17th March 2K20
Ø ED makes another Rs 202 cr graft case against Kapoor
Ø RBI assures YES users before end of moratorium
Ø AGR dues: Centre moves SC for approval of formula
Ø Yes Bank: ED summons Anil Ambani on March 19
Ø Lok Sabha passes Appropriation Bill
Ø Zee Group says all loan from Yes Bank fully secured
Ø BMC orders private firms to work only at 50% of their capacity
Ø Govt ramps up capacity of the NCLT Benches to boost decision-making
Ø HDFC to hold 7.97% stake in YES Bank for Rs 1,000 crore capital infusion
Ø People complain about getting low returns on annuity: PFRDA chairman
Ø Coronavirus pandemic could shave off 0.5% of India's GDP: Care survey
Ø Saudi Aramco likely to sustain higher April oil output through May: CEO
Ø Government asks States not to import thermal coal
Ø Exporters seek financial package to offset impact of COVID-19
Ø Stock’s poor outing pushed CCD’s chief into liquidity trap
Ø JSW Steel misses deadline to pay ₹19,700 cr for BPSL buy
Ø Gateway to shell out $100 m for stake in TVS Supply Chain
Ø ONGC declares ₹5 interim dividend, govt to get ₹3,950 crore
Ø Moody's upgrades Yes Bank ratings; outlook changed to positive
Ø Indiabulls Housing Finance moves Bombay HC against RBI, Yes Bank
Ø Demand collapse pins oil below $30 amid deepening global rout
Ø Government to borrow Rs 51,000 crore more in March
Ø China’s factory output shrinks first time in three decades; India gets window to push supply
Ø 6 lakh MSMEs restructured, coronavirus offers opportunity to Indian industries: Nitin Gadkari
Ø Commerce Ministry holds meeting of stakeholders on new foreign trade policy
Ø Airlines will soon go bankrupt over coronavirus: CAPA
Ø RBI to provide liquidity to Yes Bank, if needed
Ø Vodafone Idea pays Rs 3,354 cr to govt in AGR dues
Ø Multiplex operator shares dropped, PVR, INOX leisure plunge up to 19 pc
Ø Yes Bank to be excluded from Nifty 50, Nifty bank from Mar 19
Ø Recession risk calls for joint response: UN Chief
Ø Construction, Transport to be worst-affected by virus
Ø Coal Imports catch the Virus, Decline 14%
Ø Coronavirus pandemic puts US Fed on rapid route to zero
Ø Global economic coordination not happening in virus crisis
Ø SEBI considers Short Selling Ban, Trading Curbs to reduce market volatility
Ø Positive rural sentiment pushes tractor retail sales up by 13.52%
Ø Audit space cannot have 'one-size fits all' approach: Corp Affairs Secy
Ø Excise duty hike on Petrol, Diesel to add Rs 43,000 Crore to govt revenue
Ø Airtel, Voda Idea must disclose workings used to arrive at AGR Dues: Report
Ø Customs duty on e-transmissions: India, South Africa make new submission at WTO
Ø IndianOil is now sourcing LPG for North East from Bangladesh to save Transportation Cost
Ø Tata Steel’s committee of directors approves raising ₹670 Crore via NCDs
Ø Nordic Fund Manager fears a Global Credit crunch due to coronavirus
Ø 'Company, Promoters dont have any Outstanding Term Loan from Yes Bank' - Indiabulls Housing Finance
Ø US to start buying oil for emergency reserve within two weeks
Ø DHFL lenders may square off loans against deposits
Ø Gold imports dip 8.86 per cent to $27 Billion during April-February 2020
Ø Coronavirus scare: NCLAT adjourns all hearings in March as precautionary steps
Ø DoT units seeking bulk call Data record in routine, Telcos raise concern
Ø Yes Bank says NPA troubles to continue in FY21
Ø Oil Giant Saudi Aramco sees 2019 Profits drop 20% to $88.2B
Ø IDFC First to invest Rs 250 Crore in Yes Bank
Ø Apple to close All Stores Worldwide outside of China
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▶️ 20-03-2020 – GSTR-3B for the m/o Feb 2020 for taxpayers having an aggregate turnover of more than Rs. 5 Crores in the previous financial year. Pay due Tax till this date.
In case of Turnover is up to Rs. 5 Crore, State wise due dates as below:-
✅22.03.2020 – Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep
✅24.03.2020 Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Orissa or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi
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👉🏻Canada to welcome One Million immigrants over next 3 years
(Canada aims to welcome over 10 lakh immigrants over the next three years, up to 2022. This spells good news for skilled Indians)
👇🏻 👇🏻 👇🏻
https://bit.ly/39Xz6lc
👉🏻RBI unveils Rs 1 Lakh Cr liquidity infusion to fight virus effect
(RBI announced a Rs 1-lakh-crore liquidity infusion for banks through a long-term repo operation (LTRO) at the central bank’s policy rate of 5.15%)
👇🏻 👇🏻 👇🏻
http://bit.ly/3aZvOxU
👉🏻Draft Guidance Note on the Companies (Auditor’s Report) Order, 2020 - ICAI
(Draft Guidance Note on the Companies (Auditor’s Report) Order, 2020 issued by the Auditing and Assurance Standards Board)
👇🏻 👇🏻 👇🏻
http://bit.ly/38UDMXF
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👉 GST & Indirect Taxes Committee is organising Workshops/Conferences/Programmes on GST.
https://www.icai.org/new_post.html?post_id=13516
👉 DAAB of ICAI organizing 2 days Workshop on IT Security in a CA’s office & Advanced Excel on 24th & 25th March, 2020 at UNA, Himachal Pradesh.
https://resource.cdn.icai.org/58639daab47765.pdf
👉 RBI Announces USD/INR Sell Buy Swap
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49525
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Central Board of Direct Taxes has directed its officers to be prepared with tax calculations for taxpayers to ensure speedy execution of Vivad se Vishwas scheme, given the tight deadline of March 31. Tax officials are ready with necessary rules and forms under the Vivad Se Vishwas Scheme to settle direct tax disputes, and will issue them soon after the law gets presidential assent.
GST Council has decided to hike the levy on mobile handsets and hand-made matches, while lowering it on Aircraft Maintenance, Repair & Overhaul (MRO) services. Total collection from GST Compensation Cess stood at over Rs. 78,000 crore, while the total compensation payout is more than Rs. 1.20 lakh crore during the current fiscal year.
Ministry of Corporate Affairs has sought increased involvement of the board of directors of companies in the monitoring of corporate social responsibility projects through proposed amendments in the CSR Rules.
National Company Law Appellate Tribunal reversed the order of the National Company Law Tribunal, Ahemdabad bench, holding that the order of admission of application filed by Bank of India (BOI) as the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) was time barred.
NCLAT in view of advisory issued by the Central Government considering the Seriousness of pandemic Novel Coronavirus (COVID-19), has directed that all NCLT Benches may take up only such matters which require urgent hearings on request made by the concerned parties and the rest of the matters, from 16.3.2020 to 27.3.2020, shall be adjourned for any future date.
Delhi High Court has held that the Institute of Chartered Accountants of India is under an obligation to provide reasons to a complainant in case it arrives at prima facie conclusion that its member is not guilty of any misconduct. (Trideep Raj vs ICAI). It is further clarified that such reasons need not be elaborate and would not widen the scope of interference of the Courts while exercising powers of judicial review.
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👉 NCLT: All NCLT Benches may take up matters which require urgent hearings on request made by the concerned parties.
To rest of the matters, from 16.3.2020 to 27.3.2020, keep giving adjournments.
The counsel are advised to restrict the presence to the extent required so that we all can contribute our efforts not to allow the spread of this pandemic disease any further.
To take adjournment, parties or counsel presence is not required, do remember avoid coming for this purpose.
It is also suggested that Air conditioners be not used on low temperature as the same is conducive for aggravating the problem.
The National Company Law Appellate Tribunal has also restricted its functioing in view of the pandemic.
👉 The High Court of Jammu and Kashmir has issued instructions for precautionary measures to be undertaken by the High Court as well as the District and Subordinate Courts in Jammu and Kashmir and Ladakh to prevent the spread of the Coronavirus.
The functioning of the High Court has been restricted to urgent matters until March 31, 2020. Further it has been specified that Advocates, litigants and parties-in-person have to mention the details of their matter, showing the urgency before the concerned Registrar Judicial of the High Court through e-mail by 3:00 PM of the previous day. Upon satisfaction about the urgency, the Court may hear such matters.
Apart from that, the following precautions are also to be followed:
• The Bar Associations and the Advocates of the High Courts as well as the District Courts are to ensure that entry of litigants is restricted to cases where the presence is unavoidable;
• Bar Associations should ensure that there is no crowding in the Court complex, including the lawyers' chambers
• Registrar, Judicial and Judicial officers of subordinate Courts should ensure the sanitisation of the court complexes and availability of sanitisers in court premises;
• Thermal screening for visitors should ensured through the Health Department;
• All official functions involving gatherings would be deferred;
• Canteens and Bar rooms should not to remain operational till further orders.
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👉 Liquidity Operations under the Liquidity Adjustment Facility
https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49509
👉 Implementation of Indian Accounting Standards
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11818&Mode=0
👉 Hon’ble Finance Minister, Smt. Nirmala Sitaraman ji &
Hon’ble Minister of Railway & Commerce
CA. Piyush Goyal ji
Will be addressing the live webcast from ICAI, The Direct Tax- VIVAD SE VISHWAS SCHEME 2020 on 16th March, Mon, from 6.30 to 8pm http://epcl.live/icai/16032020/.
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GST Council meeting Update : GST RATES from 1st April 2020) on mobile increased from 12% to 18%. on all types of matches will be 12% from earlier 5% for handmade matches and 18% on other matches. on Maintenance, Repair and Overhaul (MRO) services in respect of aircraft is reduced from 18% to 5%.
GST RETURNS: GSTR-9 and GSTR-9C due date for FY 2018-19 extended from 31st March 2020 to 30th June 2020. Persons with turnover of up to Rs. 5 crore will has option to file GSTR-9C for 2018-19.
GST: Late fees will not be levied for late filing of GSTR-9 and GSTR-9C for 2017-18 and 2018-19 for persons with turnover up to Rs. 2 crore.
GST: New return system and E-Invoice deferred from 1st April 2020 to 1st October 2020. GSTR-1, and GSTR-3B to continue till September 2020
GST: Interest on delayed payment will be on net cash tax liability. This will be applicable retrospectively from 1st July 2017. Where registrations has been cancelled up to 14th March 2020, application for revocation can be filed up to 30th June 2020.
A new facility called “Know your supplier” to be introduced. A person can have basic information about the supplier with whom they conduct business or propose to conduct business.
GST: Apply Online for Letter of Undertaking (LUT) in GST RFD-11 for Exports & Supplies to SEZ without payment of tax in 2020-21.
Thanks for reading
