13 March 2021 News and Updates

12th March 2K21

 

Ø  Consumer sentiment fails to keep up with rising income: CMIE

Ø  EU regulator approves Johnson & Johnson Covid vaccine

Ø  MFI's gross loan portfolio grows 6.4 pc to Rs 2.27 lakh cr as of Dec 2020: Report

Ø  Banks unions call for two-day strike against proposed privatisation of PSBs

Ø  India likely to block China's Huawei over security fears: Officials

Ø  SBI to conduct e-auctions of 12 bad accounts this month

Ø  Outlook negative for power discoms due to falling revenues: ICRA

Ø  SoftBank-backed Coupang raises $4.6 billion in US IPO

Ø  BSNL may be profitable from 2023-24: Parliament panel report

Ø  Tech firm Icertis' valuation crosses $2.8 bn after $80 mn fundraise

Ø  Tractor sales rise by around 30% in February 2021 to 84,690 units

Ø  E-commerce market is projected to surge 84% to $111 bn by 2024, says FIS

Ø  Cement sales to hit a decade high next fiscal

Ø  Australian High Commissioner, NMDC discuss scope for collaboration

Ø  Solar modules, cells to attract basic customs duty of 40%, 25%

Ø  Tata Motors sees volumes rising 30% in CV segment in FY22

Ø  PFC-REC to extend ₹4,058-crore loan to Bhutan hydro project

Ø  Parikh family sells ZCL Chemicals to Advent for ₹2,000 crore

Ø  US stimulus offers significant boost to global economy: IMF

Ø  Fintech emerges as the fastest growing tech sector: Deloitte

Ø  Rising market interest rates pose 'risk' to economy: ECB's Lagarde

Ø  NMDC declares interim dividend of ₹7.76 per share

Ø  Kalyan Jewellers IPO opens next week as economy recovers

Ø  Global debt crisis unlikely in near-term despite more defaults: S&P

Ø  SJVN wins bid to buy PTC’s wind assets for ₹2,000 cr

Ø  LPG consumption up 7.3 pc despite price rise: Oil companies

Ø  Most economies not to return to pre-pandemic activity levels until 2022: Moody’s

Ø  Apple starts assembly of iPhone 12 in India

Ø  TV prices to go up from April as open-cell panels get costlier in global markets

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Consultation Paper on Proposed International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021

International Financial Services Centres Authority (IFSCA) has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the International Financial Service Centres (IFSCs) in India.

IFSCA, in its endeavour to develop a comprehensive and consistent regulatory framework based on global best practices with a special focus on ease of doing business, proposes to enact an all-encompassing framework to facilitate issuers’ access Global capital. Towards this objective, IFSCA proposes a unified regulatory framework specifying the requirements for (i) issuance and listing of various types of securities and (ii) initial and continuous disclosures.

To ensure that capital markets in IFSCs support the financing of innovative business models especially those in the areas of Environment, Social and Governance (ESG), fin-tech, corporate restructurings, etc., the framework proposed by IFSCA also provides for issuance and listing of securities by Start-ups, Small and Medium Enterprises (SMEs) and Special Purpose Acquisition Company (SPAC). Further, enabling framework has been proposed for issuance and listing of debt securities including those focusing on ESG and Smart-Cities.

The Union Budget for the financial year 2021-22, has detailed setting up of a ‘world-class’ fintech hub at GIFT City in a bid to bolster innovation in the fintech industry. The proposed framework by IFSCA is expected to provide an ecosystem for capital raising and listing by Fintech and other start-up companies.

Globally, Special Purpose Acquisition Companies (SPAC) has become an important structure to raise capital through IPO for acquiring companies or assets. To keep pace with the evolving market environment, IFSCA is proposing a suitable framework for capital raising and listing of SPAC on the recognised stock exchanges in IFSCs.

Considering the important role of Capital markets in bridging the gap between investors and issuers of green bonds, social bonds, sustainable bonds and sustainability linked bonds, IFSCA aims to make IFSC at GIFT City a prominent international centre for sustainable finance. The proposed framework by IFSCA is expected to support the needs for Environment, Social and Governance financing.

The proposed framework shall facilitate issuers from across the jurisdictions to raise capital for variety of needs and list their securities at the international stock exchanges in IFSCs.

The draft IFSCA (Issuance and Listing of Securities) Regulations, 2021 have been uploaded on IFSCA website at https://ifsca.gov.in/PublicConsultation.

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⚫The USA, Japan, India and Australia will work together to secure rare earth metals that are essential to the production of electric car motors & other products. The four nation group, referred to as the "Quad" countries, are due to hold an online summit meeting seen as part of efforts to counter balance China's growing military and economic power.

⚫Number of industrial investment proposals at record low in 2020. The proposed investment in the industrial sector is worth Rs 4.29 trillion, down 36.8% from the Rs 6.79 trillion the previous year 2019.

⚫NITI Aayog submits first list of about 12 PSUs for privatisation. Banks, insurers part of the list as process kicks off.

⚫Investors pumped Rs 491 crore in gold ETF in February as they seem be taking advantage of the lower domestic prices caused due to declining international rates, appreciating rupee and reduction in custom duty.

⚫India adds 22,854 Covid cases in biggest single day spike since Dec 25. In Maharashtra 13,659 fresh cases were reported. Nagpur will be under lockdown for a week beginning March 15. 

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Supreme Court has ruled that payments by Indian end-users or distributors of overseas software can’t be considered taxable as ‘royalty’, under tax-treaties containing the definition on the lines of the OECD Model Convention. The SC has followed the globally-accepted interpretation—payment made by end-users and distributors is akin to payment for sale of goods and is not for grant of license under the Indian Copyright Act. Only where copyright in the software is permitted to be exploited by the payer can the payment take the character of royalty and be subject to tax, per tax-treaties.

Ministry of Corporate Affairs has recently mandate One Person Company (OPC) and Small Company vide notification dated 5th March, 2021 to file its annual return from the financial year 2020-2021 onward in Form No: MGT-7A under Section 92 of the Companies Act, 2013.This action is taken by  MCA for giving clarity and reducing the burden of Small Companies and OPC.

Government is looking at upgrading the QR code for UPI in such a way that it can incorporate the GST component and show the same separately. This will enable the government to come out with fiscal incentives for payments that are made digitally.

GST: From 1st April 2021, it is mandatory to mention in every B2B Tax Invoice/ Bill:  4 digit HSN code if Aggregate Turnover in the preceding Financial Year is Up to rupees five crores and optional for B2C Tax Invoices.

It is mandatory to mention in every B2B and B2C Tax Invoice/ Bill: 6 digit HSN Code if Aggregate Turnover in the preceding Financial Year is more than rupees five crores. Notification No 78/2020. 

Parliament on Wednesday approved a Bill to amend the arbitration law that would ensure all stakeholders get a chance to seek an unconditional stay on enforcement of arbitral awards where an agreement is “induced by fraud or corruption”. The Arbitration and Conciliation (Amendment) Bill, 2021, was passed by voice vote in the Rajya Sabha. The Bill was passed in the Lok Sabha on February 12. It will replace an Ordinance issued on November 4, 2020.

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11 March 2021 Updates

⚫India and Bangladesh decided to move forward expeditiously on a feasibility study for comprehensive free trade agreement to further strengthen economic ties between the two countries.

⚫E-invoicing under the GST regime will become mandatory for entities with a turnover of Rs 50 crore and more from April 1 for B2B transactions. The system is aimed at bringing in more transparency in sales reporting, minimising errors and mismatches, automating data entry work, and improving compliance. It will help prevent tax evasion once it is made mandatory for small and medium firms in phases.

⚫The Cabinet Committee of Economic Affairs gave 'in-principle' approval for 100% disinvestment of the Govt's stake in Rashtriya Ispat Nigam Ltd along with its subsidiaries/ joint ventures through strategic disinvestment by way of privatisation. This will lead to infusion of capital for optimum utilisation, expansion of capacity, infusion of technology and better management practices.

⚫Price of domestic cooking gas, LPG has doubled to Rs 819 per cylinder in the last seven years while the increase in taxes on petrol and diesel has swelled collections by over 459%.

⚫The cumulative number of COVID-19 vaccine doses administered in the country has crossed 2.26 crore .

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👉🏻GST not mandatory for MSME Udyam registration, PAN card can be used

(The matter has been examined and the Ministry of MSME notified on March 5 to align the mandatory requirement for filing Udyam Registration with those for filing GST Returns)

👇🏻 👇🏻 👇🏻

http://bit.ly/2O64hoT

👉🏻SEBI tweaks framework on Unique Client Code, PAN

(SEBI rationalised the compliance requirement of collecting and maintaining copies of PAN of clients by members of the exchanges having commodity derivatives segment and enhanced the use of e-PAN)

👇🏻 👇🏻 👇🏻

http://bit.ly/3ctweiD

👉🏻GST e-Invoicing mandatory if turnover exceeds Rs 50 Cr.

(Now taxpayers having turnover exceeding Rs 50 Crore will have to generate e Invoices effective April 1, 2021)

👇🏻 👇🏻 👇🏻

http://bit.ly/3buJwfg

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Advance Tax 4th installment of Advance Tax is due on 15th of March for AY 2021-22.  arrange to pay your advance tax earlier.

GST E-invoice shall be implemented for taxpayers having Aggregate Turnover above 50 crores and above (during any of the last 4 previous years) from 1st April 2021 Vide NN 5/2021 dated 8th March 2021. 

Central Board of Indirect Taxes and Customs (CBIC) has come out with guidelines for provisional attachment of property under GST Act which tasks the Commissioner to exercise due diligence and carefully examine all the facts of the case, including the nature of offence and amount of revenue involved, and also record on file the basis on which he/she has formed such an opinion to attach property of the taxpayer."It is reiterated that the power of provisional attachment must not be exercised in a routine/mechanical manner .

NCLT Has Jurisdiction To Adjudicate Contractual Disputes Which Arise Solely From Or Which Relate To Corporate Debtor's Insolvency: Supreme Court. 

IEC details need to be confirmed every year to keep it remain active. In the recent Notification No. 28/2015-2020dated 12th February 2021, DGFT make it mandatory for all IEC holders to ensure that the details in its IEC is updated electronically every year, during April – June Period. In case where there are no changes in IEC details same are also needs to be confirmed online.

Sebi has put in place a procedure for change in controlling interest of asset management companies and issued guidelines for new sponsors of mutual funds. This comes after Sebi, in February, relaxed profitability criteria for becoming a mutual fund sponsor with a view to facilitating innovation and expansion in the mutual funds sector. part from procedure for change in control of AMCs (Asset Management Companies), the regulator has come out with additional benchmarks for standardisation of mutual fund schemes. Also, comments from the regulator are required for change in fundamental attribute of a scheme.In a circular, 

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✅ Updation Regarding Selection Of Core Business Activity For Every  Registered Person On GST Portal:

The Goods and Service Tax Network (GSTN) has enabled the new feature to select Core Business Activity enabled on GST Portal. 

♻️ Meaning Of Manufacturer 

A manufacturer is a registered person produces new products from raw materials and components using tools, equipment’s and machines and then sells them to the consumers, wholesalers,distributors, retailers or to the other manufacturers. A manufacturer may sell 

some more brought out items or may provide some ancillary services with his manufactured goods, but he would continue to be classified as manufacturer because it is the Primary Business Activity. 

♻️ Meaning Of Trader

A trader is a registered person who engages in the buying and selling of goods. Traders have been further classified as – Wholesaler or Distributor 

♻️ Meaning Of Retailer

Retailer includes a registered person selling goods through e-commerce operators. 

♻️ Meaning Of Service Provider And Others

A service provider is a registered person who provides service to a recipient of service and is  neither a manufacturer nor a trader. e.g. Banking service, IT service, works-contract service, agents, intermediaries, GTAs etc. 

♻️ Others will include Work Contract and Other Miscellaneous Items. 

If more than one business Activity then In case all activities are applicable to you, kindly select your core business activity then go to MY PROFILE > CORE BUSINESS ACTIVITY STATUS and

include all the category.

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⚫The Organization for Economic Co-operation and Development has raised the projection for India’s economic growth at 12.6% for 2021-22. That would enable India to retain its earlier tag of the fastest growing large economy in the world. 

⚫Investors withdrew 172.2 billion rupees from Indian stock and company debt mutual funds in February as concerns mount about the sustainability of returns. Corporate bonds saw the biggest outflow in about two years after the Govt announced a bigger than expected borrowing plan in its budget.

⚫5G networks in India can be deployed in three months but in limited areas as the optical fibre based infrastructure to support the technology is not ready yet.

⚫The microfinance industry's gross loan portfolio grew 10.1% to Rs 2,32,648 crore as on December 31, 2020.

⚫India recorded the highest single day vaccinations on Monday with a total of 1,696,588 doses administered in the day.

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👉🏻DGGI Gurugram officials arrest 2 men for defrauding exchequer of more than Rs 690 Cr

(Involved in GST fraud by way of issuance of fake GST invoices in excess of Rs 4,800 Cr which defrauded the exchequer of more than Rs 690 Cr)

👇🏻 👇🏻 👇🏻

http://bit.ly/3l29dXH

👉🏻3,82,875 number of Companies struck off in three years up to FY 2020

(Based on non-filing of Financial Statements consecutively for two years or more, “Shell Companies” were identified and after following due process of law as provided under Section 248 of the Act)

👇🏻 👇🏻 👇🏻

http://bit.ly/30zNFbn

👉🏻E-filing of Appeal before CIT (A) - Appeal Filing Procedure

(Electronic filing of Appeal before the Commissioner of Income Tax (Appeals)

👇🏻 👇🏻 👇🏻

https://youtu.be/guCroaSKRy0

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REVISED LFAR

More than 23 new detailed qualitative and quantitative reporting requirements

No More "YES, NO, N/A" IN revised LFAR

Very detailed workings and documentation have to be carried out to prepare Revised LFAR

To much of information to be gathered to report on Revised LFAR 

RBI is expecting Transaction Audit, the word borrowed from IBC forensic 

RBI is expecting ISA audit as a part of statutory branch audit.

RBI is expecting us to comment on system driven NPAs and in a same bank various auditors express different conflicting opionions ????

1) FORENSIC AUDIT Auditors need to go thru account operation transactions in details and comment upon 

2) FORENSIC AUDIT the system and processes of banking supervision on the account operation transactions should be checked and commented upon.

3) ISA AUDIT Verification of data integrity and data related control systems and processes should be carried out and commented upon, with the special thrust on those data inputs which are to be used for MIS at corporate office level and for supervisory reporting purposes.

4) No of accounts verified along with % of accounts verified have to be given in LFAR

5) Auditors have to comment on all those accounts which are quick mortality. i.e. accounts becoming NPA within one year of sanctioning

6) Auditors have to comment on credit rating system and quantitative details

7) Auditors to Provide analysis of the accounts overdue for review/renewal and comment on major shortcomings in monitoring, 

8) Auditors to comment whether Drawing Power is computed properly

9) Auditors to comment on status of stock audits and give quantitative data on status of stock audits

10) Auditors to comment on due diligence reports and give quantitative data on status of Due Diligence reports

11) Auditors to comment on the substantial deterioration in value of security during financial year as per latest valuation report in comparison with earlier valuation report on record

12) Auditors to comment on deficiencies, including in value of securities and inspection thereof or any other adverse features such as frequent/ unauthorized overdrawing beyond limits, inadequate insurance coverage, etc.,

13) Auditor to comment on early warning systems red-flagged accounts 

14) Auditor to Comment on adverse features considered significant in top 5 standard large advances and which need management's attention.

15) Auditor to comment on branch identification and classification of advances into standard / substandard / doubtful / loss assets through the computer system, without manual intervention.

16) Auditor to comment on the system of classifying the account into SMA-0, SMA-1, and SMA-2.

17) auditor to comment on List the accounts (with outstanding in excess of Rs. 10.00 crore) which have either been downgraded or upgraded with regard to their classification as Non-Performing

18) Auditor to comment on system of restructured or rephased accounts during the year and quantitative details of restructured and rephased accounts

19) Auditor to comment on accounts wherein process under IBC is mandated but not initiated by branch and quantitative details of such accounts.

20) Auditor to give Give Age-wise analysis of decrees obtained and pending execution.

21) Auditor to comment on cases concluded the recoveries have been properly appropriated against the principal / interest as per the policy of the bank

22) Auditor to comment on documents verified which are centralised processing system and report on exceptions.

23) Auditor to comment on List of instances where interchangeability between fund based and non-fund-based facilities was allowed subsequent to devolvement of LC / invocation of BG.

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⚫The Union cabinet has approved changes to the Insurance Act for increasing the foreign direct investment limit to 74% from the present 49%. 

⚫Parliament approved a Bill to amend the arbitration law that would ensure all stakeholders get a chance to seek an unconditional stay on enforcement of arbitral awards where an agreement is “induced by fraud or corruption”.

⚫India will levy a 40% customs tax on imports of solar modules from April next year to cut dependence on foreign supplies and boost domestic manufacturing of the equipment.

⚫IDBI Bank is out of prompt corrective action after improving its finances and credit profile. This sets the stage for strategic divestment by the Govt, which holds 45.48% stake.

⚫Irdai to move to a ‘use and file’ system where insurers can market products without first obtaining an approval from the regulator.

⚫Haryana CM clarified that Govt's decision to reserve 75% of jobs in the private sector to locals will apply only for non-technical fields.

⚫Maharashtra on Wednesday recorded 13,659 new coronavirus cases.

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March 11, 2021 Categories: GST Recent News,

 

The government has detected GST fraud of Rs 20,124 crore between November 9, 2020, and January 31, 2021, Finance Minister Nirmala Sitharaman said on Tuesday. A nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently on the strength of fake/bogus invoices is being carried out, she said in a written reply to the Rajya Sabha.

Giving details of detection/recovery from November 9, 2020 (Date of initiation of special drive) to January 31, the minister said 2,692 cases were booked by the officers involving GST/ITC fraud of Rs 20,124.19 crore.

The amount recovered during the period was Rs 857.75 crore and 282 persons were arrested.

In reply to a separate question, Minister of State for Finance Anurag Singh Thakur said the income tax department has detected undisclosed income of Rs 2,223.88 crore between April-December of the current fiscal.

Also, searches were conducted on 250 groups between April-December, 2020, and total assets seized stood at Rs 6,500.78 crore.

“A robust risk profiling mechanism has been put in place to identify and monitor high-risk cases primarily through use of information technology and appropriate action is taken as per the law,” Thakur added.

Source from: https://economictimes.indiatimes.com

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8 March 2021 News and Updates

8th March 2K21

Ø  India Inc's business confidence highest in decade: FICCI Survey

Ø  ArcelorMittal to invest over Rs 50,000 crore in Gujarat: Vijay Rupani

Ø  Sanjay Singal files fresh plea seeking stay on BPSL deal even as JSW starts financing process

Ø  Future Group's Kishore Biyani to launch US-based Terra chips in India

Ø  Cairn wants India to honour its word and pay $1.4 billion, shareholders to seek enforcement

Ø  Govt proposes to hike in LIC's authorised capital to Rs 25,000 cr

Ø  Cairn wants India to pay $1.4 bn, shareholders to seek enforcement

Ø  MFs withdraw Rs 16,306 cr from equities in February on profit booking

Ø  Amalgamation has led to all-round gains for merged entity: Indian Bank MD

Ø  RINL expects Rs 1,000-crore from sale of 22-acre land in Visakhapatnam

Ø  RIL to continue acquisition spree in 2021

Ø  India Inc's overseas direct investment declines 31 per cent to $1.85 bn in Feb

Ø  FDI in computer software, hardware recorded at $24.4 billion during April-December 2020

Ø  Area under paddy, oilseeds up as summer acreage gains 22%

Ø  Ola plans to invest $2 billion in TN two-wheeler factory

Ø  Thomas Cook India sees growth in MICE segment as Covid vaccines roll out

Ø  FPIs turn net sellers in Indian markets, pull out ₹5,156 crore in March so far

Ø  India-Australia trade agreement gathering momentum under Morrison: Report

Ø  Warburg Pincus to invest ₹800 cr for 0.49% stake in Adani Ports

Ø  Britain will iron out technical issues with EU, says PM Johnson

Ø  Parliament to commence second part of Budget Session

Ø  Govt to tread cautiously in allowing nano-zinc and nano-copper crop nutrients

Ø  Copper end-users urge Tamil Nadu govt to work out solution to restart Tuticorin plant

Ø  Chinese cyber-espionage unit on US hacking spree: report

Ø  India top over-performer in frontier technologies

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⚫The 2nd part of the Budget session of Parliament is set to begin from Monday. The main focus of the Govt is to get various demands of grants for the financial year 2021-22 passed along with the Finance Bill which carries various tax proposals. The Govt has listed bills like

Pension Fund Regulatory and Development Authority (Amendment) Bill, National Bank for Financing Infrastructure and Development Bill, Electricity (Amendment) Bill, and Crypto currency and Regulation of Official Digital Currency Bill for passage in the session.

⚫India plans to launch on March 28 an earth observation satellite that will provide it near real time images of its borders and also enable quick monitoring of natural disasters. GISAT-1 is slated to be lofted into space by GSLV-F10 rocket from Sriharikota spaceport.

⚫Govt to increase the authorised capital of LIC of India to Rs 25,000 crore to facilitate its listing slated for the next fiscal.

⚫The CBIC has come out with guidelines for provisional attachment of property under GST Act which tasks the Commissioner to exercise due diligence and carefully examine all the facts of the case, including the nature of offence and amount of revenue involved, and also record on file the basis on which an opinion to attach property of the taxpayer has been formed.

⚫The 14th edition of the IPL starts April 9. 

⚫Maharashtra reports the highest daily new coronavirus cases at 10187, followed by Kerala 2791 and Punjab with 1159.

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👉🏻Supreme Court rejects plea on extending GST Amnesty Scheme

(The Supreme Court declined to issue directives on extending GST amnesty scheme, saying this is “a policy decision exclusively within the domain of the Government")

👇🏻 👇🏻 👇🏻

http://bit.ly/3uPl5AO

👉🏻SEBI puts in place procedure for change in control of AMCs

(SEBI has put in place a procedure for change in controlling interest of asset management companies and issued guidelines for new sponsors of mutual funds)

👇🏻 👇🏻 👇🏻

http://bit.ly/3uYqWEb

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⚫The Indian economy is likely to do better than the projection of an 8% shrinkage in the current fiscal as economic activity gathers pace with mild stiffening of pandemic curve and the rollout of vaccines.

⚫Govt is considering launching a production linked incentive scheme in the chemical sector to boost domestic mfg and exports. PM said PLI scheme would lead to output worth $520 billion in India in the next five years.

⚫Information technology sector remained in the positive terrain throughout the COVID-19 period and its sales increased by 5.2% yoy in the third quarter of 2020-21.

⚫FM said the entire fiscal stimulus announced by the Govt would be funded by borrowings and revenues, and taxpayers will not be charged even a single penny.

⚫The Rajasthan Govt made it mandatory for people coming from Punjab, Haryana, MP & Gujarat to furnish a negative Covid report on arrival in the state.

⚫Maharashtra reported 10,216 new coronavirus cases, the highest number of single day cases in nearly last five months.

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👉🏻DHFL Auditor finds another Fraud of Rs.1424 Cr

(Various such frauds have been unearthed by Transaction Auditor including the recent one in the last month involving fraud of over Rs 6,180 Cr)

👇🏻 👇🏻 👇🏻

http://bit.ly/2O5aeSR

👉🏻SEBI asks mutual funds to cast vote on all company resolutions

(SEBI said mutual funds including their passive investment schemes like index funds and exchange traded funds should cast votes compulsorily on all company resolutions)

👇🏻 👇🏻 👇🏻

http://bit.ly/2MPxIL2

👉🏻Residential Status of Certain individuals for FY 2020 21

(CBDT issues circular on Residential Status of certain individuals for FY 2020-21 as impacted by COVID-19 | Submit Form NR by 31st March 2021)

👇🏻 👇🏻 👇🏻

https://youtu.be/X5Wll3B5sbI

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👉 Companies (Management and Administration) Amendment Rules, 2021Pdf(869 KB)

http://www.mca.gov.in/Ministry/pdf/CompaniesMgmtAdminAmndtRules_05032021.pdf

👉 Companies (Incorporation) Third Amendment Rules, 2021Pdf(42 KB)

http://www.mca.gov.in/Ministry/pdf/CompaniesIncorporation3rdAmndtRules_05032021.pdf

👉 Commencement notification dated 05 March 2021Pdf(23 KB)

http://www.mca.gov.in/Ministry/pdf/CommencementNotification_05032021.pdf

👉 Relaxation in the requirement to undergo 8 months Study Period to appear in November, 2021 Intermediate Examination in respect of students who had opted-out from November 2020 Examinations and opted for January 2021 examination after passing January, 2021 Foundation Examinations. - (05-03-2021)

https://www.icai.org/post/relaxation-in-the-requirement-to-undergo-8-months-study-period

👉 Advanced Integrated Course on Information Technology and Soft Skills (Advanced ICITSS) -Adv. Information Technology Test on 27th March 2021 - (05-03-2021)

https://resource.cdn.icai.org/63259exam-advicitss.pdf

👉 Special Examination for Members of Foreign Accounting Bodies with whom the ICAI had entered into Mutual Recognition Agreement (MRA) / Memorandum of Understanding (MoU) - (05-03-2021)

https://resource.cdn.icai.org/63254icaiexam050321.pdf

👉 Important Announcement - Foundation Exam, June 2021 - (05-03-2021)

https://resource.cdn.icai.org/63253icaiexam-foundation-june2021.pdf

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⚫PM lauded the resolute dedication shown by the Indian armed forces over the past year, in the context of the "challenging situation on the northern border" and while facing pandemic. PM stressed on indigenisation of national security system not just in sourcing weapons but also in the doctrines, procedures & customs.

⚫Average CTC package rose marginally by 4.3% this year as IIM Calcutta recorded 100% placements for its flagship MBA program.

⚫The total number of COVID-19 vaccine doses administered in the country has crossed 2.06 crore.

⚫The Centre has rushed high level public health teams to Maharashtra and Punjab in view of the increase in number of daily COVID-19 cases being reported by these states. The teams are being deployed to assist State Health Depts in coronavirus surveillance, control and containment measures.

⚫A night curfew was imposed in Punjab's four districts, Jalandhar, SBS Nagar, Hoshiarpur and Kapurthala from Saturday to tackle a recent surge in coronavirus cases.

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

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Thanks for reading

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

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Thanks for reading

5 March 2021 News and Updates

5th March 2K21

Ø  ICICI, HDFC, SBI will have to offload Rs 1.2 lakh Cr if RBI caps stake in insurance arms: Report

Ø  Indian merchants almost halt exports to Iran as its rupee reserves fall: Officials

Ø  General Atlantic to sell 18% Stake in KIMS Hospitals

Ø  NBCC signs MoU with RINL to redevelop, monetise 22.19 acre land in Visakhapatnam

Ø  Adar Poonawalla-led Rising Sun Holdings notifies CCI of Magma Fincorp Deal

Ø  India asks OPEC+ to fulfill promise of stable oil prices

Ø  RBI to conduct simultaneous sale-purchase of Govt securities next week

Ø  Asset growth at NBFCs, HFCs to jump in FY22: India Ratings report

Ø  85 Tonnes of gold flowed out of ETFs in February as prices fell: WGC

Ø  Financial stocks cornered over half of $3.56 Billion FPI flows in Feb

Ø  World shares track Wall Street decline as bond yields rebound

Ø  US Unemployment claims tick up to 745,000 as layoffs remain high

Ø  ArcelorMittal Nippon Steel inks ₹50,000-cr pact with Odisha

Ø  Cochin SEZ seeks more time to put house in order after GAIL exit

Ø  First shipment of red rice exports to US flagged off

Ø  EPFO keeps interest rate unchanged at 8.5% for FY21

Ø  Welspun India's board approves raising up to $100 mn

Ø  Wipro to acquire UK-based Capco for $1.45 million

Ø  Franklin Templeton case should be probed by SEBI: AMFI

Ø  Panel to review spectrum allocation plan on 5 March

Ø  ICICI Bank targeting to serve 20 lakh customers of rival banks through app

Ø  Indiabulls Housing Finance raises ₹1091 Cr via foreign currency convertible bonds

Ø  MTAR Technologies IPO subscribed 10.27 times on the second day

Ø  Oil dips near $61 ahead of key OPEC+ meeting on output policy

Ø  Spectrum buys to bolster telcos’ market position; balance sheets can absorb costs: Moody’s

Ø  Jet Airways resolution process: MoCA, DGCA say no deemed approvals for slots

Ø  Chinese hackers targeted India's power grid system through malware: Report

Ø  SBI MF’s international fund to tap top S&P 500 firms

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👉🏻ED launches money-laundering investigation against Franklin Templeton

(The ED has registered an Enforcement Case Information Report (ECIR) against Franklin Templeton based on a First Information Report (FIR) filed at the Chennai Police Economic Offences Wing)

👇🏻 👇🏻 👇🏻

http://bit.ly/3sTt8uR

👉🏻Size of Sign Board for the office of Chartered Accountant

(Size of Sign Board for the office of Chartered Accountant discussed by *CA. Vivek Khurana*)

👇🏻 👇🏻 👇🏻

https://bit.ly/3bc8NL0

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⚫Foreign investments in the equity segment in April-Dec grew 40% to $51.47 billion, from $36.77 billion a year ago. 

⚫The country's non basmati rice exports have increased to Rs 26,058 crore during April-Jan 2020-21 as against Rs 11,543 crore in the same period last fiscal.

⚫Average rural power supply duration increased to18.5 hrs in 2019-20, from 12.5 hrs in 2014-15.

⚫EPF subscribers to get 8.5% interest rate in FY21

⚫Bengaluru was ranked the most liveable among 111 cities in the Govt's 'Ease of Living Index'. It was followed by Pune, Ahmedabad, Chennai and Surat.

⚫I-T officials have raided 28 premises in different locations of Mumbai, Pune, Delhi and Hyderabad belonging to  Bollywood celebrities including Taapsee Pannu, Anurag Kashyap and two leading film production companies.The evidence of huge suppression of income, non-genuine bogus expenditure by the leading film production house has been unearthed. The company officials have not been able to explain the discrepancy of around Rs 300 crore.

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

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4 March 2021 News and Updates

Ø  Adani Ports acquiring Warburg Pincus affiliate’s stake in Gangavaram Port

Ø  India's YoY sugar production till Feb jumps 20%: ISMA

Ø  India regains top slot in Honda’s global two-wheeler sales

Ø  MDL pays dividend of Rs 92.56 cr to Def Min

Ø  Airtel raises USD 750 mn via allotment of unsecured senior fixed rate notes

Ø  Franklin Templeton under ED scanner

Ø  Cabinet nod to pact between India, Fiji for co-operation in agri sector

Ø  Sebi asks bourses, clearing cos to put in place mechanism to prevent fraud

Ø  US private payrolls rise less than expected in February, shows data

Ø  OPEC+ are considering oil output roll over for April: Report

Ø  NCLT upholds Doha Bank plea, Reliance Infratel to get 100% recovery

Ø  No automatic renewal of slots for Jet Air: Ministry

Ø  ICAI finds First Leasing auditors guilty of ‘professional misconduct’

Ø  Renault begins sale of new SUV Kiger; delivers over 1,000 units on Day 1

Ø  Chinese company CRRC begins work on Metro Coach factory in Sri City

Ø  Auto component sector’s demand outlook upbeat for FY22

Ø  Bajaj Electricals, Mahindra Logistics sign ₹1,000 crore project

Ø  Samsung details plans for $17 billion chip facility in US

Ø  Policybazaar.com IPO in 12-15 months; firm gets capital boost from Bay Capital

Ø  Sebi cancels Sahara India Financial Corp's registration as sub-broker

Ø  UK to hike corporation tax to 25% from 19% from 2023, says FM Sunak

Ø  With $4.9 billion inflows so far in 2021, India continues to attract FPIs

Ø  Govt mulls hiking MSP for jute

Ø  BPCL to sell NRL stake to OIL, EIL for Rs 9.9K cr

Ø  Indian economy in +ve zone, grows 0.4%

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⚫PM said, India will invest $82 billion in port projects by 2035, raise the share of clean renewable energy source in the maritime sector, develop waterways, augment seaplane services, boost tourism around lighthouses, and generate 2 million jobs.

⚫The Govt has fixed a target to purchase 42.73 million tonnes of wheat in the coming crop marketing season that will start from April, which is 9.56% more than the actual purchase of the previous year.

⚫The Centre would get Rs 77,815 crore from the two day auction. Reliance Jio has emerged the highest bidder in the 4G telecom spectrum auction.

⚫The Supreme Court has ruled in favour of companies by rejecting the I-tax dept’s stand that the money paid by Indian co's for use of software developed by foreign firms amounts to royalty and is taxable in the country.

⚫The Co-WIN portal, has seen more than 5 million registrations in the last two days, with no technical glitches.

⚫Around 15 million people have received at least one dose of vaccine so far and more than 200,000 doses have been given to citizen beneficiaries those above 60 years and over 45 with comorbidities.

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👉 Announcement regarding Insertion of Rule specifying Companies that are not considered as Listed Companies by CL&CGC ICAI - (02-03-2021)

https://resource.cdn.icai.org/63194clcgc51148.pdf

👉 Announcement regarding planning of extension of few of the provisions of the Companies Act, 2013 to the LLP Act, 2008 by CL&CGC ICAI - (02-03-2021)

https://resource.cdn.icai.org/63195clcgc51149.pdf

👉 41st SAARCFINANCE Governors’ Group Meeting and SAARCFINANCE Governors’ Symposium, March 01-02, 2021

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51210

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Income-tax Penalties (other than exclusions), imposable by Addl. CIT/JCIT & below, shall remain with National Faceless Assessment Centre. CBDT Order of 26.2.21.

Governments decision to do away with the mandatory Goods and Services Tax (GST) annual audit requirement by professionals such as chartered accountants will help over 10 million firms save audit fees worth about RS. 30,000 crore annually, besides reducing compliance burden. 

Securities and Exchange Board of India has proposed sweeping changes to rules governing independent directors, including norms that pertain to their appointment and removal, eligibility criteria and remuneration structure. The regulator plans to introduce the dual-approval system for the appointment and removal of independent directors. 

Establishment of Branch office (BO), Liaison office (LO) or Project office (PO) in India. Establishment of a BO/LO is permitted under General permission route and specific permission (‘Govt.’ approval route) 

Read More: http://femainindia.com/Image/LO%20BO%20PO_19.pdf

RBI remained net buyer of the US dollar in December after it purchased USD 3.991 billion from the spot market, data showed. During the reporting month, the central bank bought USD 10.014 billion and sold USD 6.023 billion in the spot market. 

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⚫Services sector activity grew at its fastest pace in a year, helped by improved domestic demand and more favourable market conditions, even as their exports continued to decline in February. Purchasing Manager Index rose to 55.3 in February from 52.8 in January, owing to a quicker increase in new orders.

⚫Cross-border trade with Bangla, Bhutan, Nepal from next month, Distribution co's have signed long term power purchase agreements for meeting 90-92% of the demand.

⚫The year 2020 recorded venture capital and PE investments worth $41 billion across 831 deals. The surge in deal value was primarily supported by telecom and retail segments with Reliance Jio and Reliance Retail alone receiving $16 billion VC and PE investment.

⚫Franklin Templeton Mutual Fund, which shut its six schemes in April 2020, is facing the heat from the ED & SEBI. The ED has registered a money laundering case against the fund house and eight others, the market regulator has issued a show-cause notice and summons to the company and its key personnel who redeemed their investments days or weeks before the closure announcement.

⚫Maharashtra reported 9,855 new COVID-19 cases on Wednesday.

⚫Germany is extending its coronavirus shutdown by three weeks until March 28, but easing some restrictions to allow nonessential stores and other businesses to reopen in areas with relatively low infection rates.

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✅Income Tax: CBDT relaxes ‘residency rule’ for NRIs, if forced stay in India due to COVID-19 resulted in Double Taxation. Circular no.2 of 2021 dated 3rd March.

✅ ICAI has published twenty new publications on various procedural aspects of GST.

Link to Download.

https://idtc.icai.org/publications.php

✅Greetings from ICAI Exams. Kindly visit observer portal i.e. http://observers.icaiexam.icai.org and apply for acting as observer for CA Exams May 2021 on of before 20/03/2021.

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

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2 March 2021 News and Updates

Ø  RIL ups stake in skyTran Inc to 54.46%

Ø  SBI eyes aircraft leasing business

Ø  Pakistan may resume import of cotton from India: Report

Ø  COVID-19 stress altering consumer behavior in India: IIM Survey

Ø  96 per cent people faced drop in earnings during lockdown: Survey

Ø  Private health insurers offering 80-100% discounts on renewal premia

Ø  IKEA to increase sourcing of toys from India

Ø  Govt examining quality, competitiveness required by toy industry: Official

Ø  India's crude steel output grows 7.6% to 10 MT in January: Worldsteel

Ø  India's coal import declines 12% to 181 mn tonnes in April-January

Ø  Discoms' outstanding dues to power gencos rise 24% to Rs 1.36 trn in Dec

Ø  China's factory activity expands at a slower pace in February: PMI

Ø  Aditya Birla Finance set to raise Rs 5,000 crore through debentures

Ø  Reviving private sector investment more important than FDI: Birla

Ø  Schwing Stetter India guns for double-digit growth in 2021

Ø  Inbrew acquires Molson Coors’ beer business in India

Ø  Hitachi ABB Power Grids posts 54.9% higher profits in Q4

Ø  IndianOil to invest ₹32,946 crore on capacity expansion at Panipat refinery

Ø  India emerging as Covid-19 vaccine manufacturing hub: Harsh Vardhan

Ø  Last date for filing GSTR-9 and GSTR9-C for FY20 extended till 31 March, 2021

Ø  Inflection Point Ventures to invest $20 mn in start-ups in India this year

Ø  IPRs & WTO waivers in the time of COVID-19

Ø  FPIs net buyers for 2nd consecutive month in Feb, invest ₹23,663 crore

Ø  Bringing petroleum products under GST will be good move: Chief economic advisor

Ø  Adani Ports promoters release 3.21 crore pledged shares

Ø  Indian economy in +ve zone, grows 0.4%

Ø  Brazil signs COVID-19 vaccine deal with Bharat Biotech

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The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore of which CGST is ₹ 21,092 crore, SGST is ₹ 27,273 crore, IGST is ₹ 55,253 crore (including ₹ 24,382 crore collected on import of goods) and Cess is ₹ 9,525 crore.. 

Extension to 31.3.21 of last date to file GSTR-9 for turnover above 2 cr & GSTR-9C for turnover above 5 cr for FY 19-20. Notification 4 CT of 28.2.21. 

There is a great necessity of Integration of Income E-filing Portal with GST portal. The step taken by Central Government with respect to linking and integrating E-filing portal with GST portal is one of the most welcoming step towards the growth of tax revenue of Central Government which will ultimately lead to growth of economy,

GST related proposals made in the Union Budget pivot around enhanced enforcement to safeguard the interest of revenue by removing anomalies and plugging the loopholes in the law leading to tax evasion or wrongful availment and/or utilization of ITC. Further, some of the changes aimed at helping businesses by reducing the compliance burden etc.

12th and last series of the government- run sovereign gold bond (SGB) scheme 2020-21 opened for subscription on Monday for a period of five days. The subscription will close on March 5. Each gold bond (equivalent to one gram of gold) is priced at RS. 4,662 under the 12th tranche, according to the Reserve Bank of India (RBI).

ICAI Exams observer portal i.e. http://observers.icaiexam.icai.org and apply for acting as observer for CA Exams May 2021 on of before 20/03/2021.

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⚫The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore. The revenues for the month of February 2021 are 7% higher than the GST revenues in the same month last year.

⚫Rising fuel prices didn’t put the brakes on the recovery in car sales, but industry executives warned that a continued rise in petrol and diesel prices could impact sentiment soon.

⚫On the first day of spectrum auction, the Govt received winning bids worth ₹77,146 crore as against its expectation of ₹45,000 crore.There were only three bidders - Airtel, Vi, and Reliance Jio this year, as against seven bidders during the last spectrum auction in 2016.

⚫Finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices.

⚫The SEBI proposed to overhaul norms pertaining to the appointment, removal and remuneration of independent directors, considered to be the flag bearers of minority shareholders.

⚫PM set the ball rolling for the third phase of vaccination with an early morning jab of Covaxin. Over 2.5 million citizens had registered on the CoWIN portal, of which 2.4 million were citizen beneficiaries and remaining healthcare and frontline workers. 

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👉🏻Rs. 30,000 Cr Approx Loss to Chartered Accountants / Cost Accountants

(The Budget proposes removing the mandatory requirement of getting the accounts audited and the reconciliation statement submitted by specified professionals, such as chartered accountants / cost accountants)

👇🏻 👇🏻 👇🏻

http://bit.ly/3q7vYub

👉🏻Cheque Bounce cases can't be filed or continued against firms facing IBC proceedings - SC

(SC held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of IBC)

👇🏻 👇🏻 👇🏻

http://bit.ly/3q5bXEv

👉🏻GST collection rises 7% to Rs 1.13 lakh crore in February

(GST collection crossed Rs 1 lakh Cr mark for the fifth time in a row in February. GST collection rose 7% year-on-year to Rs 1.13 lakh Cr in the month)

👇🏻 👇🏻 👇🏻

http://bit.ly/3bOwkB2

👉🏻SEBI Proposes New Norms For Independent Director Appointment, Removal, Remuneration

(SEBI proposed to revamp norms pertaining to appointment, removal and remuneration of independent directors (ID)

👇🏻 👇🏻 👇🏻

http://bit.ly/305CeIh

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Now 

Conversion of Sole Proprietorship into a Pvt Ltd

Has been eased by Budget 2021

Benefits:-

- Exemption from Capital Gain u/s 47 of Income Tax Act

- Continuation of Goodwill – The Brand value of the proprietorship firm remains intact and continues to enjoy the previous victories with a better legal recognition.

- Separate legal entity – The Private Limited Company has its distinct identity other than its shareholders and directors.

- Limited Liability – The members of the company have no personal liability to the creditors beyond whatever is their holding in the company.

Imp:- 

Once a new Private Limited Company comes into existence, the sole proprietorship shall be duly terminated.

Any contracts / leases / agreements signed by the proprietor need to be re-signed under the name of the newly incorporated Private Limited Company.

All tax and other registrations need to be surrendered and new registrations should be obtained in the name of the Private Limited Company.

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👉 Advisory on Annual Return (GSTR-9)

https://www.gst.gov.in/newsandupdates/read/454

👉 FAQs on Video Conferencing and Seek Adjournment, Click here 

https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF/VC_and_Seek_adjournment_FAQ.pdf

👉 Call for Research Proposals under "Funding Research and Studies, Workshops and Conference, Etc." under the plan scheme "Corporate Data Management" timeline extension.Pdf(461 KB)

http://www.mca.gov.in/Ministry/pdf/NoticeFundingResearch_26022021.pdf

👉 Report on Currency and Finance (RCF) for the year 2020-21

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51187

👉 Extension of time to make application for authorisation as a pan-India umbrella entity for retail payments

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51188

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⚫India Ratings and Research has upgraded its FY21 credit growth estimates to 6.9% from 1.8%, given the improved economic environment in 2H FY21 and the Govt's focus on higher spending on infrastructure.

⚫PM asked the toy manufacturers to use less plastic and more eco-friendly material, in addition, to focus on innovation. PM said, We have to become Aatmanirbhar in the toy sector and also cater to the global market. He regretted that India's share in the USD 100 billion global toy market is very less, and about 85% of the toys sold in the country are imported.

⚫India and Bangladesh discussed "early completion" of the pending fencing work along the international border they share as they reiterated their commitment to address issues related to terrorism and extremism during the home secretary level talks.

⚫Private hospitals can charge up to Rs 250 for a dose of Covid vaccine in the second phase of India's vaccine program that will target those above the age of 60 and also those above 45 years with comorbidities starting from March 1. 

⚫Maharashtra, Kerala, Punjab, Karnataka, Tamil Nadu, and Gujarat have shown a surge in new cases in the last 24 hours. 16,488 new cases were registered, Maharashtra reported new cases at 8,333, followed by Kerala with 3,671 while Punjab reported 622 new cases.

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Scenario of FY 2021-22 in respect of time barring dates  will be like this...

# Time Barring  of Scrutintly cases related to AY 2018-19 - 30th April 2021

# Time Barring of penalties - 30th June 2021

# Time Barring of Scrutiny cases related to AY 2019-20(Non-CASS)- 30th September 2021

#Time Barring of Scrutiny cases related to AY 2019-20(CASS) & 2020-21(CASS & Through Approval)- 31st March 2022

** Time Barring  date of Reopened cases will be subject to extension of date of issuance of notice u/148 of IT Act, if not extended than these Time Barring date of these cases may also be considered as 31st March 2022.

Plan your work for FY 2021-22 accordingly. 

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⚫The net FPI into the Indian equities in Feb21 was Rs 25,787 crore.The total net FPIs in 2020-21 now stand at Rs 45,260 crore.

⚫The free LPG connection scheme is one structural reform of the Modi Govt that has been internationally acclaimed for ridding indoor household pollution and improving women's health. Now, the Govt plans to give one crore more free LPG connections to the needy over the next two years and make it easier to access cooking gas to achieve near 100% penetration of the clean fuel in the country.

⚫The domestic retail sector will see higher consolidation in the post-Covid world as larger players get even bigger. The rebound in CY21 & CY22, along with India’s strong GDP growth, will be supported further by increasing internet and mobile penetration.

⚫The new series of Sovereign Gold Bonds 2020-21 will be opened for the period March 1-5, 2021. The issue price shall be Rs 4,662/gram.

The Settlement date had been fixed for March 9.

⚫The Govt extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31.

⚫Traders' body said it would launch a nation wide agitation against issues related to the GST and alleged malpractices of foreign e-commerce firms from 5th March.

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Dear All 

The  interim order passed by Delhi High  Court challenging levy of 125% tax on the basis of FAQ no 70 of Circular dated 4th December ,2020 is  petitioner specific. There is no general direction for all such cases. Relief is only for those who have filed writ petition. If any one wants to take benefit of paying 100% then it  has to file writ petition challenging the circular on the basis of which 125% tax has been demanded in form 3 (irrespective of the fact whether it is original form 3 or revised ) and obtain order from High Court.  High court has granted interim relief in both cases where form 3 was revised by the Deptt and also where in original form 3 , 125% tax was demanded considering a search case. 

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🦚 Namaskar!

GST Updates 01.03.2021

Due date for filing GSTR-9 and 9C for FY 2019-20 has been extended to March 31, 2021 Notification 04/2021-CT.

Bringing petroleum products under GST will be good move, says chief economic advisor.

Traders body to launch agitation from Mar 5 against GST, e-commerce issues.

Sunday @Kochi: Office-bearers of the ICAI met FM Nirmala to discuss the implications of the move to dispense with audit under the GST Act.

The FM expressed concern over the level of tax evasion. She said that the opinion of the ICAI will be given due consideration.

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👉🏻CBDT chief Pramod Chandra Mody gets further extension for 3 months

(The Appointments Committee of the Cabinet has approved an extension for a period of three months with effect from March 1, 2021, to May 31, 2021)

👇🏻 👇🏻 👇🏻

http://bit.ly/2MxAW5K

👉🏻Chartered Accountant firms, Hospitals under Taxman’s lens

(Chartered Accountant firms and hospitals are under scrutiny after the revenue department found mismatches between their income tax and indirect tax filings)

👇🏻 👇🏻 👇🏻

http://bit.ly/2MzPylh

👉🏻Tax Changes in Budget 2021 for Common Man

(How Tax Changes in Budget Impact the Common Man? discussed by CA. Satuti Mahajan)

👇🏻 👇🏻 👇🏻

https://bit.ly/3uFgp0k

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CBDT notifies Extension of time barring Assessments to 30th April 2021 and Penalty to 29th June 2021. 

Government has extended the last date for availing of the direct tax Vivaad Se Vishwas dispute resolution scheme to March 31, 2021, from the earlier date of February 28. This is the fifth extension of the scheme. Those willing to settle their tax disputes under the Direct Tax Vivad Se Vishwas Act can file their declarations till March 31 and pay the settled tax amount by April 30, 2021,

Re-appointment of Shri Pramod Chandra Mody as Chairman, Central Board of Direct Taxes extended for further period of three months.

Government has EXTENDED the due date of furnishing Annual Return (GSTR-9) and Reconciliation Statement (GSTR-9C) from 28.02.2021 to 31.03.2021. 

Government has approved 19 applications with committed investment of Rs 4,623.01 crore under the production linked incentive (PLI) scheme for promotion of domestic manufacturing of critical key drug intermediates and active pharmaceutical ingredients (APIs). 

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

27 February 2021 Updates

👉🏻High Court refuses to extend last date for GST Annual Returns

(The Bombay high court on Friday declined to extend the last date for filing annual returns of Goods and Services Tax (GST) for 2019-20)

👇🏻 👇🏻 👇🏻

http://bit.ly/3swlBBJ

👉🏻CBDT further extends deadline for filing declarations under Vivad Se Vishwas scheme

(CBDT extended the deadline for filing declarations and making payment under direct tax dispute resolution scheme Vivad Se Vishwas (VsV) till March 31 and April 30)

👇🏻 👇🏻 👇🏻

http://bit.ly/3sC0f6d

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LEGAL-KNOWLEDGE CAPSULE

✒ Supreme Court held that wife levelling allegations affecting career & reputation of Husband amounts to mental cruelty against him for seeking divorce.

✒ Delhi High Court held that no adverse orders to be passed by district courts if advocates does not appear physically..

✒ Delhi High Court asks DHCBA to arrive at consensus on nature of hearings.

✒ Madras High Court held that the arbitration Court not empowered to embark on fact-finding exercise while deciding application for setting aside Arbitral Award.

✒ Central Government tells Delhi High Court that No fundamental right of same-sex marriage, legal recognition can't be given by court.

✒ NCLAT held that the period for which the orders were reserved by the Adjudicating Authority on the application is justifiably required to be excluded while counting and computing the period of CIRP.

✒ Supreme Court held that Setting up an untenable plea should not in and by itself invite the penal consequences which emanate from the exercise of the contempt jurisdiction.

✒ Delhi Court extends interim protection from arrest granted to Shantanu Muluk in Toolkit case.

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⚫The Govt’s fiscal deficit soared to Rs 12.34 trillion, or 66.8%, of the Revised Budget Estimates at the end of January of the current fiscal year.

⚫The core sector index, which measures output of eight infrastructure industries, rose marginally by 0.1% in January, indicating a wobbly recovery from the pandemic shock.

⚫Gross fixed capital formation, a measure of investment demand, grew 2.6% in the third fiscal quarter. This is a sharp recovery after 6.7% contraction in Q2 & Q1.

⚫Govt extended Vivad Se Vishwas filing date to March 31. Payment date extended to April 30.

⚫The nationwide vaccination drive will be expanded to all citizens above 60 years of age, and those within the age bracket of 45 to 59 years with specified co-morbidities from March 1, 2021. The private sector hospitals will also be involved as vaccination centres to harness their potential to expand the vaccination capacities.

⚫India’s huge capacity to make vaccines is helping the country take on China in the battle to gain political influence across the developing world.

⚫The MCA has signed a MoU with the CBIC for exchanging data such as import/export transactions and financial statements of co's registered in the country.

⚫FM lauded the reform of faceless assessment for direct and indirect taxes, saying that tax terrorism will be a thing of the past. Now technology has been brought in a big way and we hope that no official will call you up and say come and meet me and bring something.

⚫Domestic airlines have seen 10-12% drop in bookings as state Govts have tightened measures to prevent the spread of Covid-19. West Bengal joined Maharashtra and Karnataka on insisting on negative RT-PCR tests for travellers from certain states in a move that has dampened sentiment. Passengers from Maharashtra and Karnataka will have to undergo 7 days' home quarantine in Tamil Nadu under the new rules. The Delhi government too is expected to order RT-PCR tests for passengers from affected states.

⚫The strategic sale of stake in state-run oil refiner BPCL, national carrier Air India and two units of steel producer SAIL are at an advanced stage as the Govt moves ahead with its privatisation push to improve public finances.

The Govt has also fixed a target to monetise assets worth Rs 17,000 crore by selling stakes in oil refiners GAIL, IOCL in the next financial year, as part of its plan to divest stakes.

*Current Affairs*

⚫The Govt announced new IT rules to curb misuse of social media platforms. It mandated firms to appoint grievance officer, and disclose the first originator of the mischievous information and remove it as early as possible but not later than 36hours. The rules also said that content depicting nudity or morphed pictures of women need to be removed within 24 hours.

⚫MoS for Finance informed the Lok Sabha that a total of 72 Indians charged with frauds or financial irregularities are currently abroad and efforts are being made to bring them back to the country.

⚫President's Rule was imposed in Puducherry by the Union Cabinet after a Congress-led Govt lost power in a vote of confidence.

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Ministry of Corporate Affairs

MCA & CBIC sign MoU for exchange of data for enhancing Ease of Doing Business in India and improve overall regulatory enforcement

Posted Date:- Feb 25, 2021

The Ministry of Corporate Affairs (MCA) and Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance, here today signed a Memorandum of Understanding (MOU) for data exchange between the two organisations. The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA, and Shri B. B. Gupta, ADG, CBIC, in the presence of Shri Rajesh Verma, Secretary, MCA and Shri M. Ajit Kumar, Chairman, CBIC.

The MoU is in line with the vision of MCA and CBIC to harness data capabilities to ensure effective enforcement. Both the organisations are going to benefit from access to each other’s databases which include details of import-export transactions and consolidated financial statements of companies registered in the country. The data sharing arrangement gains significance in light of development of MCA21 Version 3 which will utilise state of the art technology for enhancing ease of doing business in India and improve the regulatory enforcement and similar steps by CBIC like the launch of ADVAIT (Advanced Analytics in Indirect Taxation) a 360-degree taxpayer profiling tool. AI/ML, data analytics will play a critical role in achieving this synergy.

The MoU will facilitate the sharing of data and information between MCA and CBIC on an automatic and regular basis. It will enable sharing of specific information such as details of Bill of Entry (Imports), Shipping Bill (Exports) Summary from CBIC and financial statements filed with the Registrar by corporates, returns of allotment of shares. The MoU will ensure that both MCA and CBIC have seamless linkage for regulatory purposes. In addition to regular exchange of data, MCA and CBIC will also exchange with each other, on request, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.

Technology and data will play a critical role going forward in fulfilling the Government’s vision of minimum government, maximum governance and both MCA and CBIC are well placed to fulfill this vision.

The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and CBIC, who are already collaborating through various existing mechanisms. A Data Exchange Steering Group also has been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.

The MoU marks the beginning of a new era of cooperation and synergy between the two organisations.

 

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RM/KMN

Release Id :-1700715

👉🏻L&T fined Rs 30 Cr in alleged Fake GST invoice case

(L&T had to deposit Rs 30 crore with the GST department after it was found to be allegedly involved in a fake invoicing case)

👇🏻 👇🏻 👇🏻

http://bit.ly/2ZP6DL3

👉🏻Ministry of Corporate Affairs and CBIC sign MoU Delhi for data exchange

(Ministry of Corporate Affairs and Central Board of Indirect Taxes and Customs signed a Memorandum of Understanding for data exchange between the two organisations)

👇🏻 👇🏻 👇🏻

http://bit.ly/37P7VKc

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25 February 2021 News and Updates

25th February 2K21

Ø  Cabinet approves PLI scheme for pharma

Ø  Mexico's Grupo Bimbo buys iconic bread brand Modern Foods

Ø  Reliance prices coal gas from Madhya Pradesh at minimum USD 6

Ø  Nirav Modi extradition case to come up on Thursday

Ø  Number of ultra-high networth individuals to rise 63% to 11,198 in 5 years in India: Report

Ø  Power Ministry reduces discom penalties to 5% over SBI lending rate

Ø  Sebi, Finmin seek detailed report from NSE as trading halts due to glitch

Ø  PM Modi says govt committed to selling non-strategic PSUs

Ø  India's foodgrain production to rise 2% in 2020-21: Government

Ø  Indian corporate bond market can double March 2025 : Crisil

Ø  SoftBank-backed Berkshire Grey to go public via $2.7 bn SPAC deal

Ø  Piramal Enterprises sets up new alternative fund management business

Ø  Cabinet approves PLI scheme worth ₹7,350 cr for laptops, tablets, servers

Ø  IOC to set up fuel ethanol, EV battery plants

Ø  ReNew Power inks pact to merge with RMG Acquisition Corp II

Ø  Strides gets USFDA nod for Ibuprofen OTC oral suspension

Ø  NMPT signs 7 MoUs with stakeholders

Ø  NTPC inks pact to buy GAIL's 25.1 per cent stake in RGPPL

Ø  NSE halts trade for 4 hrs due to tech snag, markets rise 2% in extended session

Ø  Govt allows private sector banks to participate in all govt businesses

Ø  Govt to set up national asset monetization pipeline for sale of CPSE assets

Ø  CBDT issues refunds of over 1.95 cr to more than 1.93 cr taxpayers in FY21

Ø  Bidders for PSBs should have deep pockets: RBI

Ø  India’s foodgrain output to rise 2% in 2020-21 to record 303.34 million tonnes: Govt

Ø  Hong Kong to spend $15.4 billion to stabilise coronavirus-ravaged economy

Ø  German economy grew 0.3% in Q4, better than thought

Ø  IT sector continues to see sequential growth in hiring in January: Report

Ø  Govt to bring amendments to two Acts to enable privatisation of PSU banks

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⚫PM said that many countries in the world have joined the International Solar Alliance initiative started by the country. India has placed the idea before the world & embodied it. 

⚫India's GDP may turn positive at 1.3% in the third quarter of 2020-21, having witnessed contraction in the previous two quarters due to the coronavirus, as the number of cases is falling and public spending has started rising.The Govt will release the GDP numbers for the Oct-Dec quarter of the current fiscal on Friday.

⚫Petroleum Minister has urged GST Council to bring petroleum products under GST purview as early as possible.

⚫Govt expect high GST collections in Feb as well,  due to anti evasion measures undertaken.

⚫State OMCs spent Rs 1.96 trillion in excise duty in April-Dec FY21. Excise duty payment by OMCs rises 66% YoY, despite 30% decline in net sales.

⚫The demand for smartphones and rising device costs may push the local smartphone market beyond the record Rs 2-trillion mark in 2021.

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LEGAL-KNOWLEDGE CAPSULE

✒ Supreme Court held that sale of defective car due to dealer's default will not make car manufacturer liable unless knowledge can be proved.

✒ Supreme Court held that giving *extra chance in UPSC exams to a few will have a cascading effect to other examinations.

✒ Supreme Court held* that the *pledge holder is not a financial creditor.

✒ Calcutta High Court held that removal of a blind person from the job solely on the ground of disability violative of the rights undrer PwD Act, 2016.

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⚫PM said, The Govt has vision to support the country's enterprise and business, but the Govt itself running the enterprise or continue to be its owner is something that is not needed in this age. Neither it is possible. He further added that the Govt has no business to be in business and should focus on welfare scheme & developmental projects.

⚫The Centre has lifted the restrictions on the grant of Govt businesses to private banks. All private sector banks now will be allowed to conduct govt-related banking transactions, such as tax and pension payments. FM said that private banks can now be equal partners in the development of the economy, furthering Govt social sector initiatives, and enhancing customer convenience.

⚫The Centre said it has transferred over Rs 1.15 lakh crore directly to bank accounts of more than 10.75 crore farmers under the PM-KISAN scheme and asked states to ensure that all eligible beneficiaries are covered in this flagship programme.

⚫The Cabinet approved the Production Linked Incentive Scheme worth Rs 15,000 crore in pharmaceuticals & about Rs 7,350 crore over four years for information technology hardware products.

⚫IIFL Securities has won the bid to acquire about 1.1 million demat accounts held by Karvy Stock Broking, while Axis Securities has emerged as the successful bidder for trading accounts held by Karvy. 

⚫Delhi recorded 200 fresh COVID-19 cases on Wednesday, the highest number of single-day incidences in February

⚫Delhi Govt is likely to ask travellers from Maharashtra, Kerala and Punjab, to show negative COVID-19 test report before entering the national capital.

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👉🏻Gujarat High Court reprieve for exporters on GST exemptions

(DRI had begun issuing notices to exporters in the last few months, raising questions around benefits claimed under the GST framework for advance authorisation scheme)

👇🏻 👇🏻 👇🏻

http://bit.ly/3qWCWDM

👉🏻Applicability of Dynamic QR Code on B2C invoices & compliance

(CBIC  clarify  in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance)

👇🏻 👇🏻 👇🏻

http://bit.ly/301tB1H

👉🏻GST Latest Updates for Taxpayers

(Opt in Composition Scheme | Payment through GST Challan | Due Dates for GSTR-3B | Furnish LUT | Levy of Handling Fees)

👇🏻 👇🏻 👇🏻

https://bit.ly/3qRpAII

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👉Advisory on Annual Return (GSTR-9)

https://www.gst.gov.in/newsandupdates/read/454

👉Tax saving: How section 80C of the Income-tax Act works

https://economictimes.indiatimes.com/wealth/tax/tax-saving-how-section-80c-of-the-income-tax-act-works/articleshow/81150504.cms

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading

23 February 2021 News and Updates

23rd February 2K21

Ø  L&T wins power transmission, distribution orders worth up to Rs 5,000 cr

Ø  Liberty Steel signs MoU for hydrogen-based steel making in France

Ø  Rising Sun Energy emerges winner in NTPC auction

Ø  State Bank of India joins JPMorgan's blockchain-based payment network

Ø  Tata Motors to tap JLR synergy for SUVs

Ø  RIL announces O2C biz demerger ahead of Aramco deal

Ø  India, Mauritius ink landmark economic cooperation agreement

Ø  Relief for HDFC Bank as SAT stays Sebi directive on Rs 160 cr transfer

Ø  Alphabet-backed Oscar Health eyes as much as $6.7 bn IPO valuation

Ø  Airtel, L&T and TCS to see huge passive inflows as global indices rejig

Ø  DHFL auditor unearths another fraudulent transaction worth Rs 6,182 cr

Ø  SC stays Future Retail-Reliance deal; issues notice to companies

Ø  Four firms in the fray to pick up Blackstone’s stake in Mphasis

Ø  Kinara Capital get $10 mn funding from IndusInd Bank; also 100% guarantee from US Int’l DFC

Ø  Petrol and diesel consumption fall in January as prices shot up

Ø  Snap hits $100-bn market value after doubling in four months

Ø  IPO-bound Zomato raises another $250 million

Ø  Goodyear to buy Cooper Tire for $2.8 billion, nearly doubling China presence

Ø  LVMH's Moet Hennessy buys 50% of Jay-Z’s champagne brand Armand de Brignac

Ø  Input inflation, muted demand drags on earnings growth

Ø  CCI approves stake purchase by Panatone Finvest in Tata Communications Ltd

Ø  China urges US to lift trade restrictions, stop interference

Ø  Pandemic will force 18 million Indians to find a new occupation by 2030: Report

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⚫Launching a slew of projects in the power and urban sectors in Kerala, PM said India is devoting great importance to solar energy to ensure a stronger fight against climate change and also connect the country's farmers with the solar sector.

⚫The agriculture ministry has been permitted to use drones for remote sensing data collection under PM Fasal Bima Yojana.This will allow ministry to use drones for remote sensing data collection in agricultural areas of 100 districts of the country for gram panchayat level yield estimation.

⚫The country's foreign exchange reserves fell by $249 million to $583.697 billion in the week ended February 12.

⚫Traders' bodies were divided on the Bharat bandh call on February 26 against provisions of the GST as a national-level organisation of small businessmen on Friday said it is opposed to the move.

⚫ED intensifies Amazon probe, govt seeks info. This follows report claiming e-commerce giant dodged Indian regulations.

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💡GST Updates 20.02.2021

📌Facility to opt for Composition scheme for FY 21-22 has been enabled at the GST common portal. Last date is 31.03.21.

📌BSE oil & gas index at new 52-wk high; Modi commits to bring gas under GST

https://www.financialexpress.com/market/3-oil-modi-commits-to-bring-gas-under-gst/2197854/.

📌Housing societies, clubs rush to rework GST dues over retro amendment.

https://timesofindia.indiatimes.com/city/mumbai/hsg-societies-clubs-rush-to-rework-gst-dues-over-retro-amendment/articleshow/81096788.cms

📌GST Audit for the FY 2019-20 due date is 28th Feb, 2021.

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⚫The 6th meeting of the NITI Aayog Governing Council concluded with states along with the Centre deliberating on various steps such as to reduce compliance burden on firms to boost manufacturing, initiating reforms at the state level, promoting exports through district level competition and increased public investment to complete projects under the National Infrastructure Pipeline. PM made a strong case for repealing archaic laws and making it easier to do business in India, stating that the Centre and states need to work closely to boost economic growth.

⚫The new enrolments with retirement fund body EPFO grew by 24% to 1.25 million in December compared to the same month in 2019.

⚫The RBI has imposed a withdrawal cap of Rs 1,000 on customers of Deccan Urban Coop Bank and barred the lender from granting fresh loans or accepting deposits.

⚫Petrol price touched an all-time high of Rs 97 per litre in Mumbai while diesel rate crossed Rs 88 mark. Petrol price was hiked by record .39p/litre and diesel by .37p/litre.

⚫Maharashtra reported more than 6,000 new coronavirus cases for the 2nd day in a row. While Kerala & Maharashtra continue to report a surge in cases, a trend of rise in infections is also being observed in Punjab, Chhattisgarh and Madhya Pradesh.

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⚫As many as 448 central sector infra projects have reported a cost overrun of over Rs 4.02 lakh crore as of February 21, 2021.The monthly Report by the Ministry of Statistics  Program Implementation said that 539 projects are running behind schedule.

⚫Venture capital funded start-ups, especially in edtech, logistics and gig economy will be key drivers of the job market in 2021, with companies willing to pay a premium for talent with knowledge and experience in new-age digital skills such as AI, ML, data science.

⚫The Nabard is planning to raise up to Rs 40,000 crore through long-term bonds. The money raised will be mostly used for rural development program run by the Govt.

⚫RBI scoops up Rs 26,000-crore bonds anonymously in a single day. This shows that the RBI is pumping in enough liquidity in the system.

⚫Maharashtra CM on Sunday announced that in view of the rising Covid cases, all political, religious and social gatherings will be prohibited in the state from Monday. He also said that political agitations will not be allowed for the next few days as they attract crowd.

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👉 Filling up of posts of Driver in NFRA at New Delhi on Deputation/Re-employment.Pdf(2.25 MB)

http://www.mca.gov.in/Ministry/pdf/NoticeNFRA_19022021.pdf

👉 Companies (Specification and definitions details) 2nd Amendment Rules 2021Pdf(77 KB)

http://www.mca.gov.in/MinistryV2/homepage.html

👉 Important Announcement for May 2021 CA Examinations - (19-02-2021)

https://www.icai.org/category/announcements

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⚫India signed a landmark Comprehensive Economic Cooperation and Partnership Agreement with Mauritius, making the strategically-located country a launch-pad for business expansion into the huge African continent.

⚫PM said that Govt’s announcement last August of a “negative list”, consisting of 101 defence items embargoed progressively for import, was actually a “positive list” under the Aatmanirbhar Bharat programme.This is a positive list that will increase our mfg capacities, generate new employment, reduce dependence on imports, and will give a guarantee to the products being manufactured in India to be consumed in India.

⚫The Labour Bureau is all set to launch its five major surveys, including on migrant and domestic workers, across the country by April 1 as two out of three mandated pre-testings of the studies yielded "encouraging and positive results".

⚫The Bihar Govt presented a Rs 2.18 lakh crore budget for 2021-22 fiscal in the Assembly, with no new tax and a thrust on infrastructure and social sectors.

⚫The UP Govt has made a provision of Rs 1,175 crores in the state budget presented in the assembly on Monday for different metro rail projects.

⚫The cumulative number of COVID-19 vaccine doses administered to healthcare and frontline workers in the country has crossed 1.14 crores.

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MCA has notified on its website for the information of all the Stakeholders that the MCA will be extending some of provisions of the Companies Act, 2013 to LimitedLiability Partnerships (LLP) with modification and adaptation soon. As per the proposal, MCA may extend provisions of Section 90 (Significant beneficial Ownership), Section 164 (Disqualification & Appointment of Directors), Section 165 (Maximum No. of LLP for an individual), Section 167 (Vacation of Office of Director), Section 206 (Power of Central Government to call for Inspections), Section 207 (Conduct of Inspection & Inquiry), Section 252 (Appeal to NCLT for Restoration of Name) and Section 439 (Offence to be Non-Cognizable) of the Companies Act, 2013 to limited liability Partnerships with modification and adaptation soon. Accordingly, limited liability Partnerships, Partners and Designated partners thereof are advised to take note of the same for appropriate action. The final notification, amendments and circulars in this regard is awaited.

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👉🏻CBIC provides facilitation for exporters having IGST refund issues

(CBIC has extended the time limit for sanction of pending IGST refunds in such cases where records have not been transmitted to ICEGATE due to GSTR1 and GSTR3B mismatch error)

👇🏻 👇🏻 👇🏻

http://bit.ly/2NysQuf

👉🏻DHFL transaction auditor unearths another fraudulent transaction worth Rs 6,182 Cr

(Dewan Housing Finance Corporation (DHFL) said its transaction auditor has reported another fraudulent transaction of Rs 6,182 Cr in the company)

👇🏻 👇🏻 👇🏻

http://bit.ly/3dEz9XU

👉🏻Can a Chartered Accountant Sign the Provisional / Projected Balance Sheet / Financial Statement?

(Can a Chartered Accountant Sign the Provisional / Projected Balance Sheet / Financial Statement discussed by *CA. Vivek Khurana*)

👇🏻 👇🏻 👇🏻

https://bit.ly/2P2Fsu2

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📲 Download my official Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

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