⚫PM announced a new target of making India an ‘Energy Independent’ nation in 2047.
⚫Govt intends to power up economic recovery via infra building. Infra investment creates the bulwark against further investment in the economy.
⚫NSE has witnessed over 50 lakh new investor registrations in the current fiscal. Direct retail participation has strengthened significantly during the last few years which has been reflected in a sharp rise in new investors and an increase in individual investors' share in the overall market turnover.
⚫FPI have made a net investment of Rs 2,085 crore so far in August in Indian equities.
⚫Punjab will allow entry to only those people who are either fully vaccinated against the coronavirus or have a medical report saying they are not infected.
⚫The Bombay High Court granted an interim stay to the operation of clauses 9 (1) and 9 (3) of the new Information Technology Rules, 2021, for digital media pertaining to adherence to a Code of Ethics.
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👉Announcement on Chartered Accountants (Amendment) Regulations, 2021 dated July 8, 2021
https://www.icai.org/post/chartered-accountants-amendment-regulations-2021-dated-july8-2021
👉Publication: Handbook on Do's and Don'ts for IPs under The Insolvency and Bankruptcy Code, 2016 by CIBC of ICAI
https://resource.cdn.icai.org/66045cibc53299.pdf
👉On Tap Targeted Long-Term Repo Operations – Extension of Deadline
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=52060
👉Building a More Resilient Financial System in India through Governance Improvements – Speech by Shri Mahesh Kumar Jain, Deputy Governor, Reserve Bank of India – Friday, June 18, 2021 – at the India international Centre, New Delhi
https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1113
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#DGFT #Updates
⚠️ DGFT restricted export of COVID-19 Rapid Antigen Testing Kits with immediate effect.
Download Notification: https://bit.ly/3xOf5IL
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⚫PM spoke with his Israeli counterpart and the two leaders reviewed all areas of bilateral cooperation and agreed on the tremendous potential of the strategic partnership.
⚫Exporters likely to move CCI on cartelisation in shipping industry. The country has seen a 15% fall in the supply of containers in 2021 for various reasons.
⚫High commodity prices hit India Inc's profits margins. The adverse impact of inflation and higher commodity prices is visible in the overall corporate results for Q1FY22.
⚫FM said the Centre had little room to cut excise duty on petrol and diesel because of the cost burden of the oil bonds issued by the previous Govt.
⚫GDP likely to grow 13-23% in first quarter. The IIP was up 45% in the first quarter due to the 134.63% rise in April owing to a low base.
⚫The Govt imposed restrictions on export of COVID-19 rapid antigen testing kits amid several experts warning of a possible third wave of the coronavirus.
⚫US scales back travel warning for India, cites 'moderate level of Covid-19'.
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Faceless assessment scheme of the government will improve efficiency and transparency but few issues regarding the system interface and video conferencing facilities need to be resolved soon, according to a CII survey. Majority of the respondents stated that the scheme will help realize the government’s objective of reducing interface and reducing undesirable practices on the part of tax officials.
The proposed Pradhan Mantri Gati Shakti program of Rs 100 lakh crore promises to converge infrastructure, manufacturing and competitiveness to drive India’s future growth and create employment. His words on manufacturing quality to build pride in Indian products were timely with a renewed thrust on the mission.
Central Board for Indirect Taxes & Customs launched the Indian Customs Compliance Information Portal (CIP) at www.cip.icegate.gov.in/CIP for providing free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items.
GST data analytics exercise was hence undertaken by the Central Board of Indirect Taxes and Customs to identify taxpayers who have made substantial contribution in payment of GST in cash along with timely filing of returns. As a result, 54,439 taxpayers have been identified. More than 88% of these taxpayers are from Micro (36%), Small (41%) and Medium enterprises (11%) representing a wide spectrum sectors involved in the supply of goods & services spread across all States/UTs.
Late payment of employee’s contribution to EPF & ESIC allowable if paid before filing I.T. return. Case Name: Indo States Exports Vs ACIT (ITAT Delhi) Appeal Number : ITA No. 1892/Del/2020 Date of Judgment/Order : 30/06/2021.
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