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90 per cent of domestic and world tours cancelled due to virus outbreak

Nagpur: The deadly coronavirus outbreak that has created havoc in China, is crippling global tour and tourism. And Nagpur is not exception. The COVID-19, as the coronavirus is called, has hit the tour and travel companies in Nagpur hard. The number of tourists travelling to China, Dubai, Singapore, Malaysia, Thailand, Bangkok and Europe has declined drastically. Thousands of tickets have been cancelled as coronavirus has affected 90 percent domestic and international tourism.

As per reports, around 75,000 people from Nagpur and nearby districts embark on foregn tours annually. Most of the tours are arranged from April to July. According to a tour company arranging world tours, six trips have been cancelled till July 15. The compnay was to sent around 200 tourists to various world destinations during the period. The tours have been cancelled after discussions with the tourists, the company said.

There are over 200 agents in Nagpur arranging world tours. The city hosts offices of big tour companies. All the companies have cancelled their proposed foreign tours due to coronavirus pandemic causing huge monetary losses.

First time in 33 years:

The tourism sector which provides maximum employment is in the grip of recession. The tour operators lamented that such situation is being faced for the first time in 33 years. Due to coronavirus pandemic, all countries across the globe are in alert mode. “Following detailed discussions with the tourists, we have cancelled six foreign tours till July. Most of the tour and travel companies are facing the same situation. Due to risk, no tourist is ready to undertake travel abroad. However, once to coronavirus fear is gone, tourists would embark on foreign tours, said a confident tour operator.

No refund of ticket money:

Airlines and other travel companies are offering limited flexibility to travellers worried about coronavirus, and some restrictions still in force leave travellers paying what amount to virus fees. Some airlines even changed their rules to make it harder to get refunds to those passengers who have cancelled their tickets due to coronvirus. The altered rules again show how chaotic and confusing the whole situation can be for travellers.

24 travellers from Dubai safe:

The 24 passengers who returned to Nagpur from Dubai have not been affected by coronavirus. They had gone to Dubai from March 1 till March 6 and were checked at Sharjah and Nagpur. All tested negative, said one of the tour operators adding Bhutan has barred all tourists while Qatar Airways has stopped trips to 14 countries.

Coronavirus: Tour and travel companies hit hard in Nagpur, too

Nagpur Today : Nagpur News

Every month when your salary gets credited to your account, you feel a sense of joy that cannot be compared to anything else. However, when the financial year ends, ‘Tax’ becomes the buzzword around.You are filled with disappointment as that is when you need to part with a significant share of your income.

You might have seen others battling over submission of rent and insurance receipts to prevent getting the tax deducted at source. It is because tax saving is the only solution to reduce your tax liability.

If you began your career recently, you might not have proper knowledge about ways to save income tax as well as income tax saving limits.As a result, you might have even paid more tax than you should have.

To save taxes, you must first understand various tax slabs. You will pay taxes depending on which bracket your annual income falls into.These slabs also determine if your income is taxable or not.

For the financial year 2019-20 (AY 2020 – 2021), the income tax slab rates are as follows:

How to Save Income Tax

There are several ways you can follow to increase the limit of your income tax savings. Most of these ways are broadly classified into three main categories:

1. Insurance
2. Investments
3. Home Loans

Let’s talk about them all in detail –

1. Insurance

One of the significant benefits of buying insurance policies is the tax rebate you get while paying income tax. Some related facts are as follows:

• Life insurance policies are known to offer financial security to your family. They providea large lump sum amount in case of your death. The premium you pay for these policies is tax-deductible under section 80C.

• Unit Linked Insurance Plans or ULIPs comes with the dual benefit of investment and life cover. The money you invest under these plans is eligible for tax-saving benefits, while also helping you create wealth in the long run.

• Health insurance policies cover the expenses of medical treatments to ensure that you need not worry about managing funds for healthcare emergencies. You can increase your income tax savings limit up to INR 50,000 by paying premiums of health insurance plans for yourself and your family members.

2. Investments

There are certain tax-saving investment options wherein you put your money today to get significant returns in the future.  Some of them are:

• ELSS

Equity-Linked Saving Schemes or ELSS is one way to gain tax benefits along with high market-linked returns on investment. These schemes have a lock-in period of 3 years, which means you can’t take your money out before three years, at least.

• FD

Another way to increase your income tax savings limit is to invest in fixed deposits or FDs offered by various banks. It is the most securetax-saving investment option that gives an attractive interest along with tax-saving benefits.

• Post Office Saving Schemes

The central government backs these schemes in India. The interest you get on investing in these schemes is revised quarterly, and you get the tax benefits under Section 80C as well.

3. Home Loans
   
   

Just like insurance and other tax-saving investment options, the home loan you have borrowed from banks or NBFCs can help in saving taxes. As per Section 24 of the ITA, you can claim a deduction of up to INR 2,00,000 on the interest you pay in the form of home loan EMIs in a year.

Usually, most of you think about tax planning only at the end of the financial year. However, at that time, you may have to face many hassles in saving tax the right way. So, planand save taxes by investing your money wisely in the right instruments. Furthermore, the ways you choose to get tax benefits must be based on your specific needs.

So, stay one step ahead of taxes by adding the right investments in your portfolio.

Paying Income Tax When You Can Save It? Read This

Nagpur Today : Nagpur News

GST is one of the biggest reforms that the country has witnessed in a very long time. GST stands for Goods and Service Tax and is a uniform taxation scheme that is applicable for all businesses, dealing in goods and services, throughout the country.

This taxation structure was introduced in July 2017 and has proved to be beneficial for businesses though initially, they were skeptical. The biggest change brought about by GST is that it has helped do away with the multiple taxes existing previously and thus consequently the accompanying complexities associated with the varied taxes.

With a uniform taxation structure, apart from the ease of fulfilling one’s duties related to taxes, the uniform taxes gave rise to more small businesses in the country and increased the tax base within the country.

Reasons For GST Registration

The primary reasons why businesses and its owners must register must for GST include –

• It helps improve business credibility
• It aids to satisfy the requirements of the business to business or B2B customers
• It helps businesses claim to input tax credit benefits

These are just some of the benefits of the uniform taxation system- GST.

How To Register Your Business For GST

GST registration is a completely online process that is easy to comprehend and carry out. The first step would be to gather the documents required for GST process and keep them ready to make the entire registration process quick and simple.

documents required for GST

The list of documents include-

1. Photograph
2. ID Proof (any two of these)-
3. PAN CARD (Compulsory)
4. Aadhar Card
5. Election Card
6. Passport
7. Constitution Document-

a.In case of a proprietor the Shop Act Registration

1. In case of a partnership firm a Partnership Deed

c.In case of LLP a Certificate of Incorporation

d.In case of a Company (Pvt Ltd/OPC) a Certificate of Incorporation

4. Proof of Principal Place of Business
5. In case of owned place, a Property Tax paid receipt or light bill
6. In case of a rented place a Rent Agreement or light bill
7. Bank Account of Business in the form of-
8. Canceled Cheque
9. Copy of Bank Statement
10. The first page of Pass Book
11. Address Proof of Residence
12. Authority letter in the name of the authorized person

The entire process of GST registration is mentioned in detail as below-

• Step 1- Open the website

https://reg.gst.gov.in/registration/ for initiating the GST registration process.

• Step 2: Firstly, fill out part A of the registration process which is for carrying out a “New Registration”, by selecting the same option on the screen and filling out details such as,

1. Selecting your identity as a “taxpayer”
2. Selecting the respective State and district
3. Writing the name of the business just as it is mentioned on the PAN card
4. Mentioning the PAN card number of the business
5. Writing the email address and mobile number in order to generate an OTP

Select the tab ‘Proceed’ for the generation of an OTP.

• Step 3: An OTP will be received on the registered phone number and email address. This needs to be filled in on the OTP verification page and further the tab ‘Continue’ needs to be selected.

• Step 4: Upon the successful verification of the OTP received, further business owners, will receive a “Temporary Reference Number or TRN on the registered mobile number and email address. Further, the screen will then display a message which says that Part B of the application form needs to be filled before the specified date as mentioned in the same message.

• Step 5: Once again the same page on the website needs to be visited to complete Part B of the GST registration process.

• Step 6: Next select the “Temporary Reference Number (TRN)” option on the website and enter the TRN and the displayed captcha image. Further select “Proceed” and once again a new OTP will be received on the mobile number and email address registered. Fill the OTP and select “Proceed” for OTP verification.

• Step 7: On the website, a dashboard will display the status of the application as “Draft” and an icon to edit it will be displayed. Select the icon. A form will now appear with 10 sections for various categories of information. The appropriate details need to be filled in and the required documents need to be uploaded.

• Step 8: Once all the information is filled, then go to the “Verification” page. Select and tick on the declaration and submit the application using either a DSC (DSC is compulsory for Companies and LLPs) or E-signature or Electronic Verification Code which is sent to the registered mobile number.

• Step 9: After following all the above steps the application will be submitted successfully and an “Application Reference Number or an ARN” will be received.

Further, the status of the application can be checked by entering the ARN on the GST Portal.

This is the detailed process of registering for GST.

How To Register Your Business For GST?

Nagpur Today : Nagpur News

Stock markets hit the circuit breaker on Friday as markets continued to witness panic selling amid fears pandemic Coronavirus will derail economic growth.

Trading has been halted for 45 minutes in the early trade as the benchmark index Nifty hit the 10 per cent lower circuit. Trading will resume at 10:30 am. Sensex has tanked 3090 points to 29687 in opening session; Nifty plunges 966 points to 8624.

Trading halted, Sensex tanks 3000 points

Nagpur Today : Nagpur News

Markets reopen with minor recovery. Sensex is up by 2033 points to settle at 31,720. Nifty up 673 points to 9296.

The Indian rupee fell by another 16 paise to 74.44 against the US dollar as financial markets around the globe continued to feel jitters of coronavirus pandemic. A day earlier, the Indian currency had tumbled by 60 paise to close at a new 17-month low of 74.28 amid coronavirus pandemic fanning global economic recession fears. Meanwhile, the global crude oil benchmark Brent Futures fell 0.87 per cent to trade at USD 32.93 per barrel. A sense of anxiety among investors has developed as they see the global economy is plunging into a deep crisis due to coronavirus pandemic that has killed about 5,000 and sickened lakhs of people around the globe, analysts said.

Amid the heavy rush for the US dollar in forex markets, the Reserve Bank announced liquidity measures such as buy-sell swap of USD 2 billion to increase dollar availability with banks and ease pressure on rupee. In the current month so far, FPIs have pulled out a whopping Rs 33,163 crore (USD 4.46 billion) from Indian capital markets.

Meanwhile, the Indian equity market saw another tumultuous opening session for a second day on Friday, with the benchmark Sensex plunging over 3,000 points to trade below the psychological 30,000 level; while the NSE gauge Nifty crashed nearly 1,000 points to dip below the 9,000 mark. Indian bourses halted trading for 45 minutes during the early session after both the benchmark indices Sensex and Nifty hit their lower circuit limits.

Markets reopen with minor recovery

Nagpur Today : Nagpur News

Mumbai: Reliance Group Chairman Anil Ambani has been summoned by the ED in connection with its money laundering probe against Yes Bank promoter Rana Kapoor and others, officials said on Monday.

They said Ambani has been asked to depose at the Enforcement Directorate office in Mumbai on Monday as his group companies are one among the big entities whose loans went bad after borrowing from the crisis-hit bank.

It is understood that Ambani has sought exemption on health grounds from the agency and he may be issued a new date.

Ambani’s group companies are stated to have taken loans of about Rs 12,800 crore from the bank that turned NPA.

ED summons Anil Ambani in Yes Bank case

Nagpur Today : Nagpur News

GST is one of the most revolutionary acts in the history of the Indian Taxation Laws, which has brought about a complete transformation in the way the indirect taxes are governed within the country. Earlier where all the responsibilities for the proper functioning of indirect taxes rested with the Central Board of Excise and Customs, with the coming of GST, the onus has completely shifted on the GST council members to perform those functions. Even that board has been replaced by the Central Board of Indirect Taxes. And with this new council and board, there are other new things as well, such as new registrations, new returns, and a new GST invoice format in excel. And while the importance of the registrations and returns is readily understandable, people could quite not understand the need for this invoice format and its importance. So, this article is to clear your confusion about the same.

What is GST Invoice?

We have all known about the importance of bills. There have been several campaigns insisting the buyers to always ask for bills while getting into any transaction for the provision or supply of goods or services. These are commercial bills that the businesses issue as proof of the transaction having taken place. A GST invoice is also a bill giving proof of the transaction. However, it is different from the commercial bills in the sense that the commercial bills do not follow any specific format, and GST has a well-defined format in excel for the issuing of invoices. This format includes certain important details to be included in the invoice, which are not necessarily available in the commercial bills. So, it is important for the GST taxpayers to comply with this format and issue GST compliant invoices so that they could avail of the benefits available from it.

Importance of GST Compliant Invoices

The importance of GST compliant invoices come from the benefits they give out to the taxpayers. Here are the reasons why the businesses should keep up with the GST invoice format in excel during their transactions.

They are a Record of a Valid Transaction

The GST compliance record legally and validly that a transaction under the GST Act has taken place and all the requirements relating to GST as regards that transaction have been complied with. These GST compliant invoices show necessary details on their face, which are important to prove the validity of a transaction.

They Help Claim Input Tax Credit

Input Tax Credit is the refund of the tax you have already paid on your transactions, and to claim this credit, you need to show a valid proof of the transaction having taken place. A GST compliant invoice serves as that proof and helps claim the input tax credit, and you get the amount credited to your account without any problem.

They Help Make GST Payments in Time

With GST compliant invoices, you have a complete record of all the transactions you have made. This record also serves you as a medium to determine the amounts of GST payments you need to make and the due date for the same. So, with a proper record, you can easily make your GST payments and well within the due date so that you do not have to pay any extra fees,

They Help With Return Filing

When you are filing your GST return, you need to have complete detail of all the transactions you have made during the month. The GST compliant invoices, amongst other things, serve as an important record for the same. They put before you all the transactions that have taken place in your business, along with the relevant figures and values. So, it becomes easy for you to file your returns by simply picking out details from the invoices and filling it in the annual and monthly returns.

With all these importances, you surely must now want to know how to create these invoices. And while you must be thinking that it would be really difficult to keep up with the vast format, in reality, it is not. All you need to create such GST invoices the right way is a good GST billing software.

What is a GST Billing Software?

A GST billing software is a system that has inbuilt systems for creating GST compliant invoices. The software contains the complete format of the invoice, and all you need to do is put in values in the software, and it will generate your GST invoice with all the necessary details on the face of it. You even need not add the rates of GST in the bill. The software has an inbuilt capability to read and apply the applicable rates as per the values and type of product and services involved in the transaction.

There are many such GST billing software available from which you can choose. All you need to do is stay assured of your needs and look out for the software which serves those needs the best in the most pocket-friendly manner.

Conclusion

This was all about the GST compliant invoices, their importance, and preparation. The GST invoices seem a lengthy procedure with the GST invoice format in excel and the strict requirements to comply with that format. However, it is not at all lengthy. All you need to do is

The Importance of Invoicing Under GST and Doing It The Right Way

Nagpur Today : Nagpur News

Dipen Agrawal, President of Chamber of Associations of Maharashtra Industry & Trade (CAMIT) taking stock of various precautionary measures to practice social distancing so as to contain spreading of nCovid19 virus. The latest directions to close bars, restaurants, beer shops, wine shops, clubs, pan kisoks, permit rooms, Indian-made liquor shops and shops & establishments in malls except grocery, milk, vegetable & chemist shops till 31/03/2020 government is taking pre-emptory steps targeted for social distancing.

Agrawal welcoming the decisions said that traders are real contributors for nation building and expressed his confidence that in this time of national emergency business community will cooperate with administration in containing the spread of virus. He requested trading community of State to take utmost care in maintaining hygiene in their respective shops so as to save themselves, their staff & customers from accidental contact with virus.

He further advised them to keep sanitizer at the entry point of their shops for self-use and by staff & customers to first clean their hands before entering the shop. Traders are also advised to clean the floor & counter with disinfectants at regular intervals throughout the day. Agrawal advised big showroom owners to use temperature measuring gun to screen their staff & customers at entry point to help the administration in their efforts to contain the spreading of novel Corona Virus.

Union & State governments and City Administration is monitoring the situation and taking requisite decision in the safety citizens and requested traders to be ready for harder decision in future if situation warrants and assured full support of traders in arresting the spreading of Corona Virus in India and State.

CAMIT’s advisory to traders to contain spreading of nCovid-19 virus in State

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Chamber of Associations of Maharashtra Industry & Trade (CAMIT) acknowledging the efforts of Union and State Government in containing the spread of Covid-19 virus in India voiced the demand of business community from the State particularly medium and small enterprises in letters addressed to Nirmala Sitharaman, FM & chairperson of COVID-19 Task Force, Prime Minister – Narendra Modi, Commerce Minister – Piyush Goyal, MSME Minister – Nitin Gadkari, MoS Finance – Anurag Thakur, Chief Minister Maharashtra – Uddhav Thackeray and Finance Minister GoM – Ajit Pawar.

Dipen Agrawal, President CAMIT said that trade and industry were already in distress due to worldwide economic slowdown during last two years. Now, the world is going to confront with economy collapse due to COVID-19 Pandemic. In these hard times Indian business enterprises, particularly the Small and Medium Enterprises will be hard hit in short to mid-term. Besides its worrying effects on human life, this pandemic has the capability to slow down the economy. The impact of the same is clearly visible on trade and business. India is among the 15 most affected economies by COVID-19. Demand of goods is vanishing day by day as the number of affected cases are increasing. The situation will turn to worst due to lockdowns announced to prevent India from entering stage 3 of pandemic, he added.

Agrawal listing out the demands raised by CAMIT informed that CAMIT

1) All EMIs including those of term-loans should be extended by 90 days without penal interest or late payment charges and borrower should be saved from adverse rating by CIBIL.

2) Due to forced closure the prescribed working capital conditions cannot be strictly adhered, therefore banks and financial institutions be directed not to take adverse action and relax the conditions related to maintenance of margin against working capital limits obtained to run the businesses for at least 90 days.

3) Extension of payment of Letter of Credit (LC’s) by at-least 90 days without any penal interest against Letter of Assurance from beneficiaries to avoid any mischief and chaos so as to protect the interest of banks as well as business entity.

4) All time bound commitments under Foreign Exchange Management Act (FEMA) such as collections from foreign debtors, export commitments, payment to foreign creditors, etc. which fall due between 15-Mar-2020 to 30-Apr-2020 should be extended by 90 days from their due date.

5) To address the issue of cash flow because of slowdown in collection due to lockdown, in, payment of GST for the month of Feb-2020 to Apr-2020 should be extended by 90 days without any penal interest and GSTIN should allow submission of returns without insisting on payment of GST.

6) All regulatory compliances under substantive laws such as Income Tax, GST, PF, ESIC, Registrar of Companies (ROC) etc. and filling of returns should be extended for 90 days without there being any late fee due.

Dipen Agrawal thanked Prime Minister for constituting an economic response task force named “COIVD 19 Task Force” to be chaired by Finance Minister to engage with all stakeholders, monitor the effect of pandemic on economy and to take all necessary decision to insulate Indian economy from the foreseeable economic turbulence. He expressed confidence that the Task Force following the footsteps of Prime Minister will be proactively on its toes working address the fast changing need of society in these hard times. On behalf of the business community of the state assured extending wholehearted support and co-operation for making all possible efforts to revive the economy once this tough phase passes.

Trade & Industry seek relief from COVID-19 Task Force : CAMIT

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Amid layoffs and salary cuts, a key takeaway from the Reserve Bank of India’s presser today is that it has asked all lending institutions to allow a three-month moratorium on EMI payments in order to infuse liquidity into the system as the economy grapples with COVID-19 challenges. It has also allowed banks for deferment of interest on working capital loans for the next three months – until June 2020.

RBI Governor Shaktikanta Das in a press conference said these are extraordinary circumstances, and unprecedented measures are required to support the sagging economy as all the economic activities have come to a halt.

The liquidity measures announced by the RBI will make available a total Rs 3,74,000 crore to the country’s financial system. Das said that the deferment on loan and interest repayments will not be classified as defaults and will not impact credit history of borrowers.

RBI asks lending firms to allow 3-month moratorium on EMI payments

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Dipen Agrawal, President of Chamber of Associations of Maharashtra Industry & Trade (CAMIT) welcoming the announcements made by Shashikant Das, Governor RBI to mitigate the impact of the Coronavirus said that the steep cut in the repo & reverse repo rates by 75 and 90 basis point reduction in CRR will push banks to look at increased lending, thereby ensuring attractive lending rates. With the repo rate now, at 4.4% the banks should pass the benefits of the present & previous rate cuts to the customers.

This will reduce the borrowing cost for the home-seeker significantly and have a positive impact on real estate and will reduce cost of funds. The 3 month moratorium for borrowers is a huge relief for individuals. The payment of instalments on term loans (housing, motor, personal, plant & machinery and like). This will help people to postpone payment of EMIs and help their cash position and support cash flows of firms too. There will be similar effect from deferment of interest on working capital loans. Agrawal appealed to management of all banks to take urgent meetings to pass on the benefit to customers.

RBI governor was silent on extension of Letter of Credit and time bound commitments under FEMA, however Agrawal said that RBI governor’s statement ‘whatever steps are necessary – all instruments, conventional and unconventional are on the table’, gives a ray of hope that more steps will be taken in near future to bring our economy out from the inevitable recession.

Much more needed to bring Economy out from inevitable recession-Dipen Agrawal

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Admittedly all countrymen are confined to their homes due to this threatening Covid-19 which has brought entire globe to almost standstill and our State of Maharashtra is also affected adversely.

Under such circumstances, Vidarbha Taxpayers Association (VTA) has written to Dr. Nitin Raut – State Energy Minister to defer Electricity Bill payment by few months, likewise Net metering accumulated units be carried forward to the next year and requested for reduction of electricity Tariff taking into consideration the Covid-19 restrictions and the circumstances thereafter.

Shrawankumar Malu – President of VTA requested that Electricity Bill payments of all the consumers may please be deferred for few months, moreover penalty and interest for such extended period may also be waived off. Every citizen is confined at their residence without any source of earning and thereby facing difficulty in payment of their electricity bills.

Tejinder Singh Renu, VTA secretary requested that every year end the generated and accumulated solar units are cleared off by the MSEDCL / DISCOM by crediting meager amount per unit to such consumer, thereby restarting solar productions from April 1. By this letter, we request that the solar units accumulated be carried forward to the next year so that its true benefit reaches the consumers and we save our environment as well.

VTA requested that all citizens are spending time at their residence, while offices, business houses and industries shut; under such circumstances, the minimum slab for residential user of 100 units be raised to 200 units, so that majority of common men gets some relief. Thereafter, commercial rates may also be reduced to some extent as the businesses and industries are very badly hit by this lock-down.

VTA shared this letter to Energy Minister on his WhatsApp and Tweeter so that social distancing & curfew standard is maintained.

VTA requests deferred bill payment & reduction in electricity tariff

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Commission has issued a very good and balanced tariff order in which VIA’s suggestions are 100% incorporated.

As against additional requirement of 60313 crores projected in petition of MSEDCL which was almost 13 % increase in total ARR (Annual Revenue Requirement), commission has determined negative i.e. minus 22242 crores which ultimately resulted in reduction of tariff to the tune of 5% reduction in residential category, 12% reduction in commercial category, 10% reduction in LT & EHV industries.

Grid support charges for Roof top solar are zero. VIA has calculated and submitted for negative grid support charges and suggested for banking charges for exported energy against MSEDCL proposal of Rs. 3 to Rs. 4.5 per unit. MERC has decided zero grid support charges and banking charges in kind 7.5% for HT industries and 12 % for LT industries for banked energy.

Further Three months moratorium period has been provided for paying demand charges under the circumstances of lockdown of industries due to COVID-19.

Commission has accepted VIA proposal for bringing stability in FAC charges and has created a fund for FAC based on 3% rise in fuel cost annually. This move shall stabilize the FAC charges.

With respect to suggestion of VIA for forming separate agriculture company commission said that this matter shall be dealt separately.

Vidarbha & Marathvada incentives are based on the consumer’s efficiency depending on power factor (PF), load factor (LF) & prompt payment discount consumers are availing, but because of KVAH billing for HT consumer power factor rebate shall not be provided. Hence there is a need for revision in the formula of Vidarbha Incentives. VIA shall take up this issue separately with Government of Maharashtra.

VIA welcomes this tariff order of commission which will help industries in this difficult period.

VIA welcomes tariff order of Commission

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COVID-19, an infectious disease caused by a novel Coronavirus is exponentially spreading illness throughout the globe and has been recognized as a global pandemic by the WHO. The various governments are taking drastic measures, including locking down of entire country to reduce the impact of this catastrophe.

The adverse impact of this global pandemic can vary from nation to nation, industry to industry and above all entity to entity. The effect depends upon the nature and extent of business connectivity of the individual entities with the nations more seriously affected by this pandemic. Apart from the health and safety of mankind, COVID-19 has unfavourably affected the economic environment which in turn has consequential impact on the results in the financial statements and reporting.

There is also a need to advise the preparers of financial statements to ensure that the potential impact of COVID-19 is suitably considered in preparing and reporting their financial statements for the year ended March 31, 2020. Considering all the above factors, in order to guide the preparers and auditors, the Institute of Chartered Accountants of India (ICAI), Regulator of Chartered Accountancy profession in India, has developed an Advisory on “Impact of Coronavirus on Financial Reporting and the Auditors Consideration” highlighting few important areas which require particular attention in respect of financial statements for the year 2019-20. ICAI Advisory is consistent with those provided in other jurisdictions.

CA. Atul Kumar Gupta, President, ICAI said “Chartered Accountants are always committed as professionals to ensure that financial reporting continues to be of high quality and reliable based on applicable accounting framework and, audit opinions are based on performing the best audit procedures laid down in standards on audit.”

Specific requirements of a few Accounting Standards that may need special attention are indicated in this Accounting Advisory. The said Advisor only draw the attention of preparers to some of the important requirements of Indian Accounting Standards (Ind AS) and Accounting Standards (AS), and this is not meant to be exhaustive and may differ based on specific facts, circumstances and business of respective preparers.

The advisory has been prepared for:

1. Entities to whom Ind AS is applicable and

2. Entities to whom AS is applicable, viz,

Companies to whom Companies, Accounting Standards Rules, 2006 is applicable and
Non-corporate entities to whom AS issued by ICAI is applicable

Accounting advisory guides on the key areas that need to be considered during these challenging times as given below. May refer Annexure A for further details.

Inventory Measurement
Impairment of Non-Financial Assets such as PPE, Goodwill and Intangibles
Financial Instruments (Impairment Losses, Fair Value Measurement and Hedge Accounting)
Leases
Revenue
Provisions, Contingent Liabilities and Contingent Assets
Modifications or Termination of Contracts or Arrangements
Going Concern Assessment
Income Taxes
Consolidated Financial Statements
Property, Plant and Equipment
Presentation of Financial Statements
Borrowing Costs
Post Balance Sheet Events
Interim Financial Reporting

Salient Points w.r.t. Auditing Advisory are:

Further, Auditors are also advised by the ICAI to carefully evaluate circumstances prevailing in their audits and assess risk accordingly when applying the concepts given in the Advisory in their audits. Following are salient feature of Auditing Advisory:

The advisory covers the areas which require special attention of auditors in current scenario like Valuation of Inventory on a date other than date of financial statements, Audit of Consolidated Financial Statements where Components/component auditors are located in severely affected places, Subsequent Events or Events after Reporting date, Going Concern etc.
It has been advised that auditors have a public interest obligation to complete the audit work in accordance with professional standards and ethics requirements and under the current circumstances, Auditors must recognise that the specific aspect they need to report to address the challenges and uncertainties arising out of the impact of COVID-19.

Covid-19 Disruptions – ICAI Advisory on Accounting and Assurance related issues for F.Y – 2019-20

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Equity benchmark indices closed 4 per cent lower on the first day of new financial year (2020-21) as investors remained focused on rising coronavirus infections and its economic impact within and outside the country.

At the closing bell, the BSE S&P Sensex was down by 1,203 points or 4.08 per cent to 28,265 while the Nifty 50 tumbled by 344 points or 4 per cent at 8,254.

All sectoral indices at the National Stock Exchange were in the negative zone with Nifty IT down by 5.4 per cent, private bank by 4.8 per cent, financial service by 3.9 per cent and FMCG by 3.5 per cent.

Among stocks, private sector lenders Kotak Mahindra Bank and Axis Bank dropped by 8.6 per cent and 6.2 per cent respectively while State Bank of India dipped by 5 per cent.

IT majors too were under pressure with Tech Mahindra down by 9.4 per cent, Tata Consultancy Services by 6.1 per cent, Infosys by 5.8 per cent and HCL Technologies by 4.9 per cent.

Sensex begins 1st day of FY 20-2I in the red

Nagpur Today : Nagpur News

The Confederation of All India Traders (CAIT) said that it is highly unfortunate and extremely reprehensible that in this hour of global and national Crisis due to Covid19, the E-Commerce giants have stopped their operations and failed to stand up to the Nation’s needs.

Mr. B.C.Bhartia, National President & Mr. Praveen Khandelwal, Secretary General of CAIT said that this delinquent behaviour by E commerce portals is also condemnable because in such a scenario where all stakeholders should actually assume responsibility and come forward to help the country, they have chosen to step back and sit on the fence because doing business during crisis hours does not seem profitable to them. They further said that these E commerce players who have such deep pockets and keep indulging in malpractices throughout the year to destroy the business of small retailers by indulging in deep discounting, have completely gone into hibernation mode when they should have actually come out to deliver essentials throughout the country. They have shown their true colour to the nation and now can be labelled as ‘ fair weather friends’ only.

Both Mr. Bhartia & Mr. Khandelwal appreciated the role played by the offline traders of essential commodities throughout the country who against all odds have gone against the wishes of their family by putting their own life under severe threat of getting infected from Covid19 and serving the nation selflessly under such torrid circumstances and providing essential commodities to the people of the Country. The traders of India have responded to the call given by the Prime Minister to stand up tall and ensure that no Indian is left at the mercy of hunger and poverty. Both leaders said that out of 1.25 cr traders of essential goods about 25% of total traders of essential commodities are able to operate on ground due to various lockdown restrictions and movement hassles and these selfless traders are operating under losses but even then nothing has deterred them to rise to the occasion with utmost sincerity because they understand that in crisis, It is always nation before self and not self before nation as being practiced by the E commerce portals.

Both leaders further said that, the future looks uncertain and bleak at the moment. Indian retail is losing daily business of approximately USD 2 Billion i.e about Rs.15 crores for the last 20 days and at this stage we are still unsure how long this lockdown will continue. Of about 7 crore traders in India 6.5 crores are completely shut due to nationwide lockdown. The CAIT has written to the Government and has sought specific economic relief package from the Government so that the 7 crore traders of India are able to bounce back strongly from this Covid19 catastrophe which has not only endangered the life of humanity but also caused an economic pandemonium accross the globe, the repurcussions of which will reverberate for a long time to come.

E- Commerce giants have backstabbed india in this hour of crisis -CAIT

Nagpur Today : Nagpur News

President of Chamber of Associations of Maharashtra Industry & Trade (CAMIT)

Dipen Agrawal , President of Chamber of Associations of Maharashtra Industry & Trade commenting on today’s address to nation by Prime Minister of India said that considering extension of lockdown by states and union territory including Maharashtra it was anticipated that national lockdown would be extended and same was need of the hour to flatten the curve of Corona virus in India. The trading community was expecting to hear about future plans of resuming economic activity in the country and they were disappointed on this front. However there is some solace that a detailed new guideline is to be released tomorrow, we hope the issue of resumption of business activities along with relief measures for trade & industry will be addressed in it.

Modi ji has asked for 7 vows, on behalf of trading community of the state I can confidently say that trade and industry is already following these steps in it’s true letter & spirit. They are providing food to needy, helping their staff & workers, taking care of elders in home, working shoulder to shoulder with covid warriors, following covid prevention protocols given time to time by center and state. We were, are and will stand with government in it’s fight against Corona virus.

Today again PM has said he is working for the most vulnerable and marginalized section of the society CAMIT welcomes it but at the same time PM should give due attention towards the pain of trading community and announce sizeable rehabilitation program so that the real contributors to economy & job creators can sustain while giving pace to wheel of economy post lockdown is lifted.

Reaction to address to Nation by honourable Prime Minister today by Dipen Agrawal

Nagpur Today : Nagpur News

RBI governor Shaktikanta Das briefs the media: Further updates:

— IMF projection of 1.9% GDP growth for India is highest in G20
— RBI to announce new measures to maintain adequate liquidity in system, facilitate bank credit flow, ease financial stress.

— Contraction in exports in March at 34.6% much more severe than global financial crisis of 2008-09,Surplus liquidity in banking system has increased substantially as result of central bank actions.

— No downtime of internet or mobile banking during lockdown; banking operations normal.

— Impact of Covid-19 not captured in IIP data for February.

— Automobile production, sales declined sharply in March; electricity demand has fallen sharply.

— India is expected to post sharp turnround in 2021-22, says RBI Governor quoting IMF projection.

1.9% GDP growth for India highest in G20: RBI

Nagpur Today : Nagpur News

CAMIT protest against relaxation given to e-commerce companies to supply non-essential goods during lockdown period

Chamber of Associations of Maharashtra Industry & Trade (CAMIT) protesting the relaxation given to e-commerce companies to supply non-essential goods during lockdown period has represented to Nirmala Sitharaman, FM & chairperson of COVID-19 Task Force, Prime Minister – Narendra Modi, Commerce Minister – Piyush Goyal, MSME Minister – Nitin Gadkari,, Chief Minister – Uddhav Thackeray and Leader of Opposition Devendra Fadnavis with request for urgent intervention to revoke the permission to supply non-essential goods during lockdown period which Dipen Agrawal president of CAMIT termed as death warrant for traders..

Dipen Agrawal said that across the length and breadth of India traders have closed their respective business on the call given by Prime Minister without any demure. They are honouring the request to extend humanitarian support to workers and staff by not removing them from service. Traders are also providing social services in association with local authorities and non-government organisation and contributing to PM-CARE and respective state CMRF. In sum and substance the trading community are at their toes with their limited resources to help the migrant labour, homeless people and most vulnerable and marginalised section of society, he added.

Agrawal informed that e-commerce companies have time and again submitted to government that they are just technological platform providers between consumer and stockists. These companies claim that they are just facilitators, thus cannot be brought under MRTP Act. E-commerce players are not supposed to stock and sell goods. They are known to mock the rules and regulations framed by the government and accepted by them while securing permission to commence business in India. It is alleged that they indulge in predatory pricing and unfair market competition to eliminate small and marginal traders resulting in exploiting consumer. He highlighted that there can be no better example of world’s largest retailer Walmart, when they were unable to get a foothold in India they bought majority shares of Flipkart, the Indian e-commerce platform.

Agrawal further said that Finance Minister in her budget speech for 2020-21 had referred the trading community as the back bone of Indian economy. The back bone of our economy i.e. traders & shopkeepers, irrespective of their size and huge inventories piled up in warehouses are keeping their establishments closed even after knowing that their liability to pay rent, bank EMI, property tax, staff salaries and all other expenditures is to be honoured even if deferred for a while by government. In the prevailing situation, i.e. brick & mortar shops of non-essential goods remain close and E-Commerce companies are allowed to operate in supply of non-essential goods, it would be no less than cold blooded murder of traders by Government.

Dipen Agrawal said that CAMIT has communicated that there is general feeling among trading community of being back stabbed by not allowing them to operate with the same norms as that for E-commerce companies. Traders are willing to follow the same guidelines and adopt precautionary measures as prescribed for E-commerce companies to start operations for supply of non-essential goods. Agrawal added if such relaxation and level playing opportunity is not given to traders then NPA of loans will increase and brining Indian economy on track would be a herculean task.

CAMIT has requested government to stop discriminating between influential E-commerce giants and local Indian businessmen and shopkeepers. Also appealed to grant equal status and level operating field by permitting traders of non-essential goods to operate with conditions prescribed for E-commerce companies to start operations for supply of non-essential goods or revoke the relaxation given to E-commerce companies to deal in non-essential goods during the lockdown period in the interest of justice and equity.

Dipen Agrawal on behalf to trading community of the state has expressed hope for positive response and corrective measures from the people centric and sensitive government lead by our beloved Prime Minister, Shri Narendra Modi at centre and Chief Minister, Shri Uddhav Thackeray in state/

Traders be allowed or relaxation to E-commerce company be revoked: CAMIT

Nagpur Today : Nagpur News

Nagpur: Chamber of Associations of Maharashtra Industry & Trade (CAMIT) has sent letter of appreciation to Prime Minister – Narendra Modi, Nirmala Sitharaman – FM & Chairperson of COVID-19 Task Force, Home Minister – Amit Shah, Commerce Minister – Piyush Goyal, MSME Minister – Nitin Gadkari, Chief Minister – Uddhav Thackeray and Leader of Opposition Maharashtra – Devendra Fadnavis expressing gratitude for considering the protest poured from across India and the decision taken at lightening speed by Ministry of Home Affairs in correcting the discriminating relaxation given to e-commerce companies to supply non-essential goods during lockdown period.

Dipen Agrawal, President of CAMIT said, business community of the state are short of words for appreciation of the sensitivity displayed by government in addressing traders’ legitimate fear of being perished from market in the event the relaxation given to e-commerce companies is not revoked or same relaxation is not given to them. CAMIT protesting the move requested government to allow traders to start operation of non-essential goods else revoke the relaxation given to e-commerce companies and the government in the larger interest of small and marginal traders opted for revoking the relaxation. This move of government should not be taken as victory of one on another, rather it is the display of determination, strength and resolve of government to recalibrate and move backward on their decision to meet the ends of justice and equity, he added.

Agrawal on behalf of trading community of Maharashtra thanked the leaders for keeping alive the confidence of traders in their leadership and belief that both Union and State government are sensitive to concerns of small and marginal traders and SME and is working proactively to secure their interest in these tough times. This move of government will enable large section of society to fight Covid-19 without fearing loss of their livelihood including their employees states a press release issued by Vice President (Nagpur), CAMIT.

Revoking permission to e-commerce companies is Welcome – CAMIT