Page 13 - Banking Finance July 2021

ROUNDUP

Industry

News

CBDT : Supply of food to new portal, www.incometax.gov.in, first time. Around 5.86 lakh net
was launched June 7, with the tax subscribers exited and then rejoined
schools, anganwadis department as well as the government EPFO by changing their jobs within the

exempt from GST saying it was aimed at making establishments covered by EPFO and
Supplying food to schools under mid- compliance more taxpayer-friendly. choose to retain membership through
day meal scheme, pre-schools and the transfer of funds rather than
anganwadis is exempt from GST, the EPFO net new enrolments opting for a final settlement.
Central Board of Indirect Taxes and rise 13.7% in April
Customs (CBIC) has said. The CBIC said Net new enrolments with retirement Forex reserves rises to
it had received representations
fund body Employees' Provident Fund high of $608.08 billion
regarding applicability of GST on the
Organisation (EPFO) increased by
issues as to whether serving of food in 13.73 per cent to 12.76 lakh in April The country's foreign exchange
schools under mid-day meals scheme from 11.22 lakh in March this year, reserves surged by $3.074 billion to
would be exempt if such supplies are according to payroll data released reach a record high of $608.081 billion
funded by government grants and/or recently. in the week ended June 11, the latest
corporate donations. data from the Reserve Bank of India
The Ministry of Labour and (RBI) showed. The reserves had
Employment in a release said that increased by $6.842 billion to $605.008
I-T dept allows manual
despite the second wave of COVID-19 billion in the previous week ended June
filing of tax forms for pandemic, April 2021 registered an 4, 2021.

foreign remittance increase of 13.73 percent net In the reporting week ended June 11,
subscribers addition as compared to
The income tax department allowed the previous month during which the rise in reserves was on account of
manual filing of certain forms after the around 11.22 lakh net subscribers were an increase in foreign currency assets
new tax filing portal continued to face added to the payroll. Data reflects that (FCA), a major component of the
tech glitches even after a week of its the number of exits in the month of overall reserves, the RBI's weekly data
launch. April 2021 have declined by 87,821 and showed.
The I-T department issued a circular rejoining has increased by 92,864 FCA rose by $2.567 billion to $563.457
allowing manual filing of Form 15CA/ subscribers as compared to March billion, as per the data.
15CB (required for foreign remittances) 2021. Expressed in dollar terms, the foreign
with banks till June 30, so that business Of the 12.76 lakh net subscribers added currency assets include the effect of
transactions may go on. during the month, around 6.89 lakh appreciation or depreciation of non-US
The forms will be uploaded online on new members have come into the units like the euro, pound and yen held
the e-filing portal later, it added. The social security coverage of EPFO for the in the foreign exchange reserves.

BANKING FINANCE | JULY | 2021 | 13