Foreign direct investments (FDIs) into India have been continuously growing as the country has one of the most facilitative policies to attract overseas investors, Commerce and Industry Minister Piyush Goyal said on Tuesday.
He said that during April-September 2020, FDI increased 13 per cent to about USD 40 billion.
“FDI inflows into India have been continuously growing. Even during the first nine months of this year, at the peak of the COVID-19 pandemic, our FDI has grown and we have today one of the most facilitative and congenial FDI policies in the world,” he said at CII’s Partnership Summit 2020.
Cabinet approves of Atmanirbhar Bharat Rojgar Yojana (ABRY)
The Cabinet has approved of Atmanirbhar Bharat Rojgar Yojana to boost employment opportunities during the Covid recovery phase under Atmanirbhar Bharat Package 3.0. The Govt. will provide subsidy for 2 years in respect of new employees engaged on or after 1 October, 2020 and upto 30th June, 2021. Govt. will also pay both employees’ contribution and employers’ contribution i.e. 24% of wages towards EPF for new employees in establishments employing upto 1000 employees for two years. Govt. will pay only employees’ share of EPF contribution i.e. 12% of wages in respect of new employees in establishments employing more than 1000 employee for two years.
GSTN launches ‘communication between taxpayer’ facility on portal
“The new functionality will provide communication platform for taxpayers wherein a recipient/purchaser can ask his supplier/s to upload any particular invoice/s that has not been uploaded but is required by the recipient to avail input tax credit (ITC),” GST Network (GSTN) said in a statement.
Now, businesses can communicate with their supplier on GSTN portal about invoice uploading or any deficiency therein.
Besides, the supplier can send reply to his recipient through the same facility. Similarly, supplier can also send notification to his recipient about any document uploaded in outward supply statement filed in Form GSTR-1.
Centre’s GST compensation formula gets approval from all states, UTs
All the 28 states and three union territories with legislature have decided to go for the Centre-suggested compensation formula to meet the revenue shortfall arising out of the GST implementation.
Jharkhand, the only remaining state, has now communicated its acceptance of Option-1 given by the Centre.
All the three union territories with Legislative Assembly who are members of the GST council have already decided in favour of Option-1.
Cabinet approves of the proposal of SEBI to sign Bilateral MoU between India and Luxembourg
The Cabinet has approved SEBI’s proposal to sign a bilateral MoU between SEBI and Financial and Commission de Surveillance du Secteur Financier (CSSF), Luxembourg. The MoU is likely to strengthen cross border cooperation in area of securities regulations and facilitate mutual assistance, contribute towards efficient performance of the supervisory functions aid in imparting technical domain knowledge and enable effective enforcement of the laws and regulations governing securities market.
Businesses to get fully auto-populated monthly sales return form GSTR-3B
“For ease of taxpayers, now the system will auto populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax period onwards,” Goods and Services Tax Network (GSTN) said.
Based on the supplies return GSTR-1 filed by businesses, GSTN will auto-populate the liabilities, while input tax credit (ITC) would be populated from system-drafted statement GSTR-2B.
If the total liability of a particular period is negative on account of debit/credit notes, the same will be auto-populated as zero liability.