21th June 2K20
Ø May IIP figures likely to remain in -ve: Brokerages
Ø NBCC to deliver 10,000 Amrapali flats by June 2021
Ø S&P to weigh labour, agri reforms for future ratings
Ø Millions of jobs could be permanently lost in reallocation shock
Ø Investors uneasy over RBI stand on round tripping
Ø Imports of cheap imitation jewellery from China may come down
Ø India Inc's foreign borrowings plunge over 68% to $996 mn in April
Ø Monsoon makes strong start with 31% more rainfall in first 14 days
Ø AstraZeneca signs pact with EU to supply 400 mn doses of Covid-19 vaccine
Ø Allcargo expects to be debt-free with Blackstone deal closure by Dec
Ø NCLT allows Jet Airways to sell office in Mumbai's Bandra Kurla Complex
Ø JSW Cement defers listing, expansion plans further amid Covid-19 crisis
Ø L Catterton picks 0.39% stake in Jio Platforms for ₹1,894 crore
Ø RIL needs to raise more funding to meet ₹1.62-lakh crore target by December
Ø GMR Airports to develop, operate Bhoghapuram airport for 40 years
Ø NMDC resumes mining operations at Bacheli mine in Chhattisgarh
Ø Grasim net up 46 per cent on Rs 2,267 crore tax write-back
Ø Indian Hotels defers plan to acquire its first property under GIC platform
Ø CESC, Adani, Tata in race for Odisha discoms
Ø Jio Platforms Ltd emerges as biggest private equity magnet
Ø Relaxo Footwears may be better placed to ride the covid downturn
Ø Senior citizens can avail of tax benefit of up to ₹50000 for medical expenditure
Ø RIL's Jio sets a record as PE funds pump in ₹60,753 crore
Ø Lockdown coma for India bonds as yields lulled by fear and hope
Ø FPIs invest Rs 20,574 crore in June so far
Ø FIEO urges Piyush Goyal to fast-track free-trade pact with EU
Ø Govt unlikely to go for privatisation of public sector banks this fiscal
Ø Bhel reports Rs 1,534-crore net loss in Q4
Ø Seven of top-10 firms lose Rs 78,127 cr in m-cap; HDFC Bank biggest gainer
Ø Fuel prices rise on 8th day; Petrol hiked by 62 paise, diesel by 64 paise
Ø Dr Reddy's inks licensing pact with Gilead Sciences for Remdesivir
Ø India becomes founding member of global alliance on AI
Ø Time to look for partners for passenger vehicles: Tata
Ø May exports slide slows, pharma and drug exports rise
Ø Veteran banker Pralay Mondal quits Axis Bank
Ø RIL's surplus inflows may be used as war chest
Ø Covid-19 Impact: Half of the gold refineries in the country closes down
Ø Record harvest likely as southwest monsoon makes swift progress
Ø Govt may impose anti-dumping duty on polystyrene to guard domestic players
Ø Solar to eclipse thermal power by 2030 in India's overall energy mix
Ø India May exports fall 36.47% to $19.05 bn, trade deficit down to $3.15 bn
Ø MG Motor India to enter multi-purpose vehicle segment with Hector
Ø Pradhan bats for GAIL bifurcation, new market-driven tariff policy on gas
Ø Clix Capital to pick stake in Lakshmi Vilas Bank
Ø Exports fall 36.47 per cent in May, trade deficit narrows to $3.15 billion
Ø Tata Power to develop 120 MW Solar Project in Gujarat
Ø Coal India unions plan 3-day strike next month against commercial mining
Ø IRB Infra Developers raise ₹300 cr through NCDs
Ø Tata Motors reports ₹9,864 cr net loss for March quarter
Ø Sebi slaps fine of ₹15 lakh on an individual in WhatsApp leak case
Ø Germany to take stake in CureVac, a company working on Covid-19 vaccine
Ø 75% organizations keen to upgrade old infrastructure: Wipro report
Ø Sebi begins exploring whether trading from home can be permanent
Ø MSMEs to bear the brunt of negative economic growth, says Crisis
Ø Recession to be short-lived, global economy in new expansion cycle; Morgan Stanley expects V-shaped recovery
Ø E-commerce giants like Amazon and Flipkart yet to respond on use of plastic: CPCB to NGT
Ø Revenue, profitability to take hit due to COVID-19, ops at standstill: SPML Infra
Ø WPI inflation plunges by 3.21% in May, but food prices rise
Ø Beijing locks down more districts as new virus outbreak gathers pace
Ø Facebook, like Google, won't share revenue with Australian media it makes money off
Ø HPCL Q4 net plunges more than 99% to Rs 27 cr
Ø Torrent Power, Reliance Infrastructure closer to Delhi discom deal
Ø HDFC plans to raise funds; board meet on Jun 19
Ø Coal India plans to reopen abandoned mines
Ø First drug proves able to improve survival from Covid
Ø Data consumption may touch 25 GB/month per user
Ø Small banks lose clients in post Covid flight to safety
Ø 155 Indian companies account for $22 billion FDI in US: CII survey
Ø India ninth-largest recipient of FDI in 2019 with $51 billion: UN
Ø Govt. planning NHAI revamp to make highway projects more viable: Gadkari
Ø Stimulus package so far only an interim announcement: RBI's Gurumurthy
Ø SEBI panel suggests measures to strengthen enforcement, recovery mechanism
Ø China's Great Wall Motor signs MoU with Maharashtra, to invest $1 bn
Ø Advance tax: 80% drop in first instalment collections from corporate assessees
Ø LT Foods launches cuppa rice; gets first order from Indian Railways
Ø IL&FS case: Breather for Deloitte, BSR as apex court declines stay on HC order
Ø India Inc can hold EGMs via video conferencing till September 30, 2020.
Ø JK Tyre posts Q4 net loss of ₹53 cr
Ø Standard Life to sell 2.82% stake in HDFC AMC via OFS
Ø IMF sees 'profound uncertainty' about global recovery
Ø Tata Communications, ADC Consortium to build subsea cable in Asia
Ø Centre's final stimulus package likely in Sept-Oct: RBI Director S Gurumurthy
Ø HCL Technologies starts operations in Sri Lanka, to create 1500 jobs
Ø Gems, jewellery exports dip 82.31 per cent in April-May to Rs 4,328.54 crore
Ø India plans to nearly double oil refining capacity by 2030: Dharmendra Pradhan
Ø Mobile app-based payments rise 163% to $287 billon in 2019: Report
Ø Fuel demand improves sharply in June as lockdown restrictions ease
Ø In 10 hikes, petrol up by Rs 5.47 per litre and diesel by Rs 5.80
Ø Oil prices drop as coronavirus infections rise
Ø WHO sees "Green Shoots " of Hope in COVID-19 Pandemic
Ø Airtel acquires 10% Stake in Edu-tech Startup Lattu Media
Ø Restrictions on Tyre Imports to curb inflow from China, help Domestic Industry : ATMA
Ø PM Modi to launch Auction of Commercial Mining on Thursday; 41 Coal Blocks to be put on sale
Ø Cummins India Q4 Results : Net Profit up 9% at Rs 170 Crore
Ø Opec sees Gradual Oil Demand recovery in Second Half of year
Ø IRB Infra raises Rs 6,600 Crore loan from SBI and Union Bank of India in the largest debt tie-up for a single project
Ø GDP base revision to take hit as Household Consumer Expenditure Survey gets delayed
Ø Radhakishan Damani looks to acquire Controlling Stake in India Cements
Ø Telcos told to stop Sourcing 4G Telecom Equipment from Chinese firms
Ø Loan Moratorium : SC sees 'no merit' in charging interest on unpaid interest
Ø CCI to review Facebook's Purchase of 10% stake in Reliance Jio
Ø Vistara in talks with Boeing to defer deliveries of Dreamliner Planes
Ø Centre decides to hive off CTU function of Power Grid Corporation
Ø RBI to replace NHB rules with its own set as the new HFC Regulator
Ø Beijing-backed AIIB clears $750-million loan for India's Covid-19 fight
Ø US-based Freshworks Inc announces Strategic Partnership with TCS
Ø Muthoot Finance Net Profit Surges 59% in Q4FY20
Ø Karur Vysya Bank, Maruti Suzuki tie up to offer Car Loans
Ø SOPA seeks restrictions on Edible oil imports
Ø FinMin releases Rs 15,187 Cr to States as Rural Local Bodies Grant
Ø India 2nd Biggest driver of Global Energy consumption in 2019: BP Statistical Review
Ø Get ready for Unlock 2.0, PM Modi tells States
Ø COVID-19: Bayer to provide seeds, PPE to 4 lakh Small Farmers in India
Ø Steroid Dexamethasone approved as COVID-19 Treatment in UK
Ø India Elected Non-Permanent Member of UN Security Council
Ø Sebi eases norms for Preferential sale of shares for FY21
Ø Govt’s focus on Infrastructure will create jobs, revive economy: Nitin Gadkari
Ø NHAI settles Claims worth ₹13,349 Crore in 3.5 Years
Ø Oil Giant Saudi Aramco completes $70 Billion takeover of Sabic
Ø Reliance Jio to capture 48% Market Share by FY25: Bernstein
Ø Yes Bank plans to raise ₹8,000 Crore through rights issue
Ø Defer avoidable expenditure, reduce costs: Govt tells Public Sector Banks
Ø SC notice to Vedanta , Ravva Oil, Videocon on plea against recovery of $499 Mn
Ø Govt's Wheat Procurement hits all-time Record level: Food Ministry
Ø Anti-Dumping duty likely on Steel products from Japan, EU, US, Korea
Ø European Central Bank hands out 1.3 Trillion euros in loans
Ø Bajaj Consumer Care Q4 Results : Net profit down 61% to Rs 23.3 crore
Ø FCA India aims to expand used car Business
Ø Nearly 15 per cent of State Bank of India's Mudra loan portfolio turned bad
Ø Government lifts export ban on anti-malarial drug hydroxychloroquine
Ø CONCOR signs agreement with Russian Logistics Company to export tea to CIS countries
Ø Hertz suspends $500-million stock sale amid SEC scrutiny
Ø Government working on steps to cut import dependence on China, boost manufacturing: Sources
Ø MEA confirms participation in Russia-India-China Foreign Ministers meet on June 23
Ø AGR Case: SC orders Telcos to file balance sheets of past 10 years
Ø Covid-19 Crisis : $30-billion deal renewal headache for IT Companies
Ø Moody's cuts rating on Tata Motors, changes outlook to negative
Ø Reliance sells 2.32% stake in Jio to Saudi wealth fund PIF for Rs 11,367 Cr
Ø Surge in bank deposits due to govt borrowings, not savings: India Ratings
Ø Fitch joins Moody's, cuts India's sovereign rating Outlook to Negative
Ø Govt to provide jobs to 6.7 mn migrant workers by pooling Official Projects
Ø Govt considering proposal to increase Sugar MSP from Rs 31 per kg
Ø India Inc's Q4 net profit takes a 22% hit due to Covid-19, says ICRA
Ø P-note investment rises to over Rs 60,000 Crore till May-end
Ø Coal India to engage MDOs in Greenfield Projects to ramp up production
Ø Rupee Co-op Bank reports Profit of Rs 19.55 crore
Ø Goods purchased, sold overseas liable to GST in India: AAR
Ø Finmin seeks expenditure proposals for first supplementary demands
Ø India’s Rice output could hit record as farmers expand area
Ø Europe threatens Digital Taxes without Global deal, after US quits talks
Ø OPEC + pushes for compliance, undecided on oil cut extension
Ø Delhi records peak power demand of 5,985 MW, season's highest yet
Ø India may put curbs on Chinese FPIs in Equity Markets
Ø Government unveils Auction process for coal mines
Ø Cruise titan Carnival reports $4.4 billion loss, can’t predict return to sea
Ø E-health consultations jump 500% since Mar
Ø IRB gets closure for ₹8,262 Cr toll contract
Ø Bank of England adds $125 Billion to bond-buying to counter Coronavirus crisis
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GST Council Meeting Updates
1️⃣ For all those who have no tax liability but have not filed GST returns for tax period July 2017 - Jan 2020 (prior to #COVID19 period), there shall be no late fee at all.
2️⃣ For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020 has been capped to ₹ 500 instead of Rs 10,000. This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020.
3️⃣ For small tax payers whose aggregate turnover is up to ₹ 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020: the rate of interest is being reduced from 18% to 9% till September.
4️⃣ Small tax payers whose aggregate turnover is up to ₹ 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020.
5️⃣ Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020. In all cases where registration has been cancelled till June 12, 2020.
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Income Tax S. 68 Bogus Cash Credits: In the case of an assessee engaged in providing 'accommodation entries', the entire deposits cannot be assessed as unexplained cash credits. Only the commission (0.15%) earned in providing the accommodation entries can be assessed as income (PCIT vs. NRA Iron and Steel (2019) 103 Taxmann.com 48 (SC) distinguished)
Goods and Services Tax Council decided to further ease compliance burden of businesses by providing relief on late free and interest payable on late payments. It reduced late fee and interest for those with tax liabilities and waived off late fee completely for those with no tax liabilities.
High Court of Kerala gave an judgment regarding GST Authorities to re-open portal for acceptance of a rectified GST TRAN-1. filling of the Form GST TRAN-1 electronically or accept manually in case of South Indian Bank Ltd. V. Union of India [2020] 113 taxmann.com 306 (Kerala)
All India Forum of Real Estate Regulatory Authorities (AIFORERA) is planning to approach the Reserve Bank of India (RBI) to request for an one-time loan restructuring for the real estate sector, taking a cue from a similar aid extended to the micro, small and medium enterprises segment by the central bank.
IDBI Bank invites online applications from practicing partnership firms of Chartered Accountants within India, in the prescribed format, who are willing to have their firms empanelled as Concurrent Auditors of the Bank.
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ICAI EXAM STUDENT: IMPORTANT
The students (who have already submitted online examination application for May 2020
Examination cycle) shall be allowed to OPT-OUT and carry forward their candidature to next
examination i.e. November, 2020 examination cycle. In this case, the examination fees and
exemption, if any, of the particular student will automatically be shifted and carried forward to next
examination i.e. November 2020 cycle and this attempt (May 2020) will be treated as cancelled / not
counted. The student will be required to apply afresh for November 2020 Examination cycle at the relevant
time. His / Her Examination fees will be adjusted and differential fees, if any, will only be charged (In case
he/she has filled the form for May 2020 exams for one group only and in November 2020 exams cycle,
he/she opts to appear in both groups, then, he/she will be required to pay the differential fees).
Exams commencing 29th July have an option to opt out and automatically shift ot November 2020.
Procedure for availing OPT–OUT facility
(a) Submit a declaration online available at https://icaiexam.icai.org from 17th June 2020
(Wednesday) 11 AM Onwards to 20th June 2020 (Saturday) 11.59 PM.
(b) On submitting the declaration, candidature of the student for May 2020 Examination Cycle will be
cancelled and he/she will be shifted to next Examination Cycle.
(c) Kindly note that once option for “Opt out” is taken, it will be treated as final. No request for its
change will be entertained under any circumstances.
Source: ICAI Announcement
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IMPORTANT ANNOUNCEMENT
During last few days, we have received mixed expression of opinions, views and requests from students, both relating to holding exams as per the schedule issued by The Institute of Chartered Accountants of India commencing from 29th July, 2020 or not holding exams in the prevailing COVID-19 pandemic situation.
Some students expressed concerns and anxiety on likelihood of spurt in COVID-19, availability of examination centre, students/centre in containment zone, social distancing and sanitization, availability of transport and accommodation facilities, loss of examination fee already paid and carry forward of exemption in case the student is not able to appear in the July 2020 examination. However, large number of students showed their strong desire to appear in examination as per the announced schedule.
ICAI is committed to serve even if one student wish to appear in examination scheduled from 29th July 2020, still considering the prevailing COVID-19 situation and in the interest of mitigating the anxiety and hardships of students, it has been decided to provide an OPT-OUT option to students.
The students (who have already submitted online examination application for May 2020 Examination cycle) shall be allowed to OPT-OUT and carry forward their candidature to next examination i.e. November, 2020 examination cycle. In this case, the examination fees and exemption, if any, of the particular student will automatically be shifted and carried forward to next examination i.e. November 2020 cycle and this attempt (May 2020) will be treated as cancelled / not counted. The student will be required to apply afresh for November 2020 Examination cycle at the relevant time. His / Her Examination fees will be adjusted and differential fees, if any, will only be charged (In case he/she has filled the form for May 2020 exams for one group only and in November 2020 exams cycle, he/she opts to appear in both groups, then, he/she will be required to pay the differential fees).
Remaining students who will choose not to opt out and wish to appear for the exams commencing from 29th July 2020, the Institute is making all the required and necessary arrangements for smooth conduct of May 2020 examination (commencing from 29th July, 2020) across the globe including strict adherence to the precautions / measures related to COVID–19 which cover thermal scanning, hands’ sanitization, wearing of masks, maintaining social distancing at all times, following Government guidelines, etc. for the examinees / centre functionaries during the conduct of Chartered Accountant Examination.
However, situation of pandemic will be reviewed (COVID cases, MHA guidelines, Centre and State Government directions) in first week of July 2020 and status will be intimated to students who have not opted out. Further, conduct of examinations commencing from 29th July 2020 will be strictly dependent upon the then Government’s advisories which may be issued for the area in which a particular Centre is situated and in any such eventuality, the students will be accommodated to the November 2020 examination cycle.
Furthermore, for Students seeking change of examination centre for the exams commencing from 29th July, 2020, the online facility for seeking change of examination centre (for the students who have already submitted online examination application for May 2020 Examination cycle) will be available at http://icaiexam.icai.org from 17th June 2020 (Wednesday) 11 AM Onwards to 20th June 2020 (Saturday) 11.59 PM.
Intermediate (Integrated Professional Course) [IPCE-Old Course] will be extended for one more attempt i.e. November 2020 Examination cycle.
Procedure for availing OPT–OUT facility
(a) Submit a declaration online available at https://icaiexam.icai.org from 17th June 2020 (Wednesday) 11 AM Onwards to 20th June 2020 (Saturday) 11.59 PM.
(b) On submitting the declaration, candidature of the student for May 2020 Examination Cycle will be cancelled and he/she will be shifted to next Examination Cycle.
(c) Kindly note that once option for “Opt out” is taken, it will be treated as final. No request for its change will be entertained under any circumstances.
The candidates are are advised to note the above and stay in touch with the website of the Institute, www.icai.org.
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👉🏻CBIC launches e-Office to automate internal file handling
(CBIC launched 'e-Office' in over 500 GST and customs offices that will help improve governance by automating the internal processes of handling files)
👇🏻 👇🏻 👇🏻
https://bit.ly/2BaSsqA
👉🏻Clarification on passing of ordinary and special resolutions by Companies - MCA
(Clarification on passing of ordinary and special resolutions by Companies under Companies Act, 2013 read with rules made thereunder on account of COVID-19)
👇🏻 👇🏻 👇🏻
https://bit.ly/30LG6jt
👉🏻Excel Tips and Tricks - Financial Functions for Professionals
(Excel Tips and Tricks - Financial Functions for Professionals (CA, CS, CMA). How Excel tools can help in Financial Planning)
👇🏻 👇🏻 👇🏻
https://bit.ly/30N9MMP
👉🏻Black Money Law in India AND Cash transactions under Income Tax Act
(Join Webinar on Black Money Law in India AND Cash transactions under Income Tax Act, 1961 on 17th June, 2020 (Wednesday) from 04:30 PM onwards by Dr. (CA) Rakesh Gupta and CA. Somil Agarwal)
👇🏻 👇🏻 👇🏻
https://bit.ly/37A9zhK
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IMPORTANT ANNOUNCEMENT
In view of the ongoing COVID-19 pandemic and in the interest of the well - being of students and to mitigate their hardships, as proactive measure for benefit and welfare of the students, an Important Announcement dated 15th June 2020 was issued inter alia extended an option to the examinees who have made applications for appearance in May 2020 examinations to Change the Centre of Examination or to “Opt-Out” of May 2020 Examinations and in lieu of it appear in November 2020 Examination with due carry over of the fees paid, exemptions etc.
The Institute is receiving various queries / observations from the students / members and other stake holders related to aforementioned announcement. In this regard for the benefit of students it is decided to prepare a set of FAQs with their answers. The FAQ’s will be uploaded on Institute website by today evening.
The candidates are advised to note the above and stay in touch with the website of the Institute, www.icai.org.
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ICAI - Generation Of UDIN in Bulk for Certificates - (17-06-2020) - https://www.icai.org/new_post.html?post_id=16606&c_id=240
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👉🏻Intelligence agencies red-flag 52 apps including ZOOM linked with China that may compromise user data
(The list of applications sent by the security establishment to the government include video conferencing app Zoom, short-video app TikTok, and other utility and content apps such as UC browser, Xender, SHAREit and Clean-master)
👇🏻 👇🏻 👇🏻
https://bit.ly/2YJYcjd
👉🏻New rules proposes for housing finance companies by RBI
(RBI proposed to tighten the rules governing home financiers, including putting restrictions on lending to builders and doubling the minimum net owned funds criterion)
👇🏻 👇🏻 👇🏻
https://bit.ly/3e7KHQG
👉🏻Webinar on Kill Depression before it Kill Ourselves
(Webinar on Kill Depression before it Kill Ourselves on 19th June, 2020 from 05:00 PM onwards by Dr. Robin, Prof. P.S.Rathore and CA. Vivek Khurana.
If you have any query or want to discuss anything, can send msg at WhatsApp #9868520786 or can ask during the Webinar)
👇🏻 👇🏻 👇🏻
https://bit.ly/3dc4YDt
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Income Tax Corporate advance tax collections were down 79% on year in the period while advance payments of personal income tax were lower by 65%. The total collections of advance taxes, a mechanism used by the large individual and corporate taxpayers, were just Rs 11,714 crore till the June 15 deadline, less than a quarter of Rs 48,917 crore collected in the year-ago period.
GST For turnover upto 5cr, no late fee or interest for GSTR-3B of Feb, Mar & Apr 2020 filed till specifies dates. Till 30 Sep, interest @9% from original due date.
GST For turnover upto 5cr, no late fee or interest for GSTR-3B of May, Jun & Jul 2020 filed till staggered due dates upto 30 Sep. After that, Interest @18%.
RBI has relaxed the deployment norms of automated teller machines (ATMs) by white-label players, who will now not need to put up thousands of units every year. This is way off the 1,000-25,000 ATMs that would have been added annually by each operator based on the schemes they had opted for. Industry sources say as many as 200,000 WLATMs would have been deployed if the run rate had been maintained.
Supreme Court issued notice in a plea challenging the constitutional validity of Sections 3 and 10 of the Insolvency and Bankruptcy Code (Amendment) Act, 2020 [Association of Karvy Investors v. Union of India]. The three-judge Bench issued notice to the Centre and also extended protection to all such petitions filed under Section 7 of the IBC Amendment Act that do not meet the 10% requirement as introduced by the amendment.
FSSAI: Food Safety and Standards Authority of India has decided to extend the date for a mandatory food safety audit of food businesses under the FSS (Food Safety Auditing) Regulations 2018. FSSAI, in order, has stated that the food businesses holding Central licences and falling under high risk category can now complete the mandatory audit by Sept 30, 2020.
ICAI Organisation of Virtual CPE Meeting for grant of Structured CPE hours and extension of last date for online submission of self-declaration form for claiming unstructured CPE hours for calendar year 2019 till 30th June, 2020.
ICAI A provision for generating UDIN in bulk for Certificates has been incorporated in UDIN Portal. Using this facility now the members will be able to generate UDIN in bulk (uptil 300 UDINs) for various types of Certificates in one go. It can be done through uploading of excel file.
Bank of India invites online application from eligible CA firms as Concurrent and
Revenue Auditors for empanelment. For more details Website www.bankofindia.co. Last date is 22nd June, 2020.
https://bankofindia.co.in/CAFirmApplication/CAOnlineApp
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[19/06, 12:18 pm] +91 76783 59687: 👉🏻Goods purchased, sold overseas liable to GST in India - AAR
(A domestic company buying goods from abroad and selling to another country will have to pay GST on such transactions even if the said products are not entering the Indian territory)
👇🏻 👇🏻 👇🏻
https://bit.ly/3datR2d
👉🏻Public Sector Banks disburse 18 thousand 306 crore rupees to MSME sector - FM
(Public Sector Banks have disbursed 18 thousand 306 crore rupees to the Micro, Small and Medium Enterprises, MSME sector)
👇🏻 👇🏻 👇🏻
https://bit.ly/3hRDrea
👉🏻GST Big Changes in Input Tax Credit wef 01st July 2020
(Big Changes in Section 16 (4), Input Tax Credit w e f 01st July 2020. discussed by CA. Meenakshi Arora)
👇🏻 👇🏻 👇🏻
https://bit.ly/30WZHNq
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Schedule-III of GST states that transactions where “supply of goods from a place in the non-taxable territory to another place in the non-taxable territory without such goods entering into India” shall be treated neither as supply of goods or services and hence not liable to GST.
However an Advance Ruling was made which created many Q among Taxpayers.
The ruling by the Gujarat-Bench of the AAR states that GST will be levied on Merchant Trade Transactions.
A domestic company buying goods from abroad and selling to another country will have to pay GST on such transactions even if the said products are not entering the Indian territory, the Authority for advance ruling (AAR) has said.
On an application filed by Sterlite Technologies, the Gujarat-Bench of AAR has ruled that GST is payable on goods sold to customer located outside India, where goods are shipped directly from the vendor’s premises (located outside India) to the customer’s premises.
The applicant had sought to know whether the goods and services tax (GST) would be levied on merchant trade transactions (MTT).
“It appears that the transaction is covered under the ambit of inter-State supply and is neither exempted nor covered under export of services. Thus, the theory of elimination takes us to the conclusion that such supplies will be subject to levy of IGST (integrated GST),” the AAR has ruled.
The AAR verdict means that GST would be levied on MTT where applicant will receive an order from the customer located outside India and as per their instruction, the vendor would directly ship the goods to customer located outside India.
Vendor would issue invoice on applicant against which payment would be made in foreign currency and applicant would raise invoice on customer and would receive consideration in foreign currency.
In the above transaction, goods would not physically come into India, but would move from place outside India to another place outside India.
In my opinion this will create huge liability on Indian suppliers as the burden of such tax are usually decided to be borne by Indian suppliers by the foreigners.
Also if they do not transfer to Indian suppliers it will increase the cost of products of India and ultimately reduce the export from country.
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◇ Supreme Court Has Held That The Suo Moto Extension Of Limitation Or Lockdown Will Not Affect Right Of Accused To Default Bail
◇ Supreme Court has asked the Centre to submit a reply within two weeks on the cause of the tiger’s death. The Court passed the order while hearing a Public Interest Litigation which alleged that the big cat may have died from Covid-19.
◇ Supreme Court has rejected an appeal by a renewable energy association that sought a stay order on the revision of prices of renewable energy certificates.
◇ Supreme Court has dismissed a plea seeking directions to the Centre, Ministry of Social Justice, Ministry of Health and Family Welfare, and Ministry of Law and Justice, to file a case before the International Court of Justice (ICJ) seeking 600 billion US dollars in damages from the People's Republic of China for spreading the COVID-19 pandemic.
◇ Supreme Court Has Held That The Accused Is Entitled To Be Heard In A Revision Petition Against Dismissal Of Protest Petition
◇ Delhi High Court has asked the Delhi Police to file status report on a plea by Jamia Coordination Committee member Safoora Zargar, seeking bail in a case related to communal violence in northeast Delhi during protests against the Citizenship Amendment Act, 2019 in February, 2020.
◇ Delhi High Court has denied interim protection to Mr Hari Shankar Singh, the Chairman of the Uttar Pradesh State Bar Council, who has been restrained from performing his duties by the Bar Council of India pending the elections to the said State Bar Council.
◇ Delhi High Court has directed the Delhi Government to take all steps required for the immediate procurement of insurance policies for the 29,098 Advocates whose names have been verified by the Bar Council of Delhi.
Thanks for reading
