14 May 2021 News and Updates

14th May 2K21

Ø  RBI tells lenders to re-consider ties with crypto exchanges, traders

Ø  Govt eases public procurement norms for Covid supplies

Ø  Commerce Ministry seeks anti-dumping duty on certain rubber imported from 4 countries

Ø  Tata Sons, Singapore Airlines invest Rs 465 crore in Vistara

Ø  RBI cancels United Co-operative Bank's licence

Ø  Auto retailers' lobby writes to FM, RBI governor to request loan moratorium

Ø  India received $83 billion in remittances in 2020: World Bank report

Ø  Torrent Pharma inks pact with Eli Lilly for Covid drug Baricitinib in India

Ø  South Korea unveils $450 billion push for global chipmaking crown

Ø  Musk decries bitcoin's 'insane' energy use after Tesla payment U-turn

Ø  Vedanta swings into the black; posts Rs 6,531 cr profit in March quarter

Ø  TRAI floats consultation paper on validity period of tariff offers

Ø  Overall passenger traffic plunges 66% in FY21, AAI data shows

Ø  CRISIL assigns A+/Stable rating to long-term credit facilities of Jindal Stainless

Ø  PE/VC investments grow 6.5x to $7.5 billion in April over year-ago period

Ø  Lupin Q4 net rises 18% at ₹460 cr

Ø  Piramal Enterprises Q4 net loss narrowed to ₹510 crore

Ø  BSE clocks Q4 net profit of ₹31.75 crore; revenue up 27 per cent

Ø  Blue Dart forms Med-Express consortium to conduct experimental drone flights

Ø  Bitcoin still struggling after Musk's Tesla U-turn

Ø  Jack Ma’s Ant posted $3.4 billion profit after IPO halt

Ø  CPPIB and SoftBank’s SB Energy deal called off

Ø  India’s prized ‘investment grade’ status hanging by a thread due to devastating COVID-19 crisis

Ø  Jio tops in 4G download speed, Vodafone in upload in April: Trai

Ø  FPIs' Investment In Domestic Equity Surges 7 Pc To USD 552 Bn In Mar Qtr

Ø  Intense Bidding For KG-D6 Gas In E-Auction On DGH-Approved Platform

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⚫Industrial production was up 22.4% in March on a low YoY base against 3.4% contraction in February.

⚫Inflation based on the CPI moderated to 4.29% in April.

⚫The Union Cabinet approved an Rs 18,100 crore plan to incentivise battery makers to manufacture locally as it looks to cut import dependence while giving boost to electric vehicle.

⚫Microfinance institutions want additional relief measures from RBI. Seek up to 25% of their outstanding with lending banks, which would help them mobilise 15000 cr.

⚫The IMD predicted heavy rainfall at isolated places over Uttarakhand, Punjab, Haryana, Chandigarh, Delhi and Bihar.

⚫No Covaxin for 18-44 age group from today in Delhi, limited stock for 45+.

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High value transactions 10 that can attract Income Tax notice under Income Tax Act, 1961: 

Cash deposit in Savings account For an individual, the cash deposit limit in savings account exceeds Rs 10 lakh in a year, the Bank is required to report this to Income Tax department. In case assesses fails to report the income in the Income Tax Return than department may issue notice for Reassessment of income under the Income Tax Act, 1961.

Non Reporting of Savings Bank Interest / FDR Interest in ITR. The Bank submits report to the Income Tax Department providing details with respect to amount of savings bank interest and FD interest earned by a person during the financial year in case the person fails to report the same in the Income Tax Return than the same may lead to under reporting of income and due to this the department may issue notice with respect to under reporting of income.

High Value Cash Deposit in current account If you cash deposit or cash withdraw more than Rs.50 lakhs to / from your current bank account than the bank will report it to Income Tax authority. Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more Current Account of a person will have to be reported by the bank to the I-T authorities.

High Value Transactions e.g. Share Trading or Derivatives: Assesses investing in mutual funds, stocks, bond or debenture must ensure that its cash infusion in the above mentioned investment options doesn’t go beyond Rs. 10 lakh limit.

Payment made from credit card If you do paid more than Rs.10 lakhs to a credit card company in a financial year than the Credit Card Company will report to Income Tax authority. While paying credit card bill, one should not cross Rs. 1 lakh limit in cash.

Bank Fixed Deposit (fixed deposit) If you do fixed deposit more than Rs.10 lakhs in a financial year than bank will report it to Income Tax authority. Cash deposit in bank FD is allowed but it should not go beyond Rs. 10 lakh.

Purchases of bank drafts, pay orders, purchase order’s or bankers cheque in cash for Rs 10 lakh or more in a year must be report. If assesses purchases bank draft, , pay orders, purchase order’s or bankers cheque of more than Rs.10 lakhs in a financial year than bank will report it to Income Tax authority.

Purchase or sale of immovable property The Registrar of properties will have to report purchase & sale of all immovable property exceeding Rs 30 Lakh to the Income Tax authorities. While buying or selling a property, one must make sure that cash transaction above Rs. 30 lakh is questionable as income tax department discourages cash transaction beyond this limit in a real estate deal.

Cash received for 2 lakhs or more against sale of goods or services. Any person who is liable for audit under section 44AB of the Act is liable to report Cash received for 2 lakhs or more against sale of goods or services. Aggregation rule is not applicable for above transaction type i.e. Rs. 2,00,000 to be consider only for single transaction entered by Assesses in which he receive amount in Cash only.

Foreign Currency expenses of more than Rs. 10 Lakhs: Expenditure in foreign currency via debit card, credit card or traveller’s cheque for the amount Rs.10 Lakh or above in a year. If you do paid more than Rs.10 lakhs in foreign currency expenses through a debit/credit card in a financial year than the Credit Card Company will report to Income Tax authority.

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👉 Live Coaching Classes (LCC) Batch-3 commencing from 10th May 2021 respectively for Students of Intermediate course appearing in Nov 2021 examination and Final course for Nov 2021 and May 2022 examination.

https://www.icai.org/post/live-coaching-classes-batch-3

👉 FAQ on Accounting for amounts to be incurred towards Corporate Social Responsibility (CSR) pursuant to the Companies (CSR Policy) Amendment Rules, 2021 - (10-05-2021)

👉 Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal - (12-05-2021)

https://www.icai.org/post/mandatory-updation-of-udins-in-all-income-tax-forms-at-e-filing-portal

👉 Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51546

👉 RBI announces Second Tranche of Open Market Purchase of Government of India Securities under G-sec Acquisition Programme (G-SAP 1.0)

https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=51564

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⚫Huge public-pvt effort needed to boost health if there's third Covid wave. Only when both sectors take joint actions, can the country brave another onslaught.

⚫India will have to invest heavily in infrastructure in order to recover from the economic havoc brought on by the coronavirus pandemic, even if that means going in for deficit financing.

⚫RBI cancelled the licence of United Co-operative Bank Ltd, Bagnan in West Bengal due to poor financial condition. However, all the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation.

⚫Maharashtra Govt extended the lockdown like restrictions in the state till June 1 to break the chain of COVID-19.

⚫The Govt has extended the gap between two doses of Covishield to 12-16 weeks from six to eight weeks. The move is based on additional data, particularly real life experience of the UK showing increased advantage with higher interval between shots.

 

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TCS deposit for the month of March -2021 was extended up to 15th May 2021.

Income Tax Department on Wednesday said it has issued over Rs 17,061 crore of refunds to more than 13 lakh taxpayers so far this fiscal year. Of this, personal income tax refunds worth Rs 5,575 crore were issued in over 12.71 lakh cases and corporate tax refunds of Rs 11,486 crore were issued to 29,592 taxpayers. 

MCA has issued Circular 06/2021 and 07/2021 allowing stakeholders to file various forms(other than a CHG-1, CHG-4 and CHG-9 form) due for filing during the period from 01/04/2021 to 31/05/2021 without additional fees till 31st July, 2021.

MCA has extended the interval between two board meetings by a period of 60 days for first two quarters of Financial Year 2021-22. Earlier the gap between two subsequent board meetings was 120 days but now it has been extended for further 60 days (i.e 120 days  + 60 days =180 days) during the Quarters April to June, 2021 and July to September, 2021.

ESI Contribution for the month of April 2021 and now can be filed and paid up to 15th June 2021 instead of 15th May, 2021. 

RBI said it would buy securities maturing between 2024 and 2035 in its second tranche of G-SAP programme. The purchase will happen on May 20. The RBI had said on May 5 that it will buy Rs 35,000 crore bonds from the market, including the benchmark 10-year bonds, under the Government Securities Acquisition Programme (G-SAP) to soften yields.

Sebi proposed to liberalize the “Issue of Capital and Disclosure Requirements” (ICDR) by easing the lock-in period for promoters and rationalizing the definition of “promoter group”. The proposals, if implemented, will ease the regulatory burden for listed firms and could encourage more companies to list.

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12 May 2021 News and Updates

12th May 2K21

Ø  Moody's cuts India's GDP growth forecast to 9.3 per cent from 13.7 per cent for fiscal 2021

Ø  Ambitious target of $400 bn exports can be achieved this year: Piyush Goyal

Ø  Jio pips Airtel in February user adds, Vi adds subs after 15 months: Trai

Ø  Microfiance sector seeks RBI's additional support to combat COVID-19 second wave

Ø  Tata Motors reviewing CCI order on probe against commercial vehicle business

Ø  Indian oil refiners cut processing, imports as pandemic reduces demand

Ø  Nomura cuts FY22 GDP growth estimate to 10.8% due to Covid lockdowns

Ø  Sebi plans to ease post-IPO lock-in for promoters, amend key definition

Ø  Analysts downgrade IndiGo as second Covid wave weakens outlook

Ø  Govt ready for another cut in import duty on steel to tame prices

Ø  Sebi makes dividend distribution policy must for top 1,000 listed cos

Ø  KFIN Tech buys 17% stake in Artivatic.ai, gets foot into insurtech space

Ø  JSW Hydro Energy raises $707 million via maiden green bond

Ø  India Inc records 161 deals in April

Ø  India’s renewables growth halved to 5.62 GW in 2020

Ø  Chola MS Insurance posts ₹374-crore PBT in FY21

Ø  NYSE-listed Startek prunes net loss to $12.2 million in first quarter

Ø  Granules India Q4 net up 38 per cent at ₹128 cr

Ø  Sebi proposes rationalising 'promoter group' definition'

Ø  Mahindra expects 15-20% fall in Q1 sales due to second covid wave

Ø  Blackstone-backed Sona BLW receives SEBI nod for Rs6,000 crore IPO

Ø  Cairn Energy says steps to realise arbitration award against India being taken

Ø  Mark Mobius says inflation threat won’t go away anytime soon

Ø  Jaypee Infra insolvency: NBCC submits revised bid

Ø  India contracts for 56 lakh tonne sugar export; to conclude deals for rest 4 lakh tonne soon: AISTA

Ø  Groww to acquire Indiabulls MF for Rs 175 cr

Ø  JSW Steel’s crude steel output jumps to 13.71 LT in April

Ø  Ruchi Soya To Acquire Biscuits Biz From Patanjali Natural Biscuits For Rs 60cr

Ø  Rupee Pares Losses To Close Flat At 73.34 On Dollar Sale By Exporters

Ø  Gold Declines Rs 212; Silver Tumbles Rs 973

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⚫ Moody’s has cut India’s GDP forecast for FY22 to 9.3% from the earlier projection of 13.7% and has ruled out a sovereign rating upgrade.

⚫A sharp rise in exports in April is giving a hope that the ambitious target of USD 400 billion merchandise shipments can be achieved this year.

⚫Localised lockdowns, a semiconductor shortage, and a surge in Covid-19 cases at factories have led to a slowdown in mobile phone mfg and sales in April-May.

⚫Payout from EPFO insurance scheme is tax free, the minimum death benefit under the scheme has been fixed at Rs 2.5 lakh, wef Feb 15, 2020.

⚫Telecom firms see red as protests against 5G spectrum trials mount. Posts claiming the upcoming 5G trials will spread the virus have been doing the rounds.

⚫Firms like Paytm, Ola, Amazon & HCL group are supplying O2 cylinders & concentrators to patients & institutions to tide over the crisis.

⚫Maldives bans Indian tourists amid a relentless second Covid-19 wave.

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Income Tax Addition merely based on electricity consumption formula not sustainable. Case Name : ACIT Vs Gajalaxmi Steel Pvt. Ltd. (ITAT Pune)

Central Board of Indirect Taxes and Customs allowed businesses to import and export goods without furnishing bonds to the customs authorities until June-end, a move aimed at ensuring no delay or disruption in EXIM trade amid the Covid-19 pandemic. In a circular, the CBIC said importers and exporters will have to furnish an undertaking to the Customs authorities in lieu of the bonds till June 30.

Government has extended anti-dumping duty on certain types of seamless tubes, and pipes till October 31 this year with a view to guarding domestic manufacturers from cheap Chinese imports. The duty on ‘seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel (other than cast iron and stainless steel), whether hot finished or cold drawn or cold rolled of an external diameter not exceeding 355.6 mm’ was first imposed in May 2016 for five years.

MCA: Gap between 2 consecutive Board Meetings can extend upto 180 days for Apr -Jun & Jul -Sep quarters of 2021. MCA General Circular 08/2021 of 3.5.21. 

RBI may unveil more measures to support the financial sector, like credit guarantee schemes or a blanket moratorium, if indications of economic stress mount, the ratings agency said. Asia's third-largest economy is battling a ferocious surge in coronavirus cases that has forced several states to go into lockdowns, although institutions like Fitch expect the shock to economic activity will be less severe than in 2020.

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11 May 2021 Updates

Central Govt. allows Hospitals/Medical facilities etc providing Covid treatment to patients to receive cash payments of Rs. 2 lakh or more through granting relief in section 269ST.

Relaxation granted for the period 01.04.2021 to 31.05.2021, after obtaining  PAN or AADHAAR of patient & the payer.

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⚫Investors in India’s equity market are underestimating the economic impact from the worst coronavirus outbreak, which will delay any recovery and could trigger a “correction". 

⚫DII's, including mutual funds and insurers, poured a net $1.5 billion into stocks in April, helping offset a similar outflow from foreign funds.

⚫The RBI came out with modified guidelines that allow sound private sector banks which are not under the PCA framework of the RBI, can undertake govt business after executing an agreement.

⚫India sees decline in daily cases with 329,517 infections.

⚫India administered 170 million Covid-19 vaccine doses.

⚫WHO termed the rate of infections and deaths in India as "worrying" and called on Govts to boost exercises on reporting actual numbers.

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 11th May 2K21

Ø  Crisil flags off downside risks to its FY'22 growth forecast after the second wave

Ø  Government eases procurement norms, bank guarantees for oxygen, Covid-19 supplies

Ø  Rupee levels too crucial for inflation management: Report

Ø  Reliance, affiliates buy 3/4 of KG-D6 gas volumes

Ø  Total vehicle registration in India slips 30 per cent to 1,52,71,519 units in 2020-21: FADA

Ø  NITI Aayog calls for strengthening payment infrastructure

Ø  Implementation of Labour Codes may be pushed to next year

Ø  RBI modifies norms for undertaking govt business by private banks

Ø  Relief to only postpone financial stress from India's Covid surge: Fitch

Ø  PNB to raise equity capital from share sale; sets floor price at Rs 35.51

Ø  Debt MFs see Rs 84,202-cr outflow in Q4 on redemption from liquid funds

Ø  JPMorgan, Deutsche Bank among firms sued by 1MDB over $23-bn loss

Ø  HDFC to sell 0.62% stake in HDFC ERGO for Rs 236 cr

Ø  Approval for Vivimed to manufacture Favipiravir tablets

Ø  Blackstone Real Estate acquires Embassy Industrial Parks in $700-m deal

Ø  BharatPe raises ₹50 crore in debt from Northern Arc Capital

Ø  India Inc’s overseas borrowing touches $9.23 billion, a two year high in March

Ø  ‘Steps taken to boost supply of Covid drugs across States/UTs’

Ø  Oil gains after cyberattack forces shutdown of US fuel pipelines

Ø  Economic activity down in April, May but shock less severe than 2020: Fitch

Ø  Sebi’s skin-in-the-game directive could misfire

Ø  JSW Hydro raises $750 mn in first offshore bond issuance

Ø  Iron ore turns ‘very hot’ as 10% surge adds to commodities boom

Ø  SBI Card raises ₹455 crore by issuing bonds

Ø  RBI amends KYC norms to further leverage video-based customer identification process

Ø  Outpouring of support from US for India, COVID-19 help touches USD half a billion

Ø  Greenply Industries to set up Rs 75-cr plant in UP

Ø  India's Sugar Exports On Good Course; Contracts Over 50 Lakh Tonnes So Far

Ø  IndiGo Board Gives Green Signal to Raise Rs 3,000 Cr Via QIP

Ø  RBI Appoints Jose J Kattoor As Executive Director

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👉 Extension in the last date of receipt of Application for Recruitment for the Post of Driver in NFRA on Deputation/ Re-employment Pdf (3.25 MB)

http://www.mca.gov.in/Ministry/pdf/ExtensionNoticeNFRA_07052021.pdf

👉 Announcement regarding Clarification regarding gap between two board meetings under section 173 of the Companies Act, 2013 by CL&CGC ICAI - (04-05-2021)

https://www.icai.org/post/clarification-regarding-gap-between-two-board-meetings-under-section-173

👉 Announcement regarding Relaxation on levy of additional fees in filing of certain Forms under the Companies Act, 2013 and LLP Act, 2008 by CL&CGC ICAI - (04-05-2021)

https://www.icai.org/post/relaxation-on-levy-of-additional-fees-in-filing-of-certain-forms

👉 Questionnaire for Members on the Accounting Process Outsourcing Services from abroad - (05-05-2021)

https://www.icai.org/post/questionnaire-for-members-on-the-accounting-process

👉 Result of the online Examination of the Certificate Course on Forex and Treasury Management held on 17th & 18th April,2021. - (06-05-2021)

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

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10 May 2021 Updates

🇮🇳 GST MITRA Litigation Updates

📚 Revocation against Cancellation of Registration only condition is to file all returns

 ⚖️ RAMAKRISHNAN MAHALINGAM VERSUS STATE TAX OFFICER..: Madras HC

1️⃣ SCN issued for Cancellation of registration-Two Application Filed for Revocation against cancellation - First Rejected due to non-compliance of notice - Second Rejected referring to outstanding interest on belated payment of tax dues and for allegedly wrongful claim of ITC.

2️⃣ Appeal filed to First Appellate Authority - Deficiency Memo Issued against - Challenged in Writ Petition Filed.

3️⃣ Contention of Respondent is Registration will not be revived since the petitioner has incorrectly availed of ITC would be putting the cart before the horse. In fact, the Petitioner has filed all are returns and annual returns.

4️⃣ Thus the only conditions that are to be satisfied by the petitioner for grant of revocation of registration is to furnish all returns due. Hence, WP is allowed.

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⚫Foreign investors have pulled out Rs 5,936 crore from the Indian equities in the first week of May amid worries over the intense wave of coronavirus and its fallout on the economy.

⚫Power consumption in the country grew 25% in the first week of May to 26.24 billion units over the same period last year, showing consistent recovery in industrial and commercial demand of electricity.

⚫A massive 133% jump in the proceeds from IPOs inspite of the raging second wave of the pandemic, with the value of M&A increasing by 8% to USD 32.3 billion across 437 deals.

⚫The Delhi Metro Rail Corp said all lines will remain suspended after the Govt extended the ongoing lockdown for another week.

⚫The airlines have approached the central and state govts to eliminate the need for Covid negative report, which is mandatory for entry into multiple states.

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🔰 Now you can track refund application without logging into GST Portal

✅ Are you planning to track your GST (Goods and Services Tax) refund application? 

🔷 There is one way with which you can easily do it, just by logging in to the GST portal. But if you are looking for an alternative, there is another option that you can try without logging into the GST portal.

Read More at: http://www.a2ztaxcorp.com/now-you-can-track-refund-application-without-logging-into-gst-portal/

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Central Board of Direct Taxes issued notification and allowed hospitals to accept cash payment in excess of 2 lakh. Exemption, applicable for a period between April 1-May 31, 2021, would be subject to providing the permanent account number or Aadhar number of the patient or of any other person making the payment on behalf of the patient and his relationship with the patient. 

GST Further extended the facility of accepting undertaking in lieu of bond till June 30, 2021 to facilitate the trade during COVID-19 pandemic. 

Central Board of Indirect Taxes and Customs has directed its offices to not send show-cause notices for service tax defaults, merely on the basis of discrepancies between income tax returns and service tax amount. Various tax-related associations have complained to the Union finance ministry that SCNs were wrongly sent for the financial year 2015-16. 

Commissioner of customs, Ludhiana said, “The special intelligence and investigation branch (SIIB) of our commissionerate has seized eight containers which were imported by Mandi Gobindgarh based firm. The importer has misdeclared the contents of the containers which in actual are seamless offshore pipes but have been declared as re-rollable scrap.

Delhi High Count appointed Arvind Datar, a senior counsel as Amicus Curiae to assist the court on plea seeking exemption on imposition of Integrated Goods and Services Tax (IGST) on the import of oxygen concentrators as gift for personal use.

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E-KNOWLEDGE CAPSULE

✒ Allahabad High Court has issued a notice, preponing the summer vacation of the High Court and the Subordinate Courts, to begin from 10th May to 4th June, 2021.

✒️ Karnataka High Court has said that the advocates and parties in person who are appearing in matters being heard before the Court should not comment on social media about subjects which are dealt by the Court.

✒ Bombay High Court has allowed a team of Mumbai Police to video record senior IPS officer Rashmi Shukla's statement in Hyderabad, where she is posted as ADG CRPF. The Maharashtra government informed the court that they would not arrest her till the next date.

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⚫India has allowed bidders access to the financial data of BPCL as the Govt moves ahead with plans to sell its entire stake.

⚫Frankln Templeton MF announced that its six shuttered debt schemes had distributed Rs 14,572 crore to investors as on May 3.

⚫Amid supply crunch, Apollo Hospitals and Fortis Healthcare,

eyeing import of Covid-19 vaccines.

⚫Commercial bank credit in India contracted Rs 89,087 crore in April, reflecting a lean period at the start of the FY22 and the adverse effect of the second wave of Covid. 

⚫Karnataka will be under a complete lockdown from May 10 till May 24 as daily coronavirus case count consistently stayed above 45,000 for the past few days.

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Bombay high court recently held that income tax officers cannot adjust the refunds due to taxpayers against outstanding demands in excess of the limits laid down in instructions, circulars and guidelines issued by CBDT. However, the refunds adjusted were more than 20% of the tax demand that had been raised the limit prescribed under latest CBDT instructions.

Anil Kumar Goel & Ors. Vs Union of India (Delhi High Court) Delhi high Court, vide order dated 06.05.2021, issued ad-interim direction, which is, that if any coercive action is intended to be taken against any assesses (not confined to the petitioners therein), at least, 3 weeks prior notice will be given to enable the assesses, to approach the Court, or an appropriate  statutory  authority,  for  seeking  requisite  relief.

GST: Madras High Court permits manual amendment in Bill of Entry when ICES portal not supports such amendment. Case Name : Hindustan Unilever Limited Vs Union of India (Madras High Court) Appeal Number : W.P. No. 34627 of 2019 Date of Judgement/Order : 05/03/2

Ministry of Corporate Affairs (‘MCA’) has notified the amendments made in section 149 (9), 197 (3)  of the Companies Act, 2013 (‘2013 Act’) and schedule V of the 2013 Act with effect  from March 18, 2021. Accordingly, the   companies   having   inadequate   profits/ loss   may   also pay remuneration to the Non-Executive Directors (“NEDs”) and Independent Directors. 

ICAI Considering the difficulties which may be faced by Members and Firms, it has been decided to Waive-off Condonation Fees for filing Form No 18 for the transactions falling between 1st April, 2021 to 30th June, 2021 till 30th July, 2021.

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⚫India & European Union have agreed to resume talks for a balanced, ambitious and comprehensive trade agreement and also launch negotiations for a stand-alone investment protection pact.

⚫US President backed the USA entering negotiations at the World Trade Organization for the waiver of intellectual property rights as a means to boost vaccine supplies by allowing poorer countries to make their own.

⚫The IMA said that the Health ministry should "wake up" and respond to mitigate the growing challenges of the COVID-19 pandemic.

⚫Life insurance co's have seen a 44.76% rise in new business premium in April 21.

⚫Covid positive report not mandatory to get hospitalised.

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7 May 2021 News and Updates

7th May 2K21

Ø  Acre ARC set to purchase Indiabulls assets

Ø  Banks need to adopt digitisation or else they will perish: Ex-finance Secretary SC Garg

Ø  Labour Min hikes maximum sum assured payable under EDLI scheme to Rs 7 lakh

Ø  ICICI Bank launches merchant stack platform

Ø  Unemployment rate likely to be 8% compared to 6.5% in March in India: CMIE

Ø  India urges China to clear bottlenecks on key pharma raw-material

Ø  Ambuja Cements consolidated Q4 PAT at Rs 947 cr, up 71% YoY on higher sales

Ø  Govt looking to monetise possible IT parks, SEZs developed on PSU land

Ø  Unilever plans $3.6 billion buyback as China and home cooks boost growth

Ø  Most Indian companies protected against weakening rupee: Moody's report

Ø  HUL Q4 PAT jumps 41% YoY to Rs 2,143 crore, beats Street estimates

Ø  Auto firms to halt production for up to 15 days amid raging second wave

Ø  Lockdowns spell a downside risk for electricity demand growth in FY2022: ICRA

Ø  RBI to conduct first special OMO of FY22 on May 06

Ø  Niraj Bajaj to take over as Chairman of Bajaj Auto

Ø  Zomato revenue up at ₹2,604 crore in FY20

Ø  Biocon Biologics posts 53% growth in revenues at ₹664 crore for Q4FY21

Ø  Indian pharma hit hard by China’s suspension of cargo flights

Ø  Shriram Transport net profit jumps 238% to Rs755 crore in March quarter

Ø  Sebi extends results filing deadline for Indian firms due to Covid-19

Ø  L&T Finance Q4 net profit falls 31% to Rs267 crore

Ø  PowerGrid’s first InvIT public offer subscribed 10% on day one

Ø  Titan Q4: Net profit jumps 48% to ₹529 crore

Ø  CCI clears Tata’s acquisition of BigBasket

Ø  Govt allows import of medical devices like oxygen canister for 3 months with riders

Ø  Bajaj Finserv Q4 profit jumps four folds to Rs 979 cr

Ø  Indian gold demand likely to slow down in April-June: WGC

Ø  Bank Of Maharashtra Net Profit Jumps To Rs 165 Cr In March Qtr

Ø  Laurus Labs Q4 Net Profit Zooms Nearly 3-Fold To Rs 297 Cr

Ø  Portfolio Manager To Obtain Prior Approval Of Sebi In Case Of Change In Control

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🔰 Spending on health infrastructure, establishment of medical oxygen generation and storage plants etc. for COVID eligible as CSR spending

✅ The MCA vide General Circular No. 09/2021 dated May 05, 2021, clarified that spending of CSR funds for ‘creating health infrastructure for COVID care’, ‘establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering COVID-19’ or similar such activities are eligible CSR activities.

The General Circular can be accessed at: http://www.a2ztaxcorp.com/spending-on-health-infrastructure-establishment-of-medical-oxygen-generation-and-storage-plants-etc-for-covid-eligible-as-csr-spending/

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🔰 Prescribed the threshold for exemption on cash allowance in lieu of travel concession or assistance

✅ The CBDT vide notification No. 50/2021-Income-Tax dated May 5, 2021, issued the ‘Income-tax (15th Amendment) Rules, 2021’ to insert sub-rule (1A) and (1B) in Rule 2B of the Income-tax Rules, 1962 ( “Income-tax Rules” ), that deals with conditions for the purpose of Section 10(5) of the Income-tax Act, 1961 ( “Income Tax Act” ), i.e. income that is not included in total income of the individual w.r.t. the value of any travel concession or assistance. 

The Notification can be accessed at: http://www.a2ztaxcorp.com/prescribed-the-threshold-for-exemption-on-cash-allowance-in-lieu-of-travel-concession-or-assistance/

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🔰 Another Big Development for Fighting COVID-19

Reliance Industries Ltd-Reliance seeks permission to fly in Israeli experts for training and installation of rapid COVID-19 identification equipment. This technology is Acquired by Reliance from an Israeli start-up for USD 15 Million in Jan21. The results of Test From this equipment comes in Seconds. It is a Breath Testing System. Reliance will buy hundreds of such systems for USD15 Million and will use them to conduct millions of tests a month at a cost of USD 10 Million per month. Success rate of such system is 95%. The equipments have already reached India.   

Source:- Economic Times App

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⚫Mall rentals fall up to 50% as second Covid-19 wave hits business. Developers non committal about rent waivers, offer longer revenue-share periods.

⚫Private equity players divided on reason for decline in exit deals. In the first quarter of the calendar year, the value of total PE exit deals has fallen by 7% to hit $1,938 million

⚫About 3400 investment grade firms from the Crisil rated pool with an overall debt of Rs 50,000 crore will be eligible for debt restructuring under Resolution Framework 2.0 put in place to soften the blow from the second Covid-19 wave.

⚫India’s southwest monsoon is expected to arrive over the Kerala coast on June 1, its normal onset date.

⚫India reported a record 412262 new infections with experts saying that the reported figures likely underplay the real toll because the nation’s crematoriums and hospitals have been overwhelmed.

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🔰 Odisha seeks GST exemption on Covid-19 vaccines

✅ The Odisha on Thursday *demanded exemption of GST on the purchase of coronavirus vaccines* and sought financial assistance to states from the cess and surcharge collected by the Union government from various products.

Read More at: http://www.a2ztaxcorp.com/odisha-seeks-gst-exemption-on-covid-19-vaccines/

 

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🔰Anticipatory bail granted in case of absence of concrete incriminating evidence to implicate the assessee

✅ The Hon’ble Kerala High Court in case of Abdul Shaji v. The Commissioner of Central Tax and Central Excise, The Superintendent of Central Tax and Central Excise (Order dated April 22, 2021 against Bail Application No. 220 of 2021) allowed anticipatory bail under Section 438 of the Code of Criminal Procedure, 1973 ( “Cr.P.C. Act”) to the assessee who apprehended arrest for an alleged offence of non-payment of GST to the tune of Rs 17.53 Crores and non-filing of GSTR 3B returns. Debunks the stance of Superintendent of Central Tax and Central Excise ( “the Respondent”) that the incriminating documents have been discovered to implicate the assessee as an accused or to proceed against him.

The Complete Judgment can he accessed at: http://www.a2ztaxcorp.com/anticipatory-bail-granted-in-case-of-absence-of-concrete-incriminating-evidence-to-implicate-the-assessee/

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🔰 Covid second wave to have muted impact on economy: Finance Ministry

✅ The union finance ministry has said that the ongoing second wave of the Covid-19 pandemic will have a muted economic impact in comparison to the first wave.

✅ In its economic review for the month of April released today, the ministry observed, “The second wave of COVID-19 has posed a downside risk to economic activity in the first quarter of FY 2021-22.” 

Read More at: http://www.a2ztaxcorp.com/covid-second-wave-to-have-muted-impact-on-economy-finance-ministry/

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6 May 2021 News and Updates

6th May 2K21

Ø  RBI turns focus to small borrowers, allows another loan recast

Ø  Cabinet approves strategic disinvestment in IDBI Bank

Ø  Govt eases procedure for import of oxygen cylinders, cryogenic tankers

Ø  CCI orders probe against Tata Motors for alleged unfair biz practices

Ø  Andhra decides to sell stake in Gangavaram Port to Adani for Rs 645 cr

Ø  Ceat to make a fresh investment of Rs 1200 crore in truck and bus plant

Ø  India's services growth slowed to 3-month low in April, input costs soared

Ø  RBI announces loan relief, Rs 50,000 cr liquidity to tide over Covid

Ø  Saudi Arabia cuts oil prices for Asia as virus hits India demand

Ø  Asian equities see foreign investment inflows for first time this year

Ø  Tata Steel posts profit of Rs 6,644 cr in Q4; declares dividend of Rs 25

Ø  Supreme Court defers hearing Amazon, Future case amid Covid-19 surge

Ø  India will sail through the Covid storm, says Finance Minister

Ø  Adani Airport becomes the largest airport company; caters 10% of India's traffic

Ø  Income Tax department notifies exemption for four Canadian Funds

Ø  Hikal in 10-year multi-product deal with global player

Ø  Ease import of pharma inputs: AP Industries Min to Centre

Ø  DoT clears 5G trials sans Chinese vendors

Ø  Adani Green Energy Q4 net profit rises over 8% to ₹105 crore

Ø  Canada authorizes Pfizer vaccine for for children from 12 to 15 age group

Ø  Serum Institute of India leads cross-sector Indian investments into UK

Ø  India accounts for 46% of world's new Covid-19 cases, 25% of deaths: WHO

Ø  Galaxy Digital to buy BitGo in crypto sector’s first $1 billion deal

Ø  S&P: Second COVID wave may derail India’s budding recovery; 8.2-9.8 pc GDP growth in diff scenarios

Ø  Indian Bank declares Saravana Stores account as fraud

Ø  Adani Enterprises Q4 Net Profit Up 282% To Rs 233.95 Cr

Ø  Sensex Rallies 424 Pts On RBI Announcements; Financial Stocks Shine

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⚫S&P Global Ratings slashed India's GDP growth forecast for the current financial year to 9.8% saying the second COVID wave may derail the budding recovery in the economy and credit conditions.

⚫Demand from lenders for suspension of IBC grows amid 2nd Covid wave. As it is expected to impact mid-sized, small co's, lenders seek a breather.

⚫Drugmakers in India are warning that a halt on some cargo flights from China could imperil an important link in the global pharmaceutical supply chain. The US relies heavily on India to stock its medicine cabinets, and any slowdown in output could leave pharmacies short of drugs used regularly by millions of Americans.

⚫Markets may be ignoring banks' NPA risk from second coronavirus wave. New measures allow banks to defer full recognition of NPAs, encourage lending to areas having high probability of defaults.

⚫The Indian Navy has deployed ships from all three of its naval commands in Mumbai, Visakhapatnam and Kochi, to ferry liquid medical oxygen and other Covid-related items from friendly foreign countries in the Persian Gulf and South-East Asia.

⚫India on Wednesday reported 382315 cases.  

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👉Waiver of interest and late fee to normal taxpayers (filing return on monthly or quarterly basis) and composition taxpayers, for the tax periods of March and April, 2021

https://www.gst.gov.in/newsandupdates/read/468

👉Extension in dates of various GST Compliances for GST Taxpayers

https://www.gst.gov.in/newsandupdates/read/469

👉Module wise new functionalities deployed on the GST Portal for taxpayers

https://www.gst.gov.in/newsandupdates/read/470

👉 Announcement of Online Examination of the 'Certificate Course on Ind AS' to be held on 27th June 2021 - (04-05-2021)

https://www.icai.org/post/online-examination-certificate-course-on-indas

👉 Extension of validity of Peer Review Certificate in the wake of COVID -19 spurt across the country - (04-05-2021)

https://www.icai.org/post/extension-of-validity-of-peer-review-certificate-in-the-wake-of-covid-19

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Income Tax Order passed by Assessing Oficer not in conformity with directions of DRP is Invalid. Case Name : Yokogawa India Ltd. Vs ACIT (ITAT Bnagalore). Appeal Number : ITA(TP)A No. 1715 & 692/Bang/2016

File GSTR-3B of May 2021 with cumulative adjustment of ITC of April-May 2021 as Rule 36(4) to apply cumulatively. Notification 13/2021 CT of 1.5.21. 

Ministry has issued General Circular Number 06/2021 and Number 07/2021 on 3rd May, 2021 allowing stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees. 

RBI Announces New Measures Amid Covid Second Wave. On-tap liquidity of Rs 50,000 crore at repo rate is being opened till March 31, 2022. 

Under the scheme banks can support entities including vaccine manufacturers, medical facilities, hospitals and also patients.Such lending will get priority sector classification till repayment or maturity.

Banks to create a Covid loan book under the scheme. Such banks can park liquidity equal to Covid loan book at 40 basis points above the reverse repo rate. The RBI has announced a targeted long term repo operation for small finance banks of upto Rs 10,000 crore. The funds can be used for lending of upto Rs 10 lakh per borrower. SFBs permitted to on-lend to smaller micro-finance institutions of asset size upto Rs 500 crore.

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5 May 2021 News and updates

5th May 2K21

Ø  Steel makers hike prices of HRC, CRC by up to Rs 4,500 per tonne

Ø  Currency in circulation hits Rs 29 lakh crore on 2nd wave

Ø  India, UK unveil 10 year roadmap; announce enhanced trade partnership

Ø  Billionaire Gautam Adani’s unit considers scrapping Myanmar deal after coup

Ø  Foxconn, Wistron, Dell, 16 other cos apply for investments under PLI scheme for IT hardware

Ø  April auto sales show impact of lockdowns: Report

Ø  India's recovery to be hit by Covid surge; fiscal metrics to stay weak: S&P

Ø  DoT approves telcos' applications for 5G trials; no Chinese tech for trials

Ø  S&P, Dow Jones bring bitcoin, ethereum to Wall St with crypto indexes

Ø  United States trade deficit hits record $74.4 billion in March

Ø  US FDA to authorise Pfizer jabs for 12 to 15-year-old by next week

Ø  Saudi Aramco beats first-quarter profit forecast, keeps dividend

Ø  Coal India’s offtake increased to 54 million tonnes in April 2021

Ø  IOC begins supply of biodiesel made from used cooking oil

Ø  ‘Sterlite plant in TN ready to begin oxygen production’

Ø  Organic products exports rise over 80 times since 2002-03 to record $1.4 b last fiscal

Ø  APSEZ Q4 net zooms 288% to ₹1,321 cr

Ø  L&T Technology Services reports 5% fall in Q4 profit at ₹194.5 crore

Ø  MCA gives compliance relief to businesses

Ø  India Pesticides get Sebi’s nod for Rs800 crore IPO

Ø  Wipro to invest £16 million to set up innovation centre in London

Ø  RBL Bank reports 34% drop in Q4 net profit as provisions rise

Ø  Markets slip 1% as increasing localised lockdowns to hit economic recovery

Ø  Axis Bank trims stake in Yes Bank

Ø  Covid-19 curbs push unemployment rate to four-month high of 8%

Ø  Adani Total Gas net profit rises 8% to Rs 472 crore in FY21

Ø  MFIs To Witness Asset Quality Pressures In Near Term: ICRA

Ø  Sensex Ends Lower By 465 Pts, RIL Top Loser

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🔰 CBDT issued refunds of over Rs. 15,438 crore to more than 11.73 lakh taxpayers between April 01, 2021 to May 03, 2021

✅ The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs. 15,438 crore to more than 11.73 lakh taxpayers between April 01, 2021 to May 03, 2021.

lRead More at:

http://www.a2ztaxcorp.com/cbdt-issued-refunds-of-over-rs-15438-crore-to-more-than-11-73-lakh-taxpayers-between-april-01-2021-to-may-03-2021/

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🔰 Circular cannot stand in the way of a benefit offered under statutory provisions

✅ The Hon’ble Madras High Court in M/S. Chaizup Beverages LLP v. the Assistant Commissioner & Ors. [W.P. Nos. 10969, 10972 and 10978 of 2020 and WMP. Nos. 13335, 13339 and 13343 of 2020, dated March 26, 2021] set aside orders of Appellate Authority rejecting the refund claim of the assessee, on the ground of claim of excess duty drawback as per Circular No.37/2018-Customs dated October 9, 2018 ( “Circular No. 37/2018- Customs”) and directed the Authorities to refund the sanctioned amount. Held that, circular cannot stand in way of a benefit under a statutory scheme and is contrary to the statutory provisions of Section 54(3) of the Central Goods and Services Tax Act, 2017 ( “CGST Act” ).

The Complete Judgment can be accessed at: http://www.a2ztaxcorp.com/circular-cannot-stand-in-the-way-of-a-benefit-offered-under-statutory-provisions/

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 🔰 GSTN issued module wise new functionalities deployed on the GST Portal for taxpayers

✅ The Goods and Services Tax Network (GSTN) has issued module wise new functionalities deployed on the GST Portal for taxpayers.

✅ New Functionalities made available for Taxpayers on GST Portal

(April, 2021).

Read More at: http://www.a2ztaxcorp.com/gstn-issued-module-wise-new-functionalities-deployed-on-the-gst-portal-for-taxpayers-3/

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 🔰 Non-resident investor having income only from transfer of specified capital asset exempted from obtaining PAN

✅ The CBDT vide Notification No. 42/2021-Income-Tax dated May 4, 2021, issued the ‘Income-tax (14th Amendment) Rules, 2021’ to further amend Rule 114AAB of the Income-tax Rules, 1962 ( “Income-tax Rules”), that deals with class or classes of person to whom provisions of Section 139A of the Income tax Act, 1961 ( “Income-tax Act” ) i.e., Permanent Account Number( “PAN” ) shall not apply.

The Notification can be accessed at:

http://www.a2ztaxcorp.com/non-resident-investor-having-income-only-from-transfer-of-specified-capital-asset-exempted-from-obtaining-pan/

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❇️ Relaxation of time for filing forms related to creation or modification of charges

On account of the resurgence of Covid-19 pandemic, MCA has allowed relaxation of time and condone the delay in filing forms related to creation/ modification of charges (i.e. Forms CHG-1 and CHG-9) and the period beginning from 01st April, 2021 and ending on 31st May, 2021 shall not be reckoned for the purpose of counting the number of days under sections 77 and 78 of the Companies Act.

💢 Important FAQs:

✅ 1) What is the applicability of the Circular?

The Circular is applicable in respect of filing of Forms CHG-1 and CHG-9 by a company or a charge holder:

👉 a) Where the date of creation/ modification of charge is before 01st April, 2021, but the timeline for filing such form had not expired (i.e. 120 days) as on 01st April, 2021; or.

👉 b) Where the date of creation/ modification of charge falls on any date between 01st April, 2021 to 31st May, 2021 (both dates inclusive).

✅ 2) Whether Form CHG-4 for satisfaction of charge can be filed under the Scheme?

No. ❌

✅ 3) Whether the Form CHG-1 or CHG-9 can be filed if the timeline (i.e. 120 days) for filing such forms had expired prior to 01st April, 2021?

No. ❌

✅ 4) What if Form CHG-1 or CHG-9 has already been filed before the date of Circular (i.e. 03rd May, 2021) by paying additional fees?

The Circular is not available for such forms and no refund can be claimed.

✅ 5) What is the relaxation in timeline and applicable fees under the Circular?

Relaxation of time: The period beginning from 01st April, 2021 and ending on 31st May, 2021 shall not be reckoned for the purpose of counting the number of 120 days. In case, the form is not filed between 01st April, 2021 and 31st May, 2021 the first day after 31st March, 2021 shall be reckoned as 01st June, 2021 for the purpose of counting the number of days within which the form is required to be filed.

🌀 Applicable Fees: If the form is filed on or before 31st May, 2021, the fees payable as on 31st March, 2021 under the Fees Rules for the said form shall be payable. If the form is filed thereafter, the applicable fees shall be payable as per the Fees Rules after adding the number of days beginning from 01st June, 2021 and ending on the date of filing plus the time period lapsed from the date of the creation of charge till 31st March, 2021.

✅ 6) Is the Circular has been implemented on MCA Portal?

The changes required in the MCA-21 System to implement this decision are being made and MCA would inform the stakeholders in this regard in due course through a Notice on MCA portal. Therefore, the stakeholders may plan accordingly.

⛲ Click here to view Circular: http://mca.gov.in/Ministry/pdf/GeneralCircularNo7_03052021.pdf

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⚫PM Modi and British PM unveiled an ambitious 10-year road map to elevate the India UK bilateral relationship to a comprehensive strategic partnership, paving the way for a stronger engagement in areas such as trade and economy, defence and security, and health.

⚫The DoT allowed mobile operators to conduct 5G trials in the country with equipment manufacturers they have tied up with, barring Chinese companies.

⚫Performance linked incentives fail to excite solar manufacturing firms. They could end up getting barely 3-5% of the sale value of their solar cells and modules as incentives through this scheme.

⚫India's e-scooter manufacturers hope to ride out Covid-19 pandemic. They are aiming higher on the back of encouraging initial demand.

⚫With the surge in Covid-19 infections and lockdowns in various states, collections by India's microfinance Institutions may drop sequentially by 8-10% in April.

⚫Key Covid-19 bulk drugs see 180% price increase over four months. However, there is no shortage expected at the retail level anytime soon.

⚫Delhi Police files 113 FIRs of fraud, black marketing of Covid-19 medicines.

 

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4 May 2021 News and Updates

 4th May 2K21

Ø  RBI Governor meets MDs, CEOs of NBFC-Micro Finance institutions

Ø  Recovery path for several sectors delayed due to second Covid wave: India Ratings

Ø  WHO seeks to fill COVID-19 vaccine gap left by India suspending exports

Ø  Bajaj Auto sells 1,34,471 units in domestic market in April

Ø  Motherson Sumi acquires Bombardier's electrical wiring business

Ø  OPEC's share of Indian oil imports plunges to 2 decade low: Trade sources

Ø  RBI imposes Rs 3 cr fine on ICICI Bank for violating certain rules

Ø  YES Bank's capital requirement for current fiscal pegged at Rs 7,500 cr

Ø  JSW Energy signs PPA for 540 MW of wind power projects

Ø  IDBI Bank Q4 net profit jumps 278% to Rs 512 crore; NII rises 38%

Ø  Kotak Mahindra Bank's consolidated net profit rises 36% in Q4FY21

Ø  Fidelity halves valuation of Ant Group after Chinese crackdown: Report

Ø  CII calls for curbs on economic activity to contain Covid spread

Ø  Income Tax Dept sets threshold for significant economic presence

Ø  April factory activity improves and output prices soar amid Covid blues

Ø  Sugar mills get orders to supply 302 cr litres of ethanol

Ø  Demand for pre-owned two-wheelers up 20% YoY: OLX Autos

Ø  HomeFirst Finance Q4 net profit surges 151%

Ø  L&T Tech reports Q4 net profit at ₹194.5 crore; recommends ₹14.5/sh dividend

Ø  Uday Kotak bats for central bank balance sheet expansion to fight covid

Ø  Sebi eases timelines for compliance with requirements by debenture trustees

Ø  Limited store hours may impact availability of FMCG goods

Ø  PowerGrid InvIT sails through with 4.83 times subscription

Ø  Growth of 6% in corporate revenue projected in FY22: Ind-Ra

Ø  75 lakh people lose jobs in April as lockdowns sprout; unemployment at a 4-month high: CMIE chief

Ø  Gas-based power plants want relaxed bidding norms for ONGC tender

Ø  Sensex Recovers 690 Points, Ends Lower By 64 Points

Ø  Kerala Housing Finance Case: Sebi To Auction Property On June 4

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🔰 Ad hoc exemption from IGST on imports of specified COVID-19 relief material donated from abroad

✅ In view of the COVID-19 pandemic, the Central *Government has issued notifications exempting Basic Customs Duty and/or Health cess on imports of a number of COVID-19 related relief materials*, for a limited period.

The Press Release can be accessed at: http://www.a2ztaxcorp.com/ad-hoc-exemption-from-igst-on-imports-of-specified-covid-19-relief-material-donated-from-abroad/

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✍️MCA Updates - 03.05.2021

1. Relaxation of time for filing certain forms under the Companies Act, 2013.

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf

2.Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013.

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo7_03052021.pdf

3. Gap between two board meetings under section 173 of the Companies Act, 2013 (CA-13) – Clarification – reg.

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo8_03052021.pdf

4. The Ministry has issued General Circular Number 06/2021 and Number 07/2021 on 3rd May, 2021 allowing stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees. The changes required in the MCA-21 System to implement this decision are being made and stakeholders would be informed in this regard in due course through a similar Notice. The stakeholders may, therefore, plan accordingly.

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E-KNOWLEDGE CAPSULE

✒ Due to COVID-19 pandemic it has been decided by Government to grant additional time upto 31rst july 2021 to file such forms (which have to file before 31rst march 2021) without any additional fees.

✒ Due to the rising cases of Covid-19 it has been decided that the requirement of holding meetings of the board of the companies on the *maximum gap of 120 days prescribed under companies act 2013 stands extended by 60 days for the first 2 quarter of 2020-2021.

✒ The Ministry has issued General Circular Number 06/2021 and Number 07/2021 on 3rd May, 2021 allowing stakeholders to file various forms due for filing during 01/4/2021 to 31/05/2021 under the Companies Act, 2013/LLP Act, 2008 by 31st July, 2021 without payment of additional fees. The changes required in the MCA-21 System to implement this decision are being made and stakeholders would be informed in this regard in due course through a similar Notice. The stakeholders may, therefore, plan accordingly.

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MCA relaxes Deadlines and Additional Fee on certain Forms under Companies Act, 2013 [Read Circular]

Read More: https://www.taxscan.in/mca-relaxes-deadlines-and-additional-fee-on-certain-forms-under-companies-act-2013/113221/

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⚫Barclays cuts India's FY22 GDP growth forecast to 10%.

⚫The second wave of COVID-19 and the resultant localised lockdowns have impacted over 75 lakh jobs, taking the unemployment rate to a four-month high of 8%.

⚫UK PM announces new one billion pound trade deal with India.

⚫The Govt exempted IGST on import of Remdesivir injection/ API and Beta Cyclodextrin, Inflammatory diagnostic kits, Medical grade Oxygen, oxygen concentrators, cryogenic transport tanks, etc  for free distribution of Covid relief till October 31, 2021.

⚫Sweden plans to donate 1 million doses of AstraZeneca vaccine to India.

⚫Pfizer is discussing with the Indian govt an expedited approval pathway to make Pfizer-BioNTech vaccine available for use in the country.

⚫India on Monday reported 355,828 fresh Covid-19 cases. 

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👉 Clarification on spending of CSR funds for setting up temporary COVID Care facilities and makeshift hospitals-reg.Pdf(371 KB)

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo5_22042021.pdf

👉 Relaxation of time for filing certain forms under the Companies Act, 2013.Pdf(1.65 MB)

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo6_03052021.pdf

👉 Relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013.Pdf(4.75 MB)

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo7_03052021.pdf

👉 Gap between two board meetings under section 173 of the Companies Act, 2013 (CA-13) – Clarification – reg.Pdf(1.47 MB)

http://www.mca.gov.in/Ministry/pdf/GeneralCircularNo8_03052021.pdf

👉 Important Announcement - Financial Assistance for Treatment of CORONA Disease from CABF - (29-04-2021)

https://www.icai.org/post/financial-assistance-for-treatment-of-corona-disease-from-cabf

👉 Appeal to Members for contributing generously to Chartered Accountants' Benevolent Fund - (29-04-2021)

https://www.icai.org/post/appeal-to-members-for-contributing-generously-to-cabf

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

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3 May 2021 News and updates

3rd May 2K21

Ø  RBI to strengthen risk-based supervision of banks, NBFCs

Ø  India Inc's foreign borrowings jump 24 percent to $9.23 billion in March

Ø  462 infrastructure projects show cost overruns worth Rs 4.36 lakh crore

Ø  Engineering goods exports jump sharply in April

Ø  Blackstone betting big on India-its most profitable market

Ø  Lenders brace for deterioration in asset quality metrics

Ø  Exports up 197% YoY in April; trade deficit widens to $15.24 billion

Ø  Govt extends income tax, GST compliance timelines to ease Covid-19 pain

Ø  FPIs turn net sellers after 6 months; withdraw Rs 9,659 crore in April

Ø  Franklin Templeton unitholders to get Rs 2,489 cr in next tranche

Ø  Tech Mahindra, Reagene to file patent for coronavirus attacking molecule

Ø  Budget carrier flydubai posts $194 mn loss due to pandemic

Ø  Covid wave to shrink cotton consumption by 8 per cent

Ø  Telecom infra operation, maintenance work running smoothly amid curfews: TAIPA

Ø  GST mop-up hits record ₹1.41-lakh crore in April

Ø  Singareni Collieries shines in April despite Covid disruptions

Ø  Ola to take e-scooter to international markets this fiscal

Ø  Biden’s $4.5 trillion spending plan faces deficit test

Ø  Tesla’s German plant delayed until next year: Report

Ø  Warren Buffett defends Berkshire’s moves over pandemic year

Ø  Consumer appliances firms scale back production as covid dents demand

Ø  India's fuel sales drop in April on Covid wave

Ø  Covid-19:Railways deploys nearly 4,000 isolation coaches with almost 64,000 beds

Ø  Govt appoints Rabi Sankar as next RBI deputy governor

Ø  Govt waives late fee for delayed filing of March, April GSTR-3B, tax payment

Ø  FHRAI Requests Govt For Special Credit Guarantee Window Under ECLGS For Hospitality Sector

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🔰 CBIC provides relief by lowering the interest rate for the tax periods March, 2021 to April, 2021

✅ The CBIC vide Notification No. 08/2021- Central Tax dated May 01, 2021 amended Notification No. 13/2017- Central Tax dated June 28, 2017 to provides relief by lowering of the interest rate for a prescribed time for tax periods from periods March, 2021 to April, 2021 for the class of registered person. 

The Notifications can be accessed: http://www.a2ztaxcorp.com/cbic-provides-relief-by-lowering-the-interest-rate-for-the-tax-periods-march-2021-to-april-2021-in-form-gstr-3b/

🔰 Extended the due date for filing Form GSTR-4 for the F.Y 2020-21 to May 31, 2021

✅ The CBIC vide Notification No. 10/2021- Central Tax dated May 01, 2021 extended the due date for filing of Form GSTR-4  i.e. Annual Return for the FY 2020-21.

The Notification can be accessed at: http://www.a2ztaxcorp.com/extended-the-due-date-for-filing-form-gstr-4-for-the-f-y-2020-21-to-may-31-2021/

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🔰 IGST on import of Oxygen Concentrators for personal use reduced from 28% to 12%

✅ The CBIC vide Notification No. 30/2021- Customs dated May 01, 2021 reduced the IGST rate on Oxygen Concentrator imported in India for personal use falling under Heading 9804 of the First Schedule to the Customs Tariff Act, 1975 from 28% to 12% to bring IGST rate on such personal imports at par with commercial imports of the same.

The Notification can be accessed at: http://www.a2ztaxcorp.com/igst-on-import-of-oxygen-concentrators-for-personal-use-reduced-from-28-to-12/

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Due date for ITC-04 extended to May 31, 2021 for the quarter January to March, 2021

✅ The CBIC vide Notification No. 11/2021- Central Tax dated May 01, 2021 extended the time period for furnishing declaration in Form ITC-04. 

The Notification can be accessed at: http://www.a2ztaxcorp.com/due-date-for-itc-04-extended-to-may-31-2021-for-the-quarter-january-to-march-2021/

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🔰 Extended due date for furnishing Form GSTR-1 for April, 2021 to May 26, 2021

✅ The CBIC vide Notification No. 12/2021- Central Tax dated May 01, 2021 inserted proviso in Notification No. 83/2020- Central Tax dated November 10, 2020 to extend that time limit for furnishing the details of outward supplies in Form GSTR-1. 

The Notification can be accessed at: http://www.a2ztaxcorp.com/extended-due-date-for-furnishing-form-gstr-1-for-april-2021-to-may-26-2021/

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🔰 Relaxation in Rule 36(4) of the CGST Rules and extension for IFF for April ’21 till May 28, 2021

✅ The CBIC vide Notification No. 13/2021- Central Tax dated May 01, 2021 issued Central Goods and Services Tax (Third Amendment) Rules, 2021 to amend Centra Goods and Services Tax Rules, 2017 ( “CGST Rules” ). 

The Notification can be accessed at: http://www.a2ztaxcorp.com/relaxation-in-rule-364-of-the-cgst-rules-and-extension-for-iff-for-april-21-till-may-28-2021/

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🔰 Various relaxations in time limits of compliance falling under April 15, 2021 to May 30, 2021 till May 31, 2021

✅ The CBIC vide Notification No. 14/2021- Central Tax dated May 01, 2021 has sought to extend due date of compliance which falls during the period from “April 15, 2021 to May 30, 2021” till May 31, 2021.

The Notification can be accessed at: http://www.a2ztaxcorp.com/various-relaxations-in-time-limits-of-compliance-falling-under-april-15-2021-to-may-30-2021-till-may-31-2021/

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⚫The Supreme Court directed the Centre to formulate within two weeks a national policy on admissions to hospitals in the wake of the second wave of COVID-19 and said no patient shall be denied hospitalisation or essential drugs in any state for lack of local residential proof.

⚫The Govt extended key compliance timelines for income tax and GST and waived late fees to ease the compliance burden during the second wave of Covid-19.

⚫India’s merchandise exports nearly trebled in April to $30.21 billion over the same period year, mainly due to low-base effect, as nationwide lockdown an year ago had temporarily stopped economic activity.

⚫MSMEs need help again but not the way Govt did last time. While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which only RBI can provide

⚫India reported a decline in the number of fresh Covid-19 cases. With 370,059 infections in the last 24 hours.

⚫The UK announced that it will be sending additional 1,000 ventilators from the UK's surplus supply to Indian hospitals as part of its commitment to support India's fight against coronavirus.

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2 May 2021 Updates

⚫India Inc steps in as govt falters on health care. Amid a massive surge in Covid patients, co's are coming forward with several innovative initiatives to help people.

⚫The US will restrict travel from India starting on May 4, citing a devastating rise in Covid-19 cases in the country and the emergence of potentially dangerous variants of the coronavirus.

⚫The pace of bank credit in India moderated to 5% in the fiscal year 2020-21 from 6.8% in FY20 due to the adverse effect of severe economic disruptions caused by the Covid-19 pandemic.

⚫The Govt permitted import of oxygen concentrators for personal use, through post, courier or e-commerce portals under gift category, amid surge in COVID-19 cases in the country.

⚫GST collection sets new record high at Rs 1.41 trillion in April. The robust mop up could be attributed to Govt's tightened compliance measures and crackdown against GST evaders and fake bills.

⚫Power consumption in the country grew 41% in April to 119.27 billion units showing robust recovery in industrial and commercial demand of electricity.

⚫Centre extends timelines of certain compliances in view of Covid-19.

⚫Appeal to CIT Appeals may be filed by May 31.

⚫The ITR in response to notice u/s 148 may be filed by May 31.

⚫Objections to Dispute Resolution Panel by May 31.

⚫ Belated returns for FY 1920 can be filed upto May 31, 2021

⚫Payment of tax deducted u/s 194-IA, 194-IB and 194M of the Act, and filing of challan cum statement may be paid and furnished on or before May 31.

⚫Lockdown in Delhi extended by one week.

⚫ Four states, one UT await election results.

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GST Updates

GST department has issued few notifications on 1st May 2021...

1. Notification no 8/2021 ( payment of interest on delayed filing of GSTR 3B for March and April)

a. Registered person having aggregate turnover more than Rs 5 Cr in last year -

9% interest p.a. for first 15days after due date of filing of GSTR 3B and 18% interest p.a. thereafter.

b. Registered person having aggregate turnover upto Rs 5cr  in last year -

No interest for first 15 days after the due date of filing of GSTR 3B, 9% p.a. for next 15 days and 28% p.a. thereafter.

2. Notification no 9/2021 ( waiver of late fees for GSTR 3B for March and April)

a. Registered person having aggregate turnover of more than Rs 5cr in last year - 

No late fees for the first 15 days from the due date.

b. Registered person having aggregate turnover upto Rs 5cr -

No late fees upto 30 days from the due date.

3. Notification 11/2021 ( Filing of Job Work return) 

All Registered person can file ITC 04 for Jan - March 2021 till 31st May 2021.

4. Notification no 12/2021 ( Filing of GSTR-1) 

Registered person filling monthly GSTR 1 for April 2021 can file the same till 26th May 2021.

5. Notification 13/2021 ( Availment of ITC and filing of IFF for April 2021)

a. Registered person can claim ITC for April 2021 as per their books without following GSTR 2A. However, while filing GSTR 3B for May 2021, it need to ensure that it has availed ITC for April and May , put together , as per GSTR 2A plus 5%

b. Registered person filling quarterly GSTR 1 can file outward supply details in IFF for April 2021 from 1st May till 28th May 2021. Earlier the due date was till 13th May 2021.

✅GSTR-4 due date extended to 31st May

✅ ITC-04 due date extended to 31st May for Jan-Mar quarter

✅GSTR-1 due date for April'21 extended to 26th May and IFF due date extended to 28th May. 

✅Timeline for all other proceedings, asset order etc. Whose last date of completion falls between 15th April to 30th May is extended to 31st May

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CBDT notifies Form no. 34BB for making request to withdraw application pending before SetCom

The CBDT has notified new Rule 44DA to prescribe manner for making application to withdraw pending application filed before Settlement Commission (SetCom). The Finance Act, 2021 has discontinued the Income-tax SetCom w.e.f., 01-2-2021. Assessee has option to withdraw pending application filed before SetCom within 3 months from date of commencement of the Finance Act, 2021.

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CBDT specifies format, procedure & guidelines for submission of SFT related to capital gains info.

The CBDT has prescribed the guidelines for preparation and submission of SFT for information related to Capital gains on transfer of listed securities or units of Mutual Funds. Earlier, board has released guidelines for submission of SFT for information related to interest and dividend income.

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GSTN Portal has provided 2 new details for ready reference and understandability of the return filling preference and status of filling.

1. 𝐑𝐞𝐭𝐮𝐫𝐧𝐬 𝐂𝐚𝐥𝐞𝐧𝐝𝐚𝐫 (𝐋𝐚𝐬𝐭 𝟓 𝐫𝐞𝐭𝐮𝐫𝐧 𝐩𝐞𝐫𝐢𝐨𝐝𝐬):

Just after login to the GST Common Portal, the status of last 5 return as applicable for the taxpayer depending upon the filing preference will be shown. Green indicated Filled Returns, Grey Indicates Not Applicable types whereas Red Indicated Not Filled Returns.

2. 𝐑𝐞𝐭𝐮𝐫𝐧 𝐟𝐢𝐥𝐢𝐧𝐠 𝐩𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞

Under the QRMP Scheme, Taxpayer can file Quarterly GSTR 1 and GSTR 3B or may choose to file monthly returns.

The status of Monthly / Quarterly preference is now visible just after login to the GST Common Portal. An option to change the preference is also given.

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30 April 2021 News and Updates

30th April 2K21

Ø  Acre ARC set to purchase Indiabulls assets

Ø  Banks need to adopt digitisation or else they will perish: Ex-finance Secretary SC Garg

Ø  Labour Min hikes maximum sum assured payable under EDLI scheme to Rs 7 lakh

Ø  ICICI Bank launches merchant stack platform

Ø  Unemployment rate likely to be 8% compared to 6.5% in March in India: CMIE

Ø  India urges China to clear bottlenecks on key pharma raw-material

Ø  Ambuja Cements consolidated Q4 PAT at Rs 947 cr, up 71% YoY on higher sales

Ø  Govt looking to monetise possible IT parks, SEZs developed on PSU land

Ø  Unilever plans $3.6 billion buyback as China and home cooks boost growth

Ø  Most Indian companies protected against weakening rupee: Moody's report

Ø  HUL Q4 PAT jumps 41% YoY to Rs 2,143 crore, beats Street estimates

Ø  Auto firms to halt production for up to 15 days amid raging second wave

Ø  Lockdowns spell a downside risk for electricity demand growth in FY2022: ICRA

Ø  RBI to conduct first special OMO of FY22 on May 06

Ø  Niraj Bajaj to take over as Chairman of Bajaj Auto

Ø  Zomato revenue up at ₹2,604 crore in FY20

Ø  Biocon Biologics posts 53% growth in revenues at ₹664 crore for Q4FY21

Ø  Indian pharma hit hard by China’s suspension of cargo flights

Ø  Shriram Transport net profit jumps 238% to Rs755 crore in March quarter

Ø  Sebi extends results filing deadline for Indian firms due to Covid-19

Ø  L&T Finance Q4 net profit falls 31% to Rs267 crore

Ø  PowerGrid’s first InvIT public offer subscribed 10% on day one

Ø  Titan Q4: Net profit jumps 48% to ₹529 crore

Ø  CCI clears Tata’s acquisition of BigBasket

Ø  Govt allows import of medical devices like oxygen canister for 3 months with riders

Ø  Bajaj Finserv Q4 profit jumps four folds to Rs 979 cr

Ø  Indian gold demand likely to slow down in April-June: WGC

Ø  Bank Of Maharashtra Net Profit Jumps To Rs 165 Cr In March Qtr

Ø  Laurus Labs Q4 Net Profit Zooms Nearly 3-Fold To Rs 297 Cr

Ø  Portfolio Manager To Obtain Prior Approval Of Sebi In Case Of Change In Control

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🔰 Today is the last date to opt-in or opt-out of QRMP scheme for the quarter April-June’ 21

✅ The last date to Opt-in or Opt-out of the QRMP scheme for the quarter April-June 21′ is April 30, 2021′.

Read More at: http://www.a2ztaxcorp.com/today-is-the-last-date-to-opt-in-or-opt-out-of-qrmp-scheme-for-the-quarter-april-june-21/

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Initiative by ICAI

Norms have been relaxed by ICAI for medical assistance for CAs and their dependents who are in distress and need help.

For further information please use link provided below

https://www.icai.org/post/financial-assistance-for-treatment-of-corona-disease-from-cabf

https://www.youtube.com/channel/UCwAq-U2ls2crYBoD4YSTPtA

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⚫The Govt will procure one lakh portable oxygen concentrators and install 500 more pressure swing adsorption oxygen plants from the PM Cares Fund.

⚫The Cabinet approved the signing of a deal between India and the UK on information sharing and preventing Customs offences. The agreement is also expected to facilitate trade & ensure clearance of goods traded between the countries.

⚫The SEBI told the mutual fund industry that a fifth of the salary of top executives is be paid in the form of units of mutual fund schemes they oversee.

⚫Single window clearance mechanism for foreign investors hits a bump. Manpower crunch because of Covid, only 8 states put in place the requisite infra.

⚫The USA will be delivering relief materials worth over USD100 million to India in the coming days, as the first flight carrying urgent health supplies left for the country.

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👉 Due dates for filing of Form GSTR-3B from the Tax Period of January, 2021

https://www.gst.gov.in/newsandupdates/read/467

👉 Clarification on spending of CSR funds for setting up temporary COVID Care facilities and makeshift hospitals-reg.Pdf(371 KB)

file:///C:/Users/saurabhankit/Downloads/GeneralCircularNo5_22042021(2).pdf

👉 Important Announcement - June 2021 Foundation Examination - (26-04-2021)

https://www.icai.org/post/imp-announcement-june2021-foundation-exam

👉 Further extension of the last date for Waiving-off Condonation Fees due to late filing of various application forms related to Students and Articled Assistants, amidst COVID-19 Pandemic - (26-04-2021)

https://www.icai.org/post/further-extension-last-date-for-waiving-off-condonation-fees

👉 Important Announcement - May 2021 CA Examinations - (27-04-2021)

https://www.icai.org/post/imp-announcement-may2021ca-exams

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✅ Covid Vaccination Drive:

You can register for vaccination at the below link;

https://selfregistration.cowin.gov.in/

✅ MSME Form-1 (MCA) is to be filed by only those specified companies whose outstanding payment to MSMEs suppliers is exceeding 45 days as on 31st March or 30th September.

Last date 30th April 2021 (for Oct20 to Mar.21)

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🔰 No GST can be demanded from Buyer for the fault of seller of non-payment of taxes to the Govt.

✅ The Hon’ble Madras High Court in M/s. D. Y. Beathel Enterprises v. the State Tax Officer [W.P. (MD) Nos. 2127, 2117, 2121, 2152, 2159, 2160, 2168, 2177, 2500, 2530, 2532, 2534, 2538, 2539, 2540, 2503 & 2504 of 2021 & Ors., dated February 24, 2021] quashed the order passed by the officer levying the entire tax liability on the purchasing dealer without involving the seller, where the payment of tax has been made by the purchasing dealer, but the same has not been remitted to the Government by the Seller. Held that, the omission on the part of the Seller to remit the tax should have been viewed very seriously and strict action ought to have been initiated against the seller.

The Complete Judgment can be accessed at: http://www.a2ztaxcorp.com/no-gst-can-be-demanded-from-buyer-for-the-fault-of-seller-of-non-payment-of-taxes-to-the-govt/

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⚫More than 40 countries have committed to provide India with medical items and pharmaceutical products that the country urgently needs to battle the unprecedented rise in Covid-19 cases.

⚫Labour crunch hits roads construction and realty business. Uttar Pradesh & Maharashtra, are reporting a higher loss of on-site labourers.

⚫Co's may not get immediate relief measures. Some of the exemptions given as part of Covid relief measures last year would come to an end in June 2021.

⚫Auto firms to halt production for up to 15 days amid raging second wave. For some it is part of annual maintenance protocol, for others it's a forced move, done for safety of those employed at the factory.

⚫SEBI extended the timelines for various regulatory filings, including financial earnings. The deadline to file the March quarter and annual financial results has been extended to June 30.

⚫The Maharashtra Govt extended till May 15 the existing lockdown.

⚫India reported 386888 cases, India has been reporting over 300,000 cases daily for over a week now.

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

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