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Daily Digest (4/11/2023): Top 5 Business Headlines with Digital Puneet (in Hindi) 1.Reliance & SBI CARD tie up to launch lifestyle–focused credit cardSummary -SBI Cards and Reliance's retail unit launched a co-branded credit card on India'...

GST enables AATO computation FY2021-22! 👍💰💸

Team Registration Karwalo wishes you a veryy Happy Eid 🌙

Reliance Industries announced that its Rs 24,713-crore deal to acquire Future Group's assets cannot be implemented now. Future Group entities including Future Retail, Future Enterprises, Future Market Networks, and Future Consumer mentioned that the proposal by Reliance cannot be implemented as the secured voters have voted against it. However, some 947 small and large format stores of Future retail were provided by Reliance Industries on lease to the Future Group. Future retail failed to make the lease payments and Reliance took over the stores, over which it is likely to have control despite the falling off of the reliance-future deal. Reliance Industries stock fell 2.31% today to close at Rs 2695. Future group stocks also closed the day in the red - future retail was down 4.95% while future enterprises fell 9.52%.

Speaking at the annual lecture of the Public Affairs Forum of India (PAFI), Minister of State for Electronics and Technology Rajeev Chandrasekhar on April 26 said that India’s tax revenues have exceeded target by 20 percent. “In past 35 years, I have had highs of optimism and lows of skepticism and negativity, and I can safely testify that India's potential has never been more exciting. We are in a situation where tax revenues have exceeded target by 20 percent. GST collections are on all time high making India’s tax compliance grow at a very high rate,” he added.

More than 700 are pending, but despite the seemingly high odds, the central board of direct taxes (CBDT) hopes to clear a record number of these agreements, called advance pricing agreements (APAs), in 2022-23. A total of 62 APAs were signed and cleared in 2021-22 and 31 in 2020-21. Of the 62 APAs in FY22, around 30 were signed in March alone. A government official said site visits could not take place due to the covid-19 restrictions, which led to cases piling up. “The APA cases have piled up and could be close to 700 odd cases. We lost close to six months last year due to covid-19 restrictions. However, the process has picked pace. We could see a record number of APAs get signed this year. The last high was 88 cases in 2016-17," said the official.

ICICI Bank reported a 58% year-on-year increase in its March quarter consolidated net profit to R$ 7,719
crore. On a standalone basis, the bank posted a 59% jump to Rs 7,019 crore for the quarter as compared to R
4,403 crore in the year-ago period.Net interest income rose by 21% year on year to Rs 12,604.6 crore for the
quarter. The bank has declared a dividend of R$ 5 a share.

Deductions under section 80C to 80U !
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File your INCOME TAX today!

Dm for queries and more!

All you need to know about HUF! 👨‍👩‍👧‍👦🏠💶💰
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GST on bricks! 🧱

The three-year syndicated loan facility is for $400 million, with a green shoe-option of $100 million, says SBI. It
has raised $500 million (around *3,800 crore) through a three-year syndicated loan via its IFSC Gift City
branch. This is the first offshore secured overnight financing rate (SOFR) linked loan raised by the public sector
lender through its Gift City branch.

Members have reported certain issues in updating UDIN on the Income-tax portal. There are certain
inadvertent errors while taking UDIN. On April 28, 2022, there is a meeting of UDIN, DTC, and CBDT to
consider a solution. After the meeting, a solution shall be communicated.

D
Monday Blues! The BSE Sensex declined as much as 1,290 points to hit a low of 57,047 while the NSE Nifty fell
as much as 347 points to 17,129 on 18'* April.

The Reserve Bank of India (RBI) on April 18 imposed a monetary penalty of R$ 17.6 lakh on Manappuram
Finance for non-compliance with certain provisions.The violation pertains to issuance and operation of
prepaid payment instruments (PPI) and Know Your Customer (KYC) norms, the RBI said in a statement. "The
penalty has been imposed in exercise of powers vested in RBI under Section 30 of the Payment and
Settlement Systems Act, 2007," the central bank added.

Congress Chief Spokesperson Randeep Singh Surjewala slammed the government over plans to increase
Goods and Services tax on a number of commodities and over continuing inflation. In a series of tweets,
Surjewala said the government has found "new ways to fleece Indians by increasing GST slab from 5 percent
to 8 percent" on commodities like spices, chapati, oil, tea, coffee, sugar, and sweets. Other commodities on
which GST is likely to increase include coal, biogas, fertilizers, lifesaving medicines, shoes, slippers, incense
sticks, walking sticks, hearing aids, hearing aids, carpets, and handmade carpets, tailoring, travel, etc among
others things. In another tweet, he slammed the government over inflation. "People are already in pain even
before the increase in GST Slab from 5. percent to 8 percent, Wholesale Inflation is touching a new high of
14.55 percent in March, Petrol/Diesel-Gas-CNG-PNG-Lemon-Vegetable prices have destroyed everyone's
Budget, stop fleecing Indians for God's sake!" he said.

Taxability on COMPUTERS! 💻🎮👾⌨️

Composition scheme rates!

CAG has said that the Unique Identification Authority of India (UIDAI) had to cancel more than 4.75 lakh Aadhaars till November 2019 as part of its de-duplication exercise and called for strengthening UIDAI’s Automated Biometric Identification System to avoid generation of multiple or duplicate Aadhaar at the initial stage itself. This data indicated that on an average 145 Aadhaars generated in a day during the period of nine years since 2010 were duplicate numbers requiring cancellation.

While announcing RBI's monetary policy, Governor Shaktikanta Das said, "At present, the facility of cardless cash withdrawal through ATMs is limited only to a few banAt present, the facility of card-less cash withdrawal through ATMs is limited to only to a few banksks.To encourage card-less cash withdrawal facility, the Reserve Bank of India (RBI) on Friday proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI).At present, the facility of card-less cash withdrawal through ATMs is limited to only to a few banks.

The Central Board of Indirect Taxes & Customs rolled out computer-assisted automated selection of returns
under GST, which will be based on certain risk-based parameters including claims of input tax credit.
CBIC chairman Vivek Johri has written to field formations asking them to ensure scrutiny is conducted in a
time-bound manner. "Zonal chiefs may like to have the data examined and suitably taken up as per the
prescribed SoP (standard operating procedure) in a in a time-bound manner," Johri said.

All about advance tax! 👍

The acquisition of Avail Finance has been approved by IPO-bound Ola's board, a company promoted by
founder and CEO Bhavish Aggarwal's brother, for $50 million in a share swap deal, people familiar with the
matter said, adding that his sibling Ankush Aggarwal is likely to lead Ola Financial post the merger. Even som
investors were hesitant about signing off on the transaction because it involved related parties, prompting
questions on probity and governance.

The Indian government received 49% higher direct income tax in the recently concluded the financial year
2021-22 which ended on 31 March 2022, vs the previous FY 2020-21. Direct taxes, which comprise the income
tax paid by individuals and corporate tax, shot up by 49% to R 14.10 lakh crore, or R14,10 trillion in FY2021-22,
which was R 3.02 lakh crore higher than the budget estimate by the finance ministry.

Team Registration Karwalo wishes you a warm, happy and joyful Baisakhi. 🌾🌼🙏

.The Maharashtra State GST department arrested one person for bogus ITC claim worth Rs 14 crore from fake bills of around Rs 102 crore. The department has also been able to get revenue of Rs 8 crore from the suppliers linked to M/s. Cermix. The proprietor of M/s. Cermix was arrested and sent to judicial custody. According to the statement- As a part of Special Anti-Evasion Drive by Maharashtra Goods and Service Tax Department against the fraudsters and tax evaders, Proprietor of M/s. Cermix has been arrested on 07/04/2022, for generating, availing and utilising fraudulent GST Input Tax Credit (ITC) of Rs 14 crores from bogus invoices of Rs 102 crores".

Supply chain finance company KredX has partnered with ICICI Bank to offer ‘ICICI Bank-KredX Commercial Card’ for B2B payments to offer 'ICICI Bank - KredX Commercial Card

.The Himachal Pradesh cabinet announced that all ministers and MLas will pay their income tax themselves, which was till now being cleared by the state government. The cabinet decided to promulgate an ordinance to omit section 12 of the Salaries and Allowances of Ministers (Himachal Pradesh) Act, 2000 and section 11-A of the Himachal Pradesh Legislative Assembly (Allowances and Pension of Members) Act, 1971 which exempt ministers and legislators from income tax on their salaries and allowances.“The BJP government in Himachal Pradesh has decided to promulgate an ordinance to amend the act to ensure that the income tax of legislators is not paid by the government. This will save ₹2.5 lakh per legislator,” parliamentary affairs minister Suresh Bhardwaj said. “This practice (government paying taxes for ministers, MLAs) was there for a long time and the BJP government led by chief minister Jai Ram Thakur has initiated the move to change the law,” he added

The RBI’s Monetary Policy Committee (MPC) concluded its 3 days meeting - the first such meeting for the new financial year. The central bank continued with its accommodative stance and kept policy rates unchanged. The RBI has however revised its inflation forecast for the fiscal year to 5.7% from 4.5% earlier amidst rising commodity prices. Economic growth forecast has been reduced to 7.2% from 7.8% earlier.
The repo rate — the rate at which the RBI lends to banks — remains at 4 per cent. Unveiling the first bi- monthly monetary policy review of the fiscal 2022-23, the RBI has introduced the Standing Deposit
Facility (SDF) — a new tool for absorbing liquidity – at an interest rate of 3.75 per cent, making the reverse repo almost irrelevant. The SDF will replace the fixed rate reverse repo (FRRR) as the floor of the LAF (liquidity adjustment facility) corridor.