11 March 2023 Updates

📰Today's News Headlines

√ Corporate Snippets √

📝 Empowered Group formed for Green Hydrogen Mission

📝 CBIC mandates timebound digital records of arrests

📝 Bankrupt FTX Estate to sell Sequoia stake to Abu Dhabi firm for $45 million

📝 China's February credit grows faster than expected, supporting recovery

📝 Passenger vehicle dispatches in fast lane; record best-ever February performance: SIAM

📝 Apple and Foxconn efforts win labour reforms to advance Indian production plans: Report

📝 EV battery company Pointo raises $3 million funding

📝 Embassy Office Parks REIT plans to invest over Rs 300 crore to expand its green power

📝 Airtel's ARPU to rise 3% to Rs 199, post jump in base prepaid rates: CLSA

📝 Fantasy sports platform Fantasy Akhada raises $11 million in funding

📝 Adani group seeks to sell stake in Ambuja Cements for $450 million

📝 India, US sign pact on semiconductor supply chain, innovation partnership

📝 Uber, Ola act on SC directive, apply for aggregator licence in Maharashtra

📝 Moody's lowers Vedanta Resources' rating, flags rising refinancing risks

📝 Boeing, GMR Aero Technic to set up India's first freighter conversion line

📝 Ashok Leyland unveils all-women production line at Tamil Nadu plant

📝 Max Estates to invest Rs 3,400 cr to develop 4 projects in Noida, Gurugram

📝 PowerMin expects 20 million tonnes domestic coal shortfall in April-June

📝 NITI Aayog proposes to make 'gaushalas' self-sustaining entities

📝 India's industrial production growth recovers to 5.2% in January

📝 Foreign exchange reserves snap 4-week falling streak, grow by $1.5 bn

📝 ICICI Bank given time till Sept 2024 to pare stake in ICICI Lombard

📝 Bank credit grows 15.5% YoY in Feb 24 fortnight to Rs 134.5 trillion

📝 10,980 entities avail SEBI's scheme to settle alleged manipulation cases

📝 Govt. releases Rs 1.4 trn monthly instalment tax devolution to states

📝 NPS subscriber base rises 23% to 62.4 million in March 4, shows data

📝 BoB seeks bids for divesting 49% stake in credit card arm

📝 Thermax partners with Fortescue Future to foray into green hydrogen market

📝 Meta exploring plans to launch Twitter-like social media platform

📝 Deloitte in India hires 50,000 professionals in last 3 years, doubles workforce

📝 SWIFT to go forward with next phase of CBDC experimentation

📝 Nirmala Sitharaman discusses BIT with Australian trade minister

📝 Global Surfaces sets IPO price band at INR 133-140 per share

📝 Rupee gains 4 paise to close at 82.02 against US dollar

📝 Yellen says bank system remains resilient in wake of SVB failure

📝 CCI to soon crack down on corporate profiteers

📝 WHO to soon declare India trachoma-free: AIIMS

📝 Women hold 36% of senior positions in India's mid-market businesses : Report

📝 FCI sells 5.39 LMT of wheat to 1248 bidders in 23 states in its 5th e-auction

📝 Canada adds 22,000 jobs in Feb, but unemployment holds at 5%

📝 US hiring slows in Feb 2023: 311,000 jobs added as unemployment rises

📝 Net flows into equity schemes jump 25% in February

📝 Jio partners with EESL to provide 1 million smart prepaid meters in Bihar.

📝 India's money laundering rules to apply to crypto trade, says govt notification

📝 Kulkarni family sells 18% stake in Kirloskar Oil for Rs 825 crore via open market

📝 Joe Biden budget aims to cut deficits nearly $3T over 10 years

📝 Baring PE Asia looks to pick up stake in Shriram Housing Finance

📝 Alembic Pharmaceuticals gets USFDA nod for hypertension drug

📝 NCLT allows insolvency plea against Future Enterprises

📝 Jio extends 5G coverage to 27 more cities, now covers 331 cities across India

📝 Supply chain financing startup Mintifi raises $110 million in funding led by Premji Invest

📝 Logistics firm UPS inks pact to train 500 women entrepreneurs

📝 Industry's share of non-food bank credit hits record low of 26.6%

📝 HDFC Bank to launch revamped payments, banking application soon

📝 Sanjeev Gupta takes over assets of father's Simec Group

📝 Indian Oil keen for developing Haldia refinery into petrochemicals complex

📝 Life insurers' new biz premium down 17% in Feb, LIC collections shrink 32%

📝 Adani repays $500 million bridge loan to regain investors' faith

📝 GDP growth may print at about 4% in Q4FY23: India Ratings analyst

📝 SBI raises Rs 3,717 cr via AT-1 bonds at 8.25% with 10-yr call option

📝 Sebi puts restrictions on cos opting share buyback via stock exchange route

📝 US-India airfares shoot up as impact of Russia's war in Ukraine continues

📝 MFI loan recovery likely to improve, say experts

📝 Funding into startups dips by 38% to $598 mn in February

📝 Govt starts process to delist MTNL for merger with BSNL

📝 Govt. plans delegations to push onion exports

📝 IMF welcomes progress made by Sri Lankan authorities 

📝 SEBI asks investors to link PAN with Aadhaar by March 31, 2023

📝 Waterfield Advisors launches wealth advisory platform for women

📝 India, Australia finalise on education qualification recognition mechanism

📝 US job openings fell, layoffs rose in January

📝 Diversey to be acquired by platinum equity’s Solenis in $4.6 Billion deal

📝 NALCO to consider 2nd interim dividend next week, Board fixes record date

📝 China's SHEIN set to raise $2 bln, eyes US IPO later this year, report.

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Reversal of ITC at midnight during search and seizure can’t be voluntary payment of GST dues: Gujarat HC

Read More at: https://www.a2ztaxcorp.com/reversal-of-itc-at-midnight-during-search-and-seizure-cant-be-voluntary-payment-of-gst-dues-gujarat-hc/

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Delay in filing Form 67 does not result in the disallowance of a foreign tax credit. [Purushothama Reddy Vankireddy v. ADIT (International Taxation) [2023] 147 taxmann.com 398 (ITAT Hyderabad)]

NCLT Jaipur Bench, while adjudicating a petition filed in M/s Packwell (India) Ltd. v M/s Emgee Cables and Communication Ltd., has held that PMLA would cease to have the power to attach the property of the Corporate Debtor, when the order of the Liquidation has already been passed.

Government is mulling over bringing in a formal legal framework relating to crypto assets. Further, criminal investigation by Enforcement Directorate (ED) at a large crypto exchange revealed grave violations of Anti-Money Laundering Regulations.

In order to put in place a mechanism to increase accountability of persons handling crypto transactions and to bring them under the ambit of the Prevention of Money Laundering Act, 2002 (‘PMLA’), the Ministry of Finance (‘MoF’) has issued the relevant notifications. It is now provided that persons carrying out certain activities relating to Virtual Digital Assets (‘VDA’) will be subject to stringent reporting requirements and compliances under the PMLA. This will enable the government / ED to track information relating to VDA transactions and its money trail.

Separately, MoF has modified the Rules relating to maintenance of records under PMLA by amending the definition of Non-profit organization to mean a religious or charitable institution as defined under the Income-tax Act. There are certain other important amendments introduced.

RBI will conduct a 14-day variable rate repo (VRR) auction for Rs 1 trillion on Friday. This is twice the amount injected at the previous VRR auction and will help ease the liquidity situation, which is becoming tight due to year-end requirements. 

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RBI revised the branch audit policy : 

For 2022-23 - ONLY 70% of Fund & Non Fund Credit Exposure to be covered under Audit

Maximum 2 branches to be allotted to each auditor

From Next Year, 2023-24, PSU Banks empowered to Decide Audit Coverage %age.

 Important - RBI Category 4 criteria also changed from Next Year 

Firm having at least 2 exclusive partners (With or Without Bank Audit Exp.) with 3 Years firm Standing will be reckoned as Category 4 Firm

Or, 

Firm with One Exclusive Partner & One CA Employee (With or Without Bank Audit Exp.) but with 6 Years Firm Standing will be considered as Category 4

Or,

Firm with Proprietor Only will be counted as Category 4 only if firm is 6 Years Old AND Proprietor has Minimum 3Years Bank Audit Experience of PSU/PVT Bank

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Industry has suggested that the Vivad se Vishwas scheme announced in the Budget for MSMEs should be made attractive in terms of reimbursements and interest rates. They also demanded a robust grievance redressal system on digital portals and a mechanism to resolve disputes before the initiation of an arbitration process. 

GSTN has launched the e-invoice registration services through multiple private IRPs at the recommendation of the GST Council. Four private companies viz. ClearTax, Cygnet, E&Y and IRIS Business Ltd were empaneled by GSTN for providing these e-invoice registration services.

RBI revised the branch audit policy For 2022-23 - ONLY 70% of Fund & Non Fund Credit Exposure to be covered under Audit Maximum 2 branches to be allotted to each auditor. From Next Year, 2023-24, PSU Banks empowered to Decide Audit Coverage %age.

RBI Category 4 criteria also changed from Next Year: Firm having at least 2 exclusive partners (With or Without Bank Audit Exp.) with 3 Years firm Standing will be reckoned as Category 4 Firm Or, Firm with One Exclusive Partner & One CA Employee (With or Without Bank Audit Exp.) but with *6* Years Firm Standing will be considered as Category 4 Or, Firm with Proprietor Only will be counted as Category 4 only if firm is *6* Years Old *AND* Proprietor has Minimum *3* Years Bank Audit Experience of PSU/PVT Bank. 

India's fiscal deficit for April to January of the current fiscal year came in at ₹11.91 lakh crore or 67.8 percent of revised annual estimates.The Centre made an upward revision in its fiscal deficit target for 2022-23 in the 2023 Budget to ₹17.55 lakh crore from ₹16.61 lakh crore.

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E-way bill generation dipped to 3-month low in February, GST collection may be impacted in March*

✅ E-way bill generation in February dropped to a three-month low of over 8.18 crore.

✅ It was over 8.24 crore and 8.41 crore in January and December.

✅ Technically, data for February are for 28 days while preceding two (January and December) months’ total numbers are for 31 days.

✅ However, during fiscal year 2021-22, number of e-way bill generated in December was 7.16 crore which dropped to 6.88 crore in January but rose to 6.91 crore in February.

✅ E-way bill generation of a month gives an indication about GST collection in next month. This means, lesser number of e-way bills in February may end in lower collection.

✅ However, e-way bill generation is not directly linked to revenue collection.

✅ GST collection, during 12-month period of March 2022 and February 2023, has been ₹1.40-lakh crore or more every month.

✅ In fact, April 2022 saw all time high collection of ₹1.68-lakh crore while second highest collection was ₹1.56-lakh crore plus in January this year.

✅ Now, the government expect over ₹1.50-lakh crore plus in coming months.

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✅ GST Cash Ledger balance transfer between different GSTIN under same PAN is enabled

✅ GSTN has enabled the functionality to file a Letter of Undertaking (LUT) for the Financial Year 2023-2024 on the GST Portal.

✅ICAI have come up with new mediclaim scheme with ICICI Lombard for new as well as Super TOP UP option with extra benefits for CAs, you can refer this

Https://cmpbenefits.icai.org/

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Deadline to link your Permanent Account Number (PAN) and Aadhaar is March 31, 2023. Do note that now there is a penalty applicable for linking PAN with Aadhaar. If you link your PAN with your Aadhaar now, then you are liable to pay a late fee of Rs 1,000 as the last date for linking without penalty was June 30, 2022 which is already past. 

Calcutta High Court allows Assessee’s writ petition, quashes notice under Section 148A(b), issued in the name of non-existing entity; Reprimands the Revenue for non-application of mind and issuing notice on the same non-existing entity despite the fact that notice under Section 148 was quashed by the coordinate bench on earlier occasion on the same ground, imposes personal cost of Rs. 20,000 on concerned officer to be realised from his salary and to be paid to assessee. – [Orbit Projects (P) Ltd. v. ITO. 

Reserve Bank of India governor Shaktikanta Das said payments through UPI (unified payment interface) have grown exponentially in the past 12 months with daily transactions crossing 36 crore, which is up 50 per cent from 24 crore in February 2022.

After gold jewellery, the government plans to make hallmarking of gold bullion mandatory and is ready with the draft guidelines, Bureau of Indian Standard (BIS) Director General Pramod Kumar Tiwari said. Hallmarking -- a quality certification -- has been made mandatory with effect from July 1, 2022 for gold jewellery (14, 18, and 22 carat) and artifacts in 288 districts of the country. 

EXTENSION OF LAST DATE FOR ONLINE EMPANELMENT OF MEMBERS TO ACT AS OBSERVERS FOR MAY/JUNE 2023 EXAMINATIONS UP TO 15TH MARCH 2023.

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👉🏻New Form Annexure V for GTA in GST.

(Option in Annexure V FORM is required to be submitted on the portal by the GTA every year before the commencement of the FY discussed by CA. Satuti Mahajan)

👇🏻 👇🏻 👇🏻

https://youtu.be/xELloDzj2ao

 

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👉🏻GST Registration Turnover Limit for State Wise on Product and Services.

(How to Calculate Aggregate Turnover for GST Registration? discussed by CA. Satuti Mahajan)

👇🏻 👇🏻 👇🏻

https://youtu.be/7CwyHyNVwMQ

👉🏻Practical Guide for Statutory Audit of Bank Branches - An Overview.

(Bank Branch Statutory Audit for the first timers discussed by CA. (IP) Vivek Khurana)

👇🏻 👇🏻 👇🏻

https://youtube.com/live/PciHzrkf10s

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GSTN has introduced a new feature on the GST Portal. This feature enables taxpayers to geocode their principal place of business address, which means that the address is converted into geographic coordinates (latitude and longitude) using a mapping tool.

SEBI imposed restrictions on the placement of bids, price and volume for the companies undertaking share buybacks through the stock exchange route. Under the restrictions, a company will not be able to purchase more than 25% of the average daily trading volume (in value) of its shares in the 10 trading days preceding the day in which such purchases are made. 

Hon’ble Shri G. S. Pannu has been granted six months extension as officiating President of ITAT by Government of India, Ministry of Personnel, Public Grievances & Pensions (communication dated 6th March, 2023). 

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