Daily Newsletter 07.10.2020

For Education & Information Purpose only. Page I
Daily Newsletter 285 | 7 October 2020
▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board
“CBIC” and Government.
❖ Directorate General of Audit as a Nodal Directorate for Customs Post Clearance
Audit.
CBIC Instructions here
▪ Legal Updates- Advance Ruling Authorities / Tribunals / High Courts / Supreme Court
Sr.No.
Key to find the
document
Authority
who passed
the order
Details of decision
1 [2020] 120
taxmann.com 18
Thoppil Agencies
v. Assistant
Commissioner of
Commercial Taxes
WRIT PETITION NO.
116528 OF 2019 (T-
RES)
AUGUST 12, 2020
Karnataka
HC
KN HC sets aside penalty order passed
by relying on documents without
bringing to the notice of the petitioner.
Where several documents and
circumstances which were neither
referred to nor enumerated in show
cause notice had been relied upon by
revenue in impugned order of penalty,
there being contravention of principles
of natural justice, impugned order
deserved to be set aside
2 [2020] 120
taxmann.com 51
Rotary Club of
Mumbai Nariman
Point, In re.
AAAR
Maharashtra
Membership subscription & fees spent
towards meeting & administration
expenses by club is not a service, not
liable to GST.
Indirect Taxes

For Education & Information Purpose only. Page II
▪ News / Latest Developments / Other updates
❖ Pre-filled GST returns to become norm from 1 January 2021.
Pre-filled tax forms and greater transparency requirements are coming to
businesses in 2021, with the Goods and Services Tax (GST) Council clearing key
changes to the return filing process on Monday. Monthly GST returns of businesses
giving summary of all transactions in the GSTR 3B form will be automatically
populated from the details given in the sales returns of the company, as well as its
suppliers filed earlier in the month in form GSTR 1. This will take effect on 1 January
2021. For small businesses, which file returns on a quarterly basis, it will take effect
on 1 April.
Mint Report
❖ GST: India Eases Compliance Burden for Small Businesses.
Finance Minister Nirmala Sitharaman announced more measures to simplify filing
of tax returns and reduce compliance burden on small businesses. The GST Council
made these recommendations in its 42nd meeting held on Monday. These follow a
slew of measures announced earlier to ease compliance.
Media Report
▪ Notifications / Circulars / Press releases / FAQs / Portal Updates / Write-ups by Board
“CBDT” and Government.
❖ Update on Faceless Appeal system.
CBDT informs stakeholders that Save draft option is now available in Form 35 in
accordance with faceless scheme
Direct Taxes

For Education & Information Purpose only. Page III
▪ Legal Updates- Tribunals / High Courts / Supreme Court
Sr.No.
Key to find the
document
Authority
who
passed
the order
Details of decision
1 [2020] 119
taxmann.com 472
Siva Equipment (P.)
Ltd. v.
ACIT, Circle-2
TAX APPEAL NO. 67
OF 2014
CIT(A) is empowered to deal with
additional grounds which were not raised
before AO during original assessment.
Commissioner (Appeals) has jurisdiction
to deal with additional grounds including
those which were available when original
return was filed.
❖ Global Gateway - Quarterly E-newsletter of Committee for Development of
International Trade, Services & WTO – September 2020.
Download here
❖ Release of Indian Accounting Standards: An Overview (Revised 2020).
ICAI released 5th edition of earlier issued publication which gives a glance on the
basic aspects of applicable Ind AS in a summarised manner, differences between
Ind AS and AS and Ind AS and IFRS. The said publication captures all the
amendments to Ind ASs notified by the MCA vide notification dated 24 July 2020, as
Companies (Indian Accounting Standards) Amendment Rules, 2020, comprising
critical amendments to Ind AS which are applicable for the accounting year
beginning on or after April 1, 2020.
Relevant link to download the said publication is here
ICAI Announcements

For Education & Information Purpose only. Page IV
❖ ICAI launched Post Membership Qualification (PMQ) courses.
▪ On Corporate Governance
▪ On Internal Audit
▪ On Arbitration
▪ On CSR
Visit here for more details
▪ Legal Updates- NCLTs / NCL-ATs / Supreme Court
Sr.No.
Key to find the
document
Authority
who passed
the order
Details of decision
1 [2020] 120
taxmann.com 52
Mewar Technocast
(P.) Ltd. v. R.K.
Manufacturing Co.
Ltd.
CP. NOS. (IB) 387
AND 388/9/NCLT
(AHM.) OF 2019
AUGUST 19, 2020
NCLT
Ahmedabad
Failure to refund advance payment for
purchase of machinery did not
constitute operational debt
Operational creditor placed purchase
order on corporate debtor for supply of
'Vertical Turning Lathe 3 Mtr' and gave
advance payment as per said purchase
order machinery was to be supplied
within one month from date of payment
of advance however, corporate debtor
failed to deliver machinery on
completion of delivery period as
stipulated in purchase order corporate
debtor also failed to refund advance
amount to operational creditor thus,
operational creditor filed section 9
application against corporate debtor
Insolvency & Bankruptcy
ICSI Announcements

For Education & Information Purpose only. Page V
❖ SEBI released its September month Bulletin.
Download here
❖ MSME Prerana’: Nirmala Sitharaman launches Indian Bank’s business mentoring
programme for MSMEs.
The initiative was launched by the finance minister at the bank's corporate centre
in Chennai. Financial Services Secretary Debashish Panda, who also participated in
the launch event through video conferencing, delved on the various initiatives
taken by the government to support MSMEs.
Finance Express Report
❖ PNB will focus on retail, Agri & MSME lending, says MD Rao.
State-run Punjab National Bank has already lent Rs 12,000 crore to MSMEs as an
emergency lending and plans to provide more loans to this sector. According to S S
Mallikarjuna Rao, MD and CEO of the bank, the bank is also expecting demand from
logistics, pharmaceutical and also the healthcare industry which require funds to
expand their businesses from banks.
Indian Express Report
❖ Meeting Schedule of the Monetary Policy Committee (MPC) for 2020-21
RBI announce the next meeting of the Monetary Policy Committee (MPC)
scheduled during October 7 to October 9, 2020.
Release here
Reserve Bank of India
MSME
SEBI

For Education & Information Purpose only. Page VI
❖ Yes Bank case: ED arrests CFO, internal auditor of Cox and Kings.
The Enforcement Directorate on Tuesday arrested Anil Khandelwal, chief financial
officer of global tours and travel company Cox and Kings Group (CKG) in connection
with the Yes Bank money laundering probe, the agency said in a statement. Besides
Khandelwal, the agency also arrested Naresh Jain, the group’s internal auditor. The
arrests have been made under section 19 of the Prevention of Money Laundering
Act, 2002 (PMLA).
HT Report
❖ Services activity improves in September, PMI at 49.8 vs 41.8 in August.
The seasonally adjusted India Services Business Activity Index rose for the fifth
straight month in September, from 41.8 in August to 49.8. The latest reading was
indicative of broadly stable output across the sector. Monitored companies that
observed growth commented on the reopening of business units amid the
loosening of lockdown rules. Firms that reported a contraction mentioned the
damaging impact of the pandemic on demand. Signs of stabilisation in services are
likely to provide more comfort to policymakers after a sister survey on Thursday
showed India’s manufacturing expanded at its fastest pace in over eight years,
suggesting business conditions were gradually returning to normal in Asia’s third-
largest economy.
Business Standard Report
Economy & Finance

For Education & Information Purpose only. Page VII
INDIA’S TOP 10 EXTERNAL COMMERCIAL BORROWERS- AUGUST 2020
SAVE WATER || SAVE UNIVERSE

Daily Newsletter 07.10.2020

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