed as the biggest flood rescue operations in the state in decades, over 2.29 lakh people have been evacuated to safer areas after their homes were submerged in flood waters, in some places up to 20 feet high.
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👉🏻Delhi-based businessman arrested for passing on fake input tax credit of Rs.128 Cr
(The accused had set up six firms with an intention of passing on the fake ITC to multiple beneficiaries. The GST officials also conducted searches at the business premises and residential places of the accused in Delhi and Himachal Pradesh)
👇🏻 👇🏻 👇🏻
https://bit.ly/3BGvlyL
👉🏻CBIC abolishes licence renewal requirement for customs brokers, authorised carriers
(CBIC has done away with the requirement of periodic renewals of licence or registration issued to customs brokers and authorised carriers, a move which would reduce compliance burden for trade)
👇🏻 👇🏻 👇🏻
https://bit.ly/3i0cBCC
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👉Commencement notification of provisions of Companies (Amendment) Act, 2020 relating to Rectification of name of Company and insertion of Rule 33A in Companies (Incorporation) Rules, 2014 w.e.f. 01st September, 2021 - (24-07-2021)
https://resource.cdn.icai.org/65715clcgc240721a.pdf
👉Important Announcement - (24-07-2021)
https://resource.cdn.icai.org/65717exam240721.pdf
👉Mastercard ban: RBI seeks action plan from banks
https://economictimes.indiatimes.com/industry/banking/finance/banking/mastercard-ban-rbi-seeks-action-plan-from-banks/articleshow/84744882.cms
👉IFC, HDFC ink $250 million partnership to promote affordable green housing finance in India
https://economictimes.indiatimes.com/industry/banking/finance/ifc-hdfc-ink-250-million-partnership-to-promote-affordable-green-housing-finance-in-india/articleshow/84725597.cms
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⚫The country's GDP growth is likely to be 8.8 to 9% in the current FY, driven by agriculture and industry sectors: Care Ratings.
⚫All ministries, depts to review central schemes by July end. The move includes evaluating the budgetary allocation for each scheme & phasing out various elements of schemes that may have become redundant.
⚫The Govt should convert Vodafone Idea’s debt into equity to avoid a duopoly in the telecom sector. This would be the only viable solution in the backdrop of the Supreme Court dismissing the company’s application for recomputation of AGR dues.
⚫The Govt introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs.
⚫Delhi Govt initiates process of revising circle rates of properties.
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🛡️ Filing of Annual returns by composition taxpayers. - Negative Liability in GSTR-4.
Filing of Annual returns by composition taxpayers. - Negative Liability in GSTR-4 Instances have come to notice where taxpayers are reporting negative liability appearing in their GSTR-4.
🌱 Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while GSTR-4 Return is required to be filed on annual basis after end of a financial year.
🫐 Reason of Negative Liability in GSTR4: The liability of the complete year is required to be declared in GSTR-4 under applicable tax rates. Taxpayers should fill up table 6 of GSTR-4 mandatorily. In case, there is no liability, the said table may be filled up with ‘0’ value. If no liability is declared in table 6, it is presumed that no liability is required to be paid, even though, taxpayer may have paid the liability through Form GST CMP-08. In such cases, liability paid through GST CMP-08 becomes excess tax paid and moves to Negative Liability Statement for utilization of same for subsequent tax period’s liability.
🌽 What the taxpayer did wrongly: Liability paid through Form GST CMP-08 is auto-populated in table 5 of the GSTR-4 for convenience of the taxpayers. Taxpayers who do not fill up table 6 of GSTR-4 i.e. no liability is declared, even though, taxpayer may have paid the liability through Form GST CMP-08; since the ‘Tax payable’ in GSTR-4 is computed after reducing the liability declared in GST CMP-08 and then auto-populated in table 5. Thus, if nothing is declared in table 6, then the negative liability entry appears in GSTR-4.
🍓 How to proceed in case of negative liability: If table 6 of GSTR-4 has not been filled due to oversight, a ticket may be raised to nullify the amount available in negative liability statement. If there is no liability to be paid during the year, the liability paid through Form GST CMP-08 shall move to negative liability statement and the same excess amount can be utilised to pay the liability of future tax periods.
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Ministry of Micro,Small & Medium Enterprises
Government includes Retail and Wholesale Trade as MSMES
👉From 2nd July, 2021, the Government has included Retail and Wholesale Trades as MSMEs.
👉The Government, vide notification no. S.O. 2119(E) dated 26.06.2020, had notified composite criteria of classification of MSMEs based on investment in plant and machinery or equipment and turnover of the enterprise. With the introduction of new classification of MSMEs w.e.f. 01.07.2020, a new cost - free system of online Udyam Registration which is based on self –declaration, has replaced the erstwhile filing of Udyog Aadhaar Memorandum.
👉Filing of Udyog Aadhaar Memorandum (UAM)/ Udyam Registration is required for availing benefits of the schemes and programmes of the Ministry of MSME.
👉The Government has launched the Credit Guarantee Scheme (CGS) to strengthen credit delivery system and facilitate the flow of credit to the MSE sector without the hassles of collateral and third party guarantee. Under the scheme, Credit Guarantee is given to the Member Lending Institutions (MLIs) for loans upto Rs. 200 lakh. As per the data received from Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Mumbai, there are 53,86,739 Nos. of guarantee and Rs. 2,72,007.42 crore amount of guarantee approved under Credit Guarantee Scheme since inception.
👉To strengthen the Indian economy and to provide help to upcoming entrepreneurs, recently the Government has taken a number of initiatives under Aatma Nirbhar Bharat Abhiyan to support the MSME sector in the country, especially in Covid-19 pandemic. Some of them are:
1. Rs. 20,000 crore Subordinate Debt for MSMEs.
2. Rs.3 lakh crores Collateral free Automatic Loans for business, including MSMEs.
3. Rs. 50,000 crore equity infusion through MSME Self-Reliant India Fund
4. New Revised criteria of classification of MSMEs.
5. New Registration of MSMEs through ‘Udyam Registration’ for Ease of Doing Business.
6. No global tenders for procurement up to Rs. 200 crores.
👉An Online Portal “Champions” has been launched on 01.06.2020 by Hon’ble Prime Minister. This covers many aspects of e-governance including redressal of grievances and handholding of MSMEs.
👉RBI has also announced several measures to Reduce Financial Stress of MSMEs.
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⚫Benchmark indices snapped their 3day losing run and closed higher as signs of a strong corporate earnings season and expectations that the central banks will stick to a dovish stance, at least in the near-term, lifted demand for risky equities.
⚫The Govt approved a proposal to allow 100% FDI in public sector refiners.
⚫The Govt approved Rs 6,322 crore production linked incentive scheme for speciality steel in a move that is expected to attract an additional investment of about Rs 40,000 crore and capacity addition of 25 million tonnes in the segment.
The scheme will give employment to about 525,000 people of which 68,000 will be direct employment.
⚫Work near home' lifts corporate leasing of co-working spaces by 73% in H1. Co's are looking at managed spaces for the triple benefits of cost savings, lease flexibility and the hybrid/hub-spoke model of working that they offer.
⚫Vodafone Idea gets nod for FDI up to Rs 15,000 crore.
⚫Domestic airlines will report a muted results in Q1FY22 on the back of rising fuel costs and fall in traffic due to the pandemic.
⚫India is taking up with foreign govts the issue of easing travel restrictions for Indians in view of an improvement in the coronavirus situation.
⚫I-Tax dept conducted raids across several states against prominent media group Dainik Bhaskar as well as UP based TV channel Bharat Samachar for alleged tax evasion.
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👉Certificate Course on Public Finance & Government Accounting- 15th Online Batch commencing from 8th August, 2021. - (15-07-2021)
https://resource.cdn.icai.org/65583cpfgm52896.pdf
👉RBI announces Second Open Market Purchase of Government of India Securities under G-sec Acquisition Programme (G-SAP 2.0)
https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51900
👉RBI to conduct 14-day Variable Rate Reverse Repo auction under LAF on July 16, 2021
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51901
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⚫Pension funds will soon be allowed to invest in IPOs. Regulator will come up with comprehensive guidelines on issuer's track record and other aspects within a week.
⚫Institutional investment in real estate is likely to rise by 4% to Rs 36,500 crore during this calendar year with investors looking to snap up properties at attractive valuations amid the pandemic.
⚫PSBs loan write-offs twice as much as govt's capital infusion in 7 years. RBI data shows, loans written-off by the private sector banks were much lower than public sector counterpart.
⚫SEBI came out with a framework for segregation and monitoring of collateral at client level amid instances of misuse of client collateral by trading members. It has put in place a reporting mechanism that will entail disaggregated information segment wise and asset type wise break up of each client collateral.
⚫India's pandemic death toll could be close to 5 mn, shows US study.
⚫Poor monsoon are threatening economic recovery and could make food more expensive in a country where more than half of the population depends on rain for farming.
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✅ CBDT grants further relaxation in electronic filing of Income Tax Forms 15CA/15CB
it had been decided by CBDT that taxpayers could submit Forms 15CA/15CB in manual format to the authorized dealer till 15th August, 2021
✅CBIC vide Circular No. 157/13/2021-GST dated 20-07-2021 issued most debated Clarification regarding extension of time limit under GST Law due to the order of Hon’ble Supreme Court’s dated 27.04.2021.
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👉List of Disqualified Directors(2019-2024) u/s 164(2)(a) r/w section 167 of the Companies Act 2013 | 9 KB
https://www.mca.gov.in/bin/dms/getdocument?mds=QyjD5gDAehu4qQnhoKvi%252Fw%253D%253D&type=open
👉Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) - Adv. Information Technology Test - (20-07-2021)
https://resource.cdn.icai.org/65638exam52962.pdf
👉Financial Inclusion – Past, Present and Future - Inaugural Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - Thursday, July 15, 2021 - Delivered at the Economic Times Financial Inclusion Summit
https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1110
👉Indel Money in talks with PE players to divest 15 percent for Rs 140 crore
https://economictimes.indiatimes.com/industry/banking/finance/banking/indel-money-in-talks-with-pe-players-to-divest-15-percent-for-rs-140-crore/articleshow/84590713.cms
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🎯FAQ: Whether it is permissible for a member to mention himself as “GST Consultant”?
💡Ans: No, in terms of provisions of Clause (7) of Part-I of First Schedule to Act, it is not permissible for a member to mention himself as GST
Consultant.
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⚫The Indian real estate market is estimated to touch USD 1 trillion by 2030 driven by rising demand and reforms like RERA.
⚫Auto loan cos warn of sharp rise in bad debts due to Covid-19 lockdown. The Rs 4 trn auto finance industry was the most impacted and had the asset quality deterioration during the quarter.
⚫More pain in store for markets, amid fear of further lockdowns. The benchmark indices fell for the last three sessions as rising Covid cases brought fresh worries about disruption in economic activities.
⚫Covid crimps budget housing market as consumers cut down on expenses. The share of affordable homes in the overall new launches in the top seven metros fell sharply since the pandemic upended lives in India.
⚫Russia in talks with Kerala Govt for Sputnik V plant.
⚫Three more Rafale fighter jets arrived in India, in a further boost to the strike capability of the IAF.
⚫The total vaccine doses administered in the country has exceeded 41.76 crore.
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SLP dismissed against impugned order of High Court holding that consideration received on settlement of case of property usurped by relatives was taxable as capital gain
Family settlement - Assessee was a Power of Attorney holder to an NRI, namely, LMP. An immovable property owned by LMP along with other co-owners was usurped by her relatives. Pursuant to settlement in a civil suit filed by LMP and other co-owner for same, LMP received certain amount as consideration towards her share in property. A reopening notice under section 148 was issued to assessee on ground that aforesaid amount received by LMP was taxable as capital gains. Assessee contended that impugned reopening was barred by limitation; and, secondly, there was a family settlement in which impugned amount in question was received and same was ineligible to capital gain tax. High court by impugned order held that reassessment notice issued against assessee within 6 years from end of relevant assessment year 1999-2000, was well within period of limitation and merely because dispute regarding immovable property involved some family members and such dispute was ultimately settled by filing consent terms, same could not be styled as a family settlement and on such basis, it could not be held that consideration received as a result of such settlement did not constitute capital gain. SLP against said impugned order was to be dismissed. [In favour of revenue] (Related Assessment year 1999-2000 – [P. P. Mahatme v. ACIT (2021) 279 Taxman 325 : 126 taxmann.com 176 (SC)]
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