CENTRE LOANS ₹ 1.59LAKH CRORES FOR GST COMPENSATION

CENTRE LOANS ₹ 1.59LAKH CRORES FOR GST COMPENSATION

In the 43rd Goods and Services Tax (GST) Council meeting held on May 288 this year, it was decided that the Finance ministry would borrow ₹ 1.59 Lakh Crore this fiscal year of 2021-22 and then release it to the states and Union Territories with the legislatures. A similar approach was taken for the last fiscal year of 2020-21 when Centre had loaned ₹ 1.10 Lakh Crore was released to states. This loan is provided to meet the resource gap due to a shortfall in the amount collected by the GST compensation fund.

Earlier the ministry had back-to-back loaned ₹ 75,000 Crore on 15th July and ₹40,000 Crore on 7th October this year. With the release of another ₹44,000 crores on 28th October, the total loan released to the states amounts to ₹1.59 lakh crores. The latest released amount of ₹44,000 crores is taken out of the Government of India 5-year securities issued in FY 2021-22, at a weighted average yield of 5.69%, and no additional borrowing is done by the ministry for these loans. 

Reportedly these loans are in addition to the normal GST compensation released every two months out of the cess collection. A per the ministry, these loans would help the entities in developing public infrastructures and strengthening the health care facilities. The ministry proceeds to comment that to excess the accruing GST compensation for this fiscal year, a sum of a total ₹2.59 lakh crore is predicted to be loaned.

The early help to the states when five months are still left to this financial year is good news compared to lesser compensation in the previous year. It would help the States to manage their budgets and schemes effectively. During the pandemic, they have to play an important role in combating it by enhancing their expenditures for public health infrastructures. 

According to Investment Information and Credit Rating Agency of India Limited (ICRA) Chief economist Aditi Nayar, the early release will help in the budget planning of the states towards the end of the year and would help to compress the size of the State Development loan auctions. 

Under these loans, the highest amounts up to one-third of total loans are provided to four states namely Karnataka, Maharashtra, Gujarat, and Punjab. Rs 5,010.90 crore has been issued to Karnataka, followed by Rs 3,814 crore to Maharashtra, Rs 3,608.53 crore to Gujarat, and Rs 3,357.48 crore to Punjab, among others.

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NCLAT: Applicability of Limitation Act in the resolution process

NCLAT: Applicability of Limitation Act in the resolution process

Brief Introduction of the Appeal:

This appeal is made by one of the Directors of the Corporate Debtor, Mrs. Manasi Indrajit Wadkar (appellant herein), who is the suspended director of Krishna Knitwear Technology Limited, which is the Corporate Debtor, against the order of National Company Law Tribunal (NCLT), Ahmedabad Bench, issued in C.P.(IB) No. 279/7/NCLT/AHM/2018. The respondent are (a) Union Bank of India which was formerly Andhra Bank and (b) the Corporate Debtor represented by it Interim Resolution Professional (IRP).

Union Bank of India(the 1st respondent herein), formerly Andhra Bank, had filed application for recovery of debt under Section 7 of IBC claiming that the Corporate Debtor had availed working capital (WC) loan, term loan and cash credit facility from several banks and financial institutions, including itself. Appropriate securities and bank guarantees were provided by the Corporate Debtor and the working capital (WC) consortium was headed by Andhra Bank. As early as 2012, the Corporate Debtor approached the CDR cell i.e Corporate Debt Restructuring cell to restructure its WC and term-loan facilities and it was restructured and sanctioned as early as 29-Dec-2012. The Open Cash Credit or OCC limit was also restructured. The account was declared NPA on 29.Jun.2012 as the Corporate Debtors could not regularize the account. Further, the bank issued demand notice 13(2) for recovery of debt under SARFAESI Act on 31.Jan.2015. Union Bank of India along with other consortium banks filed recovery petition with Debts Recovery Tribunal (DRT) in March 2016 which is still pending. The bank relied on evidence taken for sanction of loan to Corporate Debtor to a tune of INR. 123.30 crores which were filed as a O.A, to the Tribunals. Now, under the application filed under IBC, the NCLT authorities found the application to be within limitation period and admitted the same through the impugned order.

Contention of the Appellant:

The Appellant is of the view that the application under Section 7 of IBC is time barred and does not hold merit. The Appellant agrees that the Corporate Debtor account became NPA on 29.Jun.2012 and claims that the respondent 1 took exit from the CDR and that the Corporate Debtor had no knowledge of the same and also that the Corporate Debtor had not acknowledged the debt of the Respondent 1 bank. As required under Section 18 of the Limitation Act, the Corporate Debtor did not acknowledge the debt of the Respondent 1 bank for three consecutive years and the balance sheet presented was that of 2016-2017 (where the debt is acknowledged) and hence the debt was time-barred. Also the appellant claimed that the one-time settlement (OTS) presented was not accepted and cannot be construed as acknowledgement of debt. Further the appellant stated that only when default occurs, the right to sue would accrue and hence the application under Section 7 of IBC should have been rejected.

Contention of Respondent 1:

The respondent 1 bank is of the view that the Corporate Debtor owes it INR. 245,31,64,521.85/- and hence the application under IBC had to be filed with NCLT. Further, after the restructuring, respondent 1 contended that there were two Amendatory agreements which were signed by Corporate Debtor and even after that, the Corporate Debtor continued to default on the loan taken and account was finally declared as NPA on 29.Jun.2012. The Counsel for the respondent is of the view that Section 19 of the Limitation Act would take effect even when payments towards debts are made and a fresh period of limitation shall be computed from the date when the payment towards the debt is made. Hence the Counsel is of the view that the application under Section 7 of the IBC for recovery of debts is applicable. The Counsel for respondent 1 also made reference to the documents on record and reiterated that the suit is within limitation period and that the NCLT suit was rightly admitted. The Counsel also made reference to the balance sheet of 2016-2017 and stated that the foundation of the original suit was not based on the balance sheet.

Analysis and final judgement:

The application under Section 7 under IBC was filed on 21.May.2018. The Corporate Debtors account was declared as NPA on 29.Jun.2012 and Tribunal acknowledges the fact that even after the account was declared NPA, a second amendatory agreement has been entered into by the Corporate Debtor with the consortium of banks as on 13.Mar.2014. Further, the SARFAESI notice dated 31.Jan.2015 and 19.Jun.2016, were also highlighted and the suit filed in DRT in 2016 was also acknowledged. The Corporate Debtor had replied to the SARFAESI notice dated 31.Jan.2015 and in the letter it had acknowledged the debt to the Consortium banks to an extent of INR. 807.43 crores and stated it has provided securities worth INR. 872.08 crores, to be shared amongst the consortium of banks on ‘pari passu’ basis. Further it had requested the banks to consider the revival plan submitted by it, dated 24.Dec.2014. It is clearly stated that this communication was within 3 years from NPA date and therefore within limitation period.

Further reference was made to letter written by Corporate Debtor to Respondent 1, dated 05.Apr.2016 where an OTS was proposed. It was therefore contended to consider the two letters as acknowledgement of debt by Corporate Debtor as covered under Section 18 of the Limitation Act and that the Section 7 application made under IBC as on 21.May.2018 was within limitation period. The Counsel for Respondent 1 acknowledged that the two letters were not presented before NCLT but are also not disputed by the Appellant and hence is valid acknowledgement of debt and considered for period of limitation.

Reference to part payment made by Corporate Debtor as on 19.Jul.2017 and 25.Sep.2017 were made, by the Learned Counsel.

The Corporate Debtor in their representation to NCLT has clearly stated that the CDR was given time up to financial year 2019 and hence the application to NCLT under Section 7 of IBC was premature and is not maintainable. Further the Corporate Debtors have also made payments to the tune of INR. 53,86,04,308.47/- till 28.Jul.2014 for which they had produced evidence to NCLT. Reference was also made to the balance sheets of the Corporate Debtor for the years 2017-2018 and 2016-2017 which acknowledged the debts to the banks.

Further, reference to a Supreme Court judgement was made namely, ‘Sesh Nath Singh & Anr. Vs. Baidyabati Sheoraphuli Co-operative Bank Ltd and Anr.’ in Civil Appeal No. 9198 of 2019, dated 22.Mar.2021. The following points were noted out of the judgement:

• The SARFAESI proceedings and subsequent correspondences are to be considered for the period of limitation and when fresh application under IBC is instituted, such timelines and correspondences have to be taken into account for computing the three years period of limitation for institution of suit under IBC.
• Even when proceedings are filed in High Court in the matter of recovery of debts, an application under Section 7 and Section 9 of IBC are to be considered and also that Section 14 or 18 would also be applicable for computation of fresh period of limitation.

Thus on the above grounds, the appeal to NCLAT was dismissed as it had no substance.

To Read Official Judgment Download PDF Given Below :

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Set Off And Carry Forward Of Losses under Income Tax Act

Set Off And Carry Forward Of Losses under Income Tax Act

There can be profit and also losses in every type of business, where losses are difficult to digest. Though Income Tax Act in India provides for the benefits of losses too. The law contains the provisions for set off and carry forward of losses. 

SET OFF OF LOSSES:

Set off of losses means making adjust in losses which shall be against the profit of the same financial year. If it is not possible to set off the losses against profit in the same year then it will be carry forward to next year. A set off can be of two types which is intra-head set off and an inter-head set off. 

INTRA-HEAD SET OFF:

The losses from one source of income that can be adjusted against income from other source which shall be under the same head of income.

INTER-HEAD SET OFF:

After adjusting the losses under intra-head set off remaining losses can be set off against other heads of income.

CARRY FORWARD OF LOSSES:

After making proper adjustment of losses under intra-head set off and inter-head set off, if there is still any loss which is remaining then, the unadjusted losses shall be carried forward to next year against income of these years. 

The rule for carrying forward of every head is different for all the heads which can be as follows:

1. LOSSES FROM HOUSE PROPERTY:

It can be only adjusted against the income of house property. This can be carry forward even if the return file is filed lately and it can be carry forward up to 8 years.

2. LOSSES FROM NON-SPECULATIVE BUSINESS:

It can be carry forward up to 8 assessment year, and it can be only adjusted against the income from business and profession. It cannot be carry forward if the return is not filed. It is not necessary that the business shall be continuing.

3. LOSSES FROM SPECULATIVE BUSINESS:

Losses in this case shall be carry forward up to 4 assessment year, and it can be only adjusted against the income from speculative business. It shall not be carry forward if return file is not filed on due date and it is not necessary if the business is not continuing.

4. SPECIFIED LOSSES UNDER SECTION 35AD:

No time limit has been specified under this section. Not necessary that the business is in continue. Income shall be only adjusted against the income from specified business, and it will not be carry forward if the return is not filed on due date.

5. CAPITAL LOSS:

Loss under this will be carry forward up to 8 assessment year, if the loss is under long term capital then it can be only adjusted against long term capital gains. Short term capital loss can be adjusted against long term capital gains and also against short term capital gains. It cannot be carried forward if the return is not filed on due date.

6. LOSSES FROM OWNING AND MAINTAINING RACE HORSES:

Losses under this head can be carry forward up to 4 assessment year, can be only adjusted against the income from owning or maintaining race horses. It cannot be carry forward if the return is not filed on due date.

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$2 BILLION LOAN PROCESSED TO INDIA BY ADB & AIIB FOR COVID-19 VACCINES

$2 BILLION LOAN PROCESSED TO INDIA BY ADB & AIIB FOR COVID-19 VACCINES

To make the whole nation immune against Covid-19, India has applied for loans from Asian development Banks, ADB, and AIIB. The estimated amount to be received under the application is $2 Billion for procuring approx 667 million Covid-19 vaccines to vaccinate as many as 317 million people in over 19 states. Apart from this $2 Billion, India is also putting down $58 million for the project.

The Beijing-based AIIB was established in 2015 with 57 member countries, India and China being the biggest stakeholders among others. The AIIB will supposedly lend $500 million. Rest 1.5 Billion will be supplemented by Manila-based ADB, in which Japan and USA are the biggest stakeholders, as per a statement of AIIB’s President D.J. Pandian. Japan and USA, though, are not members of AIIB, are the biggest stakeholders of ADB. Both the loans will be provided under the $ 9 Billion Asia Pacific Vaccine Access Facility (APVAX) scheme, started in December 2020 by ADB. This scheme is an initiative by ADB to facilitate support to developing countries who are members of ADB for effective and safe procurement of Covid-19 vaccines to combat the pandemic.

As per Pandian, India had applied for the loan three months ago and the same is under consideration of the AIIB board. The vaccines will be bought by India under the supervision of ADB’s APVAX, which will regulate the purchasing system and implementations.  However, the vaccines procured from these loans must be prequalified by WHO. Covishield is one of the qualified vaccines from WHO’s list, and Covaxin is not yet approved, the final decision for which is scheduled to be on the 3rd of November.

Out of 147 AIIB approved projects, India has received loans for 28 projects amounting to $6.7 Billion. 1.75 Billion of all received loans is for the COVID-19 relief budget support and others for infra-projects. Significantly, earlier the AIIB has formally granted USD 356.67 million loans for the expansion of the Chennai metro rail system. The bank is also considering several other infrastructure projects for the development of Chennai city and its suburbs.

As per the government officials, such loans procurement is usual and India is just using resource mobilization strategy as it will reduce borrowing costs which is very low for multilateral fundings. These low-cost funds are for every member country and India being a member is certainly eligible for it.

Recently, India has achieved the milestone of administering 100 crores vaccines to Indians to fight the deadly virus and also exported the vaccines to 95 countries under the Vaccine Maitri scheme. Approval of the loans will be a piece of good news to India and after getting the loans, more citizens would be vaccinated and India will also be able to resume its exports of vaccines to many countries.

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CBDT reminds only two days left to e-file Form 4 under the Direct Tax Vivad se Vishvas

CBDT reminds only two days left to e-file Form 4 under the Direct Tax Vivad se Vishvas

The Central Board of Direct Taxes (CBDT) has reminded taxpayers that they must settle outstanding dues by October 31, 2021, by e-filing Form 4 under Direct Tax Vivad se Vishvas (DTVSV).

The taxpayer must include the specifics of payment in Form-4, as well as proof of withdrawal of the applicable appeal, writ, and arbitration for dispute settlement, according to DTVSV Form-4.

In Form-4, the taxpayer must detail the payment, as well as provide proof of withdrawal of any appropriate appeal, writ, or arbitration for dispute settlement. After logging in to the portal, select Form 4 to have various information auto-populated.

According to the certificate number (PAN/TAN and Aadhaar Number) and assessment year / financial year received from the relevant authorities in Form-3. The applicant must supply the following information: Basic Statistical Return Code of the Bank, Serial Number of Challan, Amount (Rs), and Date of Deposit (DD/MM/YYYYY).

If any appeal, objections, writ petition, application, special leave petition, arbitration, mediation conciliation, or claim has been withdrawn, upload proof of withdrawal with number and forum after providing the facts.

After giving the date and time information, the applicant can submit the form.

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Fino Payments Bank’s initial public offering (IPO) was fully subscribed within hours of its launch

Fino Payments Bank’s initial public offering (IPO) was fully subscribed within hours of its launch

The subscription period for Fino Payments Bank’s 1,200-crore initial public offering (IPO) begin on Friday, and the three-day share sale will end on November 2. A price range of 560-577 per share has been set by the firm. Fino Payments announced on Thursday that it has raised $539 crore from anchor investors ahead of its first public offering.

According to BSE data, the Fino Payments Bank IPO has been subscribed 0.33 times as of 12:45 p.m. on day 1, with the retail component fully booked at 1.79 times. Qualified institutional buyers (QIBs) have yet to bid, while non-institutional investors (NIIs) have bid 0.01 times.

A fresh issue of equity shares worth 300 crore and an offer for sale (OFS) of 15,602,999 equity shares by the promoter Fino Paytech are included in the share sale.

Fino Payments Bank’s overall revenues grew at a 46.0 percent compound annual growth rate (CAGR) from FY2019 to FY2021, and the company has turned around its operations, reporting profits of Rs. 20 crore for the first time in FY2021. The company would be selling at a P/E of 220x FY2021 fully diluted EPS of Rs. 2.6 at the highest end of the price band, which is costly. Despite the IPO’s high growth potential, the believe is that the premium is not justified, and hence we have a NEUTRAL recommendation.

The proceeds from the new offering will be utilised to boost the bank’s Tier 1 capital base in order to meet its future capital needs. The issue’s book running lead managers are Axis Capital, CLSA India, ICICI Securities, and Nomura Financial Advisory Services.

“With a presence in over 90% of India’s districts, the company has a significant opportunity to grow its business in the next years. This IPO has a “Subscribe-Long Term” grade from us “In an IPO note, stockbroker Anand Rathi stated.

Fino Payments Bank, or FPBL, is a scheduled commercial bank that provides digital-based financial services to the developing India market. The company will be the first payments bank to go public on stock exchanges.

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FINANCE SPECIALIST-FP&A JOB VACANCY AT GE HEALTHCARE

FINANCE SPECIALIST-FP&A JOB VACANCY AT GE HEALTHCARE

Overview:

GE Health Care is a leading global medical technology and digital solutions innovator. Their mission is to improve lives in the moments that matter. For this role, they are finding someone who can provide financial planning, analysis and reporting for Corporate, a business, or a P&L (Profit & Loss) within a business. Someone who can impact quality of own work and the work of others on the team and who is focused on execution of standard enabling activities/provision of advice subject to policy and work routines within an enabling discipline.

Roles and Responsibilities:

The ideal candidate should be able to:

• Manage the business cycle- 3 year plan, budget, forecasts at each level of the organization and define KPIs to measure the performance in all areas of the organization- mfg., R&D (Research and development) , eng, supply, commissioning.
• Analyze the performance and propose action plans to improve profitability and cash generation as well as corrective action plans as needed.
• Make decisions within a defined framework and resolve issues in situations that require good knowledge and judgment within established procedures.
• Consult more senior team members for issues outside of defined policy/parameters and Explain technical information to others.
• Develop strong customer relationships and serves as the interface between customer and GE for customer facing roles.

The ideal candidate should also have:

• Knowledge of theories, practices and procedures in own discipline to execute functional policy/strategy; still developing functional knowledge and skills.
• Basic understanding of key business drivers and use this understanding to accomplish own work.
• Good understanding of how work of own team integrates with other teams and contributes to the area.
• Strong interpersonal skills.

Eligibility:

• Minimum 4 plus years of experience in the Finance & FP&A (Financial planning and analysis) Operations.
• Knowledge level comparable to a Bachelor’s degree from an accredited university or college or a high school diploma with relevant experience.
• Strong oral and written communication skills.
• Ability to document, plan, market, and execute programs.

The company will not be providing any relocation assistance.

APPLY HERE

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Finance Lead Job Vacancy at Boston Consultancy Group

Finance Lead Job Vacancy at Boston Consultancy Group

OVERVIEW:

With this role, BCG is looking for an experienced Finance Business Partner to handle their Legal, Risk and OI functions within the company. The Finance professional will provide direct leverage to the Senior Manager who supervises these functions. The role will also require decision support for operating models, investments in change initiatives, financial planning, and developing innovative reporting to translate financial results into business impact. The role will build and manage relationships with the management team, will take an active role in discussions at the senior firm leadership levels and will play a critical role as a thought partner with function leadership in establishing, and managing to certain KPIs, targets, and metrics.

ROLES & RESPONSIBILITIES:

• Leveraging pool of Analysts to provide full day-to-day operational, reporting, analysis and financial planning support across the function.
• Playing a critical role as a thought partner with management, collaborating on business milestones and outcomes, and leveraging innovative analysis on historical data to inform and influence future business decisions
• Driving plan discussions and provide direct leverage to the Senior Manager going into plan review with executive firm leadership
• Coaching and mentoring of the team
• Challenging status quo and pushing for reporting automation and innovation, and process improvement, simplification and optimization

ELIGIBILITY:

• A minimum of 5 years related finance experience
• Bachelor’s degree in finance/accounting/economics and/or a MBA preferred
• Excellent communication skills – both oral and written, with the ability to adjust to multiple audiences and the confidence to present to and influence senior management
• A passion for working in a collaborative team environment
• Critical Thinking and problem solving – proven ability to work through complex problems and analyses in providing a thoughtful concrete solution
• Motivation and self-drive – excited by tackling challenges and pro-actively finding new ways to provide value to senior leadership
• Advanced Excel skills – experience building scalable financial models and analyzing large data sets
• Advanced PowerPoint presentation experience with the ability to turn data into business insights
• Other strong system skills a benefit, such as knowledge of Tableau, Alteryx, Think-Cell

AN IDEAL APPLICANT FOR SHOULD ALSO HAVE:

• Experience and confidence with exceptional judgment
• Ability to build relationships by listening, negotiating, and flexing or pushing back where needed.
• Subject matter expertise for all financial aspects of the function which the role demands
• A sound understanding of the bigger picture and an ability to prioritize.
• Strong team management skills so as to balance overall business prioritization and individual role satisfaction.
• Consultative approach to problem solving, working closely with stakeholders to understand the problem the company is trying to solve, providing deep analysis, and offering viable solutions.

APPLY HERE

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How to check ITR-V receipt status without logging into your e-filing account?

How to check ITR-V receipt status without logging into your e-filing account?

If you are unable to validate your income tax return (ITR) through online methods such as Aadhaar OTP, Electronic Verification Code (EVC) via bank/Demat account, etc., you can verify your ITR by physically sending the ITR-V. Individuals must print ITR-V and send a signed copy to the Income Tax Department at CPC, Post Box No-1, Electronic City Post Office, Bengaluru- 560100, Karnataka, India.

It’s important to remember that the ITR must be confirmed within 120 days of filing. If you are utilizing the physical method to verify your ITR, it is critical that you make sure it is received by the income tax department on time. If it does not reach the department within 120 days of submitting the ITR, it will not be confirmed, and the process of filing the return will be halted.

Unverified ITRs are not considered valid and will not be processed by the department, according to income tax laws. Furthermore, if you are due an income tax refund, it will only be paid to you if you have filed a verified ITR and the tax department has confirmed the same after processing your ITR. If you don’t validate your ITR within 120 days, it will be assumed that you didn’t file it at all. That is why it is critical to ensure that your ITR-V is received by the income tax department promptly.

How to check your ITR-V receipt status?

To verify the status of your ITR-V receipt on the government’s newly released income tax portal, follow these steps:

1. Visit https://www.incometax.gov.in/iec/foportal

2. Scroll down to the ‘Our Services’ section on the homepage. Select ‘Income Tax Return (ITR) Status’ from this area.

4. On your screen, a new page will display. You’ll need to input the ITR’s acknowledgment number as well as the mobile number that was provided when the ITR was filed.

5. A one-time password (OTP) will be given to your registered telephone number via SMS once these details are input. Remember that the OTP is only good for 15 minutes. Click Submit after entering the OTP.

The current status of the ITR filed will be displayed once the OTP has been successfully entered. If the ITR-V has been received by the income tax department, the status will be ‘ITR validated.’ If the ITR-V has not yet been received by the tax department, the status will be ‘Pending for e-verification.’

Furthermore, you will receive an email or SMS confirmation after the ITR-V has been received by the IRS. Only after your ITR has been verified will the processing of your ITR begin. An intimation notice under section 143(1) will be given when the ITR has been processed.

Which years can I use the e-verification service for?

The ‘e-verify’ service has been available since the current assessment year. Using the ‘e-verify option, you can e-verify ITRs filed for AY 2019-20 and after.

ITR-V e-verification requirements.

1. The ITR for the AY 2019-20 should have been filed and an acknowledgment created in ITR-V.

2. An acknowledgment number would be printed on the ITR-V, as required by the e-verify facility.

3. The ITR should be submitted by a taxpayer who is not required to sign the ITR using a DSC (Digital Signature Certificate).

4. An authorized signatory or representative assessee should not file the ITR.

How can I e-verify ITR-V receipt status for the 2018-19 Financial year?

Only from the AY 2019-20 onwards is the ‘e-verify’ option on the income tax department’s home page available. A taxpayer must log onto the e-filing system and e-verify ITRs filed before the 2018-19 financial year.

How can I e-verify ITR-V receipt status for the 2019-20 Financial year?

A taxpayer can use one of the two options below to e-verify their ITR for the AY 2019-20.

Selecting the ITR submitted for AY 2019-20 for e-verification by logging into the e-filing site.

E-verification using the ‘e-verify’ option on the e-filing portal’s home page under ‘Our Services.’

A taxpayer must input their PAN (Permanent Account Number), choose AY 2019-20, type in the acknowledgment phone from the AY 2019-20 ITR-V, and enter their mobile number under the ‘e-verify’ option. Once the taxpayer types the above into the ‘e-verify’ tool, the following options will appear:

• Create an OTP for Aadhaar.
• Existing OTP for Aadhaar.
• EVC that already exists.
• EVC can be generated using a bank account.
• EVC can be generated using a Demat Account.
• EVC can be generated using the Bank ATM option (offline method).

The final step in the ITR filing process is e-verification. Following the submission or uploading of an ITR, a taxpayer has 120 days to e-verify it. Any of the options listed above can be used to e-verify a taxpayer. Any of the following modes (during pre-login) can be used to produce an EVC for a taxpayer.

• EVC can be obtained through the use of a net banking facility.
• EVC is obtained by providing a bank account number.
• EVC is obtained through the use of a Demat account number.
• EVC can be obtained via your bank’s ATM.

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CED coating Services were in the nature of job work services: AAR

CED coating Services were in the nature of job work services: AAR

Maharashtra AAR ruled that the services supplied by the applicant i.e. CED coating were in the nature of job work services

In re M/S Fine Electro Coating; Maharashtra Authority for Advance ruling; 11.10.2021

The present application has been filed under section 97 of the Central Goods and Services Tax Act, 2017 and the Maharashtra Goods and Services Tax Act, 2017 by M/s Fine Electro Coating, the applicant, seeking and advance ruling on the issue that whether the activity/process carried out by the applicant on goods received from its clients amounts to jobwork and if yes, whether the provisions of notification no. 20/2019-C.T.(rate) dated 30.09.2019 applicable in this case.

Facts and Contention:

• The applicant is engaged in rendering premium CED coating and powder coating services. The firm also undertakes metal finishing coating services for various products and further offers (a) CED coating for metallic components & auto parts (b) coating on general industrial equipments etc.
• Process followed by the company for CED coating and powder coating: CED coating (Cathodic Electro Deposition).
• Firm receives products (e.g. Auto Parts) from its customers through delivery challan only, here as per requirements of the customer the parts go through the Phospheting Treatment (PT Line) first and then for coating with the use of Powder coating gun Machine (here main raw material consist of Powder which is type of paint only)
• Though the treatment and processing is commonly understood as services, there is no implication that job work is purely services or that goods would not be used for such treatment or processing. However, Schedule II-Point no.3 of the CGST Act, 2017 specified activities to be treated as supply of goods or services inter alia provides that any treatment or process which is applied to another person’s goods is supply of services. Such a deeming fiction in respect of job work is given effect to, further law requires that treatment or process undertaken by the job worker must be on goods belonging to another registered person.
• It may safely be understood that, if one unit of the company supplies goods for further processing to another unit of the same company, having different registration from that of the supplying unit, the unit undertaking the processing activity can be treated as a job worker.
• Here the firm is involved in the processing or treatment such as CED/Powder coating on goods belongs to others classifiable as job worker.
• Hence service of job worker is classifiable under chapter heading 9988 Manufacturing services on physical inputs (goods) owned by others –original SAC code used by the firm is 990098.
• Further as per recent notification issued by the Ministry of Finance-notification no. 20/2019 along with press release, GST rate on job work services has been reduced 12% from 18% such as supply of machine job work in engineering industry except supply of job work in relation to bus body building which would remain at 18%.

Discussion and Finding:

• From the submissions of the applicant, the following findings could be concluded:

i. The process is undertaken by a person i.e., the applicant;
ii. The process is undertaken on goods belonging to another person who is registered under the GST Act;
iii. Only job charges in the form of processing charges, are received by the applicant.
iv. The goods after processing are returned back within one year.
v. No new product emerges after the process is carried out by the applicant on the goods which belong to GPL.
vi. The applicant receives only job charges after the process is carried out by the applicant on the goods which belong to GPL.
vii. The applicant receives only job charges from GPL for the services rendered.

• It was observed that since no new product comes into existence after the process conducted by the applicant on the goods supplied by its principals, therefore, the process undertaken will come under the purview of job work as defined under section 2(68) of the GST Act, 2017. Thus in view of the aforesaid, it was held that the applicant is only a job worker and as a job worker, carries out process on goods supplied by its principals.
• The subject supply of services do not fall under entries at items (i), (ia), (ib) and (ic) of the notification no. 11/2017-Central Tax Rate dated 28.06.2017 as it existed prior to 01.10.2019.
• The Hon’ble Supreme Court in the case of Maruti Suzuki Ltd. vs CCE, New Delhi, 2015 (318) E.L.T 353 (S.C.)(Attachment-2)has also held that there is a distinction between processing and manufacture and that Electro Deposition (ED) Coating of anti-rust treatment to increase shell life of various component is merely a processing activity and not a complete manufacturing activity. On the basis of the aforesaid case law, it was held that activity of coating is only a process undertaken on goods. Therefore the activity undertaken by the applicant is covered under the definition of Job Work.

Held:

• The impugned services supplied by the applicant were in the nature of job work services, covered under entry at item (id) under reading 9988 of notification no. 11/2017-Central tax Rate dated 28.06.2017 as amended.
• And in view of the same, the Notification no. 20/2019 Central Tax (Rate) New Delhi, 30.09.2019 where GST rate on job work is reduced to 6% from 9% is applicable to the firm.

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Breaking News: Due date of filing AOC-4 & MGT-7 extended upto 31.12.2021

Breaking News: Due date of filing AOC-4 & MGT-7 extended upto 31.12.2021

Ministry of Corporate Affairs has extended Due date of filing Financial Statements, Directors Report, and Audited Balance Sheet in Form AOC-4 & Annual Return in Form MGT-7 without Additional Fees upto 31.12.2021.

The Circular Read as follows:

Keeping in view of various requests received from stakeholders regarding relaxation on levy of additional fees for annual financial statement filings required to be done for the financial year ended on 3103.2021., it has been decided that no additional fees shall be levied upto 31.12.2021 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non­ XBRL and MGT-7 /MGT-7 A in respect of the financial year ended on 31.03.2021. During the said period, only normal fees shall be payable for the filing of the aforementioned e-forms.

Click on the below mentioned link to Download the Circular:

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Breaking: RBI Governor Shaktikanta Das has been reappointed for a three-year term

Breaking: RBI Governor Shaktikanta Das has been reappointed for a three-year term

The government has reappointed central bank Governor Shaktikanta Das for a third three-year term, keeping the career bureaucrat in charge of the economy’s recovery from Covid-19‘s ravages.

The move, which will take effect when his current term ends on Dec. 10, provides consistency in monetary policy decisions and indicates to investors that any interest rate normalisation in the post-pandemic future will be slow.

Under Das, 64, the central bank slashed interest rates and used quantitative easing to promote growth and sustain liquidity during the worst of the outbreak. Das’ reappointment was not unexpected, as he worked to maintain a positive working relationship with the government after his predecessor, Urjit Patel, abruptly quit in December 2018 due to disagreements with Prime Minister Narendra Modi’s administration.

On December 12, Shaktikanta Das became the Reserve Bank of India‘s 25th governor. Das, a seasoned bureaucrat, has held key roles in the federal and state governments in sectors like as finance, taxation, industry, and infrastructure. He was the secretary of the ministry of finance‘s department of revenue and department of economic affairs before to this assignment.

He worked as secretary of revenue and then economic affairs at the ministry of finance during his 38-year tenure. When Prime Minister Narendra Modi announced the high-value currency ban in November 2016, Das was a secretary in the Department of Economic Affairs.

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ICAI advises Members to file Form NFRA-2 Annual Return immediately

ICAI advises Members to file Form NFRA-2 Annual Return immediately

Vide Advisory dated 28th October, 2021, Corporate Laws & Corporate Governance Committee of The Institute of Chartered Accountants of India [ICAI] has advised members to file Form NFRA-2 Annual Return for the reporting period 2018-2019 and also for the year ending 31/03/2020, immediately without any delay, if not filed already.

According to Rule 5 of the NFRA Rules 2018, auditors of the class of companies specified in Rule 3(1) are required to file an annual return with NFRA in the prescribed form (NFRA-2) on or before November 30th of each year.

For the financial year 2018-19, the government has already granted an extension until September 4, 2020.

An announcement dated May 7, 2021, as well as mail, have already been distributed to Practicing Members, advising them to file the form NFRA-2 for the financial years 2018-19 and 2019-20.

However, according to NFRA, at least 1011 auditors/audit firms have yet to file form NFRA-2 for the reporting period 2018-19. The following link will take you to a list: List

In this regard, members are reminded to file NFRA-2 for the reporting period 2018-2019, as well as for the fiscal year ending 31/03/2020, immediately and without delay, if they have not already done so, in order to avoid penalties.

For more details please visit https://eformnfra2.nic.in/

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Breaking! Indian Govt withdraws decision on sharing 50% convenience fee earned by IRCTC

Breaking! Indian Govt withdraws decision on sharing 50% convenience fee earned by IRCTC

The Ministry of Railways has decided to withdraw its decision on sharing the convenience fee earned by IRCTC on online train ticket bookings, which would be a huge relief for the Indian Railways Catering and Transportation Corporation (IRCTC).

DIPAM Secretary Tuhin Kanta Pandey tweeted on Friday, “The Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee.”

Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee pic.twitter.com/HXIRLxXTlL

— Secretary, DIPAM (@SecyDIPAM) October 29, 2021

The IRCTC announced on Thursday that the Ministry of Railways has asked it to share with the national transporter 50% of its revenue earned as a convenience fee from bookings made through its website.

Customers’ convenience fees generated a sizable revenue stream for IRCTC. The fee is not included in the rail fare. It is for the IRCTC’s online ticket reservation service.

IRCTC shares fell nearly 10% in early trading on Friday, to Rs 822.40 per share. However, shortly after the withdrawal decision was announced, the stock recovered some ground and was trading at 887.35, down 2.89 percent on the BSE.

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Revolutionary Global Tax System V/S Digital Giants

Revolutionary Global Tax System V/S Digital Giants

To curb the tax evasions using creative ways by MNCs, 136 countries comprising 90% of global economy have come together for a global tax system to tackle with recent, rapid and expansive digital transformation. The digital giants like Facebook, Google, and Amazon exploit the current taxation system by moving profits from the place where they do business to tax havens where they have to pay the lowest taxes. The talks have been going on since July as most of the nations do not want these MNCs to avoid tax liabilities especially after the economies of the nation are severely hit by the pandemic.

Because of the globalization, the companies were allowed not to go through double taxation. The provision, though implemented for smoother practicability, was misused by the MNCs extensively. Suppose if a company is headquartered in Country X had to pay more taxes, all they had to do is get it registered in a tax haven and that would have allowed them shifting of profits and evading the taxes. Digitization makes it easier for them and this new system is aimed to combat such creative methods facilitated by this modern age of digitization.

As the Organization for Economic Co-operation and Development (OECD) calls it, the new taxation system has twin pillars. One is source rule and the other is residence rule. According to OECD, the new regime will ensure a proper and just distribution of profits among countries against MNCs, including digital giants, allowing them fair tax rights. The source rule will allow the countries to tax the MNCs, specifically the ones with global incomes above € 20Billions and profitability above 10%, on their incomes. After the new rules, 25% of profits above 10% upper limit would be sent back to market countries. Predictably, this would add approx € 100 Billion profits to market jurisdiction every revenue year.

Under the second pillar of residence rule, a global minimum tax rate of 15% is proposed without any upper limit on the maximum tax which would apply on the companies with revenue over €750 Million. With the new rate, it is estimated to generate around USD 150 billion in additional global tax revenues annually. Now, for instance, a company is headquartered in Country X where the tax rate is more than 15%. And to evade taxes, it gets registered in country Y, where the rate is let’s say 11%. The company will have to pay remaining 4% to the residence country. It is to bring companies under scope, which are within their borders but operating from tax havens.

Earlier countries with low tax rates like Ireland, Hungary and Estonia, which have at least some corporate taxes below the proposed minimum resisted to accept the new tax regime but later on agreed for it. As of now, only four countries namely Kenya, Nigeria, Pakistan, and Sri Lanka have not assented to it out of 140 members of OECD. In the words of Pascal Saint-Amans, the director of OECD, this new proposed tax regime will benefit India. Since July, the global tax regime was welcomed by Indian Finance Minister Nirmala Sitharaman. The discussion also took place on a telephonic call between her and US Treasury Secretary Yellen earlier and recently, India was one of the 134 countries who shook hands on the implementation of this new system. The new regime would be implemented by 2023. The time gap is given for the countries to accustom their tax laws according to the new rules. Accordingly, India will have to repel tax laws on digital services or the equalization levy and give an assurance that no such provisions will be made in future.

BY : Sandeep Kumar

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Securities And Exchange Board Of India (Depositories And Participants) (Second Amendment) Regulations 2021

Securities And Exchange Board Of India (Depositories And Participants) (Second Amendment) Regulations 2021

The Securities and Exchange Board of India (SEBI) issued the Securities and Exchange Board of India (Depositories and Participants) (Second Amendment) Regulations, 2021, by Notification No. SEBI/LAD-NRO/GN/2021/53 dated October 26, 2021, further amending the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018. By means of this modification –

Every issuer shall submit an audit report to the concerned stock exchanges on a quarterly basis, audited by a qualified Chartered Accountant or a practising Company Secretary or a practising Cost Accountant for the purposes of reconciliation of the total issued capital, listed capital, and capital held by depositories in dematerialized form, as well as the details of changes in share capital during the quarter and the issuer’s in-principle approval of such additional issued capital from all of the stock exchanges where it is listed.

To Read Full Notification Download PDF Given Below :

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SUPREME COURT DENIES ₹ 923 CRORES GST REFUND TO AIRTEL

 SUPREME COURT DENIES ₹ 923 CRORES GST REFUND TO AIRTEL

The Supreme Court disallowed Airtel from seeking ₹923 crores Goods and Services Tax (GST) by setting aside the Delhi High Court order. The leading telecom company’s plea for rectification was allowed by the hon’ble high court, and a refund was instructed to be issued, which were paid in July-September 2017, in May 2020. The Apex court observed that rectification of such errors is permitted by law at the initial stage only.

The court further commented that the company cannot be allowed to unilaterally proceed to revise his returns which were submitted electronically in Form GSTR3B. Upholding the restriction on rectification by the GST Commissioner, the Court observed that allowing it would be an attack on the responsibilities and accountabilities of the other stakeholders because of the cascading effects in the electronic records.

The matter goes back to 2017 when GST was implemented for the first time in India, the company reportedly paid extra cash for GST that amounts to ₹923 crores in absence of any automated reconciliation at that time, not utilizing the available tax input credit. The company contended that as Form GSTR2A was non-operable at that particular period, it had been denied access to the information about its electronic credit ledger account and consequently, availing of ITC for the relevant period and instead to discharge the OTL by paying cash to its vendors.

Taking note of technical glitches in the electronic forum of GST during the earliest moments, in May 2020, the High Court had asked the government to verify the claim by the company within two weeks of the rectified filing of Form GSTR3B and refund the amount once checked. The Centre soon enough knocked the doors of the Supreme Court against the Delhi High Court’s order of refund in July. The Supreme Court rejected the contention of non-operability of Form GSTR2A as a flimsy plea. The court declared that the High Court order cannot be sustained as at the particular period which is in question, the registered person had to submit the tax returns based on self­ estimation in Form GSTR­3B manually on the electronic platform. Agreeing with the Centre’s arguments, the Court said that any interference with the statutory mandate will lead to a chaotic situation and be illegal, collapsing the whole taxation system.

In its 50 page judgment in case name Union of India v. Bharti Airtel, the Supreme Court thrashed the Centre against the question of jurisdiction of Delhi Court and mandated that state governments are necessary parties before the High Court. However, the Court allowed the pleas against the grant of refund.

Post the Supreme Court judgment, the shares of Airtel closed 2% lower at Rs 688.80 on the Bombay Stock Exchange (BSE) on Thursday.

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CBDT Clarification on treatment of higher payment for sugarcane price by sugar mills

CBDT Clarification on treatment of higher payment for sugarcane price by sugar mills

The CBDT vide in Circular No. 18/2021 dated October 25, 2021 issued clarification regarding treatment of additional payment for sugarcane price by Cooperative sugar mills as an income distribution to farmer members and the resultant tax liability.

If sugar cooperative mills purchase sugarcane from farmers at a price greater than the fair and remunerative price, they will no longer be required to pay income tax. The five-year-old dispute was finally settled on Wednesday, when the Union Finance Ministry issued a statement clarifying the situation.

The issue of cooperative sugar mills treating additional payments for sugarcane prices as an income distribution to farmer members and the resulting tax liability, according to the ministry, has been brought to the attention of the Central Board of Direct Taxes. Last week, Devendra Fadnavis led a team of BJP sugar cooperative owners to meet Union home and co-operatives minister Amit Shah, demanding an equal playing field for all sugar cooperatives.

The Notification Stated :

The Finance Act, 2015 inserted the following clause (xvii) in sub-section (1) of section 36 of the Income-tax Act, 1961 (the Act) to provide for deduction on account of the amount of expenditure incurred by a co-operative society engaged in the business of manufacture of sugar-

“(xvii) the amount of expenditure incurred by a co-operative society engaged in the business of manufacture of sugar for purchase of sugarcane at a price which is equal to or less than the price fixed or approved by the Government;”

This clause took effect from 01.04.2016 and accordingly applied to assessment year 2016-17 and subsequent assessment years.

To Read Official Circular Download PDF Given Below :

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Empanelment for Chartered Accountants Firm to be appointed as Internal Auditor Firm of NITIE

Empanelment for Chartered Accountants Firm to be appointed as Internal Auditor Firm of NITIE

NITIE Invites proposal from the eligible Chartered Accountants Firm to be appointed as the Internal Auditor Firm of the Institute.

Eligible Chartered Accountant Firm may submit the proposal to the following address:

The Registrar, NITIE, Vihar Lake Road. P.O. NITIE. Mumbai – 400087

Last date for submission of proposal:

02.11.2021 by 5 P.M.

Terms of Reference (TOR) for engagement of the Internal Auditor for NITIE

A) Objective: To conduct Internal Audit for NITIE and provide guidance on maintenance & finalization of Accounts and introduction of internal control system.

B) Coverage of the Audit: The audit will cover the period from 1st April 21 to 31st March 2022.

C) Scope of Audit:

a) To carry out Internal Audit function which will involve checking of all the fund inflows and outflows, verification of cash and Bank transactions on a monthly basis, checking of Bank reconciliations and fixed assets as per records, statutory compliances and other related issues as per the requirement of the Institute.
b) To offer professional guidance in respect of Income Tax, GST and, other statutory matters etc. The firm will ensure compliance with GST rules and procedures and enable NITIE to prepare and submit response to queries/notices and other Income Tax office related matters etc.
c) To ensure timely preparations and certification of the Annual Accounts for timely submission to C&AG Statutory Auditors for further compliances.
d) To submit half yearly Internal Audit Report to the Director of the Institute.
e) To depute qualified persons on a regular basis to the Institute under regular supervision by a Chartered Accountant.
f) Understanding the Internal control framework of the organization and suggesting improvements, if any.
g) Suggesting/recommending the Institute management in framing/defining the policies, procedures and practices, and its documentation thereof.
h) Verification of Investments, Cash &Bank, Inventory and stock etc.
i) Commenting on the adequacy of transaction segregation between Indian account and the Foreign Account (FC Account).
j) Designing and recommending controls in respect in respect of any gaps in the existing system.
k) Verification of financial performance of various projects undertaken in the Institute.
l) Verification and Certification of Grant Utilization Certificate as per GFR.
m) Providing information to CAG auditors regarding internal audit and control mechanism(s).
n) Verification of all opening and closing balances, and ensuring that they are properly classified into assets and liabilities with proper identification of accounting groups.
o) Recognition of transactions as revenue or capital and reclassification of opening balances between revenue and capital.
p) Budgetary control as per allocation and budgetary provisions for the Financial Year.
q) Supporting management in development of internal control manual for each department/division.
r) Consideration of the other laws and regulations in the course of internal audit assignment.
s) Attend meetings and express opinions on any specific issues that may be required by the Board from time to time.
t) Report on variations against any budget or project allocation from time to time.
u) Report on temporary diversion of funds between projects.
v) Any other matters that may be required by the board or the management from time to time.
w) Chartered Accountant firm will assist to prepare draft and final reply to CAG office on transaction and financial audit observations.
x) After the audit of each department the auditor should prepare the procedure for the internal checks, and audit manual in phase-wise manner as a time bound activity to be completed within one year.
y) Chartered accountant firm will make presentation to Institute finance committee about overall observation and financial health of the Institute as per the Institute requirement.
z) The firm should ensure regular attendance of their assistants in the institute for day to day vouching, ledger scrutiny, and other assigned matters under the supervision of Chartered accountant.

D) Timeline: Time Auditor will submit their report along with executive summary on month to basis covering the backlog period.

E) Eligibility and selection

Eligibility Criteria: Any interested chartered Accountants Firm shall be eligible to apply for the assignment subject to meeting the following eligibility criteria.

1) The Firm should have minimum of 5 years of experience.

2) The Gross Turnover of the firm for the previous financial year should be 15 lakhs or more.

3) CA should involve fully in submission of report and discussion on internal Audit matters.

Submission of Proposal: Interested eligible Chartered Accountant firms shall apply for the assignment in the format along with required information and documents as per the format given in Annexure-I, II, and III within due date and time for submission i.e. On 02.11.2021 by 5.00 pm.

Annexure I and II should be submitted in one envelope, and Annexure III i.e. Financial Bid, duly super subscribed, should be submitted in separate envelope. The proposal must be submitted to the following address:

The Registrar
National Institute of Industrial Engineering
Vihar Lake Road, P.O. NITIE, Mumbai-400087

Evaluation of Proposal: The technical proposal of the eligible applicants’ firms shall be evaluated on the basis of empanelment status, work experience and financial and technical capacity.

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GST Compliances Empanelment for Chartered Accountant & Cost Accountant with CONCOR

GST Compliances Empanelment for Chartered Accountant & Cost Accountant with CONCOR

Container Corporation Of India Limited Inviting Tenders for engagement of practicing Chartered Accountant or practicing Cost Accountant for Certification and Filing of GST Annual Return in form GSTR-9 and GSTR 9C for Assam, Bihar, Jharkhand, Odisha, Tripura and West Bengal states of Area-IV (East), CONCOR for FY 2020-21

CONCOR GST COMPLIANCES TENDER NOTICE DETAILS

Name of the work

Engagement of practicing Chartered Accountant or practicing Cost Accountant for Certification and filing of GST Annual Return in form GSTR-9 and GSTR 9C for Assam, Bihar, Jharkhand, Odisha, Tripura and West Bengal states of Area-IV (East), CONCOR for FY 2020-21.

Estimated Cost Approx.

₹1,00,000 (approx.) (excluding GST)

Period of Engagement

From the date of issue of Letter of Intent to the date of filing of GSTR 9 and GSTR 9C Return for all the states within the due date prescribed by CBIC.

Last date & time for submission & opening of Tender bid

08-11-2021 on or before 15.00 hours and opening at 15.30 hours on same day at Container Corporation of India Limited, Area-IV (Delhi Office), 3rd Floor, NSIC MDBP Building, Okhla Industrial Estate, New Delhi, 110020.

Notes / Instructions:

(i) The bid form is not transferable under any circumstances.

(ii) Each folio of bid document shall be signed by the intending bidder or such person on his behalf as is legally authorized to sign for and on his behalf and embossed with official seal at the time of submission.

(iii) Failure to comply with conditions will render the bid liable to be rejected.

(iv) Bid Documents complete in all respects shall be submitted through GeM on or before 15:00 hours of 08-11-2021.

(v) In case of Incomplete/Conditional bid, CONCOR reserves the right to reject the bid.

SCOPE OF WORK AND TERMS & CONDITIONS GOVERNING THIS ENGAGEMENT

PREAMBLE

Container Corporation of India Limited (hereinafter referred as CONCOR) is a Public Sector Undertaking under the administrative control of Ministry of Railways with its main objective of being a catalyst for promoting containerization and to give boost to India’s International and internal trade and commerce by organized multimodal logistics support.

CONCOR has various terminals in Assam, Bihar, Jharkhand, Odisha, Tripura and West Bengal apart from other states.Now bids are invited for Engagement of practicing Chartered Accountant or practicing Cost Accountant for certification and filing of GST Annual Return (GSTR-9) along with reconciliation statements for financial year 2020-21 for the above mentioned six states.

The books of accounts of the company are maintained in Oracle R-12 Platform. Presently CONCOR has various Oracle R-12 Modules in operation such as Accounts Payable, Accounts Receivable, Fixed Assets, and General Ledger Module.

The Commercial Activities of CONCOR are carried out through in house developed applications namely Export Terminal Management System (ETM) and Domestic Terminal Management System (DTMS). CONCOR uses Cygnet GSP application for filing of GST Returns.

The other details of the company are available on website www.concorindia.co.in.

SCOPE OF WORK

The successful bidder will be required to provide the following services –

1. Checking and Certification of the values in Annual return in Form GSTR 9 for FY 2020-21 in respect of 6 States of Area IV (East), CONCOR (viz., Assam, Bihar, Jharkhand, Odisha, Tripura and West Bengal states).

2. Preparation, submission and electronic filing of GST Annual Return in Form GSTR 9for FY 2020-21 in respect of 6 GSTINs of Area IV (East), CONCOR (viz., Assam, Bihar, Jharkhand, Odisha, Tripura and West Bengal).

3. Checking, Certification of reconciliation statements and certification of specific, incidental and ancillary records as required with respect to GST Annual return for FY 2020-21(reconciling the values of supplies, tax liability, input tax credit declared in the return furnished for the financial year with the audited annual financial statements)

4. To opine and guide on any GST issue, which may arise and also arrange compliance of the same.

5. Any other work as assigned by the management in relation to filing of GST Annual Returns for the FY 2020-21

TIME LIMIT FOR SUBMISSION OF BILLS

A claim for the services rendered under this engagement shall be made by the Chartered Accountant firm or Cost Accountant firm not later than four months after rendering such service. However, GGM/F&A/Area-IV (East) reserves the right to condone the delay in case reasons submitted by the firm are found to be reasonable and acceptable.

ELIGIBILITY CRITERIA

1. The Chartered Accountant firm or Cost Accountant firm should have presence either in Kolkata or New Delhi.

2. The Chartered Accountant firm or Cost Accountant firm should have at least 5 full time partners and further at least 2 partners should have been in full time practice for at least 10 years.

3. The Chartered Accountant firm or Cost Accountant firm should have considerable experience in conducting GST Audits of entities having multiple registrations and having aggregate turnover as per GST laws more than ₹200 Crores in any of the financial year 2017-18, 2018-19, 2019-20. The bidder is required to enclose the necessary experience certificate in this regard.

4. The team to be deputed for the assigned work must consists of atleast one qualified chartered accountant assistant/partner apart from the signing partner. The bidder should share the staff deployment plan along with the bid document.

5. The bidder should be registered under the GST Laws and should also be registered on GeM portal.

6. Necessary self-certified proof of documents may be provided with bid in relation to experience of firm, Number of partners, location of offices of firm and turnover of the firm.

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Chartered Accountant Empanelment with National Housing Bank for Concurrent Audit

Chartered Accountant Empanelment with National Housing Bank for Concurrent Audit

National Housing Bank invited application for the appointment of Concurrent Auditors.

National Housing Bank (NHB) Concurrent Audit Note: –

• *Due to ongoing Covid-19 pandemic, generally meetings are being conducted online. Interested bidders can send pre-bid queries over email as per RFP or send the VC links to NHB designated officials for face-to-face queries/clarifications in online manner.
• #Technical Bids will be opened in the presence of Bidders who choose to attend as above. The above schedule is subject to change. Notice of any changes will be provided through e-mail from designated contact personnel only or publishing on NHB’s website. Further, please note that Commercial Bid opening Date, Time & Venue will be intimated to the technically qualified Bidders at a later date.
• All data/information, submitted vide documentary proofs/company records along this RFP, must be reported & will be treated as on date of publication of this RFP.

National Housing Bank

National Housing Bank (NHB), established under National Housing Bank Act, 1987 (“the Act”) is a statutory body under the Government of India.

a. NHB has been established to achieve, inter alia, the following objectives –

• To promote a sound, healthy, viable and cost effective housing finance system to cater to all segments of the population and to integrate the housing finance system with the overall financial system.
• To promote a network of dedicated housing finance institutions to adequately serve various regions and different income groups.
• To augment resources for the sector and channelize them for housing.
• To make housing credit more affordable.
• To supervise the activities of housing finance companies based on supervisory authority derived under the Act.
• To encourage augmentation of supply of buildable land for housing and to upgrade the housing stock in the country.
• To encourage public agencies to emerge as facilitators and suppliers of serviced land, for housing.

b. The head office of NHB is located at New Delhi and regional offices are located at Mumbai, New Delhi, Hyderabad, Bengaluru and Kolkata. It has representative offices located at Chennai, Ahmedabad, Lucknow, Guwahati and Bhopal.

National Housing Bank (NHB) Concurrent Audit Purpose

National Housing Bank (NHB) (hereinafter referred to as the Bank) proposes to invite Request for Proposal (RFP) tenders from the eligible vendors to provide their services for conducting Concurrent Audit of the Bank as described under scope of work. The invitation for RFP document is now being issued to enable vendors to submit their responses to the Bank.

The purpose of this RFP is to select a vendor to provide their services for conducting concurrent audit.

The Request for Proposal document contains statements derived from information that is believed to be relevant at the date but does not purport to provide all of the information that may be necessary or desirable to enable an intending contracting party to determine whether or not to enter into a contract or arrangement with NHB. Neither NHB nor any of its employees, agents, contractors, or advisers gives any representation or warranty, express or implied, as to the accuracy or completeness of any information or statement given or made in this document. Neither NHB nor any of its employees, agents, contractors, or advisors has carried out or will carry out an independent audit or verification exercise in relation to the contents of any part of the document.

Subject to any law to the contrary, and to the maximum extent permitted by law, NHB and its officers, employees, contractors, agents, and advisors disclaim all liability from any loss or damage (whether foreseeable or not) suffered by any person acting on or refraining from acting because of any information including forecasts, statements, estimates, or projections contained in this RFP document or conduct ancillary to it whether or not the loss or damage arises in connection with any negligence, omission, default, lack of care or misrepresentation on the part of NHB or any of its officers, employees, contractors, agents, or advisers.

National Housing Bank (NHB) Concurrent Audit Objective:

Concurrent audit is an examination which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person. There is an emphasis in favor of substantive checking in key areas rather than test checking. This audit is essentially a management process integral to the establishment of sound internal accounting functions and effective controls and setting the tone for a vigilant internal audit to preclude the incidence of serious errors and fraudulent manipulations. The audit will necessarily have to see whether the transactions or decisions are within the policy parameters laid down by the Head Office, they do not violate the instructions or policy prescriptions of the RBI, and that they are within the delegated authority. The audit will have to pick up and report early warning signals and report serious irregularities /fraudulent activities noticed at the Bank.

National Housing Bank (NHB) Concurrent Audit IMPORTANT BID DETAILS

Tentative Date of commencement of sale of Bidding/Tender/RFP Documents

22nd October 2021 (Friday)

Pre-Bid meeting with Bidders (Date and Time)*

29th October 2021 (Friday) (11:30 AM)

Last date and time for sale of Bidding Documents

12th November 2021 (Friday) (05:00 PM)

Last date and time for receipt of Bidding Documents

12th November 2021 (Friday) (06:00 PM)

Date and Time of Technical Bid Opening#

15th November 2021 (Monday) (11:30 AM)

Technical Presentation by the Bidders

Will be intimated later

Cost of RFP (Non-refundable)

Cost of RFP (Non-refundable) – ₹2,500/-

However, the RFP cost will be exempted for those bidders who have already paid RFP cost in response to the RFP floated on June 23, 2021 for “Appointment of Concurrent Auditors of NHB”. Further, exemption of RFP cost for bidders falling under Micro & Small Enterprises category, subject to submission of valid MSE Registration Certificate.

National Housing Bank (NHB) Concurrent Audit Earnest Money Deposit Amount

Bidder has to submit the “EMD/Bid Security Declaration” on their organizations letter head duly signed and stamped by their authorized signatory” accepting that if they withdraw or modify their bids during period of validity of the bid, or if they are awarded the contract and they fail to sign the contract, or fail to submit a performance security before the deadline defined in the request for proposal (RFP) document, they may be Suspended/Blacklisted at Bank’s Discretion.

Place of opening of Bids(Will be intimated to bidders over email if conducting through VC)

National Housing Bank,
Audit Department, Head Office
Core 5-A, 4th Floor, India Habitat Centre, Lodhi Road, New Delhi – 110003

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Chartered Accountant Empanelment for Appointment of project management consultant of SIDBI

Chartered Accountant Empanelment for Appointment of project management consultant of SIDBI

Small Industries Development Bank of India [SIDBI], a corporation established by the Small Industries Development Bank of India Act, 1989, acts as the principal Financial Institution for promotion, financing and development of the MSME sector and also to coordinate with institutions engaged in similar activities. The role and function of SIDBI are given in its website “www.sidbi.in”.

The Bank invites applications from accredited agencies for Appointment of project management consultant for facilitating implementation of SIDBI Cluster Development Fund (SCDF) scheme as per section 5 Terms of Reference.

You are requested to submit your bids strictly conforming to the schedule and terms and conditions given in Annexures and formats attached.

CRITICAL INFORMATION:

Purpose

Request for Proposal [RfP] for Appointment of project management consultant for facilitating implementation of SIDBI Cluster Development Fund (SCDF) scheme.

EMD / Bid Security

All the responses must be accompanied by a refundable interest free security deposit of Rs.3,60,000 (Rupees Three lakh Sixty Thousand only).

Application Fee

All the responses must be accompanied by a Non-refundable application fee of Rs. 1,180/- (Rupees One Thousand one hundred eighty only).

Last date for seeking clarifications for pre-bid meeting

Clarifications to be sought only via email at E-mail Ids mentioned at Sl. No. 12 of this section, no other means shall be entertained.

Pre Bid meeting

The meeting shall be virtual/online over MS Teams Call.

Last date for submission of bids

Only E- bids (over E-mail) to be furnished. No physical bids shall be entertained.

Address for Bid Submission / pre-bid

Not Applicable (Soft copies of the Bids are to be submitted through Emails only)

Date & Time of Opening of Minimum Eligibility bid

10, November 2021 at 11:00 AM

Date and time of opening of commercial bids

To be intimated at a later date

Bid Validity

180 days from the last date of bid submission.

Presentations to be made by bidders

The bidders are required to arrange for Presentation. Date would be intimated after bid submission.

Contact details of SIDBI officials

Smirti Bajpai	Mamta Kumari
011-23448418 / smirtib@sidbi.in	011-23448418 / mamta@sidbi.in

Independent External Monitor (IEM) appointed by the CVC

Shri. Nageshwar Rao Koripaali, (IRS retd.), 38, The
Trails, Manikonda, R.R District Hyderabad -500089,
Mobile: 9788919555, knageshwarrao@gmail.com

Website of SIDBI

www.sidbi.in

Note:

1. SIDBI reserves the right to change dates without assigning any reasons thereof. Intimation of the same shall be notified on the SIDBI’s website.

2. This bid document is not transferable. If a holiday is declared on the dates mentioned above, the bids shall be received / opened on the next working day at the same time specified above and at the same venue unless communicated otherwise.

3. In view of COVID 19 situation,

1. Online bids should be submitted in password protected format

2. Pre-Bid and Bid opening meetings can be attended via Skype/Teams with prior permission of SIDBI on authorized links to be provided by SIDBI

3. Application fee and EMD can be paid online

Bank account details of SIDBI for online fund transfer:

Bank: State Bank of India
Branch: KG Marg, Connaught Place, New Delhi
Account name – Small Industries Development Bank of India
Account type – Current a/c
Account number -37832223406
IFSC – SBIN0050191
GSTIN & PAN details of SIDBI:
GSTIN – 07AABCS3480N1Z0
PAN – AABCS3480N

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Chartered Accountant Empanelment with RBI for Concurrent Auditors

Chartered Accountant Empanelment with RBI for Concurrent Auditors

Reserve Bank of India (RBI), Belapur invites tenders from eligible CA firms (as defined in the tender document), for Appointment of Concurrent Auditors for the period from December 01, 2021 to September 30, 2022 (extendable for two more years subject to the satisfactory performance, as evaluated by the Bank on an annual basis).

The Tender process will be executed through the e-Tendering portal of MSTC Ltd (https://www.mstcecommerce.com/eprochome/rbi). Interested tenderers must register themselves with MSTC Ltd. through the aforementioned website to participate in the tendering process.

Tender document can be downloaded from both the RBI website www.rbi.org.in under ‘Tender’ section and from the website www.mstcecommerce.com. The last date for submission of tenders is November 11, 2021 till 11:00 AM. Tenders submitted only through the portal, will be accepted for the captioned process. Tenders, if received (in any mode) after the said date and time, will not be accepted by the Bank.

The Tenderer should check the above website / e-portal for any Amendment / Corrigendum / Clarification before submitting the bid. The Bank shall have the right to cancel, modify the Tender and extend the deadline for submission of Tender. Further, the Bank reserves the right to accept any Tender, either in full or in part and to reject any or all the Tenders without assigning any reason thereof.

SCHEDULE OF TENDER

e-Tender no.

RBI/Belapur/HRMD/16/21-22/ET/220

Name of the Tender

Appointment of Concurrent Auditors for the period from December 01, 2021 to September 30, 2022 for RBI, Belapur

Date of Notice Inviting e-tender available for view/download on RBI website

October 14, 2021

Estimated value of tender i.e Minimum remuneration fees (per month)

₹70,000/- (inclusive of all costs and exclusive of GST) i.e Rs 8,40,000/- for 12 months (inclusive of all costs and exclusive of GST)

Date of Starting of online submission of e- tender (Technical Bid and Financial Bid) at https://ift.tt/2xX3Otl

October 21, 2021, from 03:00 pm onwards

Date & time of closing of online submission of e-tender (Technical Bid and Financial Bid) on the MSTC portal

November 11, 2021 at 11:00 AM

Date & time of opening of Part-I (Technical Bid) of Tender

November 11, 2021 at 03:00 PM

Date of opening of Part-II (Financial Bid) of Tender

Part-II (Financial Bid) will be opened electronically of only those bidder(s) whose Part-I (Technical Bid) is found acceptable by RBI, Belapur. Such bidder(s) will be intimated regarding date of opening of Part-II (Financial Bid) through valid e-mail id given by them.

Important Instructions for E-Tender

Tenderers are requested to read the terms & conditions of this Tender before submitting their online Tender.

The ‘TECHNICAL BID’ and the ‘FINANCIAL BID’ (Part – I & Part – II) are to be submitted online (ONLY) at https://ift.tt/2xX3Otl

Process of e-Tender:

A) Registration:

The process involves registration of the Tenderer with MSTC e-procurement portal which is free of cost. Only after registration, the Tenderer(s) can submit his / her / their bids electronically. Electronic Bidding for submission of Technical Bid as well as Financial Bid will be done over the internet. The Tenderer should possess Class III signing type digital certificate. The Tenderer/s are to make their own arrangement for bidding from a PC connected with Internet. MSTC is not responsible for making such arrangement. (Bids will not be recorded without Digital Signature).

1). Tenderers are required to register themselves online with www.mstcecommerce.com→ e- Procurement → PSU/Govt depts → Select RBI Logo >Register as Tenderer — Filling up details and creating own user id and password → Submit.

2). Tenderers will receive a system generated mail confirming their registration in their email which has been provided during filling the registration form. In case of any clarification, Tenderers may contact RBI / MSTC (before the scheduled time of the e- Tender).

Contact person (RBI):

1. Shri. Rakesh Kumar Verma, Assistant General Manager (AGM), HRMD, RBI Belapur, Navi Mumbai- 400614, Phone: 022-2752 3007; +91- 9969921965

Email id: rkverma@rbi.org.in

2. Ms. Shubhra Komal, Assistant Manager (AM), Audit Budget and Coordination Cell (ABCC), HRMD, RBI Belapur, Navi Mumbai- 400614, Phone: 022-2752 3129; +91- 9372823925

Email id: shubhrak@rbi.org.in

Contact person (MSTC Ltd.):

1. Ms. Archana, Asst. Manager- archana@mstcindia.co.in – Mobile- 09990673698

2. Ms. Rupali Pandey, Executive- rpandey@mstcindia.co.in – Landline – 022 22886268

3. Mr. Sushil Nale, Asst. Manager – sushil@mstcindia.co.in – Mobile-09987758430

Google hangout ID – (for text chat) – mstceproc@gmail.com

B) System Requirements:

i) Windows 7 or above Operating System

ii) IE-7 and above Internet browser

iii) Signing type digital signature

Latest updated JRE 8 (x86 Offline) software to be downloaded and installed in the system. To disable “Protected Mode” for DSC to appear in the signer box following settings may be applied.

• Tools => Internet Options =>Security => Disable protected Mode If enabled- i.e., Remove the tick from the tick box mentioning “Enable Protected Mode”.

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IRCTC to share 50% of the convenience fee with government

IRCTC to share 50% of the convenience fee with government

The Indian Railway Catering and Tourism Corporation (IRCTC) informed stock exchanges on Thursday that it will share half of the proceeds from convenience fees with the government.

IRCTC charges a convenience fee for online bookings, which is one of the company’s key revenue streams, bringing in around Rs 620 crore in FY20.

“In compliance with the Regulation 30 of SEBI Regulations, it is to be informed that the Ministry of Railways has conveyed its decision to share the revenue earned from convenience feel collected by IRTC in the ratio of 50:50 effective November 1, 2021,” the company said in a stock exchange filing.

IRCTC to share 50% of the convenience fee with government

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Permanent transfer of Intellectual Property (IP) right attracts 18% GST

Permanent transfer of Intellectual Property (IP) right attracts 18% GST

The CBIC vide Notification No. 13/2021-Central Tax (Rate) dated October 27, 2021 has further amended Notification No. 01/2017- Central Tax (Rate) dated June 28, 2017 to align GST rate on permanent transfer of Intellectual Property Right (“IPR”) in respect of goods by increasing GST rate from 12% to 18% and made it at par with supply of services.

Before amendment, the existing rate was :

12%: Permanent transfer of IPR in respect of goods other than Information Technology software

After amendment, the rate is :

18%: Permanent transfer of IPR in respect of Information Technology software

Thus, CBIC amends Notification No. 01/2017- Central Tax (Rate) dated June 28, 2017, and increases the rate from 12% & 18% against S. No. 243 and S. No. 452P respectively.

As Describing the Term :

Temporary transfer Vs. Permanent transfers in respect of Supply of goods or services :

Service provision:

The phrases “temporary or permanent transfer or authorising the use or enjoyment of Intellectual Property (IP) right” appear in Clause (ii) of Heading 9973. At first glance, this appears to imply that permanent transfer of IPR will be viewed as a supply of services under GST.

Supply of goods:

For the period of 01.07.2017 to 14.11.2017, permanent transfer of IPR is solely covered by the GST services rate notification and is thus classified as a supply of services.

Permanent transfer of IPR is covered under both the goods and services rate notifications in GST from 15.11.2017 onwards, as the services rate notice has not yet been modified to remove the reference to ‘permanent transfer’ of IPRs. As a result, the question of whether IPRs are taxable as goods or services persists in the GST regime.

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GOI releases balance amount of Rs. 44,000 crore to States under back-to-back loan facility in-lieu of GST compensation

GOI releases balance amount of Rs. 44,000 crore to States under back-to-back loan facility in-lieu of GST compensation

The Ministry of Finance has released Rs 44,000 crore today to states and union territories with legislatures under the back-to-back loan facility in lieu of GST compensation. After deducting the earlier release of Rs 1,15,000 crore (Rs 75,000 crore on July 15, 2021 and Rs 40,000 crore on October 7, 2021), the total amount released in the current financial year as back-to-back loan in lieu of GST compensation is Rs 1,59,000 crore. This payment is in addition to the regular GST compensation, which is paid out of actual cess collection every two months.

Following the 43rd GST Council Meeting on May 28, 2021, it was decided that the Central Government would borrow 1.59 lakh crore and release it to States and UTs with Legislature on a back-to-back basis to meet the resource gap caused by the short release of Compensation due to insufficient funds in the Compensation Fund. This amount is consistent with the principles adopted for a similar facility in FY 2020-21, when a total of Rs.10 lakh crore was made available to states under a similar arrangement.

This amount of Rs 1.59 lakh crore would be in addition to the compensation of more than Rs 1 lakh crore (based on cess collection) that is expected to be released to States/UTs with legislatures during this fiscal year. The total amount of Rs 2.59 lakh crore is expected to exceed the amount of GST compensation due in fiscal year 2021-22.

All eligible states and UTs (along with their legislatures) have agreed to funding arrangements for the compensation shortfall through the back-to-back loan facility. All states and UTs play a critical role in the effective response and management of the COVID-19 pandemic, as well as in increasing capital expenditure. To assist the States/UTs in their endeavours, the Ministry of Finance has frontloaded the release of Rs 1,59,000 crore in assistance under the back-to-back loan facility during FY 2021-22.

The current release of Rs 44,000 crore is funded by GoI borrowings in 5-year securities issued in the current fiscal year at a Weighted Average Yield of 5.69 percent. As a result of this release, no additional market borrowing by the Central Government is planned.

This release is expected to assist states and UTs in planning their public expenditures for improving health infrastructure and undertaking infrastructure projects, among other things.

Sl. No.	Name of the State/ UTs	Amount
1	Andhra Pradesh	905.59
2	Assam	490.76
3	Bihar	1885.69
4	Chhattisgarh	1374.02
5	Goa	234.28
6	Gujarat	3608.53
7	Haryana	2045.79
8	Himachal Pradesh	745.95
9	Jharkhand	687.76
10	Karnataka	5010.9
11	Kerala	2418.49
12	Madhya Pradesh	1940.2
13	Maharashtra	3814
14	Meghalaya	39.18
15	Odisha	1779.45
16	Punjab	3357.48
17	Rajasthan	2011.42
18	Tamil Nadu	2240.22
19	Telangana	1264.78
20	Tripura	111.34
21	Uttar Pradesh	2252.37
22	Uttarakhand	922.3
23	West Bengal	1778.16
24	UT of Delhi	1713.34
25	UT of J&K	1064.44
26	UT of Puducherry	303.56
Total		44,000.00

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