15 September 2020 News and Updates

Ø  Employees provident fund members withdraw Rs 39.4k Crore during March 25-August 31

Ø  RBI asks banks to fully automate NPA recognition process

Ø  No proposal for raising FII limit in PSBs to 49 per cent: Anurag Thakur

Ø  Banks' NPAs in large industry, services fall 31% in over two years to Rs 4.36 Lakh Crore 

Ø  India's oil import bill declines by two-third on fall in international prices: Dharmendra Pradhan

Ø  Income Tax Appellate Tribunal nixes tax claim on Vodafone rights issue

Ø  Debt monetisation by RBI could undermine investor confidence: S&P

Ø  Govt weighs dropping debt condition in plan to sell Air India: Report

Ø  20 CPSEs, their units in pipeline for strategic sale: Finance Ministry

Ø  Nvidia to buy UK Chipmaker Arm from Softbank in $40 Billion deal

Ø  Carlyle, SoftBank put on waiting list for Reliance Retail stake: Report

Ø  L&T bags multiple orders across business segments in domestic market

Ø  Amid demand revival, steel cos hike prices by ₹2,500/Tonne 

Ø  Government proposes fresh expenditure of ₹1.67 lakh crore

Ø  US fund drags LVB, Fortis, IIH to court over 2017 deal

Ø  Dabur India forays in the edible oil segment

Ø  Ashok Leyland takes on M&M with new pickup Bada Dost

Ø  Oil India undertakes well control operation at Baghjan

Ø  Govt moves to tighten regulation of co-op banks

Ø  Finance minister introduces Banking Regulation (Amendment) Bill in Lok Sabha

Ø  India to be largest source of energy demand growth: BP Energy Outlook

Ø  India needs a new strategy for an era of a weakening US dollar

Ø  Deutsche Boerse AG sells 2.67% stake of BSE Ltd for ₹66 Crore 

Ø  Bank credit grows by 5.49%, Deposits by 10.92%: RBI data

Ø  WPI inflation rises for first time since March; August WPI rises this much

Ø  FDI inflow from China declines to $163.77 Million in FY20: Anurag Thakur

Ø  CBI books Mumbai-based Ess Dee Aluminium Ltd for cheating SBI to the tune of Rs 338 Crore 

Ø  TCS second Indian firm to cross Rs 9 Lakh Cr -market valuation mark

Ø  13 Lakh new Retail investors added in stock market in past one month

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Even after recommending a Resolution Plan for approval of the Adjudicating Authority, the Committee of Creditors can retract it and withdraw the decision in regard to approval of such Resolution Plan by the Committee of Creditors – Siva Rama Krishna Prasad Vs. S Rajendran, Official Liquidator of  M/S Krishna Industrial Corporation Ltd. & Ors. – NCLAT New Delhi

Case Citation: [2020] ibclaw.in 76 NCLAT

NCLAT held that it is manifestly clear that even after recommending a Resolution Plan for approval of the Adjudicating Authority, the Committee of Creditors can retract it and withdraw the decision in regard to approval of such Resolution Plan by the Committee of Creditors. The Adjudicating Authority has rightly observed that even after pushing the Corporate Debtor into liquidation, Promoter/Ex-Director of the Corporate Debtor can take recourse to Section 230 of the Companies Act, 2013 by submitting a scheme for revival of the Corporate Debtor, subject of course to eligibility of the applicant. For the foregoing reasons, we find no merit in these appeals. Same being devoid of merit stand dismissed. No orders as to costs.

https://ibclaw.in/siva-rama-krishna-prasad-vs-s-rajendran-official-liquidator-of-m-s-krishna-industrial-corporation-ltd-ors-nclat-new-delhi/

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⚫The consumer price index based inflation came in at 6.7% for August courtesy food inflation refusing to soften below 9%. India’s economy now struggles to cope with low growth and high inflation.

⚫LIC IPO unlikely this fiscal year due to delay in valuation process.

⚫The Govt banned the export of all varieties of onions with immediate effect, a move aimed at increasing availability and checking price of the commodity in the domestic market.

⚫The Govt said the lowering of corporate tax rate has made India a globally competitive and favoured destination for investment and the impact of this landmark reform will be felt in the coming years.

⚫India is proposing to drop a condition that the winning bidder for Air India Ltd. will have to take on $3.3 billion of aircraft debt, as the Govt struggles to sell the loss making carrier kept afloat by taxpayer funded bailouts.

⚫India's coronavirus tally has reached 4,926,914. The death toll has risen to 80,827. India now has 973,175 active cases.

⚫Today is last date of filing GSTR 3B for the month of May 2020 of taxpayers having turnover upto 1.5cr.

⚫Today is last date of depositing Advance tax of 2nd quarter.

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✅Union bank of India Invites application for empanelment of  Concurrent Auditors for the year 2020-21. Last date for submitting applications online is 02.10.2020 Link: https://eremit.unionbankofindia.co.in/auditor/

✅Income tax - TODAY 15th September 2020- Advance tax second installment for FY 20-21

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👉🏻RBI mandates automated recognition of NPAs, provisioning by June 2021

(All borrowal accounts, including temporary overdrafts, irrespective of size, sector or types of limits shall be covered in the automated IT- based system for asset classification, upgradation and provisioning processes)

👇🏻 👇🏻 👇🏻

https://bit.ly/2Fx229j

👉🏻Govt urges Pvt sector to clear MSME dues on priority

(MSME, Ministry has asked the private sector enterprises of the country to take measures for release of payment of MSME dues on priority)

👇🏻 👇🏻 👇🏻

https://bit.ly/2RoKPBL

👉🏻CBDT dedicates two-thirds of workforce to faceless assessment scheme

(Central Board of Direct Taxes has dedicated two-thirds of its workforce towards the faceless assessment scheme)

👇🏻 👇🏻 👇🏻

https://bit.ly/3hvJ6Fa

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14 September 2020 News and Updates

Ø  SoftBank said to near a deal to sell British chip designer arm

Ø  Steel demand surges on the back of rise in automotive sales

Ø  CBDT deploys two-third of its workforce for faceless assessment scheme

Ø  ArcelorMittal, Dastur set to research on solution for carbon capture

Ø  Auto component industry seeks long term roadmap for regulatory changes

Ø  Tata Motors plan to achieve net debt zero target by FY24

Ø  Sebi issues clarification on asset allocation framework for multi-cap MFs

Ø  BEL upbeat on defence biz prospect, seeks to ride govt's self-reliance push

Ø  Retail inflation to come down with easing of lockdowns: CEA Subramanian

Ø  Discoms' outstanding dues to power gencos rise 36% to Rs 1.29 trn in July

Ø  India to be self-reliant in fertilisers production by 2023: Gowda

Ø  Listed power cos have ₹11,252 cr of bills pending for over 2 years

Ø  Marico plans to inject a booster dose to foods biz

Ø  CBIC suspends licence of 56 Customs brokers

T.R

Ø  Clinical trial resumes on AstraZeneca-Oxford University Covid-19 vaccine

Ø  MFs to seek time to comply; plan alternatives to ‘protect’ investors 

Ø  ByteDance tells US it won’t sell TikTok’s algorithm: Report

Ø  Mutual funds withdraw ₹17,600 crore from stocks in July-August

Ø  Covid treatment accounted for 11% of health insurance claims in Apr-Aug: Study

Ø  FPIs turn net sellers in September, pull out ₹2,038 cr so far

Ø  Carlyle may pick up $2 billion stake in RIL’s retail arm

Ø  India’s coal import drops 35% in Aug on lower demand from power, cement players

Ø  SBI Card to enrol ‘delinquent’ customers in restructuring plans: MD

Ø  13 lakh new retail investors added in stock market in past one month.

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All about Indian Insolvency Laws

All about Personal Guarantor

Answer of your questions on Personal Guarantee

2.3 Pre-initiation of CIRP against Principal Borrower

2.3.1 Pre insolvency right of the creditor does not undergo any metamorphosis on the principle

2.3.2 Whether the application u/s 7 of the Code is maintainable against the Corporate Guarantor 

without initiation of CIRP against the principal borrower (principal debtor)

2.3.3 Can a financial creditor file an insolvency application against a company which has issued 

corporate guarantee in connection with the loan made available by the financial creditor to an 

individual or sole proprietorship?

2.3.4 Whether a Guarantor (third party) can be treated as Financial Creditor of the principal debtor 

when it makes repayment of the loan that had been advanced by a financial creditor to the 

principal debtor?

2.4 During ongoing CIRP of Principal Borrower

2.4.1 Separate application for initiation of resolution process require to be filed against the 

Guarantor before the same very Bench of the AA who is hearing the CIRP or liquidation proceeding 

against principal Corporate Debtor

2.4.2 Whether the CIRP can be initiated against two Corporate Guarantors simultaneously for the 

same set of debt and default? The question can be looked from another angle. Whether the 

Financial Creditor can claim same amount from the Resolution Professional appointed pursuant 

to the CIRP against the Corporate Guarantor No.1, as also from the Resolution Professional 

appointed pursuant to CIRP initiated Corporate Guarantor No.2?

2.4.3 Once the Financial Creditor’s claim has been collated and admitted by the IRP in its entirety, 

invoking of jurisdiction of the Adjudicating Authority at its instance for triggering a fresh CIRP 

against the Corporate Guarantor would amount to duplicity of claims being pressed.

2.5 During ongoing CIRP of Corporate Guarantor

Whether a creditor in whose favor an entity has provided a corporate guarantee file a claim with 

resolution professional, if the creditor has not invoked the corporate guarantee prior to 

commencement of CIRP of corporate guarantor?

2.6. After Approval of Resolution Plan of Principal Borrower

Whether the liability of a guarantor of a debt of a corporate debtor stands reduced/extinguished 

upon an Insolvency Resolution Plan in respect of the corporate debtor, being approved under the 

Insolvency and Bankruptcy Code, 2016?

………….and more, all at one place.

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⚫The Govt is mulling to leverage power for cooking in a big way to help the poor.The power will provide poor strata of the society a cheaper option for their day to day requirement, move the nation towards self reliance and make it independent from imports (petroleum).

⚫The CBDT has deployed two-third of its workforce to deal with the faceless assessment scheme. ReAC has also been increased to 34 from 8 earlier.

⚫SEBI said that mutual funds have many options to meet with the requirements of its circular pertaining to asset allocation framework for multi cap schemes based on the preference of their unit holders.It clarified that apart from rebalancing their portfolio in the Multi Cap schemes, mutual funds (MF) could inter-alia facilitate switch to other schemes by unit holders, merge their Multi Cap scheme with Large Cap scheme or convert their Multi Cap scheme to another scheme category, for instance, Large cum Mid Cap scheme.

⚫The finance ministry said banks have sanctioned loans worth over Rs 1.63 trillion to more than 4.2 million business units under the Rs 3-trillion Emergency Credit Line Guarantee Scheme for the MSME sector.

⚫The Dept for Promotion of Industry and Internal Trade is working on two schemes -- credit guarantee and seed funds -- to support startups in the country. There would be a corpus in the credit guarantee scheme which would be given to banks and they will leverage that to lend.

⚫Minister of Health and Family Welfare has said that India may get a vaccine against the coronavirus in the first quarter of 2021.

⚫Parliament is fully prepared for the 18-day Monsoon Session from Monday under the shadow of the pandemic with many firsts, including sitting of the two Houses in shifts without any off day, entry only to those having a negative report and compulsory wearing of masks.

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GST UPDATE ON ITC AVAILABILITY ON TRANSPORTATION SERVICES AVAILED FOR EMPLOYEES 

The restrictions as regards availment of input tax credit on hiring of motor vehicles has created confusion in the minds of employers regarding admissibility of input tax credit on transportation services availed for the commutation of their employees from third parties. This issue was recently raised before the Hon’ble Maharashtra AAR in the case of M/S TATA MOTORS LTD. which is the subject matter of discussion in our present update. 

In this case, applicant had engaged third party service provider to provide transportation facility to its employees in non-air-conditioned buses having seating capacity of more than 13 persons. To ensure that transportation facility is used only by authorized persons/employees, applicant is issuing pass to employees and nominal amount is recovered on monthly basis. The applicant has sought an advance ruling to determine availability of ITC on GST charged by service provider on hiring of bus/motor vehicle for transportation of employees and applicability of GST on such nominal amount recovered from employees. It also sought that if ITC is available, whether it will be restricted to the extent of cost borne by the applicant.

The AAR observed that with effect from 1-2-2019, section 17(5) of CGST Act, 2017 has been amended to allow ITC on leasing, renting or hiring of motor vehicles, for transportation of persons having approved seating capacity of more than thirteen persons (including the driver). Since in the given case, the applicant is using non-air conditioned buses having seating capacity of more than 13 persons, it shall be eligible for ITC but only after 1-2-2019.  

On question of chargeability of GST on nominal amount charged from employees, AAR observed that once employee ceases to be in employment with applicant, he/she is not authorized to use the transportation facility. In other words, employer-employee relationship is must to avail this facility and the facility can be treated as perquisite given by the applicant to its employees. As per clause 1 of the Schedule III of the CGST Act, services by an employee to the employer in the course of or in relation to his employment shall he treated neither as a supply of goods nor a supply of services. Since the applicant is not supplying any services to its employees, in view of Schedule III, GST is not applicable on the nominal amounts recovered by applicants from its employees.  

Further, on question of restriction of ITC to the extent of cost borne by the applicant employer, AAR referred the decision given by the Hon'ble High court of Bombay in the case of CCE, NAGPUR V. ULTRATECH CEMENTS LTD. and held that ITC is not admissible to applicant on the portion of cost borne by employee and thus, ITC will be restricted to the extent of cost borne by the applicant.

The ruling is no doubt favourable to the assessee but we wish to add our point regarding non-taxability of GST on nominal charges recovered by employer from the employees for transportation facility provided to them. Reference may be made to AAR ruling in the case of M/S. POSCO INDIA PUNE PROCESSING CENTER PRIVATE LIMITED [2019 (21) G.S.T.L. 351 (A.A.R. - GST) and M/s ION TRADING INDIA PRIVATE LIMITED wherein it was held that premium amount recovered for making payment to insurance company for providing mediclaim facilities by employer to its employees cannot be treated supply of service by employer under GST law because employer is not engaged in providing insurance services and the said activity is not in course or furtherance of its business so as to levy GST. It appears that this reasoning is convincing and was missed while ruling that the amount recovered from employees for transportation facility is not liable to GST. It is hoped that similar advance ruling is pronounced for other facilities provided by employers such as canteen facilities which is also in terms of employment contract.

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✒️ Supreme Court has dismissed yet another plea seeking for postponement of the NEET UG-2020 examination in wake of the COVID-19 pandemic and floods ravaging the country. 

✒️ MCA has issued a circular to provide Relaxation of additional fees and last date of filing form CRA-4 to 30th November 2020

✒️ Karnatak High Court while dismissing a plea filed by a rape convict stated that the court shall act as Lord Shri Krishna of Mahabharatha to protect in order to protect safety of women.

✒️ Delhi High Court ruled that an accused has a right to be heard to oppose an application for extension of time for completion of investigation accruing out of the proviso to Section 167 of the Cr.P.C. as modified by Section 43(D)(2) of the Unlawful Activities (Prevention) Act, 1967 for investigations under UAPA.

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⚫Industrial production contracted for the fifth consecutive month in July, by 10.4%. All the components of the Index of Industrial Production (IIP) — mining, manufacturing, and electricity — saw contraction, albeit at a smaller magnitude compared to the previous month.

⚫Moody’s expects India’s real GDP to contract 11.5% in the FY21, becoming the latest agency to cut forecast after the first-quarter data showed a sharper-than-expected contraction and a sluggish recovery in indicators thereafter.

⚫The country's foreign exchange reserves rose by USD 582 million to reach a lifetime high of USD 542.013 billion in the week ended Sept 4.

⚫The banking sector needs to increase focus on the artificial intelligence strategy, data management, internal digitisation, talent creation and developing safe systems, the Institute for Development and Research in Banking Technology said.

⚫India has recorded its biggest 24-hour spike of 97,654 coronavirus cases. With this, India's tally has surged to 4,657,379. In the past seven days, India has recorded 636,889 Covid cases.

⚫India's armed forces are ready for any eventuality, even as tensions between India and China remain high following "provocative behaviour of Chinese frontline troops" along the LAC.

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✅ GST Updates GSTR-3B May-2020

🌴 Aggregate Turnover upto Rs. 5 Cr in preceding FY

🎯 Whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana or Andhra Pradesh or the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep.

🎯Note: If GSTR-3B is filed after 12.09.2020 but upto 30.09.2020, then Interest @9% p.a. and Late Fees Upto Rs. 500 shall be levy.

🎯Important Note: If GSTR-3B is filed after 30.09.2020, then Interest @18% p.a. and Late Fees shall be Rs. 50/20 per day w.e.f. 23-05-2020.

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⚫China has mobilised thousands of soldiers, tanks and howitzers within rifle range of Indian Army deployment at Spanggur Gap in the southern part of Pangong Tso in eastern Ladakh, even as Indian troops are on high alert.

⚫The ED has issued seizure orders on properties worth Rs 89 crore held by DMK MP S Jagathrakshakan and his family members.The assets are equivalent in value to foreign securities that were illegally acquired from a Singapore based Co in contravention of Section 4 of FEMA. 

⚫India's mid and small cap stocks are set to receive a boost after the regulator tweaked rules for multi-cap mutual funds, a move analysts say could push about 400 billion rupees to the broader market. Multi-cap funds must hold at least 75% of their assets in equities -- up from 65% at present -- with 25% each in large, medium and smaller companies to ensure they stick to their mandate of investing in a wide set of stocks.

⚫Over 1.5 million candidates are expected to appear in medical entrance exam NEET on Sunday which will be conducted amid strict precautions in view of the Covid-19.

⚫India reported its biggest single-day jump in total coronavirus cases. The total count of cases is now at 4659984, with 97,570 cases getting added in 24 hours.

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👉 Update regarding enabling on e-invoice portal (https://einvoice1.gst.gov.in/)

https://www.gst.gov.in/newsandupdates/read/399

👉 Relaxation of additional fees and extension of last date of filing of CRA-4 (form for filing of cost audit report) for FY 2019-20 under the Companies Act, 2013Pdf(761 KB)

http://www.mca.gov.in/Ministry/pdf/circular_10092020.pdf

👉 Completion of MCS Course and Advanced IT Course through Virtual Mode as one-time measure due to COVID -19 by the students who have passed Final exam on or before November 2018 and were already registered in www.icaionlineregistration.org for physical mode training-(10-09-2020)

https://www.icai.org/post/completion-mcs-course-advit-course-vm

👉 Invitation of Comments on SEBI Consultation Paper on The Format for Business Responsibility and Sustainability Reporting - (10-09-2020)

https://www.icai.org/post/invitation-comments-on-sebi-consultation-paper-srsb

👉 Registrar of Companies of various regions have extended the time for holding of Annual General Meeting (AGM) for the financial year ended on 2019-20 by three months from the due date - (10-09-2020)

https://www.icai.org/post/registrar-companies-various-regions-ext-agm

👉 Compliance functions in banks and Role of Chief Compliance Officer (CCO)

https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11962&Mode=0

👉 RBI Bulletin - September 2020

https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50349

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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 .

11 September 2020 News and Updates

11th September 2K20

Ø  Government planning incentives worth $23 billion to boost manufacturing

Ø  Yes Bank repays entire Rs 50,000 crore special liquidity facility dues to RBI

Ø  Two-thirds of Crisil-rated companies eligible for one-time loan recast

Ø  FTA talks with Russia, US, EU on, trade policy not planned around one nation: Piyush Goyal

Ø  Nabard to disburse Rs 1.20 lakh crore crop loan this fiscal

Ø  TRAI's R S Sharma calls for speedy liberalisation of satcom policy

Ø  India's exports in September first week jump 13% to $6.12 billion

Ø  States may cut FY21 capex by Rs 3 trillion due to GST shortfall: Icra

Ø  PE investments worth $1.9 bn in August, dipping 53% from July deals

Ø  ONGC, OIL earnings hinge on upside in crude prices as production stagnates

Ø  Reliance to offer $20-bn stake in retail business to Amazon: Report

Ø  Stressed firms accuse ARCs of asset stripping in complaint to RBI

Ø  GDP to contract 9% in FY21, says Crisil

Ø  KPMG, Khaitan & Co to assist in Ordnance Factory Board corporatisation

Ø  Gujarat Pipavav Port awaits extension of concession term

Ø  ITI bags ₹7,796-cr optical fibre cable project for the Army

Ø  Motherson Sumi charts 5-year plan with $36-billion revenue target

Ø  Dalmia Cement buys shares worth ₹98 crore of Indian Energy Exchange

Ø  Saudi sovereign fund PIF weighs investing in Ant IPO: Report

Ø  Expert panel to assist govt for assessment of relief to bank borrowers

Ø  Route Mobile IPO subscribed 4.21 times on day 2

Ø  Hindalco to recover to pre-Covid levels by H2FY21: Birla

Ø  Crisil slashes India FY21 GDP estimate to worst since 1950

Ø  Banks tap consultants for debt recast assessment

Ø  Covid crisis: IMF says further fiscal stimulus warranted in India

Ø  PM Modi launches Rs 20,050-cr scheme for fisheries sector

Ø  Capital India Finance gets forex business licence from RBI

Ø  Zomato plans to file for IPO in first half of 2021

Ø  NBFCs witness 15-20 per cent improvement in retail lending in last 2 months

Ø  Fuel consumption in August witnesses biggest monthly dip since April

Ø  States may cut FY21 capex by Rs 3 lakh crore, says ICRA

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⚫PM launched Rs 20,050 crore Pradhan Mantri Matsya Sampada Yojana to boost production and exports in the fisheries sector as part of the Govt's aim to double farmers' income.

⚫India has fallen 26 spots to the 105th position on the Global Economic Freedom Index 2020. The report said prospects for increasing economic freedom in India depend on next generation reforms in factor markets and in greater openness to international trade.

⚫In a bid to support agri sector amid COVID-19 crisis, NABARD said it aims to disburse Rs 1.20 lakh crore crop loan to farmers for meeting production expenses this fiscal.

⚫The IMF said that there is a need for another stimulus, especially expenditures on health, food and income support for vulnerable households, and support for businesses in view of the Covid-19 pandemic.

⚫India is planning to offer incentives worth Rs 1.68 trillion to attract co's to set up manufacturing in the South Asian nation.

⚫The Govt will offer production-linked incentives to automobile manufacturers, solar panel makers, and specialty steel to consumer appliance companies,textile units, food processing plants and specialised pharmaceutical product makers are also being considered for the plan.

⚫Gold exchange-traded funds see 5th consecutive month of inflows in August. Inflows came despite gold price coming off its all-time high, though it has risen 30% in the first eight months of the year

⚫With a highest single day spike of 96,760 coronavirus cases, India's tally has surged past the 4.5-million mark. Maharashtra and Delhi recorded 23,446 and 4,308 cases.

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Provision for Aadhar Authentication in GST Registration

1. Aadhaar Authentication process has been introduced, for the persons applying for GST registration as Normal Taxpayer/ Composition/ Casual Taxable Person/ Input Service Distributor (ISD)/ SEZ Developer/ SEZ Unit etc, in Form GST REG 01 (refer Notification No 62/2020-CT dt 20.08.2020 ).

2. Under this, Individuals, Authorised signatory of all types of businesses, Managing and Authorised partners of a partnership firm and Karta of an Hindu undivided family, applying for new registration, can opt to undergo e-KYC authentication of their Aadhaar number.

3. Applicants, who, either do not provide Aadhaar, while applying for new registration or whose Aadhar authentication fails in validation, would be subjected to site verification by the tax department. However, Tax authority based on the documents produced can grant registration.

4. Timelines for grant of registration are:

-> In case of successful authentication of Aadhaar, registration will be deemed approved within 03 working days

-> If Aadhar authentication is not opted for or if authentication fails in validation and no SCN is issued within 21 days by tax official, registration will be deemed approved

-> Tax Officer can issue SCN within the period specified for grant of registration, like in cases of successful Aadhar authentication i.e. 03 working days, or in cases when taxpayer do not opt to provide Aadhaar or when Aadhar authentication fails i.e. 21 working days. Applicants can submit their reply within 07 working days from issue of SCN

5. Important points while opting for Adhaar authentication is as follows:

-> Once registration application is submitted, an authentication link will be shared on GST registered mobile numbers and email ids mentioned in the GST application

-> On clicking the verification link, a window for Aadhaar Authentication will open where they have enter Aadhaar Number and the OTP received by them on the mobile number linked with Aadhaar

-> Taxpayer need to complete Aadhaar authentication of all Promoters/ Partners/ Authorized Signatories/ Karta etc. as mentioned in the application to avail this option

-> Applicant can access the link again for authentication by navigating to My Saved Applications > Aadhaar Authentication Status > RESEND VERIFICATION LINK

-> Persons already registered on GST portal are not required to undergo Aadhar authentication at this stage

-> Persons who are not resident /citizen of India are exempted from the Aadhaar authentication process

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

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10 September 2020 News and Updates

10th September 2K20

Ø  PSB performance on EASE Index improves 37% over March 2019-20

Ø  I-T Dept issues refunds worth Rs 1.01 lakh cr to 27.55 lakh taxpayers till Sep 8

Ø  Food ministry seeks Rs 5,600 crore to pay export subsidy dues of sugar mills

Ø  Five to eight percent of overall loans will get restructured under new framework, says Icra

Ø  Disbursements in the housing finance sector at 60–70% of YoY levels: Report

Ø  PGCIL commissions first leg of Raigarh-Pugalur HVDC transmission project

Ø  Sebi steps up oversight of MII boards, seeking to protect shareholders

Ø  Fitch affirms Bharat Petroleum at BBB-minus with negative outlook

Ø  EPFO to pay 8.5% interest for FY20 in two instalments, cites Covid impact

Ø  Happiest Minds IPO subscribed 151 times, sees bids worth Rs 58,000 cr

Ø  Data consumption, gentle price hikes to drive telecom sector growth: Report

Ø  Silver Lake picks 1.75% stake in Reliance Retail for Rs 7,500 crore

Ø  Reliance Industries doing a Jio with Retail

Ø  Direct tax refunds from April till date exceed ₹1-lakh crore

Ø  Everady Industries’ Q1 net jumps to ₹24 crore

Ø  KKR in advanced talks for $1-billion Reliance Retail stake

Ø  Embassy REIT places ₹750-crore NCDs

Ø  Sobha Ltd picks stake in CVS Techzone LLP

Ø  Indiabulls Housing Finance launches ₹735 crore QIP

Ø  Weak demand a challenge, need a bold stimulus package, says industry

Ø  India to achieve carbon emissions reducing goal by 35% in 10 yrs: Javadekar

Ø  IMF chief Georgieva warns global economic crisis 'far from over'

Ø  US-based First Solar mulls setting up manufacturing plant in India

Ø  Need for further stimulus to revive demand in economy: Industry survey

Ø  TRAI chief advocates robust broadband, open systems, local manufacturing

Ø  Dr. Reddy’s releases Remdesivir for COVID-19 treatment under brand name Redyx

Ø  Braithwaite eligible for Miniratna Category II tag

Ø  India to begin Phase-3 human trials of Russian coronavirus vaccine soon

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✒️ Supreme Court refused to entertain three fresh petitions which sought to postpone the National Eligibility cum Entrance Test (NEET) for admissions to undergraduate medical courses, scheduled to be held on September 13.

✒️ MCA has extended the date for holding of AGM for the companies till 31st December,2020.

✒️ Delhi High Court has stated that Delhi residents are not required to have a Doctor's prescription to get tested for COVID-19 with a RT-PCR Test.

✒️ Punjab and Haryana High Court has held that the "complainant was not satisfied", cannot be the sole ground to discard the cancellation report and order further investigation.

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⚫The Centre launched the Aatmanirbhar Bharat ARISE-Atal New India Challenges programme to support MSMEs and start-ups for making India innovative, resilient, tech-driven, and research and development (R&D)-oriented. The programme provides a great opportunity for the Govt to become the first buyer of indigenous Made in India technology solutions.

⚫Union minister Nitin Gadkari said the Govt is aiming to create 50 million additional jobs in the MSME sector in five years. The Govt aims to enhance MSMEs contribution to the GDP from about 30% to 50%, and in exports from 49% to 60%.  

⚫Banks and non-bank lenders will restructure up to Rs 10 trillion in debt, or 8% of outstanding loans, under the one-time restructuring scheme announced by the RBI,  ICRA said.

⚫Recording its worst-ever single-day spike of 95,529 coronavirus cases, India's tally has surged past the 4.4-million mark to 4,462,965.

⚫PM and the saudi king expressed their satisfaction at the state of bilateral relations between India and Saudi Arabia and committed to further strengthen cooperation in all areas.

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9 September 2020 News and Updates

9th September 2K20

Ø  Wipro plans to set up Digital Innovation Hub in Germany

Ø  Global economy to contract 4.4%, China to grow at 2.7% in 2020: Fitch

Ø  Cabinet Committee on Economic Affairs okays PGCIL InvIT for worth Rs 7100 cr assets

Ø  EPFO settles 94.41 lakh claims worth Rs 35,445 cr during April-August

Ø  India's sugar exports surge 50% to a record level of 5.7 million tonne this month

Ø  Mexico’s Grupo Bimbo eyes majority stake in Modern Foods business

Ø  International Solar Alliance signs MoUs with NTPC, MNRE and World Bank

Ø  Govt plans to sell 15-20% stake in IRCTC via OFS in at least 3 tranches

Ø  MCA amends deposit rules for startups, extends exemptions up to 10 yrs

Ø  Stressed infrastructure accounts see little hope in new RBI norms

Ø  Happiest Minds IPO subscribed more than 8 times on day before close

Ø  Goldman Sachs to Fitch: Global rating agencies cut India's GDP forecast

Ø  Going digital: Ipca Laboratories ties up with Dassault Systemes for ‘ONE Lab’ solutions

Ø  Jindal Stainless reports ₹123.99 crore consolidated loss in Q1

Ø  Hiring sentiment in India weakest in 15 years, says survey

Ø  Over 90 per cent Indian firms investing in emerging technologies: Survey

Ø  BYJU’S raises $500 million in round led by Silver Lake

 

Ø  GM to make electric vehicle, supply batteries for Nikola

Ø  RCom, RTL lenders to move Supreme Court over spectrum sale

Ø  NTPC to add 5 GW solar capacity over the next two years

Ø  MCX exchange scales 12-year peak for silver delivery

Ø  Goldman Sachs projects deeper recession for India in FY21

Ø  Standard Chartered fined ₹100 crore for violating forex norms

Ø  India's IT major HCL sets up first development centre in Sri Lanka

Ø  Japan’s economy shrinks 28% in 2Q, worse than 1st estimate

Ø  India needs manufacturing pre-eminence to be self-reliant: Anand Mahindra

 

Ø  Reliance reveals detailed plan to spin off oil to chemical business

Ø  Centre likely to sell 25 per cent stake in LIC

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GSTR-9 and GSTR-9C under GST

1. What is GSTR-9?

Ans: GSTR-9 is an annual return under GST. As per Rule 80(1) of CGST Rules, every registered person (other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a nonresident taxable person) shall furnish an annual return In FORM GSTR-9.

GSTR 9 (in simple terms) is compilation of data from all returns filed by taxpayer on monthly / quarterly basis during the relevant financial year in Form GSTR-1 and GSTR- 3B.

2. Who is not required to file GSTR-9?

Ans: However, the following persons are not required to file GSTR-9.

i. Input service Distributor

Person paying tax under section 51 or section 52

Casual taxpayer.

ii. Nonresident Taxable Person / UIN Holders

Composite taxpayer

 

3. Is there any turnover limit for filing GSTR-9?

Ans: As per section 44(1) of CGST Act, there is no turnover limit for GSTR-9. That means every taxpayer is legally required to file GSTR-9 irrespective of his turnover for the relevant financial year.

However as per powers conferred by section 148 of CGST Act, government has made GSTR-9 optional for taxpayers having turnover upto Rs. 2 crores for the FY 2017-18 and FY 2018-19. Now it is upto taxpayer whether he wants to file GSTR-9 for these years or not. Please note that this option is only for FY 2017-18 & FY 2018-19 as of now. However seeing the previous trend of GST system, it may be extended by government for further years also.

4. What is GSTR-9C?

Ans: As per Rule 80(3) of CGST Rules, every registered person whose aggregate turnover during a financial year exceeds Rs. 2 Crores shall get his accounts audited and furnish a copy of audited annual accounts and a reconciliation statement in FORM GSTR-9C

However as per proviso to Rule 80(3) the limit of Rs. 2 crores has been increased to Rs. 5 crores for FY 2018-19. It is to be noted that this enhancement of limit is only for FY 2018-19 and not for any other year.

Further GSTR-9C is not a substitute for GSTR-9. Rather it is to be filed along with GSTR-9.

5. What is aggregate turnover in GST?

Ans: The aggregate turnover is very important in GST. As per section 2(6) of the CGST Act,

aggregate turnover includes: 

i. All taxable supplies (including those outward supply on which gst is payable under RCM by the receipient)

ii. Exempt supplies

iii. Exports

iv. Inter-state supplies

but excludes

i. Inward supplies on which tax is payable by a person under RCM

CGST, SGST, IGST, UTGST, Cess. 

The aggregate turnover is to be combined on all India basis for all GSTINs having the same PAN. Aggregate turnover cannot be computed on per GSTIN basis.

There are several myths over aggregate turnover that it does not include exempt supplies or export supplies. But that’s not true.

For example if a taxpayer has taxable turnover of 1 lakh only but he is having export / exempt  turnover of 2.5 crores. Then his aggregate turnover shall be considered as Rs. 2.51 crores and he shall be liable to do all the compliances accordingly.

 

6. Period for which annual return is required to be filed?

Ans: Annual Return needs to be filed for every financial year starting from 1st of April and ending 31st of March.

7. What is the due date for filing of GSTR-9?

Ans: As per section 44 of CGST Act, regular due date for filing of GSTR-9 is 31st December following the end of relevant financial year.

However CBIC vide Notification No. 41/2020 dated 05.05.2020 has extended the due date of FORM GSTR-9 & GSTR-9C for FY 2018-19 till 30th September, 2020.

8. What is the late filing fee for GSTR-9?

Ans: As per Section 47(2) of CGST Act, any person who fails to furnish GSTR-9 as required under section 44 by the due date shall be liable to pay a late fee of Rs. 100 per day subject to a maximum of an amount calculated at a 0.25% of his turnover.

It is to be noted that late fee of Rs. 100 shall be levied under CGST Act and equal amount of Rs. 100 fee shall be levied under SGST Act also.

 

9. Can GSTR-9 be revised?*

Ans: No, GSTR-9 cannot be revised. Once it is submitted and filed, it become final. No change can be made thereafter.

10. Who can become GST Auditor?

Ans: As per Section 35(5) of CGST Act read with Section 2(23) and section 2(35), only chartered accountant or cost accountant can be appointed as GST Auditor of taxpayer. A company secretary cannot be appointed as GST auditor.

It is to be noted that statutory auditor can also be appointed as GST Auditor of the same entity simultaneously.

Further as per announcement made on 28th September 2018 by the council of the ICAI in its 378th meeting, it is clarified that “an Internal Auditor of an entity cannot undertake GST Audit of the same entity".

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👉🏻Banks sanction loans of Rs.1.61 lakh Cr to MSMEs under credit guarantee scheme

(The Finance Ministry said banks have sanctioned loans of about Rs.1,61,017 crore under the Rs.3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector)

👇🏻 👇🏻 👇🏻

https://bit.ly/3haRslm

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✒️ SEBI has fixed 31st March,2021 as the cut-off date for Re-lodgement of Share transfer requests and further ordered that shares which are Re-lodged shall be issued only in Demat form.

✒️ MCA has amended through notification The *Companies (Acceptance of Deposits) Rules,2020.

✒️ Rajasthan High Court has made a prima facie observation that schools cannot be deprived of tuition fees from students with respect to online classes.Accordingly, passed an interim order allowing schools to take 70% of tuition fees from students for period from March 2020 in 3 installments.

✒️ Karnataka High Court passed an interim order to stay the National Law School of India University (NLSIU) Amendment Act 2020 passed by the Karnataka Assembly to grant 25% domicile reservation to Karnataka students in NLSIU, Bengaluru.

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MCA update

AGM due date for the FY ended 31.03.2020 has been extended till 31.12.2020 for all companies.

Three months general extension for holding AGM has been granted to all the companies because of Covid 19.  

No application is required to be made.

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⚫The CCEA allowed state-owned power transmission company Power Grid Corporation of India to monetise its assets by floating an Infrastructure Investment Trust. This will make PGCIL the first such public sector utility in India to issue InvITs.

⚫The Union Cabinet is believed to have discussed labour reforms in detail, the three Codes, social security, occupational safety and health pending in the Lok Sabha could be pushed for Parliament nod during the Monsoon session.

⚫India needs more banks for sustaining high growth and doubling the credit to GDP ratio to 100%, RBI board member  said. On the issue of stimulus package, he said it would be "wrong to throw money from the helicopter", and the right thing would be to create a better environment for entrepreneurship through reforms.

⚫The Finance Ministry said more than 42 crore people have received Rs 68,820-crore financial assistance under the Govt's Pradhan Mantri Garib Kalyan Yojana to protect poor and vulnerable from the impact of COVID-19 crisis.

⚫India has recorded nearly 90,000 new Covid-19 cases in the past 24 hours. With this, the country's tally has surged past the 4.3 million mark.

⚫Over 2 crore households across the country have been provided tap water connection so far under the Jal Shakti ministry's Jal Jeevan Mission.

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8 September 2020 News and Updates

8th September 2K20

Ø  Maruti Suzuki India reports 11% rise in production in August

Ø  RBI constituted KV Kamath committee names 26 sectors for restructuring

Ø  August power demand close to last year low base level

Ø  Air passenger traffic grows around 25% sequentially in August: Icra

Ø  World economy unlikely to re-attain pre-pandemic output levels before 2022: Report

Ø  Government to sell 15% stake in Bharat Dynamics through OFS

Ø  Risks to economic recovery rise as Covid-19 infection rate spikes: Moody's

Ø  RBI announces OMO for sale, purchase of govt securities of Rs 10,000 cr

Ø  Happiest Minds IPO subscribed nearly 3 times on first day of issue

Ø  ED arrests Chanda Kochhar's husband in money laundering case

Ø  UK court rejects plea seeking partial reporting ban in Nirav Modi case

Ø  Voda Idea to seek shareholders' nod to raise borrowing limit to Rs 1 trn

Ø  L&T evaluating tech for CO2-to-methanol plant

Ø  SBI plans to hire more than 14,000 employees

Ø  LIC Act likely to be amended to facilitate public issue

Ø  Asset quality concerns, defaults see MFs slash exposure to NBFCs

Ø  Delhi HC orders SpiceJet to pay ₹242.9 crore to Kalanithi Maran, KAL Airways

Ø  Financial service providers must engage openly with fintechs, says Finmin

Ø  Global Multidimensional Poverty Index: Niti to leverage monitoring mechanism

Ø  Vodafone Idea new brand identity ‘Vi’ reflects spirit of integration

Ø  Banks sanction loans of ₹1.61 lakh cr to MSMEs under credit guarantee scheme

Ø  Sebi sets March 31 as cut-off date for re-lodgement of share transfer requests

Ø  India to maintain sugar export subsidies for third year in a row: Report

Ø  China’s export growth quickens in August, imports edge lower

Ø  RBI to set up innovation hub for finance sector

Ø  Freefall in Q1 GDP hits companies’ sales, profits; non-banking, non-finance cos take maximum blow

Ø  Mutual fund redemption pressure continued in August

Ø  Boris Johnson gives October 15 deadline for Brexit deal

Ø  UNICEF to lead global procurement, supply of COVID-19 vaccines

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⚫India entered that elite club when the Defence Research & Development Organisation’s experimental Hypersonic Technology Demonstration Vehicle took off from the APJ Abdul Kalam Launch Complex, off the Odisha coast, and, after separating from its launch vehicle at an altitude of 30 km, flew at Mach 6 for more than 22 seconds.

⚫Financial technology company Razorpay has started going deeper into the Indian financial services market. The Tiger Global and Sequoia-backed firm is starting a new lending service for small businesses, seeking various ways for accessing easy and flexible credit. It would help them maintain constant cash flow and also repay the borrowed interest with flexible timelines.

⚫The real estate sector, which has seen its worst crisis so far in the midst of the Covid-19, says the loan restructuring parameters approved by the RBI based on the recommendations of the K V Kamath committee would help the liquidity strapped industry overcome the challenges caused by the pandemic.

⚫Recommendations of the K V Kamath panel for Covid-related stress have failed to enthuse airlines, with industry executives and experts saying the sector doesn’t stand to benefit from the same. The very high parameter set in the resolution framework is a huge challenge

⚫With COVID-19 still dominating major developments globally, the world economy is not likely to re-attain pre-pandemic output levels before 2022. In India, the pace of economic revival will depend on how quickly the health concerns abate as India is yet to witness a peak.

⚫The ED arrested Deepak Kochhar, husband of ICICI Bank former managing director and CEO Chanda Kochhar, in connection with ICICI Bank-Videocon money laundering case. 

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The Government of India has introduced a new Section 206C(1H) of the Income Tax Act, 1961 with regards to “Tax Collection at Source”.

Applicable to all sellers of goods whose turnover for the preceeding Financial Years exceeds Rs. 10  Crores rupees.

Example:-

If during FY 2019-20, turnover was exceeded ₹10 Crores , then For FY 2020-21 w.e.f 01.10.2020, this provision will applicable to such sellers.

Applicable from 01.10.2020

1. Every seller who has received any amount as sale consideration above Rs. 50 lakhs has to collect additional 0.075% of bill amount, collect PAN and pay as TCS every month. 

2. TCS returns have to be filed as like TDS returns are filed. 

3. So everyone is advised to complete accounting for half year till 30.09.2020 and separate parties with whom sale of Rs. 50 lakhs is made.

4.  From every sale after 01.10.2020 to such parties levy 0.075% TCS in every bill and keep record of the same

Accordingly sellers will need to add 0.075% to the bill value and deposit with the government on receipt of the payment from buyers.

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7 September 2020 News and Updates

7th September 2K20

Ø  More than Rs 10 lakh crore loans may avail restructuring benefit: Bankers

Ø  Small positive growth may not be ruled out in FY21, says Rangarajan

Ø  Vodafone Group says no to infuse new equity in Voda Idea

Ø  Tata Steel production back at 100 pc capacity, says T V Narendran

Ø  Thriveni Earthmovers bags Rs 31,428 cr contract to develop, operate NTPC's coal mine in Chhattisgarh

Ø  Japanese bank MUFG takes on lease 30,000 sqft space at BKC from Adani Realty 

Ø  Telecom, automobile companies lead earning downgrades, shows data

Ø  BPPI Q1 sales turnover up 94.21% to Rs 146.59 cr amid Covid-19 crisis

Ø  Biocon set for bigger insulin play, aims to reach one in five diabetics

Ø  HDFC clears Rs 47,000 cr loans to 200,000 home buyers under subsidy scheme

Ø  PNB fraud: Nirav Modi's extradition trial to resume in UK court on Monday

Ø  Lakshmi Vilas Bank plans to raise Rs 1,500 crore to fund biz growth

Ø  India’s commitment to reform being taken seriously by foreign investors: FM

Ø  Nod for trials of Bt Brinjal varieties revives GMO concerns 

Ø  Borrow more to stimulate demand, revive economy: Chidambaram to Government  

Ø  Axis Global Equity Alpha FoF is diversified option, consider existing fund also

Ø  Draft guidelines on advertising released

Ø  Govt asks auto industry to cut imports, raise exports

Ø  RIL details plan to carve out O2C assets

 

Ø  Hinduja Global Solutions Q1 net profit up 21.7% at Rs 49.2 cr

Ø  SBI moots voluntary retirement scheme to optimise costs, about 30,000 employees eligible

Ø  Crude output dips 6.1% in FY21, gas hit harder 

Ø  Amul forays into edible oil segment, to invest Rs 1,500 crore for processing plants

Ø  Aatmanirbhar Shipping: Centre asks major ports to use only Indian made tug boats

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⚫Finance Secretary said that when the world was turning faceless and digital, it was time for tax administration to also go faceless and eliminate the physical interface between the taxpayer and the I-Tax dept. He said that the tax system was going to be entirely data-driven and seamless tax reforms would change the way taxes are paid in the country.The objective of this reform is to remove harassment and corruption that people used to criticise earlier.

⚫The Centre assured support to leaders of the auto industry which has been severely hit by the pandemic. Union Cabinet ministers listed out a series of possible measures such as a scrappage incentive scheme and reduction in the GST rate to revive the auto sector.

⚫The RBI said loans of up to Rs 50 crore towards start-ups would qualify for the priority sector, alongside renewable energy used for agriculture. The central bank also doubled the overall limit for such renewable energy and health care as part of its revision to priority sector guidelines.

⚫The finance ministry has banned the creation of new posts in the central Govt, except those approved by the expenditure dept under the ministry.

⚫With over 87,000 new cases, India's tally has now surged past the 4-million mark. This is the third consecutive day when the country has recorded over 80,000 cases in a single day.

⚫State-owned BSNL has issued a directive to all its units to curtail expenditure on contract works which is likely to result in retrenchment of around 20,000 workers engaged with the telecom firm through contractors.

⚫The Centre is close to finalise the ambitious automobile scrappage policy. The scheme is expected to receive Centre's approval in a month's time or even earlier.The policy is expected to encourage customers to go in for new purchases which will be backed-up by Govt incentives in lieu of their old vehicles.

⚫The Central Board of Excise and Customs has decided to roll out the faceless assessment at an all India level in all ports of import and for all imported goods by Oct 31.This includes faceless or anonymised assessment, self registration of goods by importers, automated clearances of bills of entry, digitisation of Customs documents.

⚫The RBI came up with revised long format audit report (LFAR) norms with a view to improving efficiency of internal audit and risk management systems.

The LFAR, which applies to auditors of banks, has been updated keeping in view the large scale changes in the size, complexities, business model and risks in the banking operations,

⚫The recent surge in COVID-19 cases in Delhi is attributable to doubling of testing, CM asserted that the situation in the city is completely under control and there is no need to panic.

⚫The Indian Railways will start conducting examinations for 1.4 lakh posts for which it received applications, from December 15 this year.

⚫MNCs approach tax dept, seek revision of agreements due to Covid-19. These companies are reaching out to the direct tax board to seek clarity on revising the advance pricing agreements.

⚫The Govt has come out with comprehensive set of draft guidelines on advertising under which 'disclaimers' that are not easily noticeable by or legible or easily understandable to an ordinary consumer will be treated as misleading advertisements under the Consumer Protection Act. According to the draft guidelines, a disclaimer ot should be clearly visible to a normally-sighted person reading the marketing communication once, from a reasonable distance and at a reasonable speed.

⚫Banks may restructure loans of more than Rs 10 trillion largely attributed to 5-6 critical sectors, including aviation, commercial real estate and hospitality, that have been severely hit by the Covid-19 outbreak. 

⚫SBI has planned a VRS under which about 30,190 employees are eligible.

⚫India, which is the worst-hit nation after the US, recorded its highest single-day spike of 91,723 coronavirus cases on Monday. The total number of cases in the country now stand at 4,202,562. India has the second-highest number of active cases and ranks 3rd in Covid death toll.

⚫Indian and Chinese militaries held another round of talks in eastern Ladakh in an attempt to calm tensions even as the situation remained "delicate" with both sides further rushing in additional troops and weapons following last week's confrontations.

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The Government of India has introduced a new Section 206C(1H) of the Income Tax Act, 1961 with regards to “Tax Collection at Source”.

Applicable to all sellers of goods whose turnover for the preceeding Financial Years exceeds Rs. 10  Crores rupees.

Example:-

If during FY 2019-20, turnover was exceeded ₹10 Crores , then For FY 2020-21 w.e.f 01.10.2020, this provision will applicable to such sellers.

Applicable from 01.10.2020

1. Every seller who has received any amount as sale consideration above Rs. 50 lakhs has to collect additional 0.075% of bill amount, collect PAN and pay as TCS every month. 

2. TCS returns have to be filed as like TDS returns are filed. 

3. So everyone is advised to complete accounting for half year till 30.09.2020 and separate parties with whom sale of Rs. 50 lakhs is made.

4.  From every sale after 01.10.2020 to such parties levy 0.075% TCS in every bill and keep record of the same

Accordingly sellers will need to add 0.075% to the bill value and deposit with the government on receipt of the payment from buyers.

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✒️ Supreme Court has observed that, in Motor Accident Compensation claims, *Consortium can be awarded to children and parents also.

✒️ IBBI has issued guidelines for appointment of IP as Administrator under SEBI(Appointment of Administrator and Procedure for refunding of the investors) Regulations , 2018 

✒️ Supreme Court has directed States & Union Territories to file a detailed affidavit within 4 weeks stipulating measures to ensure that Senior Citizens who are living alone amidst the COVID-19 pandemic are given proper care.

✒️ Madras High Court has explained the procedure to be adopted by the Courts during Inquiry/ Trial for an offence, allegedly committed by *a person of unsound mind.

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4 September 2020 News and Updates

Ø  Unemployment rate shoots up to 8.4% in Aug

Ø  Corporate revenues slides 31% in Q1: Icra

Ø  ABPB ceased to be banking company: RBI

Ø  FM asks banks to quicken resolution schemes

Ø  IL&FS to file bankruptcy for its firms in UAE

Ø  India labs play key role in developing cloud innovations: IBM

Ø  Tata Motors reports 13 per cent increase in sales in August

 

Ø  Don't declare accounts NPA till further orders, says Supreme Court

Ø  Private banks likely to gain market share from state-owners peers: Fitch

Ø  Infosys to acquire US-based firm Kaleidoscope Innovation for $42 million

Ø  Strides Pharma gets US FDA nod for generic anti-inflammatory drug

Ø  APEC expects 40% increase in apparel exports led by medical textiles

Ø  Tech glitches mar SEBI new margin regime

Ø  60,000 MW of coal plants can be shut down, says Tata Power

Ø  Adani Ports gets AP nod to buy Krishnapatnam Port from CVR Group

Ø  GMR Hyderabad Air Cargo launches FTCCI business facilitation centre

Ø  CCI approves SABIC’s incremental acquisition in Clariant AG

Ø  SAIL reports highest ever August sales

Ø  Hyundai, Tata Motors to supply 250 electric vehicles to EESL

Ø  Govt proposes to make FASTag mandatory for all four wheelers from Jan 1, 2021

Ø  Pfizer, MSD to not bypass phase 3 studies for regulatory nod for vaccines

Ø  SoftBank is said to consider bid for TikTok in India: Report

Ø  US trade deficit swells to biggest since 2008 in July

Ø  GST e-invoicing mandatory from October 1: Consequences of non-compliance

 

Ø  Slammed by Covid, France unveils $118 billion economic rescue plan

Ø  Oil regulator issues force majeure guidelines for city gas operators

Ø  38 coal blocks up for auction for commercial mining: Coal Ministry

Ø  Indian Oil-chartered tanker catches fire off Sri Lanka

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✒️ Supreme Court has refused to entertain OTT platform Netflix's petition against a local Bihar' Court restraining the use of Subrata Roy's name in upcoming web series *"Bad Boy Billionaires".

✒️ SEBI has modified norms pertaining to segregation of portfolio in mutual funds by asset management company amid COVID-19 Pandemic.

✒️ Supreme Court has directed Government of Delhi to complete the construction of smog towers within next 10 months.

✒️ Supreme Court has ordered to remove 48000 slum dwellings around Delhi Railway tracks within 3 months and further ordered that no court should grant any stay on removal of slum dwellings.

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⚫PM invited US co's to invest in India by taking advantage of its stable tax regime and attractive FDI policies. Addressing the US India Strategic Partnership Forum, he said India received over $20 billion FDI flows this year and tech giants such as Google and Amazon have announced long term plans for India.

⚫Purchasing Managers' Index increased to 41.8 in August from July's 34.2, it remained well below the 50-mark separating growth from contraction. Activity in India's crippled services industry fell for a sixth straight month in August as coronavirus restrictions continued to hurt business operations and demand, causing the longest streak of job losses on record.

⚫India and Russia have finalised a major deal for manufacturing AK-47 203 rifles in India during Defence Minister ongoing visit to Moscow. The Indian Army has a requirement for around 770,000 AK-47 203 rifles, of which 100,000 will be imported and the rest will be manufactured in India.

⚫In a respite to stressed borrowers, the Supreme Court directed that accounts not declared NPAs as of August 31 should not be classified as such until further orders.The Bench will hear the case next on September 10. 

⚫India has recorded its highest-ever single-day spike of nearly 84,000 in new coronavirus cases. The total now stands at 3,872,670. India will soon overtake Brazil as the worst-hit nation after the US. As many as 1,026 deaths were recording across India.

⚫The Central Registrar of Cooperative Societies has sought a probe by the SFIO into investments made by four cooperatives associated with the Sahara group from over Rs 86,600 crore collected by them, but the credit societies refuted the charges and said all their investments have been made as per the law.

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3 September 2020 News and Updates

Ø  Global Innovation Index: India in top 50 

Ø  FM to meet heads of banks, NBFCs

Ø  Ashok Leyland looks at ways to de-risk biz

Ø  NCLT approves sale of IL&FS education arm

Ø  CBDT refunds Rs 98,625 cr till Sept 1

Ø  Vedanta submits binding offers for Videocon

Ø  DHFL: Audit reveals Rs 17K cr siphoned off

Ø  Electricity demand improves to 98% of pre-Covid-19 level in August: ICRA

Ø  Liquidation process can allow public auction of non-realisable assets: IBBI

Ø  India's August gold imports doubles to hit eight-month peak: Report

Ø  Iraq seeks exemption from OPEC deal curbing oil production in Q1 2021

Ø  Unacademy turns into unicorn after SoftBank-led funding round

Ø  Coal India reports first rise in monthly shipments since Feb

Ø  As Indians take to self-grooming, Philips India to ramp up DIY segment

Ø  Adani to adopt hub-and-spoke model for airports business

Ø  After 6 years of shut down, GSFC restarts Methanol Plant

Ø  NMDC’s logs good performance during August 2020

Ø  RattanIndia Group sells solar portfolio to GIP for ₹1,670 crore

Ø  US companies added just 428,000 jobs last month: Survey

Ø  Bretton Woods 3.0 puts the dollar’s dominance at risk

Ø  Isha, Akash Ambani, Raveendran debut on Fortune's '40 Under 40' influencer list

Ø  Saudi to allow foreigners to invest directly in debt instruments

Ø  Coal India Q1 net down 55% to 2,077 cr

Ø  Cabinet approves signing of India-Japan pact on cooperation in textiles

Ø  Australia’s economy takes sharpest dive since the 1930s

Ø  CBIC gives time till Nov 30 for authorities to complete anti-profiteering related compliance

Ø  SC to Centre, RBI: Banks free to restructure loans, can't penalise borrowers

Ø  Unilever pledges to eliminate fossil fuels in cleaning products by 2030

Ø  Gold imports in August doubles to hit 8-month peak as demand improves

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⚫India has moved four places on the Global Innovation Index 2020 to rank at 48. This makes it the third-most innovative lower middle-income economy in the world.

⚫India may impose anti-dumping duty on a certain type of fibre imported from European Union, Belarus, Ukraine and Peru as the commerce ministry's arm DGTR has recommended for the same after conducting a probe.

⚫The I-Tax dept has launched a functionality for scheduled commercial banks to check status of income tax returns filed by entities based on their PAN.To ensure filing of return and to keep track on cash withdrawals by non-filers, and to curb black money, the Finance Act, 2020 with effect from July 1, 2020, further amended I-T Act, 1961, to lower the threshold of cash withdrawal to Rs 20 lakh for the applicability of TDS for non-filers.

⚫FM will hold a review meeting with heads of banks and NBFCs for smooth and speedy implementation of the one-time debt recast for resolution of Covid-19 related stress in bank loans.

⚫The I-Tax Dept said it has issued refunds worth Rs 98,625 crore to over 2.62 millio n taxpayers in five months of current fiscal.

⚫Metro trains will resume operations in a graded manner and all metro networks having more than one line would open different lines starting from September 7 in a staggered manner so that all corridors become operational by September 12.

⚫The SEBI has ordered attachment of bank and demat accounts of two dozen defaulters in the matters of three co's — Mass Infra Realty, Skymarg Agro Industries India, and Life Care Real Developers — to recover dues totalling nearly Rs 40 crore.

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CASA Alert: Compliance Calendar for *September-2020

✅ INCOME TAX

FY 2018-19

Extended due date of ITR for AY 2019-20 for all assessee : 30th September 2020

The due date for filing of return of income U/s 139 for the AY 2019-20 has been extended to 30/09/2020.

FY 2020-21

▪️07th September 2020- TDS deducted /TCS collected for the month of August, 2020 (other than TDS / TCS by an office of the government)

▪️15th September 2020- Advance tax second installment for FY 2020-21

✅ GST

GSTR 3B : Taxpayer having aggregate turnover more than Rs.5 crores in preceding FY

▪️ 20th Sept 2020 for the month of August 2020

GSTR 1: Taxpayer having aggregate turnover more than Rs.1.50 crores in preceding FY

▪️11th Sept 2020 – for the month of August 2020 (for those where monthly GSTR-1 is applicable / opted )

GSTR 3B : Taxpayer having aggregate turnover upto Rs.5 crores in preceding FY

Group A category State :- 

▪️For the month of May 2020  -  12th Sept 2020

▪️For the month of June 2020  -  23rd Sept 2020

▪️For the month of July 2020  -  27th Sept 2020

For the month of August 2020  -  1st October 2020

GSTR 3B: Taxpayer having aggregate turnover upto Rs.5 crores in preceding FY

Group B category State :- 

▪️For the month of May 2020  -  15th Sept 2020

▪️For the month of June 2020  -  25th Sept 2020

▪️For the month of July 2020  -  30th Sept 2020

▪️For the month of August 2020  -  3rd October 2020

GSTR 7 : Return for Tax Deducted at source to be filed by Tax Deductor

▪️For the month of August 2020  -  10th September 2020

GSTR 8 : Return of E-Commerce operator registered under GST liable to TCS

▪️For the month of August 2020  -  10th September 2020

GST Late fee amnesty scheme

Maximum Late Fee of Rs.500/- per Return  & NIL if no tax Liability on GSTR 3B from July 2017 to January 2020, if filed on or before 30th September 2020.

GST Annual Return for FY 2018-19

▪️ 30th Sept 2020- GSTR-9 / 9A Annual return (Taxpayers having an aggregate turnover of more than Rs. 2 crores or opted to file Annual Return)

GST Audit / Reconciliation Statement for FY 2018-19

▪️ 30th Sept 2020- GSTR-9C Audit (for Taxpayers having a Turnover of more than Rs. 5 crores)

✅ CORPORATE COMPLIANCE

▪️ 29th Sept 2020- Due date for applying for extension of AGM in GNL -1, Kindly note due date of AGM is 30.09.2020 for FY 19-20

▪️ 30th Sept 2020- Due date of filing of DPT-3 (deposit and loans details) subject to filing of one additional form (form yet to be notified) under CFSS scheme within a period between October 1, 2020 to March 31, 2021.

▪️ 30th Sept 2020-  Due date of updating KYC of Director in MCA records.

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📑 Compliance Calendar Financial Year wise affected due to COVID-19 for September-20

🗓️ FY 2018-19 –

📙 INCOME TAX

▪️30th Sept 2020- For assesse who has not filled their return or audit for FY 2018-19 last date of filling return

🗓️ FY 2020-21 –

📙 INCOME TAX

▪️07th September 2020- TDS deducted /TCS collected for the month of August, 2020

▪️15th September 2020- Advance tax second installment for FY 20-21 (AY 21-22)

▪️30th September 2020- furnishing of challan-cum-statement in respect of tax deducted under section 194-IA/194-IB/194M for the month of August, 2020

▪️31st March 2021- TDS/TCS Quarterly return for Q1 and Q2 ending on 30.06.2020 and 30.09.2020

▪️31st March 2021- Date for linking of Aadhaar with PAN

📙 *GST*

Taxpayer having aggregate turnover more than Rs. 5cr in preceding FY

-GSTR-3B

▪️20th Sept 2020-Due date of filling GSTR-3B for the month of August- 2020

-GSTR-1

▪️11th Sept 2020-Due date of filling GSTR-1 for the month of August- 2020

Taxpayer having aggregate turnover upto Rs. 5cr in preceding FY

-GSTR-3B

▪️12th Sept 2020-Due date of filling GSTR-3B for the month of May 2020

▪️23th Sept 2020-Due date of filling GSTR-3B for the month of June 2020

▪️27th Sept 2020-Due date of filling GSTR-3B for the month of July--2020

▪️22nd Sept 2020-Due date of filling GSTR-3B for the month of August- 2020

GSTR-3B July-2017 to July-2020 if filed upto 30/9/2020.

Late Fees Maximum Rs 500/- per Return, Late Fees NIL for NIL Returns.

-ANNUAL RETURN /AUDIT REPORT

▪️30th Sept 2020- GSTR-9/9A/9B Annual return for FY 2018-19.

▪️30th Sept 2020- GSTR-9C Audit Report for FY 2018-19

📙 Corporate compliance

▪️29th Sept 2020- Due date for applying for extension of AGM in GNL -1, Kindly note due date of AGM is 30.09.2020 for FY 19-20

▪️30th Sept 2020- Due date of filing of DPT-3 (deposit and loans details) 

▪️30th Sept 2020-  Due date of updating KYC of Director in MCA records.

📙 ESI/PF

▪️15th September 2020- Due date for payment of Provident Fund, ESI contribution for employers who have paid wages to their employees for August 2020.

📙 PROFESSIONAL TAX

▪️30th September 2020- Due date for payment of PT for the month of August where tax liability is more than Rs.100,000/-.

📙 NOTE:

1. Vivaad Se Vishwas Scheme extended to 31.12.2020 (without additional 10% of tax)

2. MCA - moratorium from 01.04.20 to 30.09.20 - there shall be no additional fees for late filings.

3. Revised CARO to get applicable from FY 20-21 instead of FY 19-20

4. For newly incorporated companies - Commencement of business is to be filed within 6 months, which is now extended for another 6 months.

5. DIN holders tagged as ‘Deactivated’ have an extended time of up to 30th September 2020 for filing DIR-3KYC/DIR-3 KYC-Web, without fees of Rs 5,000. Companies marked as “ACTIVE non-compliant” have got extended time of up to 30th September 2020 to file eForm ACTIVE without fees of Rs 10,000.

6. Due date of filing of Income tax return for FY 19-20 (AY 20-21) for all assessee is 30/11/2020 and due date for tax audit report filing is 31/10/2020.

7. Change jn definition of MSME w.e.f 01.07.2020

  Micro- Investment < 1Cr & Turnover <5 Cr

Small- Investment < 10Cr & Turnover <50 Cr

Medium- Investment < 50Cr & Turnover <250 Cr

8. Unlock scheme 4 issued by Maharashtra government. Applicable from 2.9.20

9. For waiving bank interest under moratorium case decision still pending in supreme court.

GSTwithNihal - 03rd September 2020

Query - Is transportation of goods liable to GST?

When is this exempt under GST?

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2 September 2020 News and Updates

Ø  Fiscal Deficit to touch 7% in FY21, says Brickwork Ratings, as revenue collection hit by lockdown

Ø  HCL's US arm faces Patent Infringement Claim 

Ø  Banks told to Refund fees for UPI Transactions 

Ø  Nestle says Consumer Behavior changing

Ø  Lenders hope their Loans will be repaid in full after Reliance-Future Group deal

Ø  GAIL India looks at Petrochemicals, Renewables for Growth 

Ø  Refund Charges imposed on E-payments since Jan this year: CBDT to Banks 

Ø  Farm Sector sees spike in Private Investment after reforms: Agri secy

Ø  Second blow for BoB as RBI rejects plan to send Anil Ambani firms to NCLT

Ø  Amazon to stick on as Future Enterprises' Shareholder after Reliance deal

Ø  Telecom Sector Revenue expected to rise 15% in FY21 on higher ARPU: COAI

Ø  RBI rejects lenders’ plea to put Reliance Home Finance, Reliance Commercial under NCLT Resolution 

Ø  Massive data breach reported at Paytm Mall

Ø  WTO dispute on ICT Products : India Claims EU, Taiwan violating due procedures on dispute panellists

Ø  Reliance Capital defaults on interest payments to HDFC, Axis Bank

Ø  FPIs remain Positive on Indian Markets; invest ₹47,334 Crore in August so far

Ø  ABB Power increases open offer price marginally after Investor Complaints 

Ø  ESAF Small Finance Bank to take call on ₹976-Crore IPO after Sept: MD

Ø  India, ASEAN Trade Ministers call for starting discussions to determine FTA review scope

Ø  Probe Chinese Investments in 141 prominent Indian startups: CAIT asks Piyush Goyal

Ø  Boat Lifestyle eyes Rs 1,000 Cr Revenue in FY24

Ø  COAI predicts 14-15% increase in Telecom Industry’s Revenues 

Ø  ED raids firms running Chinese betting apps, freezes bank accounts

Ø  Pandemic gives fillip to Demand for Cereals; 200 Percent rise in Exports in July

Ø  Telcos given 10 years to pay up AGR dues 

Ø  India's debt burden will increase: Moody's

Ø  Adani Green ranked world No. 1 solar firm

Ø  ZEE to launch film distribution platform

Ø  India to release forensic accounting standards

Ø  Indo-Japan-Aus to launch supply chain drive

Ø  Supreme Court directs DoT to assess AGR dues based on trading pacts, raise demands in six weeks

Ø  India ready to sign limited trade deal with US anytime, says Piyush Goyal

Ø  Coal India to invest over Rs 1.22 trillion by 2023-24: Coal minister

Ø  Sebi revises disclosure norms for debt, money mkt securities transactions

Ø  ONGC June quarter profit dives 92% as oil, gas price slump to decade low

Ø  Videocon Industries promoters seek fresh package for debt restructuring

Ø  Renault reports 41% increase in sales during August

Ø  GMR plans to consolidate airports business

Ø  Bharti Infratel to go ahead with Indus Tower merger

Ø  Dawn of new margin system begins with chaos

Ø  UPI transactions near ₹3-lakh-crore mark in August

Ø  Govt gives green signal to 27 cold-chain projects

Ø  Maruti Suzuki sales up 22% in August

Ø  Car sales grow 17% in August on rural demand, stock building for festive season

Ø  GST Collections in August 12% down at ₹86,449 crore

Ø  Hero MotoCorp sees robust recovery in August wholesales as rural demand improves

Ø  Bitcoin miner scoring 700% profits selling energy to grid

Ø  Tesla to raise $5 billion through share offering

Ø  Global air passenger traffic falls by 79.8 per cent in July: IATA

Ø  Infosys plans to hire 12,000 American workers in two years

Ø  Bigbasket sees 84 pc jump in new customers in July vs pre-COVID

Ø  Govt approves Rs 25,215 crore RIL-Brookfield mobile tower deal

Ø  Demand for office space leasing falls 73% in first six months amid cramped supply

Ø  RBI rides to rescue, unveils steps to cool rising bond yields

Ø  Electricity output falls for sixth straight month in August

Ø  After five-month gap, manufacturing activity gains momentum in August

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⚫India’s economy contracted by 23.9% in the April-June period, its worst performance since quarterly measurement began in 1996, and probably the first contraction since 1980. The lockdown and suspension in economic activity due to Covid-19 was so massive that among a mix of advanced and emerging economies, India’s GDP contraction was the worst.

⚫The manufacturing sector contracted 39.3% from a growth of 3% last year, while the mining sector shrank by 23.3% from a growth of 4.7% last year, reflecting the collective shuttering of operations forced by lockdowns.

⚫The construction sector contracted 50.3% compared to a growth of 5.2% last year as roads and infrastructure projects grinded to halt for most part of April-June 2020-21. 

⚫The agriculture sector, aided by plentiful summer rains this years, stood out as a beacon of hope, growing 3.4% in the first quarter of 2020-21 from 3% last year, but wasn't strong enough to offset the damages in other segments.

⚫Over 1,700 sub-investment grade mid-size co's (those with turnover of Rs 300-1500 crore) will need debt restructuring to withstand the Covid-19 onslaught, said CRISIL. A total of 1,754 sub investment grade firms (BB+ or lower) and 589 investment grade entities (BBB- and above) had opted for moratorium on repayment of dues during March-August 2020.

⚫India reported a single-day increase of 78761 in its total count of confirmed coronavirus cases, sixth consecutive daily addition of more than 70,000 cases — to take its tally to 3.6million. With 971 deaths being reported in 24 hours, the total numbers of fatalities in the country due to Covid-19 reached 64,469.

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✅ GST Updates

*🎯GST Revenue collection for August, 2020

₹ 86,449 crore

🎯NN 65/2020(CT)

Any time limit for completion or compliance of any action, by any authority, has been specified in, or prescribed or notified under section 171 of the said Act, which falls during the

period from the 20th day of March, 2020 to the 29th day of November, 2020, and where completion or compliance of such action has not been made within such time, then, the time-limit for completion or compliance of such action, shall be *extended up to the 30th day of November, 2020.

🌴Extension only given to authorities instead to taxpayer.

🌴Extension only compliance of Sec. 171- Anti Profiteering measure.

🌴Extension only for compliance falling in range of 20.03.2020 to 29.11.2020 to 30.11.2020

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⚫GST collections stood at Rs 86,449 crore in August, compared to Rs 87,422 crore in July. GST collections slumped to a three month low indicating slower recovery in economic activity

⚫With an aim to achieve 1 billion tonnes coal production by the year 2023-24 and make the nation Aatmanirbhar in coal, Coal India Ltd will invest over Rs 1.22 lakh crores on about 500 projects related to coal evacuation, infrastructure, project development, exploration and clean coal technologies.

⚫Moody's Investors Service said India will be among the large emerging market sovereigns to have highest debt burden by 2021.

⚫UPI, the flagship payments platform of NPCI, is touching new highs every month. In August, UPI volumes touched 1.61 billion transactions worth Rs 2.98 trillion.

⚫The national capital on Tuesday recorded 2,312 fresh COVID-19 cases, the highest single-day spike here in around two months.

⚫US President announced that the vaccine for coronavirus being developed by AstraZeneca has reached phase three clinical trials in the country and is very close to being finalised for approval.

⚫India said China's fresh attempt to change the status quo in the south bank area of Pangong lake is in "complete disregard" of the understandings reached between the two countries.

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