BUSINESS & ECONOMY

Applicability of e-Invoicing under GST on Reverse Charge Mechanism

Applicability of e-Invoicing under GST on Reverse Charge Mechanism

Introduction e-Invoicing has implemented and is applicable to mostly B2B Invoices for large enterprises as of now. However, e-Invoicing & reporting of documents, is not limited to B2B invoices but is also applicable to documents like B2G Invoices, Export invoices, RCM Invoices, Credit Notes & Debit Notes. Soon e-Invoicing will also cover the reporting of …

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Issue of Guidelines for Appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks (excluding RRBs), UCBs and NBFCs (including Housing Finance Companies)

Draft circular on declaration of dividend by NBFCs issued by RBI

Reserve Bank of India has issued draft circular on declaration of dividend by non-banking financial companies (NBFCs). Accordingly, deposit-taking NBFCs and systemically important non-deposit-taking NBFCs must have their net non-performing assets  below six percent and a capital adequacy ratio of at least 15 percent for the last three years, including the accounting year for which …

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Indian Ports Bill 2020

Indian Ports Bill 2020 draft for public consultation by Ports, Shipping and Waterways Ministry

The Ministry of Ports, Shipping and Waterways has circulated a draft of Indian Ports Bill 2020 for public consultation which will repeal and replace the Indian Ports Act, 1908. Minister for Ports, Shipping and Waterways Mansukh Mandaviya said, Government is working on creation of a National Port Grid. He said, this Bill will be a …

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India and Uzbekistan signed Nine Memorandum

India and Uzbekistan signed Nine Memorandum of Understandings

During the virtual Summit held between Prime Minister of India Narendra Modi and President of Uzbekistan Shavkat Mirziyoyev India and Uzbekistan have signed nine Agreements and Memorandum of Understandings, MoUs in various areas including in the field of Solar Energy, Digital Technologies  and on High Impact Community Development Projects (HICDP). It also included Dollar Credit …

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Finance Ministry releases 6th installment of Rs 6,000 crore to States to meet GST compensation shortfall

The Finance Ministry has released the sixth installment of Rs six thousand crore to the States to meet the GST compensation shortfall. Out of this, an amount of Rs 5,516 crore has been released to 23 States and an amount of Rs 483.40 crore has been released to the three Union Territories Delhi, Puducherry and …

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Certificate Course on Ind AS

ICAI’s Startup Manthan 2.0 was addressed by Union Minister for Commerce and Industry

Addressing the ICAI’s Startup Manthan 2.0, Union Minister for Commerce and Industry Mr. Piyush Goyal  said that the government is constantly providing inputs and impetus to the Startup ecosystem to help them expand their base. He said that the Government has created a fund of funds for Startups with an initial corpus of Rs 10,000 …

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First training programme of Hindustan Aeronautics Limited -IISc Skill Development Centre launched

HAL-IISc Skill Development Centre in Challakere of Chitradurga district in Karnataka launched its first training programme offering five courses in virtual mode. The programmes offered are in the niche engineering areas of aerospace, mechanical, electrical and electronic sectors, and in line with the “Make in India” mission. The experienced engineers, supervisors and faculty members of …

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AYUSH Export Promotion Council to be set up

AYUSH Export Promotion Council to be set up

Ministries of Commerce and Industry and AYUSH have decided to work together to set up an Export Promotion Council to boost AYUSH exports. This decision was taken in a joint review of AYUSH trade and industry by Commerce and Industry Minister Piyush Goyal and AYUSH Minister Shripad Naik. It was also decided that the entire …

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Ahmedabad, Surat becoming bogus GST billing hubs: Govt

All 28 States and 3 Union Territories with legislature on board to go for Option-1 to bridge GST Compensation Shortfall

With Jharkhand opting for OPTION1 to meet the revenue shortfall arising out of the GST implementation, all the 28 States and three Union Territories with legislature have decided to go for Option-1.Under the terms of Option-1, states and Union territories will get the facility of a special window for borrowings to meet the shortfall arising …

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rbi

Repo rate remained unchanged at 4 %

The RBI Governor Shaktikanta Das said that the Monetary Policy Committee has unanimously decided to leave the policy repo rate unchanged at 4 percent. He said the marginal standing facility remains unchanged at 4.25 percent and reverse repo rate stands unchanged at 3.35 per cent. While ensuring that the Monetary Policy Committee will keep on …

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Banks are advised by RBI not to make any dividend payouts from profits pertaining to the FY ended March 2020

As per the statement, RBI said it is imperative that banks continue to conserve capital to support the economy and absorb losses, if any. In view of the COVID-19 pandemic, RBI had asked to withhold payment of dividends until September 2020. On further review, RBI has said that conserving such payment will further strengthen banks’ …

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Smuggling in India Report ‘2019-20’ released

Finance Minister Nirmala Sitharaman inaugurated the  63rd Founding Day Celebrations of the Directorate of Revenue Intelligence (DRI). On this occasion, Mrs  Sitharaman released the Smuggling in India Report 2019-20 which analyses organised smuggling trends on Gold and  Foreign Currency, Narcotic Drugs, Security, Environment and Commercial Frauds.Finance Secretary Dr Ajay Bhushan Pandey said that DRI has …

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RBI asks HDFC to stop new digital business launches and avoid adding new Credit Card customers

RBI asks HDFC to stop new digital business launches and avoid adding new Credit Card customers

The Reserve Bank of India has asked HDFC Bank  to stop new digital business launches and avoid adding new Credit Card customers after repeated reports by its customers facing multiple cases of technical glitches. HDFC Bank said in a regulatory filing that RBI has issued an order dated December 2, 2020, to HDFC Bank Ltd …

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Door to door survey for 7th Economic census underway in Andaman Nicobar

The fieldwork of door to door survey to collect data of each household and commercial establishment in Andaman & Nicobar under 7th Economic Census is being carried out.CSC e-Governance Services India Ltd. has trained the engaged enumerators and supervisors for collection of data on mobile application. The app has been developed for data capture, validation, …

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Asian Development Bank

Asian Development Bank and India sign 50 million dollar loan to boost West Bengal’s digital platforms for public finance reforms

The Asian Development Bank (ADB) and the Government of India signed a $50 million policy-based loan to improve financial management procedures and operational efficiencies aimed at achieving more fiscal savings, promote informed decision making, and improve service delivery in the state of West Bengal.The loan is proposed to be supplemented by a $350,000 technical assistance …

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