Reserves of foreign currency have decreased by $ 4.255 billion to $ 580.299 billion, according to RBI Data

According to RBI reports, the country’s foreign exchange reserves fell by USD 4.255 billion to USD 580.299 billion in the week ending March 5. The reserves increased by USD 689 million to USD 584.554 billion in the week ending February 26. In the week ending January 29, 2021, it hit a new high of USD 590.185 billion.

The decrease in reserves in the reporting week ended March 5 was attributed to a drop in Foreign Currency Assets (FCA). According to the Reserve Bank of India’s (RBI) weekly numbers, the FCA fell by USD 3.002 billion to USD 539.613 billion.

FCA involves the impact of non-US units kept in foreign exchange reserves such as the euro, pound, and yen appreciating or depreciating in dollar terms. According to the numbers, gold reserves fell by USD 1.206 billion to USD 34.215 billion in the reporting week.

The International Monetary Funds with Special Drawing Rights has dropped by USD 11 million to USD 1.506 billion in the reporting week. According to the numbers, the country’s reserve position with the IMF fell by USD 36 million to USD 4.965 billion in the reporting week.

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CBIC issues GST clarifications on issues related to refunds

The clarifications on refund-related issues were announced by the Central Board of Indirect Taxes and Customs (CBIC). The Board has issued a number of requests for clarity on some of the concerns surrounding GST refunds. The issues have been investigated, and the Board, in exercising its powers conferred by section 168 (1) of the Central Goods and Services Tax Act, 2017, has given various clarifications to ensure uniformity in the application of the law through field formations.

The Board, in issuing clarification on refund requests by recipients of deemed export supplies, has added a condition that the receiver of deemed export supplies must send an assurance that he has not requested ITC on invoices for which a refund is sought. As a result of the above circular, recipients of considered export supplies are not eligible for ITC, but the scheme allows them to debit the amount reported from their electronic credit ledger when filing a refund on the portal. When a recipient of considered export supplies files a refund petition, he or she is not restricted from claiming ITC for the tax paid on such supplies. The amount of export or zero-rated supply of goods to be included in calculating “adjusted total turnover” under Rule 89(4) has been clarified to be the same as determined under the amended definition of “Turnover of zero-rated supply of goods” in the said sub-rule.

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The ICAI has announced the extension of the UDIN Condonation Scheme.

To regularise UDINs, the Institute of Chartered Accountants of India (ICAI) announced the Extension of Condonation Scheme. The Central Board of Direct Taxes (CBDT) has told the CBDT that UDINs have not been updated at the e-filing portal for about 2.68 lakh IT forms uploaded by Chartered Accountants on behalf of their assessees, resulting in their invalidation. Members are urged to update their UDINs at the portal as soon as possible.

It is also known that, due to a variety of factors, the members will not be able to produce UDINs for documents signed between February 1, 2019 and January 31, 2021 until February 28, 2021. “The Condonation Scheme to Regularize UDINs offered by the ICAI vide its announcement dated 31st January 2021, which ended on 28th February 2021, is now being extended until 31st March 2021, in order to mitigate the possible difficulties that would be faced by taxpayers due to non-compliance owing to such invalidation. Whereby, all missed UDINs between February 1st and March 10th, 2021, can now be produced up to March 31st, 2021, and this is in addition to the Condonation Scheme previously announced,” ICAI said.

It should be noted, however, that the original guideline for generating UDIN, i.e. within 15 days of signing the documents, would apply to all documents signed after March 11, 2021.

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