Ministry of Finance on October 1 notified rules that when adhered to will lead to the government withdrawing tax demands raised using the 2012 retrospective tax law and any tax collected in enforcement of such demand is paid back. But the repayment, going by the timelines drawn in the rules, will take a minimum of 2-3 months. According to the rules.
Wef 1.10.21, Dynamic QR Code Mandatory on B2C Invoices for turnover above 500 cr. Otherwise, Penalty to be levied from 1.12.20.
Gujarat bench of the Authority for Advance Rulings (AAR) recently held that corporate social responsibility (CSR) activities under the Companies (CSR Policy) Rules are excluded from the normal course of business.
Cost Auditor can submit Cost Audit Report of 20-21 to Co by 31 Oct. Co can e-file CRA-4 in 30 days from receiving it. General Circular 15/2021 of 27 Sep.
Reserve Bank of India is likely to signal the start of an unwinding of its accommodative monetary policy, introduced to cushion the economic impact of the pandemic, at a meeting next week, economists at Standard Chartered Bank wrote in a research note
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⚫Moody's Investors Service changed its outlook on India's sovereign ratings to stable from negative. However, it retained the ratings, both on foreign and domestic currencies, at the lowest investment grade. Experts said this would have a beneficial impact on debt allocations by FPIs to Indian papers.
⚫India’s exports to its top trading partners such as the US, EU, nations in West Asia, among others, are expected to rise. Exports data during the first six months of the current fiscal year is emblematic of the fact that external demand has been robust.
⚫Coal crisis for thermal power plants could be good news in the long run. The endemic supply shortage for thermal power plants offers the chance to transition to gas.
⚫Industry has demanded that interest paid on ineligible input tax credit, which was availed but not utilised under the GST regime, be refunded.
⚫Corporate frauds likely to spike in post-Covid set-up, says survey. Over 62% of independent directors indicated that they believe fraud will increase over the next two years.
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⚫Moody's Investors Service raised the rating outlook for 18 Indian corporates and banks, including RIL, TCS, Infosys, ONGC, Petronet LNG Ltd, UltraTech Cement, Oil India, IOC, HPCL, Infosys, SBI and Axis Bank, to 'stable' from 'negative'.
⚫The Union Cabinet approved the setting up of 7 Mega Integrated Textile Region and Apparel parks to position India strongly on the global textiles map.
⚫Govt to amend rules, allow 20% foreign investment in LIC IPO.
⚫The Dept of Telecom has slashed performance and financial bank guarantee requirement of telecom operators by 80%, according to a licence amendment note.
⚫Cumulative vaccine doses administered cross 926 million.
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👉🏻Govt forms committee for recommending names for appointment of Chairperson & full time members in NFRA
(Central Government hereby constitutes a search-cum-selection committee consisting of the following members for recommending names for appointment of chairperson and full time members in the NFRA)
👇🏻 👇🏻 👇🏻
https://bit.ly/3iDHgFU
👉🏻Applications for Empanelment of Forensic Auditors with Indian Bank
(Applications are invited from qualified Audit Firms for Empanelment of forensic auditors in the Indian bank)
👇🏻 👇🏻 👇🏻
https://bit.ly/3agSHyo
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⚫Blackstone acquired VFS Global, the world’s largest visa processing service provider, from Swedish private equity firm EQT Infrastructure in a $1.1-billion deal, pinning hopes on global travel rebound.
⚫The Govt advised extreme caution during the festive season, saying the next three months were crucial in the fight against Covid-19.The ministry cited examples of countries, including Russia and the Netherlands, where a spike in cases was seen after mass gatherings in certain public events.
⚫Asset quality back to pre-Covid levels. The RBI has started normalising its extraordinary injection of liquidity in a calibrated manner.
⚫Bank of Baroda reduced its home loan rate by 25 bps to 6.50%.
⚫Mahindra XUV700 clocked 25,000 bookings in its first 57 minutes on Thursday, M&M, termed it an “unprecedented milestone in the Indian automotive industry.
⚫The UK Govt added India to its vaccine eligible countries list, which would mean vaccinated Indians will no long be required to quarantine on arrival from October 11.
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