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THE ECONOMIC TIMES | KOLKATA | WEDNESDAY | 11 NOVEMBER 2020 |
WWW.ECONOMICTIMES.COM
User: manish.kumari0 Time: 11-10-2020 22:04 Color:
Economy: Macro, Micro & More
Quarterly GSTRs Pose New Hurdles for MSMEs
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Guiveen.Aulakh @timesgroup.com
New Delhi: Quarterly goods and services tax (GST) return filings
for small busines- ses is turning out to be a double-edged sword. A
key relaxation in compliance for mi-
cro, small and medium enterprises (MSMBs) is leading to blockage
of input credit tax and cash flow issues for large companies that
have to file monthly GST returns and prompting them to change
suppliers. Payments to smaller companies which ha-
ve annual turnover of upto Rs 5croreand fi- le returns on a
quarterly basis are also get- ting delayed by large companies owing
to re- conciliation issues cropping up in GST re- turns, said
people aware of the matter. “The purchaser can typically claim
the
input credit on a quarterly basis even tho- ugh the invoice is
paid (including GST) earlier... this leads to cash flow issues for
the purchaser,” said Pratik Jain, tax part- neratPwC India. This
has prompted bigger companies to
change suppliers, said industry executi- ves. Industry has
flagged the issue to the government, they said. “Large buyers tend
to shirk suppliers fi-
ling quarterly returns due to delays in re- conciliation of
accounts... several small-
Sr lend beok oka ’
Paya Cp ge large cosdueto
scale suppliers are afraid that large com- panies may not
continue supply cont- racts,” said Anil Bhardwaj, secretary ge-
neral at the Federation of Indian Micro and Small & Medium
Enterprises. However, smaller companies have star-
ted tofind waysaround theproblem, he sa- id. Entities with
turnover of up to Rs 1.5 crore have been allowed to file quarterly
returns and thefacility will beavailableto those with turnover of
up to Rs 5 crore from 2021. The change was made by inserting Rule
36
(4) in the GST rules from October last year, specifying that
input tax credit to be availed by a taxpayer in respect of invoices
or debit notes which have not been uploaded by the suppliers in
GSTR-1 return shall not exceed 10% of the eligible ITC available.
Most of the MSMEs and small suppliers had opted for quarterly
filing of return, said industry ex- ecutives. Small businesses act
as a feeder to large
conglomerates, and due to the operation of online tax credit
matching, such large enterprises face a lot of hassles in month- ly
reconciliation. Therefore, many busi- nesses have stopped
on-boarding vendors who file quarterly tax returns, said Rajat
Mohan, senior partner at AMRG Associa- tes. FISME’s Bhardwaj said
some of the
smaller firms had begun filing monthly returnstomitigate credit
blockageand re-
_ issues moving away , especially in from MSME Covid times
suppliers
Ensure All A/cs Seeded with Aadhaar: FM New Delhi: Finance
minister ded and are also linked with Nirmala Sitharaman on Tu-
Permanent Account Number esday asked banks to ensure by March31,
2021. all accounts are Aadhaar-see- “Twould think ideally by
De-
cember, if not by 3lst March, 2021, every account should ha- ve
a PAN where needed and applicable and Aadhaar in every case,”
Sitharaman said during the virtual annual ge-
neral meeting (AGM) of the Indian Banks’ Association. FM also
asked banks to ensu- re they are using the latest technology
applications to close loopholes. —Our Bureau
LARGE COS
aise Cece aS
NAC EME NET It Cad
SMALL COS EXPERTS have also sounded ( suggest rule out govt for
changes for finding solution fixing anomaly
conciliation issues for larger companies, ensuring smoother
payments. “GSTN has also stabilised and thanks to
intermediary companies filing is not as cumbersome as it used to
be initially,” he said. Taxexpertssaidthe government should lo-
ok at correcting theanomaly. “Allow the pur- chaser to claim
input credit on amonthly ba- sis and apply the 10% rule (wherein
the cre- ditis limited to 110% of the amount reflected on the
portal) on a quarterly basis with re- spect to purchases from
smaller vendors,” said PwC’s Jain. This may need changes in the
GSTN sy-
stem, though, he said. “As done during Covid, the government
may consider relaxing the restrictions un- der Rule 36(4), and
allowing provisional cre- dits to all with quarterly or half yearly
appli- cation of Rule 36(4), so that it takes care of mismatch in
the monthly vs quarterly fi- lings,” said Harpreet Singh, indirect
tax partner at KPMG India.
Pte So
ETB oD
Le TY
mm (eonea, LID. CIN No. : L17229UP1994PLCO17199
Registered & Corporate Office : Kamla Tower, Kanpur-208 001
(U.P)
Ph, : +91 512 2371478 to 81 ; Fax : +91 512 2399854/
2332665;
website: www.jkcement.com ; e-mail:
[email protected]
EXTRACT OF CONSOLIDATED AND STANDALONE UNAUDITED FINANCIAL
RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2020
@ in lacs)
CONSOLIDATED
Mormon == MYO YCOL Half Year
Particulars Ended Ended Ended Laprel=e}
30.09.2020 30.06.2020 30.09.2019 30.09.2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
1. | Total Income 1,66,295.30 | 1,02,497.70 1,33,513.14
2,68,793.00
2. | Net Profit before Interest, Depreciation, Exceptional Items
and Tax 43,908.87 21,234.17 25,646.66 65,271.04
3. Net Profit for the Period before Tax (before Exceptional and
32,402.30 9,254.18 13,471.58 41,656.48 Extraordinary Items)
Net Profit for the Period before Tax (after Exceptional and 4.
Extraordinary Items) 32,402.30 9,254.18 13,471.58 41,656.48
Net Profit for the period after tax (after Exceptional and 5.
Extraordinary Items) 22,155.78 4,994.64 7,950.59 27,150.42
6. | Total Comprehensive Income for the Period 21,435.75
5,685.06 8,388.37 27,120.81
7. | Equity Share Capital (Face Value of % 10/- Per Share)
7,726.83 7,726.83 7,726.83 7,726.83
8. | Basic and Diluted Earnings Per Share (of %10/- each)
(Not Annualized) @) | Before Extraordinary Items (in 2) 28.67
6.46 10.29 35.14 (i)) After Extraordinary Iterns (in 2) 28.67 6.46
10.29 35.14
Notes:
1. The above is an extract of the detailed format of Unaudited
Financial Results filed with the Stock Exchanges under Regulation
33 of the SEBI {Listing and Other Disclosure Requirements)
Regulations, 2015. The full format of the quarter and half year
ended consolidated and
standalone financial results are available on the Stock Exchange
websites:- www.nseindia.com, www.bseindia.com and on the Company's
website www.jkcement.com.
2. Key Standalone Financial Information:
Gold Loan Market to Reach 24.6L Cr in FY22
[email protected]
Kolkata: Scores of Indians are using their gold holdings as
collaterals to meet their financial needs, cashing in on rising
gold prices amid the pandemic and economic recession, and helped by
branch network expansion and greater tech- nology use by non-bank
gold loan providers. The trend is expected to continue and help
the
organised gold loan market to grow 15.7% a year to reach $62.8
billion, or about Rs 4,61,700 crore, in 2021-22 from $47 billion,
or Rs 3,44,800 crore, in 2019-20, a report released by the World
Gold Co- uncil on Tuesday said. The report, ‘Gold loans help India
weather the
Covid-19 storm’ said a 28.8% rally in domestic gold price this
year and the need for quick credit among small businesses will spur
gold loan growth. Many banks and non-banking institu- tions target
this product segment due to its ac- ceptable risk profile. While
unorganised lending has always coexisted.
with gold markets in India, over the past decadese- veral banks
and established non-banking finance companies have entered the
segment and made in- stitutionalised gold loans ubiquitous.
Somasundaram PR, managing director, India,
of World Gold Council, said the recent rise in de-
mand for gold loans through banks and NBFCs started in July 2019
when prices of the yellow metalstarted movingup sharply, though the
Co- vid-19 outbreak gave it afurther boost. Muthoot Finance and
Manappuram Finance,
two of the country’s top NBFCs focused on gold loans, expect
their gold loan asset under mana- gement (AUM) to grow by 15-20%
inthe current financial year, the WGC report said. The 28.8% rally
in domestic gold price so far
this year has led to increased demand for gold loans. Borrowers
have benefited from higher lo- an value for the same collateral
while lenders have benefited from lower loan-to-value (LTV) ratios
on their existing loans and higher de- mand.
UEP AWA ZILLA PARISHAD
eoNIT-24 of 2020-24 & e-NIT-22 of 2020-24
Tender Ref HoEAIT-2t of 2-21 & EAT 2 of 2021
STANDALONE
OU ayaa OL MARMOL MY COAL Half Year
Particulars Ended Ended Ended Ended
30.09.2020 30.06.2020 30.09.2019 30.09.2020
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
1. | Total Income 1,57,941.48 98,529.97 | 1,27,215.46
2,56,471.45
2. | Net Profit before Interest, Depreciation, Exceptional Items
and Tax 41,861.43 21,648.24 25,686.19 63,509.67
3. Net ero oy tong before Tax (before Exceptional and 32,601.33
12,042.69 16,409.61 44,644.02
4. Net Prot oy the Period before Tax (after Exceptional and
32,601.33 12,042.69 16,409.61 44,644.02
5. etreordinary item) after Tax (after Exceptional and 22,352.40
7,768.36 | 10,879.44 | 30,120.76
6. | Total Comprehensive Income for the Period 22,320.48
7,736.44 10,901.36 30,056.92
7. | Equity Share Capital (Face Value of = 10/- Per Share)
7,726.83 7,726.83 7,726.83 7,726.83
8. | Basic and Diluted Earnings Per Share (of = 10/- each) (Not
Annualized) @ | Before Extraordinary Items (in 3 28.93 10.05 14.08
38.98
Gi) After Extraordinary Items (in 2) 28,93 10.05 14,08 38,98
e-tender are invited from
reputed and resourceful
contractors/agencies for 22
Witha higher gold price and greater liquidity ne- eds amid the
pandemic blues, it is believed that Co- vid-19 would induce higher
gold recycling from Ind AS 110- Consolidated financial statements.
Place : Kanpur Date : Sth November, 2020
3. These financial results have been prepared in accordance with
Indian Accounting Standards (Ind-AS) as prescribed under section
133 of Companies Act 2013 read with Rule 3 of the Companies (Indian
Accounting Standards) Rules 2015 and relevant amendment thereafter.
The said financial results of the Parent Company and its
subsidiaries [together referred as the “Group”] have been prepared
in accordance with
For and on Behalf of the Board of Directors
Raghavpat Singhania ManagIng Director DIN No. 02426556
consumers. works & 21 works respectively However, most
within Purba Bardhaman
people use the- es) EAST CENTRAL RAILWAY (23) District. Closing
date of bid ir gold hol- @ Si cr submission is 21.11.2020 &
dings as colla- E-Tender Notice 24.11.2020 respectively. For teral
to obtain e-tender Notice No. 41 of 2020-21 (Open)| | further
details, please log on their — finan- -Engg/DDU h etendeng) for tel
| a2 b site:
i - In line rough e-tendering) tor the i ta %
fing needsrat following workis invited by DRM/Engg/DbU| |
Https://etender.wb.nic.in. er than Out for and on behalf of the
President of India Sal.
right selling. from experienced and financially as well as
dl-
Indian Jewellers Want Biden
to Bring Exports Under GSP Sutanuka.Ghosal @timesgroup.com
Kolkata: Indian gem and je- wellery exporters want the US
President-elect Joe Biden to bring jewellery exports from India to
the US under GSP (ge- neralised system of preferen- ces) to give
India a competitive edge over China. “The council will once
again
raise the issue of India’s inclu- sion in GSP for gems and
jewel- lery so that we can have a com- petitive edge over our
Chinese counterparts,” said Colin Shah, chairman, Gem & Jewel-
lery Export Promotion Coun- cil(GJEPC). Under President Donald
Trump, the US had withdrawn its preferential treatment to In-
dian exports under the GSP granted to India and some other
developing countries in
PAST RECORD
Indiangem and jewel- lery exports suffered when the US with-
drew GSP in 2007, 2008 and 2009
1976 that allowed some Indian exports to get duty-free access
into the US, allowing Indian ex- porters to export more and de-
velop faster. The withdrawal of GSP became effective from Ju- ne5,
2019. An optimistic Shah said Bi-
den has been a vice president under Obama for 8 years and has
been a friend and suppor- ter of India during that period and he
expects his stance to- wards India to reflect in econo- micand
trade policies.
technically sound contractors including those enlisted with the
Railway, CPWD, BSNL, MES, PWD and other public sector undertakings.
SI.No. 1. Tender No. 17-DDU-SRDEN-I-20-24 (i) Name of work with its
location : Raising of speed from 15 Kmph to 30 kmph at KTQ DN loop
by slewing/linking of track including extension of platform and
Shallow Screening of track and turnouts in the section of SSE (P.
Way)/CDMR & BBU under ADEN/IV/DDU. (ii) Approx. cost of the
work: % 5363091.02, {iii) Earnest Money : = 107300.00, {iv) Date
& time for submission of e-tender : 01.12.2020,
Up-to 12:00 hrs. SILNo. 2. Tender No. 21-DDU-SRDEN-I-20-21 (i)
Name of work with its location : Replacement of existing CMS
Crossing with WCMS, Replacement of switches with TWS and
Replacement of SEJ with improved SEJ etc. on Main line in the
jurisdiction of Sr. DEN/1/DDU in G.C. Section. (ii) Approx. cost of
the work: = 13728066.65, (iii) Earnest Money : 2 218700.00, (iv)
Date & time for submission of e-tender : 01.12.2020, Up-to
12:00 hrs. Website particulars of e-tendering :
www.ireps.gov.in
Divisional Railway Manager, Pt. Deen
Dayal Upadhayaya PR/0898/DDU/Eng./T/20-21/52
District Engineer Purba Bardhaman Zilla Parishad
For Kind Attention of Shareholders : As a part of Green
Initiative of the Government, all the Shareholders are requested to
get their email addresses registered with the Company for receiving
Annual Report, etc. on email. = yKksoper 2K SOPER JKSOPER JKCcEMENT
omaxy JK CEMENT —___,
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JK CEMENT. x Bp xt ‘ rrCidMax Seat ow i rime GypPsomMa
Til em ber x. ‘White Camant Based Wall Dressing Sule lcinex
Premium Gypsum Plaster
Stay protected from Corona
Wear your mask properly
Frequently wash your hands with soap
NO CARELESSNESS UNTIL THERE IS A CURE
eae BUC DEPARTMENT of AGRICULTURE, ANIMAL HUSBANDRY
&CO-OPERATIVE
RATES US PTSD ALTE OI Let CH
NOTICE INVITING e-TENDER FOR SUPPLY OF VETERINARY MEDICINES, and
OTHERS
(Technical- 1 & Financial- 2)
liability.
ap
WN
attached.
experience in manufacturing and marketing for sup Dispensaries,
Veterinary Hospitals, Pet-Clinics, Mobile Polyclinics, Referral
Veterina Poultry Farms and others institutions situated at
different Districts of Jaarkhand under Two Bid System
EMD as BG in Animal
e-Tender No. 02/2020-21 Online e-tenders are invited from sole
manufacturers/loan licensee having minimum 3 years’
ply of veterinary medicines and others for Veterinary
1. After publication of the N.LT, the desirous bidders may
download tender documents along with terms & conditions from
the Website. https: //www,jharkhandtenders.gov.in and https://
www.jharkhand.gov. in but submit only through NIC e-tender portal
https: //www.jharkhandtenders.gov.in with the help of Digital
Signature Certificate (DSC). Disclosure of rate other than
financial bid will disqualify the bidder. Estimated Contract Value-
Rs 6 Cr. or less if any due payment of previous year's rate
contract exist as
. Validity Period - One Year from the date of agreement.
. Each tenderer, will have to deposit Tender fee in form of DD
of Rs 10,000/- (Ten Thousand) and Earnest Money Rs.2,00,000/-
(Rupees Two Lakhs) in form of Bank Guarantee(BG), of any
nationalized Bank in favour of Director Animal Husbandry, Jharkhand
p pay
being relaxed for MSEs of Jharkhand, however proper documents
regarding relaxation should be
6. The under mentioned schedule is fixed; however, the
undersigned reserves the right te change the date of activities in
case of any exigencies through a notice in the government website
viz & Notice Board at official address Director, Animal
Husbandry, Pashupalan Bhawan, Hesag, Hatia Ranchi Pin- 834003.
start
start m
directorate Offi
PR 235595 (Animal Husbandry)20-21#D
Hospitals, Animal/
ayable at Ranchi. Fees are
02.12.2020
Sd/- Director Animal Husbandry
Jharkhand Ranchi
Lux® LUX INDUSTRIES LIMITED
CIN : L17309WB1995PLC073053
Regd. Office: 39, KALI KRISHNA TAGORE STREET, KOLKATA - 700
007
Email: [email protected], Website:www.luxinnerwear.com, Ph :
033-40402121, Fax : 033-40012001
Promises and performances that ensure comfort EXTRACT OF
UN-AUDITED FINANCIAL RESULT: R THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2020
@ in Lakhs)
STANDALONE CONSOLIDATED PARTICULARS
Quarter Ended Half Year Ended Quarter Ended Half Year Ended
30.09.2020 | 30.09.2019 | 30.09.2020 | 30.09.2019 | 30.09.2020 |
30.09.2019 | 30.09.2020 | 30.09.2019
(Un-audited) | (Un-audited) | (Un-audited) | (Un-audited) |
(Un-audited) | (Un-audited) | (Un-audited) | (Un-audited)
Total income from operations (net) 38,300.04) 35,510.91
62,904.71 61,783.11 | 38,779.48 35,486.65 | 63,499.37 |
61,798.43
Net Profit / (Loss) before exceptional items and tax 6,949.52
4,948.13 11,087.53 7,966.91 6,842.81 4,804.51 10,910.21
7,703.94
Net Profit / (Loss) after exceptional items before tax*|
6,949.52 4,948.13 11,087.53 7,966.91 6,842.81 4,804.51 10,910.21
7,703.94
Net Profit / (Loss) after tax attributable to the
owners of the Company 5,173.76 4,205.11 8,323.04 6,203.71
5,120.38 4,059.88 8,239.61 5,937.62
Total Comprehensive Income for the period (Net of
Tax) attributable to the owners of the Company 5,170.09 4,207.63
8,315.69 6,208.16 5,116.73 4,062.40 8,232.30 5,942.07
Equity Share Capital (Face value Rs. 2/- per share) 529.98
529.98 529.98 529.98 529.98 529.98 529.98 529.98
Earnings Per Share (Basic & Diluted)
(Face value Rs. 2/- per share)** 20.49 16.65 32.96 24.57 20.28
16.08 32.63 23.51 * There was no exceptional and extra-ordinary
item for the above-mentioned period.
“Not Annualised
Notes :
1. The above results have been reviewed by the Audit Committee
and approved by the Board of Directors at their meeting held on
November 10, 2020 .
2. AScheme of Amalgamation of the Company with J.M. Hosiery
& Co. Limited and Ebell Fashions Private Limited has been
approved on June 26th, 2018 by the Board of Directors of the
respective companies and has been filed with the National Company
Law Tribunal (NCLT) after receiving approvals from respective stock
exchanges, NCLT has directed meeting of shareholders and creditors
of Transferor and Transferee Companies to be held on 27th November,
2020. Pending the
regulatory approvals, no effect of the proposed merger has been
considered in this Statement.
3. The above is an extract of the detailed format of un-audited
Financial Results filed with the Stock Exchange under Regulation 33
of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The full format of the Un-audited Financial
Results are available on the Stock Exchange website
(www.bseindia.com and www.nseindia.com) and on the Company's
website (www.luxinnerwear.com)
Place : Kolkata
Date : November 10, 2020
c sk" COZL VENUS
THEORIGINAL @TYLEWEAR
e Few of our Best Sellers «
% ONN Infer QUILTED THERMALS-
By Order of the Board
for LUX INDUSTRIES LIMITED
Sd/- Ashok Kumar Todi
Chairman
DIN-00053599
no Crs WL WINTER WEAR
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