Delayed GST payment: Interest to be charged on net tax liability
The industry had earlier this year raised concern over the directive of recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment. The interest was charged on gross tax liability.
Andhra’s three-Capital plan
- The Supreme Court refused to entertain the Andhra Pradesh government’s plea challenging the state high court’s decision ordering status quo on two new laws enabling the formation of three capital cities.
- The state government had approached the apex court saying that the high court had issued orders staying the implementation of gazette notifications on the abolition of the AP Capital Region Development Authority and the formation of three capitals for decentralised development without any valid reasons.
- On August 4, the Andhra Pradesh High Court ordered status quo on two new laws that enable the establishment of three new capitals for the state.
- On July 31 the state government notified the AP Decentralisation And Inclusive Development of All Regions Act, 2020,and the AP Capital Region Development Authority (Repeal) Act, 2020. This was immediately after Governor Biswabhusan Harichandan gave his assent to related bills passed by the assembly.
USCIS drops plan to furlough 70% of workers
- US Citizenship and Immigration Services canceled more than 13,000 employee furloughs, averting a catastrophe for the cash-strapped agency that oversees the nation’s legal immigration system.
- Officials said “unprecedented spending cuts” and a revenue increase allowed the agency to drop the furloughs, but they warned of longer wait times and further backlogs, including for those seeking work permits, green cards or citizenship.
- The agency had warned that without $1.2 billion in emergency funding from Congress, it would have been forced to furlough roughly 70% of its workforce starting Sunday, drastically curbing operations.
Gujarat tops Niti Aayog’s Export Preparedness Index 2020 followed by Maharashtra and Tamil Nadu: Govt data.
Pranab Mukherjee’s condition deteriorates
Doctors attending to 84-year-old Mukherjee said he continues to be on ventilator support.
Voda Idea’s RedX pain
- TRAI has issued a show-cause notice to Vodafone Idea over the contentious priority plan, saying the offer lacks transparency, is misleading and not in compliance with regulatory principles.
- The regulator has asked Vodafone Idea to “show cause” by August 31, “as to why appropriate action should not be initiated against it for violating the extant regulatory framework by its RedX tariff plan”.
- Airtel has not been issued a show-cause notice.
- Airtel offered to abide by what TRAI says and has also voluntarily modified its platinum offering suitably.
The problem has been created by your lockdown. This is also not the time to consider business. The plight of people has to be considered.
– SC to Centre, at RBI moratorium hearing
RBI Loan moratorium case: Hearing now on Sept 1
Former Indian shot put medalist arrested in US
Singh, 62, from Delaware County in Pennsylvania called police on Sunday morning to admit his crime, The Philadelphia Inquirer quoted officials as saying.
On the Supreme Court Agenda
- SC to hear plea seeking interest waiver under RBI moratorium
- Decision on conducting UGC final exams
India’s unavoidable need for a bad bank
- Former RBI Governor D Subbarao made a strong case for setting up a bad bank saying it is “not just necessary but unavoidable” in the present circumstances when NPAs are likely to balloon and much of the resolution will have to take place outside the IBC framework.
- Even the Economic Survey 2017 had proposed this idea, suggesting the creation of a bad bank called Public Sector Asset Rehabilitation Agency (PARA) to help tide over the problem of stressed assets.
- The former RBI Governor noted that with the economy contracting by at least five per cent this fiscal year, non-performing assets (NPAs) will balloon.
- According to RBI’s Financial Stability Report, gross NPAs of banks may rise to 12.5 per cent by March 2021 under baseline scenario, from 8.5 per cent in March 2020.
Former Congress chief on RBI’s economic outlook
RBI has now confirmed what I have been warning for months. Govt needs to: Spend more, not lend more. Give money to… https://t.co/BakWtGLnhh
— Rahul Gandhi (@RahulGandhi) 1598414674000
India plans BRICS Games during Khelo India Games next year
India will get chairmanship of the five-nation independent international group in 2021.
Moody’s affirms SBI’s Baa3 deposit ratings, downgrades standalone profile to ba2 from ba1
As a result, Moody’s has also downgraded SBI’s foreign currency preferred stock non-cumulative medium-term note programme rating to (P)B2 from (P)B1, and the rating of the preferred stock non-cumulative (Basel III compliant additional tier 1 securities) bond issued out of its DIFC branch to B2(hyb) from B1(hyb).
We have 1.25 billion people who have a unique Aadhaar identity, we can create a massive vaccination programme. We can easily think of building a system that vaccinates 3-5 million people a day.
– Nandan Nilekani
Sensex reverses gains, slips 65 points amid weak global cues
Top drags: RIL, Airtel, TCS
Taxman vs internet majors
- Companies like Google, Facebook, Netflix, LinkedIn haven’t paid the April-June quarter’s 2% equalisation levy that fell due on July 7.
- The new levy was announced in the 2020-21 budget.
- Companies claim this is due to lack of clarification on issues such as whether the tax will be payable on gross or net revenue.
Rupee rises 5 paise to 74.28 against US dollar in early trade.
Maharashtra building collapse
- With the recovery of two more bodies, the death toll in the building collapse incident in Maharashtra’s Raigad district reached 15 on Wednesday, a police official said.
- There is no likelihood of any more people buried under the rubble, the official said.
The five-storey building – Tareq Garden- in Mahad town, around 170 kms from Mumbai, collapsed on Monday evening.
Congress in crisis
When fighting for principles In life In politics In law Amongst social activists On social media platforms… https://t.co/PQnNVcIVWv
— Kapil Sibal (@KapilSibal) 1598413169000
He’s not a traditional politician. It is something I have always admired.
– Melania, on Trump
The end of an era?
- After dozens of titles, hundreds of goals and countless records, Lionel Messi’s spectacular career at Barcelona could be coming to an abrupt end.
- Messi told Barcelona that he wants to leave after nearly two decades at the club, having grown unhappy after a trophy-less season ended with a humiliating loss to Bayern Munich in the Champions League.
Bata plans expansion despite pandemic
- The footwear major is planning to open around 100 outlets during this financial year despite the outbreak.
- The shoemaker, which currently has around 1,500 stores across India, plans to add 500 outlets by 2023 to strengthen its network in semi-urban and rural markets.
- The network expansion will be executed mostly in the rural areas where economic performance has been comparatively better than in urban areas during the pandemic.
- The footwear major has taken a new initiative — Bata Store-on-Wheels — to reach out to its customers in urban areas.
Trump swears in five new US citizens
- President Trump presided over a rare naturalisation ceremony at the White House where five immigrants were sworn in as American citizens.
- Trump hosted the naturalisation ceremony at the White House and the video of the ceremony was played during the second night of the Republican National Convention on Tuesday.
- Immigrants from five countries – India, Bolivia, Lebanon, Sudan and Ghana, stood in a line during the ceremony in the White House.
- Sudha Sundari Narayanan, a software developer from India, was among those sworn in as American citizens.
And that’s a wrap on GOP Convention’s Day 2
- Leveraging the White House
- The convention aired a video featuring Trump signing a pardon for Jon Ponder, an ex-convict who now runs an acclaimed prisoner reentry program. Later, military aides opened the doors to the White House Cross Hall as “Hail to the Chief” played before Trump presided over a naturalization ceremony for new Americans.
- Melania Trump talks virus, racial strife
- The First Lady capped off the evening with a speech from the newly renovated Rose Garden.
- After the deadly toll of the coronavirus pandemic was largely ignored on the second night of the convention, Mrs. Trump began her speech by talking about its devastating impact.
- While extolling her husband’s character and record, she also took on a number of other challenging, sorrowful concerns, including natural disasters, opioid addiction and racial injustice.
- Republicans stake out policy ground
- For technical reasons, Republicans did not vote on a new platform this year, but on Tuesday they tried to make clear what they stand for.
- The night’s program offered snapshots both of how the GOP has changed since Trump’s insurgent candidacy took over the party four years ago and what has remained the same.
- There were longtime standards, opposition to abortion and hardline policies on illegal immigration, but also Trump’s rewiring of the GOP’s one-time free market orthodoxy on trade and its interventionist foreign policy.
- Trump’s reshaping of GOP’s foreign policy was also on display with the prominent speaking slot for Kentucky Sen.
- Trump has long struggled with personal connections in times of tragedy, whether due to natural disasters or mass shootings, a shortcoming highlighted by the suffering due to the COVID-19 pandemic.
- His harsh rhetoric and relentlessly optimistic outlook on the crisis has hurt him, according to campaign surveys,.
- Trump’s tolerance for conspiracists and fringe voices who back his political ambitions was on stark display Tuesday.
- His campaign was forced to pull a recorded speech featuring a speaker who shared anti-Semitic and other extreme messages on Twitter just hours before it was to air at the convention.
- Mary Ann Mendoza had been scheduled to deliver remarks Tuesday night to highlight the president’s fight against illegal immigration. Her speech was pulled after she spread tweets related to the baseless QAnon conspiracy theory.
RNC Day 2: Speakers tout Trump’s trade deals
- Speakers at the Republican convention touted Trump’s “tough-on-trade” approach as a key argument for his re-election in November, although results have been mixed, especially with a key China deal.
- Top Trump economic adviser Larry Kudlow, a dairy farmer, a mining-town mayor and a metal-welding businessman all credited Trump’s trade policies with lifting their hopes.
- Trump raised tariffs on imports, including on steel, which is made from iron ore, renegotiated a deal with two of the country’s main trading partners, Canada and Mexico, and started a tariff war with China before brokering a “Phase 1” deal earlier this year.
- Steel prices rallied following the tariffs imposed in March 2018, feeding optimism in U.S. steel towns. But higher prices later hurt demand from automakers, and resulted in layoffs at United States Steel Corp.
- The U.S.-China trade deal took about 18 months to negotiate, and U.S. exports to China fell by nearly 8% from 2016 to 2019, according to census data.
Pompeo endorsing Trump at GOP convention: Is it legal?
- Mike Pompeo urged Americans to re-elect President Donald Trump if they want to keep the country safe and their freedoms intact.
- The unconventional address at the second day of the GOP Convention created a political uproar, especially from the opposition Democratic Party, which asserted that the Secretary of State should stay away from partisan politics.
The decision to speak to the political convention breaks with the longstanding precedent of sitting secretaries of state avoiding partisan politics and appears to violate guidance on political activities that Pompeo himself emphasised in a cable to diplomats just last month.
Sensex rises 83.39 points to 38,927.27 in opening session; Nifty advances 30.35 points to 11,502.60.
India’s COVID-19 case tally crosses 32 lakh mark with 67,151 fresh cases and 1,059 deaths in the last 24 hours.
Earthquake of magnitude 4.1 on the Richter scale occurred today at 7:54 am in Durgapur, West Bengal: National Centre for Seismology (NCS)
Monsoon session of Haryana Assembly to commence today
China sees India as a partner instead of a rival, & an opportunity instead of a threat. We hope to put the boundary question at an appropriate place in bilateral relations… Properly handle differences through dialogue and consultation, and push bilateral relations back on track at an early date.
– Sun Weidong, Chinese Ambassador to India at the China-India Youth Webinar
The total number of samples tested up to 25th August is 3,76,51,512 including 8,23,992 samples tested yesterday: Indian Council of Medical Research (ICMR)
Jammu and Kashmir: People took part in ‘Mela Patt’
Jammu and Kashmir: People took part in ‘Mela Patt,’ a traditional fair in Doda district and offered prayers to Lord… https://t.co/fcFIchTn2n
— ANI (@ANI) 1598413223000
Sushan Singh Rajput death case:-
Maharashtra State Human Rights Commission sends notice to Cooper Hospital & Mumbai Police for allowing Rhea Chakraborty to enter the mortuary of Cooper Hospital & seeks details of the regulation following which she was allowed: MA Sayeed, MSHRC
Sensex opens at 38,930.18; up by 86.30 points.
50 new planets confirmed in machine-learning first
-Fifty potential planets have had their existence confirmed by a new machine learning algorithm developed by the University of Warwick scientists.-For the first time, astronomers have used a process based on machine learning, a form of artificial intelligence, to analyse a sample of potential planets and determine which ones are real and which are ‘fakes,’ or false positives, calculating the probability of each candidate to be a true planet.
River Baitarni at Anandpur in Kendujar district, Odisha is rising rapidly along with heavy rainfall in its catchment area. It is expected to cross danger Level by today noon and rise further: Central Water Commission Official Flood Forecast
Cyber Crime Wing has arrested an accused who put up a fake Facebook account in name of Bengaluru City Police
Cyber Crime Wing has arrested an accused who put up a fake Facebook account in name of Bengaluru City Police: Sande… https://t.co/iCNt9tY6Mh
— ANI (@ANI) 1598410606000
Djokovic’s neck better, as is his play; now 20-0 in 2020
Novak Djokovic’s neck felt much better, and his tennis looked much better, in a straight-set victory over unseeded American Tennys Sandgren at the Western & Southern Open
Russia in touch with India for collaboration to manufacture Covid-19 vaccine Sputnik V: Health Ministry
Bed Bath & Beyond cuts 2,800 jobs in restructuring move
Qatar envoy arrives in Gaza seeking to ease Israel-Hamas conflict
US: Russian man arrested for offering worker $1M to sew malware in Nevada
US imposes sanctions on Chinese national over fentanyl trafficking
Houses are damaged & people have died. We’re carrying out operations to clear roads. Road from Tawaghat to Darma valley is blocked. Work is on, it’ll be cleared in 5-6 days.
– Dharchula SDM Anil Kr Shukla
Sonia Gandhi to hold meeting with CMs of Congress-ruled states today to discuss NEET, JEE exams issue and GST
Cambridge university aims for autumn trials of coronavirus vaccine after UK funding
China suspends flight from Abu Dhabi to Shanghai
American Airlines plans 19,000 furloughs, layoffs in October
Hundreds of thousands flee US coast ahead of Hurricane Laura
Germany extends shorter work hours scheme
A German scheme that tops up pay for workers who lost work hours because of the coronavirus pandemic has been extended by another year to stave off mass job losses.
GM, Ford coronavirus U.S. ventilator projects close in on their finish lines
Melania Trump’s night: GOP convention stars first lady
First lady Melania Trump and U.S. Secretary of State Mike Pompeo lead an array of Americans making the case at the Republican National Convention on Tuesday for re-electing President Donald Trump over Democrat Joe Biden in November.