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Amid coronavirus pandemic, the Income Tax (I-T) department had extended the return filing deadline three times. The July 31 due date was extended till November 30 in May 2020. Later it was again extended till December 31

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After clocking record collections in December 2020 at Rs 1.15 lakh crore, the January 2021 GST collection is expected to be in the range of Rs 1.21-1.23 lakh crore and may still have an upside, SBI Research said in a noted on Thursday.

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The cost of premium petrol has reached Rs 101.80 per litre with a hike of 38 paise in Sri Ganganagar, Rajasthan. The petrol price has increased to reach Rs 93.86 per litre and diesel price to Rs 85.94 per litre in capital, Jaipur.

Across Rajasthan, the price of petrol is above Rs 93 and diesel more than Rs 85 per litre.

Prices of petrol and diesel across the country are market-determined and attract uniform central excise duty. But, their prices differ from state to state because of the wide variations in the local levies or value-added tax (VAT).

The VAT on diesel prices is 28 percent whereas VAT on petrol was in access of 38 percent, according to an official notification released by the Rajasthan government in May 2020.

VAT ranges from 20 percent to 33 percent on petrol and 16 percent to 23 percent on diesel in the neigh bouring states. Petrol in Rajasthan is costlier by 8 to 10 rupees and diesel by 4 to 11 rupees than other states.

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Budget 2020 was also the longest budget speech by any finance minister that lasted for 160 minutes.

Finance minister Nirmala Sitharaman in budget 2020 had announced the launch of a new personal income tax regime which can help the middle-class save taxes and also scrapped dividend distribution tax (DDT) with a slew of measures to boost the Indian economy suffering from a slowdown.

Budget 2020 was also the longest budget speech by any finance minister that lasted for 160 minutes.

The FM has proposed a new slab structure wherein individuals can save taxes provided deductions and exemptions are not availed, an option has been provided to the taxpayer to pay tax as per existing slabs by availing deduction/exemptions.

Nirmala Sitharaman halves customs duty on import of newsprint, lightweight coated paper to 5 percent. The budget has provided an outlay of Rs 8,000 crore for quantum computing over five years to break into this technology. Customs duty increased on footwear and furniture.

Sitharaman said direct taxes are the lowest, simplest, and smoothest. FM also proposed a scheme to bring down litigation indirect taxation scheme; 4.83 lakh direct cases pending in various appellate forums. Vivad se Vishwas' scheme for direct taxpayers whose appeals are pending at various forums.

Registration of charity institutions to be made completely electronic, donations made to be pre-filled in IT return the form to claim exemptions for donations easily. 15th Finance Commission has cut state share of central taxes by one percentage point to 41 percent. Tax on Cooperative societies proposed to be reduced to 22 percent plus surcharge and cess, as against 30 percent at present.

Income Tax Act to be amended to enable faceless appeal. The budget proposes deferment of tax payment by employees on ESOPs from startups by five years. Around 70 of more than 100 income tax deductions and exemptions have been removed, in order to simplify the tax system and lower tax rates.

Finance Minister Nirmala Sitharaman said the government intends to remove all income tax exemptions in the long-run.

Individuals opting for taxation under new rates will not be entitled to exemption/deductions including under Section 80C and 80D, LTC, housing rent allowance, the deduction for entertainment allowance, professional tax, and interest on self-occupied/vacant property.

The 30 percent slab, which was stuck for nearly a decade at Rs. 10 lakh, has finally moved to Rs. 15 lakh – an increase of a whopping 50 percent under the new regime. Income up to Rs 5 lakh is now exempted from tax, and lower tax rates apply on income between Rs 5 lakh and 15 lakh if taxpayer don’t claim deductions.

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In the month of January, petrol prices were hiked Rs 2.59 a litre and diesel by Rs 2.61 a litre in Delhi. On the other hand, in Mumbai, petrol prices jumped Rs 2.52 a litre and diesel by Rs 2.79 a litre

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If you’re hesitant about taking a COVID-19 vaccine fearing an adverse reaction and huge hospital bills that will not be covered, you may want to reconsider that position. Your health insurance policy will certainly cover any hospitalisation due to a reaction to the vaccine.

General insurance industry sources told Moneycontrol that they will be covering any vaccine-related hospitalisation, in line with regular policy terms.

“Adverse reactions to new vaccines are expected. If a policyholder experiences any discomfort after taking the COVID-19 vaccine and needs to be hospitalised for treatment, it will be covered under health insurance. We have clarified this to the regulator,” said the claims head of a non-life insurer, speaking on condition of anonymity as IRDAI may issue a circular clarifying the matter.

The insurers have clarified this to regulator IRDAI recently through their industry body, General Insurance Council, which has all the general insurance companies as members.

However, as reported by Moneycontrol earlier, vaccination costs are excluded.

And, as with all health insurance products, a policyholder will have to hospitalised for a minimum of 24 hours for treatment to avail the claim.

Several healthcare workers had approached non-life insurers seeking clarification on policy coverage for vaccine reactions and allied hospitalisation.

1.58 million vaccinated, 1,238 adverse events recorded

So far, 1.58 million people have been vaccinated against COVID-19 in India. A total of 1,238 adverse events have been recorded so far. This is 0.08% of the total vaccinations according to the health ministry. In those reporting adverse reactions, 11 have been hospitalised.

There have been six deaths reported so far of healthcare workers who received the vaccine. The government has stated that these deaths are not linked to the vaccine.  India began its vaccination drive on January 16 and will inoculate frontline workers first.

Union health minister Harsh Vardhan, through a social media message, said that the public should not pay heed to rumours. “Stay informed, stay safe & when your time comes, get vaccinated,” he said. This was amidst reports of vaccine hesitancy among healthcare workers due to safety concerns related to Bharat Biotech’s Covaxin.

Moneycontrol has reported that Bharat Biotech's Phase-1 interim data, published by the company in the peer-reviewed British medical journal Lancet, found Covaxin was well tolerated and produced an immune response.

Some countries have agreed to indemnify the vaccine makers for claims as part of their purchase pacts. This means that the government will extend protection from potential lawsuits and related financial claims associated with vaccine-related adverse events if they are to participate in pandemic responses. India has not agreed to this so far.

This means that individuals taking the vaccine would have to fight lengthy legal battles to get financial claims for extreme adverse reactions. Those with health insurance would get claims passed as part of the regular settlement process in case they are hospitalised.

Insurers said that since there were several queries filed about adverse reaction-related hospitalisation being excluded, they have clarified this to the regulator.

“It is incorrect to say that we will not cover claims. Hospitalisation will not be excluded for all policyholders if their health policy covers this,” added the underwriting head at a state-run insurer.

The process to file a claim will be similar to the regular health insurance claims process. If a policyholder needs to be hospitalised in case of treatment for a vaccine-related adverse reaction, he/she has to inform the insurer.

Depending on the health insurance policy, an insured person can avail of either cashless cover or reimbursement for the hospitalisation. The final claim amount will be paid based on the policy size and sub-limits for room rent and doctor’s fees, among other charges.

However, as reported by Moneycontrol earlier, it is only hospitalisation claims that will be paid. Vaccination costs or treatment/medication for minor fever, body ache by local doctors after taking the vaccine will not be borne by the insurer since this does not involve hospitalisation.

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Foreign Direct Investment into India rose by 13 per cent in 2020, boosted by interest in the digital sector, and while fund flows "declined most strongly" in major economies such as the UK, the US and Russia due to the COVID-19 pandemic, India and China bucked the trend, the UN has said.

An investment trends monitor issued by the United Nations Conference on Trade and Development (UNCTAD) on Sunday said that global foreign direct investment (FDI) collapsed in 2020 by 42 percent to an estimated $859 billion from $1.5 trillion in 2019.

Such a low level was last seen in the 1990s and is more than 30 per cent below the investment trough that followed the 2008-2009 global financial crisis.

The decline in FDI inflows was concentrated in developed countries, where fund flows fell by 69 percent to an estimated $229 billion.

However, FDI in India rose by 13 percent, boosted by investments in the digital sector.

"China was the world’s largest FDI recipient, with flows to the Asian giant rising by 4 percent to $163 billion. India, another major emerging economy, also recorded positive growth (13 percent), boosted by investments in the digital sector,” the report said.

It added that "in relative terms, FDI flows declined most strongly in the UK, Italy, Russia, Germany, Brazil and the US due to the dramatic impact of COVID-19. India and China bucked the trend”.

FDI in South Asia rose by 10 per cent to $65 billion.

India’s 13 percent rise in FDI saw the total foreign investments for 2020 touching $57 billion.

The report noted that acquisitions in India’s digital economy was the largest contributor to this rise.

Cross-border merger and acquisition (M&A) sales grew 83 percent to $27 billion, the report said, citing social networking giant Facebook’s acquisition of 9.9 percent stake in Reliance Jio platforms, via a new entity, Jaadhu Holdings LLC.

Similarly deals in the energy sector propped up M&A values in India, it said.

Further, India and Turkey are attracting record numbers of deals in information consulting and digital sectors, including e-commerce platforms, data processing services and digital payments.

Despite projections for the global economy to recover in 2021, the UNCTAD expects FDI flows to remain weak due to uncertainty over the evolution of the COVID-19 pandemic.

The organisation has projected a 5 percent to 10 percent FDI slide in 2021 in last year’s World Investment Report.

The effects of the pandemic on investment will linger, said James Zhan, Director of UNCTAD, investment division.

"Investors are likely to remain cautious in committing capital to new overseas productive assets,” Zhan said.

According to the report, the decline in FDI in 2020 was concentrated in developed countries, where flows plummeted by 69 percent to an estimated $229 billion.

Flows to North America declined by 46 percent to $166 billion, with cross-border mergers and acquisitions dropping by 43 percent.

Announced greenfield investment projects also fell by 29 percent and project finance deals tumbled by 2 percent.

Greenfield investment is a kind of FDI, in which the parent company creates a subsidiary in the host country and builds its operations from the ground up.

The United States recorded a 49 percent drop in FDI, falling to an estimated $134 billion.

The decline took place in wholesale trade, financial services and manufacturing.

Cross-border M&A sales of US assets to foreign investors fell by 41 per cent, mostly in the primary sector.

On the other side of the Atlantic Ocean, investment in Europe dried up as well.

In the United Kingdom, FDI fell to zero, and declines were recorded in other major recipients.

Looking ahead, the FDI trend is expected to remain weak in 2021.

Data on an announcement basis, an indicator of forward trends, provides a mixed picture and point at continued downward pressure.

Sharply lower greenfield project announcements (-35 percent in 2020) suggest a turnaround in industrial sectors.

Similarly, the 2020 decline in cross-border M&As (-10 per cent) was cushioned by higher values in the last part of the year.

Looking at M&A announcements, strong deal activity in technology and pharmaceutical industries is expected to push M&A-driven FDI flows higher.

For developing countries, the trends in greenfield and project finance announcements are a major concern, the report said.

Although overall FDI flows in developing economies appear relatively resilient, greenfield announcements fell by 46 percent and international project finance by 7 percent.

These investment types are crucial for productive capacity and infrastructure development and thus for sustainable recovery prospects.

Risks related to the latest wave of the pandemic, the pace of the roll-out of vaccination programmes and economic support packages, fragile macroeconomic situations in major emerging markets, and uncertainty about the global policy environment for investment will all continue to affect FDI in 2021," the report said.

The coronavirus has killed over 2.1 million people, along with over 99 million confirmed cases, across the world so far.

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Covid-19 is destroying the market for supertankers that deliver about a fifth of the world’s crude oil. The result is likely to be booming trade on the beaches of Bangladesh, India and Pakistan, where obsolete ships go to get blow-torched and sold for scrap.

Last week, the 1,200-foot vessels plying the industry’s busiest trade route -- from the Middle East to Asia -- effectively had to subsidize the delivery of cargoes because of how large the surplus of ships has grown.

While the vessel glut has really been in place since when Covid-19 caused oil demand to collapse early last year, it has until recently been masked by a huge chunk of the fleet storing crude that was previously surplus to requirements. Now, with Saudi Arabia and other major producers keeping millions of barrels off the market, and consumption stronger, those stored cargoes are being snapped up again -- leaving the tankers unemployed.

“It is hard to imagine a set of circumstances that is more against tanker owners than the ones at the moment,” said Brian Gallagher, head of investor relations at Euronav NV, owner of the world’s third-largest fleet of supertankers. “When you have scrap prices at these levels that’s very attractive, it changes the dynamic for owners of older tonnage.”

That will see more of the vessels sent to the world’s scrapyards, according to multiple conversations with tanker-company executives, many of whom didn’t want to discuss publicly how challenging the market has become. Clarkson Research Services Ltd., a unit of the world’s largest shipbroker, expects about 2% of the fleet to get demolished in 2021, up from almost none for the past two years. Its forecast was made before the slump into negative rates.

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They said that while import duties could be hiked on over 20 products such as cut and polished diamonds, rubber goods, leather garments, telecom equipment and carpet, the customs duties could be removed on select raw materials (like wood in rough, swan wood and hard board) used for furniture manufacturing and copper concentrate.

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As many as 258 people have been arrested since mid-November during the government's crackdown on fake GST invoices.

More than 2,500 cases have been registered against 8,000 entities since mid-November, as a part of the government's crackdown on fake goods and services tax (GST) invoices.

As many as 258 People Have Been Arrested including eight chartered accountants, Mint reported. Fake GST invoices are used to fraudulently avail input tax credit (ITC).

The government has asked the Institute of Chartered Accountants of India (ICAI) to take action against the accountants, the report said.

Authorities have recovered more than Rs 820 crore from the accused, a government official told the business newspaper.

The last chartered accountant (CA) who was arrested was taken into custody in Jaipur on January 23 along with four business accomplices, Mint said. 

Data was shared between GST, income tax and customs, which helped spot violations, the report said. Data analytics and artificial intelligence were also used to identify frauds.

Authorities have also identified the final beneficiaries, which includes two major ecommerce firms, the report said.