The Budget of 2021 has proposed an amendment to the GST regulation, introducing a new condition that the credit of the GST charged by the vendor in its invoice will be available to the recipient only after the supplier has filed its returns for the month in which such invoices have been reported. CFOs can now expect frequent demand notices for credit on such mismatched invoices once the Finance Bill receives presidential assent, writes Ritesh Kanodia.
After back-to-back contractions, the Indian economy recorded marginal growth in the three months through December on the back of recovery following the pandemic disruptions. Growth was led by manufacturing and electricity.
NewSpace India Ltd (NSIL), the commercial arm of Department of Space, is also in talks with ISRO to acquire its fleet of remote-sensing and communication satellites.
The infusion will be made in the next few days, the sources said, adding the biggest beneficiary of this round of capital infusion would be the banks that are under the prompt corrective action (PCA).
The government will sell the 10% stake to Panatone Finvest immediately after the OFS, at the price determined through the offering, Tata Communications said in an exchange filing late on Friday.
"For the month of January 2021, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 135.2. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of January 2021 stand at 119.7, 135.1 and 164.2 respectively" the ministry said in a release.
The ministry's objection is to the rule that requires debt mutual funds to value perpetual bonds as a 100-year instrument from April 1. Fund managers too had raised concerns over this.
Investors in debt mutual funds holding perpetual bonds were staring at losses with the new valuation norm for the instrument expected to spark a sharp selloff on Friday.
Experts said that it being the last month of the fiscal year, revenue authorities across jurisdictions are working to garner as much revenue as possible to meet their targets.
The development comes even as the corporate affairs ministry is pushing for norms on direct listing of companies on foreign stock markets — an issue that has been hanging due to the reluctance of the revenue department to give up its right to tax the capital gains.
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Everyone thinks of changing the world, but do you first think of changing yourself? While many take action towards the change they wish to see in the world, this International Women's Day we explored the possibility of what women CFOs would do if they wake up as a man tomorrow. While this day is a celebration of the social, economic, cultural and political achievements of women, it also reflects on accelerating and achieving gender parity. ETCFO also discussed what working women need to grow and become successful in their professional life.
