⚫India received USD 87 billion in remittances in 2021, and the USA was the biggest source, accounting for over 20% of these funds, the World Bank said.
⚫Domestic brokerages remain bullish on market; retail investors key driver. A majority of brokerages believed equities would be the best asset class for the next one year.
⚫Oil prices slumped, driving benchmarks to their lowest closing levels since early October, after OPEC and the International Energy Agency warned of impending oversupply and rising COVID-19 cases in Europe increased the downside risks to demand recovery.
⚫Banks collectively sanctioned loans of Rs 76,012 crore to 1.75 million borrowers during the festival period from Oct 16 to Nov 7 through the nationwide credit outreach programme.
⚫Google launched new Google Maps features that includes Area Busyness and Directories.The company said that users can use new feature that combines live busyness trends to help them instantly spot when a neighbourhood or part of town is near or at its busiest.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether a member in practice can provide equity research service, and publish retail research report?
👉 Ans : A member in practice may be an equity research adviser, but he cannot publish retail report as it would amount to other business or occupation,
which is not permissible in view of the provisions of Clause (11) of Part
I of First schedule to the Act..
🏵️ FAQ*: Whether a member holding Certificate of practice will be deemed to be in practice even if he is not serving any clients?
👉 Ans : Yes, a member is deemed to be in practice, not only when he is actually
engaged in the practice of accountancy, but also when he offers to render accountancy services, whether or not he in fact does so..
🏵️ FAQ Whether a member not in practice can use any other description?
👉 Ans : A member not in practice may use, as per the provisions of Section 7
of the Act, the designation of “chartered accountant”. However, if he
chooses to use the designation of “chartered accountant”, he shall not
use any other description, whether in addition, or in substitution thereof.
However, such a member is not prohibited from adding any other description or letters to his name, if entitled thereto, to indicate membership of such other Institute of accountancy, whether in India or elsewhere, as may be recognised in this behalf by the Council, or any other qualification that he may possess,
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Eggs are agri-produce, transport not to incur GST: AAR
Delhi : The debate over what came first — the chicken or the egg — may never end. However, the Karnataka bench of the GST Authority for Advance Rulings (AAR) may have put an end to the debate on whether or not eggs are an agricultural produce. The AAR was approached by SAS Cargo, which transports consignments across India using leased railway containers. It sought clarity on applicability of goods and services tax (GST) on transportation of eggs. The AAR said, in view of the notification No. 12/2017 dated June 28, 2017, eggs are indeed an agricultural produce. Thus, transportation of eggs will not attract GST.
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⚫The Supreme Court’s recent verdict upholding the jurisdiction of the RERA, in two different matters is expected to help homebuyers escape unnecessary harassment and put pressure on unscrupulous developers to toe the line.
⚫The Economic Advisory Council to the PM sought to suggest that the next Budget should devote increased revenues generated from higher growth towards capital expenditure and human development since Covid had led to a human capital deficit. It also said the clear road map of privatisation and growth orientation of FY22 Budget should be maintained in FY23 as well.
⚫Domestic air traffic rose 27.1% to 8.9 million on a sequential basis, as festive season demand, increased vaccination led to a rise in travel. The Govt increased the capacity cap on operations to 85% from 72.5%.
⚫The excess money lying in the cash ledger for the purpose of paying GST would be able to take it out even after two years of the date of paying tax, a move that would ease the cash flow of the companies. That time bar has been lifted by the Govt.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : Whether public notice published in the newspaper by a Chartered Accountant individually or jointly with an Advocate in respect of acquisition of land by their client is permitted?
👉 Ans :Yes, in terms of the provisions of Paragraph 3.8.1 of Council Guidelines for Advertisement, 2008, appearing in Volume II of the Code of Ethics, the public notice published in the newspaper in respect of acquirement of land by their client is permissible.
🏵️ FAQ: Whether the members in practice can print their photograph on their visiting cards?
👉 Ans :No*, it is not permissible for the members in practice to print their photograph on their visiting cards.
🏵️ FAQ: Whether it is permissible for a member in practice to publish an advertisement in the press for recruiting staff in the member’s own office??
👉 Ans :*Yes*, in terms of the provisions of Paragraph 3.8.1 of Council Guidelines for Advertisement, 2008, appearing in Volume II of the Code of Ethics, it is permissible for a member in practice to publish an advertisement in the press for recruiting staff in the member’s own office provided that only the name and address of the member or that of his firm, with the description Chartered Accountant(s) is mentioned in such advertisement and the advertisement is not displayed more prominently than is usual for such advertisements or the name of the member or that of his firm with the designation Chartered Accountant(s) appears in type not bolder than the substance of the advertisement.
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⚫The Govt is considering changes in the I-tax Act to bring gains made from transactions in cryptocurrencies under the tax net in the Budget next year. It is also looking at imposing GST on the trade in virtual currencies.
⚫Indian pharmaceutical industry said that the target of touching a $130 billion size for the Indian drug industry by 2030 would not be possible without focus on innovation. India is a leading player globally when it comes to generic or copy cat drugs, but has failed to move up in the value chain when it comes to innovative drugs.
⚫Investors turn to hybrid funds on high valuations. In October, hybrid schemes received net inflows in excess of Rs 10,000 crore, taking the total inflows in such schemes in FY22 to Rs 79,431 crore.
⚫Term insurance plan premiums may go up by 20% in Dec-Jan. Price hike could hold good in medium term, but unlikely to impact demand.
⚫With over 600 lives lost and thousands of crores of rupees of economic loss for exchequer, the cost of farm protests has been very high.
⚫Sebi likely to quiz investment bankers on Paytm's listing fiasco. Regulator to also probe the trading pattern on listing day.
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🔮 Ethics of the Day🕵🏻
🏵️ FAQ : What should be the sequence /order of designations, while a member also uses the designation ‘Dr.’ along with ‘CA’??
👉 Ans :The member is free to use the designation ‘Dr.’ along with ‘CA’ in whichever sequence/order he wants to.
🏵️ FAQ: Which designation(s) can be mentioned by a member in practice empanelled as Insolvency Professional on his visiting cards, letter heads and other communication?
👉 Ans :A member in practice empanelled as Insolvency Professional can mention “Insolvency Professional” on his visiting cards, letter heads and other communication, as this is recognized by the Central Government in terms of Clause (7) of Part –I of First Schedule to Act. Mention of any other nomenclatures/designations, including membership of any IPA is not allowed.
🏵️ FAQ: Whether a Chartered Accountant in practice can accept a position as auditor previously held by another Chartered Accountant without first communicating with him in writing?
👉 Ans :No, a Chartered Accountant in practice cannot accept a position as auditor previously held by another Chartered Accountant without first communicating with him in writing. It will be in violation of Clause (8) of Part I of First Schedule to the Act.
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✅ Multipurpose Empanelment Form for 2021-22 extended to 25/11/2021
Due date for submission of MEF for Bank Audit for the Year 2021-22 is extended to 25/11/2021. To file now click at - https://meficai.org/
✅ ICAI Announcement – ISA (AT) for January 2022
Next Information Systems Audit (ISA) Course Assessment Test (Old as well as New Syllabus) will be held on 08/01/2022. Applicant is required to apply on-line at isaat.icaiexam.icai.org from 26/11/2021 to 10/12/2021.
https://resource.cdn.icai.org/67779exam54367.pdf
✅ Income Tax Department conducts searches in Gujrat
As per Press Release dt. 21/11/21, ITD carried out search and seizure operations on 18/11/2021 in the case of a prominent group engaged in manufacturing of chemicals and development of real estate.
https://incometaxindia.gov.in/Lists/Press%20Releases/Attachments/1013/Press-Release-IT-Department-conducts-searches-in-Gujarat-dated-21-11-2021.pdf
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⚫With the net direct tax collection till October closing in on Rs 6 lakh crore and average monthly GST mop-up likely around Rs 1.15 lakh crore this fiscal, Govt's tax collection kitty will surpass budget estimates this FY.
⚫Inflows in the mutual fund industry through SIPs reached close to Rs 67,000 crore in the first seven months of the ongoing fiscal.
⚫Big four professional services firms see big growth post Covid-19. Tech adoption by businesses, rise of unicorns, M&A activity drive gains.
⚫Bankers are seeing better days ahead with expectations of a pickup in credit growth in the next few quarters as corporate India readies to invest.
⚫Bharti Airtel increased prepaid tariff by 20-25% and data top-up plans by 20-21% for telecom subscribers for a range of services effective, saying the decision was for a "financially healthy business model".
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⚫The country's GDP growth is likely to be around 8.1% in the 2nd quarter of the current fiscal year and in the range of 9.3-9.6% during FY22, according to an SBI research report.
⚫The Indian markets posted their sharpest decline in nearly seven months on Monday as a tsunami of factors impacted investor sentiment.Paytm’s listing fiasco, the sharp drop in shares of index heavyweight RIL, and the rollback of farm laws were among the domestic factors that weighed on sentiment. The resurgence of Covid-19 in Europe and fears around US tapering, too, played on investors' minds.
⚫Investors' wealth eroded by a massive Rs 8,21,666.77 crore on Monday as the market saw a massive sell-off not seen in many months.
⚫The affordable housing segment offers investment opportunities of around Rs 45 lakh crore, as 3.5 crore quality homes need to be developed in urban cities for those staying in substandard housing.
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⚫The Govt has listed a bill for the upcoming session of Parliament, starting November 29, seeking to ban all private cryptocurrencies. This is among the 26 pieces of legislation, including the repeal of farm laws.
⚫FM asserted that the Govt is tough on defaulters, particularly fugitives, getting back their assets through legal process and giving it to banks because of which their bad assets have come down.
⚫FM handed over credit sanction letters of Rs 306 crore to beneficiaries in J & K and announced a host of initiatives, including a Rs 200 crore cluster development fund.
⚫Paytm debacle roils market for unlisted shares. Market experts say the Paytm IPO fiasco will lead to investors asking more questions and more importance to metrics such as cash flows and PE ratio.
https://www.facebook.com/groups/802167523225569/?ref=share
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GSTR-1 NIL RETURN FILING PROCESS ON THE GST PORTAL
👉GSTR 1 is a form that is used for outward services and goods. GSTR 1 contains information related to the outward services and goods wherein the taxpayer will have to file a return form with detailed information related to the credit notes, invoices, revised invoices, and credit notes for outward services and goods.
👉 The Importance of Filing a GSTR1 Nil Return
The GSTR-1 serves as the foundation for recipients of supply to claim an input tax credit on their returns. As a result, timely and precise declarations in GSTR-1 are required to avoid future complications with beneficiaries and to ensure that only legitimate input tax credits are claimed.
The due date for filing GSTR 1: The GSTR 1 needs to be filled on the 11th of next month.
👉 A process on how to file GSTR 1 Nil return
• Go to the GST website and log in.
• Select the returns dashboard from the drop-down menu under services.
• From the drop-down menu, choose the month and year of filing.
• Under the GSTR-1 tile, click ‘Prepare Online.’
• Fill in the details
• Click on the GSTR1 summary, at the end of the return
• On the right end corner of the return, click the SUBMIT button
• After the verification, GSTR1 Nil return will be filed
👉 Procedure for tracking the status of a Nil GSTR-1 return that has been filed
After logging on to the GST site, the taxpayer can trace the status of a Nil GSTR-1 return by following the same processes for any taxpayer and using the ARN received by browsing to ‘Services’ > ‘Returns’ > selecting the ‘Track Return Status’ option.
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⚫Wilful defaults Rs 62,000 crore higher than before Covid pandemic. PSB's accounted for 77.4% of the total amount outstanding at Rs 5.3 trillion as of June.
⚫India is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors.
⚫SEBI came out with operating norms for silver ETF a move that will make it convenient for investors to have an exposure to such commodity in a transparent manner.
⚫New Wage Rate Index series released; base year revised to 2016 from 1963-65.
⚫PM will lay the foundation stone of an international airport at Jewar in Gautam Buddha Nagar. It will be UP's fifth international airport and work on it starts weeks before the state announces elections.
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CBDT issues more clarifications on deduction and collection of tax at source under sections 194-O, 194Q & 206C(1H)
Circular 20 of 2021, dated 25-11-2021.
Regards
On Twitter @vedjainca
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