29 November 2017 Updates

GST: CBEC Lays down Norms for Manual Disbursal of Budgetary Support [Read Circular]

Read more at: http://www.taxscan.in/gst-cbec-lays-norms-manual-disbursal-budgetary-support/14437/
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CBEC Circular  6/2017-Cus  on IGST on sale of in-bond goods - More questions than answers -                           

ON import of goods into India, customs duty is levied which normally comprises of two components viz., (i) Basic Customs Duty and Cess etc. and (ii) Additional Duties (CVD, SAD etc.). The basis for levying these additional duties is to counter balance the impact of domestic duties or taxes leviable on such goods (like goods) in India. The power to levy these additional duties does not flow from the respective Acts but are levied under the Customs Tariff Act. For example: Additional Duty under Section 3 (1) of the Customs Tariff Act is leviable in lieu of Central Excise duty leviable on such goods when manufactured in India and similarly under Section 3(5) a special additional duty (SAD) is levied in lieu of Sales Tax/VAT leviable on such goods when sold in India. None of these Acts (Central Excise and Central Sales Tax) levied any duty on goods imported into India as the transaction of import into India did not qualify as a taxable event under such domestic laws pertaining to Central Excise or VAT.

On introduction of GST, the Customs Tariff Act and Customs Act have been amended to align with GST. Accordingly, provision has been made under Section 3 of the Customs Tariff Act through clauses (7) and (9) for the levy of integrated tax (IGST) and GST Compensation Cess at such rate as is leviable on supply of like articles in India under respective GST Acts. Thus, IGST under Customs Tariff Act is leviable on import of goods in India.

Simultaneously, the GST law also contains provisions with regard to levy of GST on import of goods in India. Under IGST Act, as per Section 5, which is the provision for levy and collection of IGST, integrated tax (IGST) is leviable on all inter-State supplies of goods or services or both. Supply of goods imported into the territory of India, till they cross the customs frontier of India, is treated to be a supply in the course of inter-State trade or commerce. Thus, on import of goods, IGST would also become leviable under IGST Act if the transaction satisfies the other conditions. However, the proviso to Section 5 carves out the situation of import of goods and says that IGST on goods imported into India shall be levied and collected in accordance with the provisions of Section 3 of the Customs Tariff Act. Thus by virtue of the proviso to Section 5, no IGST is payable under IGST Act on the import of goods and tax under Customs Tariff Act would only be leviable.The situation of double taxation as GST on import of goods, separately under both Customs and GST law has consequently been avoided.

Now let us analyse the implications on the transactions of high sea sales and in-bond sales of goods after their entry into the territory of India.

High Sea Sales

'High Sea Sales' is a common trade practice whereby the original importer sells the goods to a third person before the goods are entered for customs clearance. After high sea sale of the goods, the Customs declarations i.e. bill of entry, etc.,are filed by the person who buys the goods from the original importer during the said sale.

Thus, IGST under Customs Tariff Act would be leviable on such goods when the high seas buyer gets the imported goods cleared from Customs after filing bill of entry. The question arises about the applicability of IGST under Section 5 of the IGST Act on the sale of imported goods by original importer. Here again, the applicability of the proviso to Section 5 of the IGST Act comes into play. As per the proviso, IGST on such sale transaction which pertains to goods imported into India, would be leviable only under Customs Tariff Act.

This issue has been specifically deliberated by the GST Council also and as clarified by CBEC through its Circular 33/2017-Cus dated 1.8.2017, IGST shall be payable only once at the time of customs clearance under Customs Tariff Act.

In-bond sale of imported goods

There are instances when the importer does not want clearance of the imported goods immediately due to factors such as market price, saleability, requirement in the factory of production, paucity of funds etc. The importer would prefer to warehouse such goods till the time such goods are required. Customs Act contains provisions to allow temporary warehousing of such goods in customs bonded premises by filing in-bond Bill of Entry without payment of customs duty. Customs duty is paid at the time of clearance of said goods from such bonded premises. The importer is also allowed to sell the goods at the time when they are lying in bonded premises and in such cases bill of entry for clearance from the bonded premises is filed by such buyer. As per Customs Valuation provisions the Customs duty is payable in such situation only on the value at the time of import i.e. the value declared while filing in-bond bill of entry. Therefore, IGST as part of the customs duty shall be leviable on such goods when these are cleared from the bonded premises but only on the original import value not covering the margin, if any, realized by the importer through in-bond sale.

Here again the question arises about the applicability of GST under IGST Act on sale of imported goods by such importer. This issue again got represented to CBEC which has now issued a Circular 46/2017-Cus dated 24.11.2017. This circular which is addressed to the Officers of Customs does not refer to any deliberation of the issue by GST Council though it examines the applicability of IGST on the goods imported into India in addition to the IGST levied on the same goods under Customs Tariff Act. As per this Circular, such sale of goods while they remain deposited in customs bonded warehouse would qualify as supply under GST Act and the provisions of IGST would apply in terms of Section 7 of IGST Act. Section 7 says that supply of goods imported into the territory of India, till they cross the customs frontier of India, is treated to be a supply in the course of inter-State trade or commerce. Customs frontier of India is defined under Section 2(4) of IGST Act to mean the limits of a customs area as defined in Section 2 of the Customs Act, 1962. Section 2(11) of Customs Act has recently been amended by the Taxation Laws (Amendment) Act, 2017 to include "warehouse" in the scope of "customs area".

Thus, any sale before the goods are cleared from such bonded warehouse would be governed by IGST Act being treated as a sale in the course of inter-State trade or commerce. Now the only question which arises is as to whether the proviso to Section 5 applies to this transaction to rule out the liability of IGST under the GST law.

As per the said proviso, GST on goods imported into India shall be levied and collected under Customs Tariff Act on the value as determined under the said Act at the point when duties of customs are levied on the said goods under Customs Act. Thus, it is possible to say that as the duties of customs are levied on the said imported goods only when these are cleared from the warehouse, IGST under IGST Act should not apply on any transaction of supply before such clearance from the warehouse.

The CBEC circular 46/2017-Cus on this subject while saying that IGST would be independently leviable on such sale of imported goods has not discussed or considered the applicability of the proviso to Section 5. The circular has primarily gone with the reasoning that margin between the import price and the sale price would escape the levy of IGST under Customs Valuation. Another reasoning appears to be that customs duty is payable on filing of in-bond bill of entry and such payment is merely deferred because of warehousing under bond. Therefore, sale of goods while they remain in warehouse being a subsequent transaction of supply would attract IGST separately.
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*ICAI: Draft Bank Branch Auditors Panel* of Chartered Accountants/firms for the Year 2017-18 available - Draft Panel at http://meficai.org/draftpanel.jsp

*Empanelment:* Application for empanelment of Stock Auditors with Indian Overseas Bank - Last Submission Date- 30/11/2017.

*Case Study:* Accommodation entry: Reassessment based on mere inquiry in case of 3rd party not justified - M/s Sharmilee Furnishing P. Ltd Vs. I.T.O (ITAT Delhi)

NIRC: Join *Seminar on Corporate Law, FEMA and FCRA*- 2 Dec 9.30 am at Hotel The Park, Parliament Street, Delhi. Register at www.nircseminars.org.

*DISA-ICAI: The Question/answer Database for DISA/CISA* Exam (Covering 700 plus QA) - http://www.casango.org/qa_for_disa/
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Companies Act :

It is held that an application which is barred by limitation cannot be held to be res judicata for the purpose of subsequent claim and once a claim has been dismissed on the ground of limitation or on the ground of delay and laches, such prayer cannot be made thereafter, in the absence of fresh cause of action. *Vijay Vasant Dhavle vs. Dolce Pharmaceuticals Private Limited and Ors.  MANU/NL/0179/2017*

IBC :

Since CPC is not applicable for filing application under the Insolvency Code, Order 3 of the CPC which provides for recognised agents and pleaders, cannot be invoked. *Palogix Infrastructure Pvt. Ltd. vs. ICICI Bank Ltd. MANU/NL/0095/2017*

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GST UPDATE ON ADMISSIBILITY OF CREDIT ON RETENTION MONEY

In normal parlance, there are cases where the service recipient retains a certain portion of payments to be made to the service provider. The amount so retained is paid to the service provider only after the provision of service is complete. This update seeks to take an insight into various provisions for ascertaining whether the credit will be allowed of the GST portion pertaining to the said retention money.

Before Point of Taxation Rules, 2011 were introduced, service tax was payable on receipt basis. Therefore, cenvat credit of the service tax paid was allowed upon partial payment along with service tax, on the basis of invoice raised. After Point of Taxation Rules, 2011, point of taxation was shifted to date of invoice or date of receipt of payment, whichever is earlier. Thus, CENVAT credit was allowed on accrual basis.

Rule 4(7) of the CENVAT Credit Rules, 2004 was amended with effect from 01.09.2014 providing that Credit of Service tax is to be taken on receipt of invoice, however if no payment of supplier invoice is made within 3 months, then such CENVAT Credit was to be reversed and was allowed subsequently after the payment was made.

Thus, under existing laws credit was to be reversed if not paid within 3 months and credit could be re-availed on subsequent payment.

Under GST regime, there are ample confusions regarding the admissibility of credit on the retention money. One school of thoughts is of opinion that the entire credit will be disallowed even if some amount of bill is not paid while other school of thoughts claim that only proportionate credit will be disallowed as pertaining to the amount not paid. While there are some experts who are of the view that the entire credit will be allowed even if some part of the bill is not paid to the supplier.

In this regard, the admissibility of ITC is determined by section 16 of CGST Act, 2017. Second proviso to section 16(2) reads as follows:-

"Provided further that where a recipient fails to pay to the supplier of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, the amount towards the value of supply along with tax payable thereon within a period of one hundred and eighty days from the date of issue of invoice by the supplier, an amount equal to the input tax credit availed by the recipient shall be added to his output tax liability, along with interest thereon, in such manner as may be prescribed:"

The language of this proviso uses the words "amount towards value of supply alongwith tax payable". This indicates that the amount can be any portion of value of supply (as it does not says that the entire bill should not be paid) and tax payable thereon. As such, it can be inferred that the ITC alongwith interest shall be required to be reversed only to the portion of bill not paid to the supplier.

There is one view that the entire credit will be allowed even if some portion of bill is retained as the amount of GST is totally paid and the supplier has also paid the GST to the government exchequer when the invoice was raised. However, if this view is considered, the very basic purpose of this proviso will be defeated as the GST will be paid in every case. It is worthwhile to mention here that the return cannot be filed unless the tax is paid. Therefore, if this contention is accepted, there was no need of drafting this proviso at all.

Therefore, in our view, the interpretation that only the proportionate credit should be reversed seems justified; all the other interpretations does not commensurate with the intention of the law makers.

The content of this GST update is for educational purpose only and not intended for solicitation.
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#Economy:The I-Tax Dept has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban, but failed to file returns by the due date. Besides, large cash deposit by people who have filed I-T returns are also under close scrutiny.

#Finance:The Govt has introduced schemes for financial assistance of up to 90% under the Pradhan Mantri Credit Scheme for powerloom weavers. The Govt will provide margin money subsidy to the extent of 20% of the project cost, with a ceiling of Rs 1 lakh, as well as interest subvention at 6% per annum, both for working capital and term loans up to Rs 10 lakh for a maximum of five years.

#The I-Tax dept conducted searches at over 25 locations in Delhi and the National Capital Region in connection with its tax evasion probe into the Panama Papers leak cases. The I-T teams swooped down on three business groups, which had interests in metals and food processing, financial services and tyres. The CBDT, which frames the policies of the IT dept, had recently said that the probe into the Panama Papers leak cases had led to the detection of undisclosed wealth of Rs 792 crore and that the probe was on in "full swing".

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Paradise Papers: Tax Advisors of Indians are under Scanner

Read more at: http://www.taxscan.in/paradise-papers-tax-advisors-indians-scanner/14430/
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GST: CBEC Lays down Norms for Manual Disbursal of Budgetary Support [Read Circular]

Read more at: http://www.taxscan.in/gst-cbec-lays-norms-manual-disbursal-budgetary-support/14437/
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Madhya Pradesh HC Quashes Interest Demand on Indian Oil Corporation by VAT Authorities [Read Order]

Read more at: http://www.taxscan.in/madhya-pradesh-hc-quashes-interest-demand-indian-oil-corporation-vat-authorities/14393/
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Voluntary Disclosure in all cases can’t absolve the Assessee from Penal Liabilities: Bombay HC [Read Judgment]

Read more at: http://www.taxscan.in/voluntary-disclosure-cases-cant-absolve-assessee-penal-liabilities-bombay-hc/14406/
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Assessment u/s 153C is without Jurisdiction When Documents Seized is not belonged to the Assessee: ITAT [Read Order]

Read more at: http://www.taxscan.in/assessment-u-s-153c-without-jurisdiction-documents-seized-not-belonged-assessee-itat/14400/
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Mistake of Auditor who has Wrongly given the Figures and Made Wrong Observation can’t be basis for Assessment: ITAT [Read Order]

Read more at: http://www.taxscan.in/mistake-auditor-wrongly-given-figures-made-wrong-observation-cant-basis-assessment-itat/14422/
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*Customs*

1. The dispute raised by the Revenue Department regarding the classification of goods stands failed, where the Appellant has filed the documents explaining the purpose of raw material imported by him. *2017-TIOL-4152-CESTAT-MUM*

2.  The petitioners deposited the sums of Rs 10 Lakhs of redemption fine and provided for Bank Guarantees of Rs.10 Lakhs each to cover the penalty imposed on them, of which refund is claimed later. It is held that when refund is granted years later, it should be inclusive of interest. *2017- TIOL-2452-HC-AHM-CUS*

*MODVAT*

3) It is held that MODVAT Credit cannot be denied where there is no evidence to show that Appellant had used any other raw material other than the imported goods nor any diversion of imported raw material has been brought on record *2017-TIOL-4157-CESTAT- MUM*
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*Summary Assessment in certain special cases*

The proper officer on the basis of evidence showing tax liability of any taxpayer issue his notice subject to permission of Assistant Commissioner / Joint Commissioner proceed to tax the liability of such person in the interest of revenue and issue a assessment order.

On application made by taxable person within 30 days from the date of receipt of order passed or on his motion , AC/JC consider that such order is erroneous may withdraw the order and follow the procedure laid u/s 73 and 74.
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Assessment of Non Filer of Return*

Where registered person fails to file the return prescribed u/s 39 and 45 even after serving notice u/s 46 , the proper officer may proceed to assess the tax on best of his judgement on the basis of information in his possession and frame assessment order within period of five years from the due date of filing the annual return under section 44.

Where the taxpayer files the return within 30 days of the service of assessment order, the said order shall be withdrawn. But the taxpayer need to pay interest u/s 50 and late fees u/s 47

*Scrutiny of Return*

The proper officer may scrutinize the return and related particulars furnished by taxable person and inform him the discrepancy if any and ask for explanation of the same. If he is satisfied with the explanation ,inform him about the same. If no satisfactory information has been furnished, proper officer may take the appropriate action including those under section 65, 66 and 67 and proceed to determine the tax under section 73 and 74.

Rule 99 of CGST Rules,2017 , under the proceeding of scrutiny where proper officer ask for any discrepancy will issue notice on Form ASMT-10. After the acceptance by registered person of such discrepancy, pay tax, interest and any other amount and furnish explanation on Form-ASMT

*Provisional Assessment*

Where the taxable person unable to determine the value of goods or services , may request to proper officer in writing to make payment of taxes on provisional basis.

Payment of tax on provisional basis may be allowed if taxable person execute bond with surety or security as may be prescribed. This is required for binding the person for payment of difference of tax between final and provisional assessment.
Proper officer will pass the order within 90 days from the date of application.

The proper officer within period of six month from the date of order, pass the final order. This period of six months may be extended for another period of six months by Joint or Additional commissioner. Commissioner may extend the same for the period of four years.

Any difference payable as determined in final order over the provisional order, shall be subject to interest at the rate specified in section 50 from the due date of payment to actual date of payment.

Where difference as determined in final order over the provisional order is refund , the same shall be subject to interest as provided in section 56 of the act.

For making application for provision assessment, taxable person need to make application on Form-ASMT-01 under Rule -98 of the CGST Rules,2017.

In case of any clarification taxable person will apply on Form –ASMT-03.

Proper officer shall issue order on Form ASMT 04 indicating the value and rate on the basis of which assessment is to be allowed on provisional basis and the amount for which the bond to be executed. Security for the bond amount to be furnished which shall not exceed 25% of the bond amount.

The registered person shall execute bond on Form ASMT 05 along with security in the form of bank guarantee. Applicant will file Form ASMT 08 for release of security

Self Assessment*

_Every registered person shall self assess his taxable value and furnish return for each tax period under section 39 of the Act._

Kind of Assessment in GST*

➖Self Assessment
➖Provisional assessment
➖Scrutiny of Returns
➖Assessment of non filer.           of returns
➖Assessment of unregistered person
➖Summary assessment in certain special cases
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Madhya Pradesh HC Quashes Interest Demand on Indian Oil Corporation by VAT Authorities [Read Order]

Read more at: http://www.taxscan.in/madhya-pradesh-hc-quashes-interest-demand-indian-oil-corporation-vat-authorities/14393/
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No Interim Relief to Google: Karnataka HC Asks Remit Rs. 26 Crores as Deposit [Read Order]

Read more at: http://www.taxscan.in/no-interim-relief-google-karnataka-hc-asks-remit-rs-26-crores-deposit/14385/
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Maharashtra government to form panel to look into ownership rights of pagdi system tenants - http://m.hindustantimes.com/mumbai-news/maharashtra-government-to-form-panel-to-look-into-ownership-rights-of-pagdi-system-tenants/story-hsChGQre0imL5Y3uasmlwJ.html
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# *CBDT* has issued Directions related to some important issues which are to be considered by AO while framing scrutiny assessments pertaining to filing of revised/belated returns by assessee’s post-demonetisation.

# *MCA* has prepared the second list of 18 companies which deposited unusually large sums of cash in their bank accounts soon after DeMon.

# *IT*: The Supreme Court, in a recent order, has held that the higher monetary threshold limits prescribed for filing of appeals by the income-tax authorities would apply both to appeals filed after the date of the instruction revising the limits and also to all pending matters.

# *IT*: The Income Tax department may levy a fresh tax on the unsold inventories in the real estate sector from the financial year to curb hoarding.

# *IT*: The advance deposit of central excise duty (PLA) constitutes actual payment of duty - deduction allowed u/s 43B and, therefore, the assessee is entitled to the benefit of deduction of the said amount – CIT Vs Modipon Ltd. (2017 (11) TMI 1429 - SC).

# *IT*: Maintainability of appeal before CIT(A) against Levy of interest u/s 220(2) - enhanced assessment - AO directed that interest u/s 220(2) chargeable on the amount demanded u/s 156 - the order is appealable - Televista Electronics Ltd. Vs DCIT (2017 (11) TMI 1424 - Delhi HC).

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29 November 2017 News

29th November 2K17

Economic Times

Ø  Sebi framing algo trading rules for retail investors
Ø  Chinese lender offers Indian banks a risky Reliance
Ø  Modi invites global entrepreneurs to invest in India 
Ø  Telcos, Internet firms differ on Trai proposals 
Ø  IBC ordinance may throw spanner in JSW's Jaypee deal
Ø  No loan waiver for capitalists, says Arun Jaitley 
Ø  One in 10 drugs in developing nations sub-par: WHO

 Business Standard

Ø  Trai proposes to keep internet free with some exemptions
Ø  RCom to sell BIG TV to Pantel Tech, Veecon Media for undisclosed sum
Ø  I-T notices to 116,000 for cash deposits above Rs 25 lakh after note ban
Ø  Moody's: Indian insurers likely to benefit from strong economic growth
Ø  Crackdown on shell firms: I-T Dept searches 33 premises linked to 3 groups

Business Line

Ø  Tyagi’s new team ready for action at SEBI
Ø  RJio and Airtel likely to gain from move to exempt Content Delivery Networks 
Ø  ABB, Kawasaki join hands for collaborative robots 
Ø  Hyundai crosses 50 lakh production milestone for domestic market 
Ø  Commerce Ministry to address pepper growers’ woes on imports, prices

 Mint

Ø  L&T may sell some assets by March to fund acquisition spree
Ø Dharmendra Pradhan pitches for GST on natural gas
Ø  Clean energy taps limited CSR funding, report says
Ø  Hindustan Coca-Cola aims to clock $2.5 billion in revenue by 2020
Ø  ICICI Prudential’s Bharat 22 ETF rises 3.50% on market debut

Financial Express

Ø  Economic growth set to end five-quarter slide: Poll
Ø  GST mop-up, compliance unlikely to improve near-term, says report
Ø Formalisation of economy needed a shake-up, says Arun Jaitley
Ø  Singapore’s DBS Bank lowers India’s FY18 GDP growth to 6.6%
Ø  India’s chemical industry to hit $300 bn by 2025: Govt

 Financial Chronicle

Ø  Digital payment fast replacing cash as predominant way: Jaitley
Ø  L&T expects asset sales by March to fuel IT buying spree
Ø  ‘Women entrepreneurs to usher in prosperity’
Ø  Upstream oil regulator may get statutory powers
Ø  Hyderabad spruced up to welcome Ivanka Trump

28 November 2017 News

28th November 2K17

Economic Times

Ø  RBI comes up with a secret formula to help banks avoid loan disasters
Ø  Bharat 22 ETF makes decent debut, lists at Rs 36.30
Ø  Govt to revamp HR practices at public sector banks
Ø  Jio may pitch for RCom's 4G airwaves in key markets
Ø  Sony’s revenue from India dips for 2nd straight year
Ø  Rcom cracks 9% on 'premature' action by CDB
Ø  Singapore social startups build a niche market in India
Ø  Inditrade Capital to buy 80% stake in Varam Capital for Rs 40 crore

Business Standard

Ø  I-T dept moves against hoarders: Unsold realty inventory may be taxed
Ø  Infosys plans to set up design hub in Rhode Island, recruit 500 Americans
Ø  Former Planning Commission member N K Singh to head 15th Finance Commission
Ø  Flipkart founders booked for cheating Bengaluru businessman of Rs 10 cr
Ø  Govt puts RITES, Ircon disinvestment on track
Ø  PSBs may face Rs 40,000-crore loss due to bad loans

Business Line

Ø  ‘Gold holds near 6-week high ahead of Fed chair hearing
Ø  L&T Hyderabad Metro set to transform the Telangana capital
Ø  Aadhaar linkage may stifle secondary realty sales
Ø  The MSP mirage hits Maharashtra’s soya farmers
Ø  Govt looks to lower tax burden on mid-size, large companies

Mint

Ø  Drug regulator to make ‘stability testing’ a must for all medicines sold in India
Ø  GMR Airports IPO likely by June 2018
Ø  15th Finance Commission to examine performance incentives for states
Ø  China Development Bank files insolvency case against RCom
Ø  IBC ordinance may bar clean bidders too, say stakeholders

Financial Express

Ø  Remission in levies notified for textiles, apparel post-GST
Ø  Looming inflation to dash rate cut prospects says Assocham
Ø  Time for consolidation of reforms initiated in 42 months, says NITI Aayog
Ø  Brokers’ body asks government to reduce GST, scrap STT, dividend tax
Ø  Over one-third of 17 lakh registered companies out of business

Financial Chronicle

Ø  Jindal Stainless gets nod for Rs 1,000 crore industrial park in Odisha
Ø  NRIs investing in commercial realty, but with caution
Ø  FPI change of heart sees Rs 16K cr net flows into equities
Ø  Tyre makers see Northeast rising as rubber hub

28 November 2017 Updates

 *Updates*

➡1. No TP additions if sum receivable from AE was converted into interest free deposit due to restructuring agreement
Bombay Dyeing & Mfg. Co. Ltd.
v. Deputy Commissioner of Income-tax, Range 2 (1) (1), Mumbai.

➡2. Provisions of limitation Act are applicable to Insolvency and Bankruptcy Code: NCLT
Machhar Polymer (P.) Ltd.
v. Sabre Helmets (P.) Ltd.

➡3. Profit of eligible business u/s 10B was to be reduced while computing book profits under MAT: Gujarat HC
Principal Commissioner of Income Tax, Vadodara-2 v Sun Pharmaceuticals Industries Ltd.*

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Namaste

*ROC Alert*: *Today, Last date, Pay 4 times penalty from tomorrow*

Last Date 28.11.2017 for filing  Financial Statement in AOC-4 and Annual Return in MGT-7 after that Additional Fee will be applicable from 29.11.2017

For AOC-4 it will be 4 times as additional fee will be applicable from original date of event I.e. 30/09/2017 usually and delay of 30 days will expire on 28.11.2017

For MGT-7 it will be 2 times as additional fee  will be applicable from 29.11.2017.

_Note: It is assumed above that AGM was held on 30.09.2017_
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PUNCTUALITY is Not Just About BEING ON TIME, Its Basically Respecting Our Own
Commitments. 

Living a meaningful life is not about being rich, popular, highly educated or being perfect. Life is about being honest, being strong, real, humble and able to reach out and touch the lives of others while holding gratitude in your heart.

CBDT Instruction of tax effect applies to pending appeals also subject to the two caveats provided in Surya Herbal Ltd. Case – Supreme Court

CBDT has issued Instructions/ Directions to the Assessing Officers on certain important issues/ parameters which are to be considered while framing Scrutiny Assessments in the cases where revised/ belated returns have been filed by the Assessees post-demonetisation. 

The President of India has given his assent to the Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (Code). The Ordinance amends sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new sections 29A and 235A in the Code. 

Defaulting promoters set to lose their companies , Wilful defaulters and borrowers with NPAs for a year or more cannot bid NOT ELIGIBLE FOR BIDDING. 

MCA has issued an advisory on its portal that some issues are being faced with respect to payments through Union Bank of India (UBI) Credit Card gateway and backhand teams are working on it to resolve the same.

Indian Overseas Bank Invites application for Empanelment of Stock Auditors. Only Hard Copy of Application on Firm's Letter Head along with all Supportive documents to be submitted by post/courier. Last Date is 30.11.2017
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Honourable Supreme Court on 23rd November has held that the higher monetary threshold limits prescribed for filing of appeals by the Income Tax Authorities would apply both to appeals filed after the date of the instruction revising the limits and also to all pending Matters.

Source-Times of India
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GST on Advance*
In pursuance of recommendations of GSTN council meeting dated 5 October and 6 October 2017 a Notification no. 40 CGST dated 13th November 2017 (‘the Notification 40’), was issued. The Notification provided that the GST shall be payable only at the time of invoice as per the provisions of Sec 12 (2) of CGST Act, 2017 by registered persons whose aggregate turnover in previous FY Rs.1.5 crore or the registered persons whose aggregate turn over in the year in which such person has obtained registration is likely to be less than 1.5 crore Rs. and who did not opt for composition scheme u/s 10 of the said act.

Accordingly the registered persons with respect to supply of goods were not required to pay GST on advance received for goods where such registered persons fulfills the following:

aggregate turnover in previous FY is less than Rs.1.5 crore and who did not opt for composition scheme u/s 10 of the said Act; or

the registered persons whose aggregate turn over in the year in which such person has obtained registration is likely to be less than 1.5 crore Rs. and who did not opt for composition scheme u/s 10 of the said Act

Accordingly the specified small taxpayers fulfilling either of the above mentioned conditions were not required to pay GST at the time of receipt of advance for goods.

Further, the Notification 40 is superseded in terms of Notification no 66 CGST dated 15thNov 2017. The Notification provides that:

“registered person who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act, and shall accordingly furnish the details and returns as mentioned in Chapter IX of the said Act and the rules made thereunder and the period prescribed for the payment of tax by such class of registered persons shall be such as specified in the said Act.”

Accordingly, the benefit of non-payment of GST on receipt of advance for goods is extended to all tax payers other than those who have not opted for composition scheme.

However, a contrary view can be taken by the authorities in this regard that notification 66 of CGST extends such benefits only to such assesses who can opt for composition scheme under section 10 of CGST Act and have not opted for such composition. More so as the GSTN council had recommended the above benefit to small and medium tax payers only.

Kindly note that, this benefit has been extended only for the advance payments with respect to supply of goods and not to supply of services.
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#Economy:The Centre told supreme court that it is willing to extend the deadline for mandatory linking of Aadhaar to various services till March 31, 2018. Meanwhile, the Supreme Court is likely to set up a Constitution bench next week to hear the issue of stay against mandatory linking of Aadhaar with bank accounts, mobile phone numbers etc.

#Finance:India’s GST collections fell to Rs 83,346 crore in October, from more than Rs 90,000 crore in each of the first three months after the new tax regime was rolled out on July 1. A finance ministry statement attributed the lower collections to the release of state and central GST out of integrated GST paid in the first three months, reduction in taxes and payment of GST based on self-declared tax return. So far, 95.9 lakh taxpayers have registered under GST, of which 15.1lakh are composition dealers who are required to file returns every quarter. As many as 50.1lakh returns were filed for October till November 26.

#India’s textile exports are likely to decline by 10-12% for the current financial year due to the reduction in tax exemptions granted to exporters, appreciation in the Indian rupee against the dollar and shifting of import orders to competing countries. In an alarming situation, India’s readymade garments exports, which are part of textiles segment, declined by 41% in October to Rs 5,398 crore compared to Rs 9,111 crore in the corresponding month last year. Exports of manmade yarns, fabrics and made-ups also declined by 8.3% to Rs 2,310 crore for October 2017 from Rs 2,518 crore in the same month last year.

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Supreme Court has directed setting up of a portal to allow people who bought flats in real estate major Amrapali's projects to claim refunds and directed all non-institutional directors to appear before it to present a roadmap to either deliver apartments or return money to investors.
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Supreme Court has said that Courts cannot force a husband to “keep his wife” as it asked a man to deposit Rs 10 lakh as interim maintenance for his estranged wife and upkeep of their son.
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Calcutta High Court has exempted a father-in-law from maintaining his son’s widow, opining that he was under no obligation to maintain her under Protection of Women from Domestic Violence Act.
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Bombay High Court has reiterated that once caste validity certificate is granted on proper scrutiny to close blood relations, it ought to be relied upon for verifying caste claim of other blood relations from the paternal side.
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Delhi High Court has dismissed a plea against film "Padmavati", observing that such petitions were encouraging those agitating against the movie.
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Delhi High Court has asked authorities, including municipal bodies, to put online the details of status of complaints received by them regarding unauthorised constructions in the National Capital.
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Zimbabwe High Court has ruled that Military takeover that led to Robert Mugabe's ousting was legal.
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 CBEC Relaxes Norms for KYC Verification: Invites Comments from Officers & Stakeholders [Read Circular]

Read more at: http://www.taxscan.in/cbec-relaxes-norms-kyc-verification-invites-comments-officers-stakeholders/14352/
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SC Allows Income Tax Deduction on Excise Duty Paid in Advance in the Personal Ledger Account [Read Judgment]

Read more at: http://www.taxscan.in/sc-allows-income-tax-deduction-on-excise-duty-paid-in-advance-in-the-personal-ledger-account/14348/
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*_MCA_*

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*View Public Documents* (VPD) services would be *restricted* on 27th November (Monday) 2017 from 15:30 hours to 20:00 hours and on 28th -29th November (Tuesday & Wednesday) from 08:00 hours to 20:00 hours *due to annual peak filing*

*Stakeholders may plan accordingly*

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Govt Re-opens Facility for Fling GSTR 1 in GST Portal: Defers GSTR 2

Read more at: http://www.taxscan.in/govt-re-opens-facility-fling-gstr-1-gst-portal-defers-gstr-2/14341/
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Big Companies will face Action If fails to pass GST benefits to Customers, Says Adhia

Read more at: http://www.taxscan.in/big-companies-will-face-action-fails-pass-gst-benefits-customers-says-adhia/14344/
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# *IBC*: Clause (e) of Section 2 of the Code has been substituted with three clauses. This would facilitate the commencement of Part III of the Code relating to individuals and partnership firms in phases.

# *MCA* has issued an advisory on its portal that some issues are being faced with respect to payments through Union Bank of India (UBI) Credit Card gateway and backhand teams are working on it to resolve the same.

# *PMLA*: SC declared Section 45(1) of the Prevention of Money Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Art-14 & 21 of the Constitution of India - Nikesh Tarachand Shah Vs UoI & Anr (2017 (11) TMI 1336 - Supreme Court).

# *IT*: Deduction u/s 80IC cannot be denied by invoking Sec.80AC where the return has been filed belatedly but within permissible time u/s 139(4) - Symbiosis Pharma. Pvt. Ltd. Vs DCIT (2017 (11) TMI 1361 - ITAT Chandigarh).

# *IT*: Tribunal has correctly held that there is an actual delivery and constructive delivery and derivative transactions will not come within the purview of the "speculative transaction" – No disallowance – CIT Vs Bhargava Lodha Stock Brokers Pvt. Ltd. (2017 (11) TMI 1354 – Rajasthan HC).

# *Seminar*: Speaking tom evening (28/11) on Prohibition of Benami Property Transaction at Jawahar Park CPE Study Circle, at Mangal Banquet, I.P. Extn. Delhi.
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CBEC Clarifies Issues on Applicability of GST on Goods Transferred / Sold while being Deposited in a Warehouse [Read Circular]

Read more at: http://www.taxscan.in/cbec-clarifies-issues-applicability-gst-goods-transferred-sold-deposited-warehouse/14084/
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CBDT issues directions for scrutiny assessment in case of revised ITRs filed post demonetisation

Revision of Income-tax return (ITR) is allowed only if any omission or wrong statement is noticed therein by the assessee. Such omission or wrong statement may have occurred due to a bonafide and inadvertent error or a mistake on part of assessee.

However, post demonetisation period, it was found that some of the assessees tried to build an explanation for cash deposits in their bank accounts by manipulating their books of accounts and filing revised or belated ITRs.

Filing revised or belated ITRs just to build an explanation for cash deposits in bank account becomes questionable and, therefore, the transaction disclosed in it which are over and above the original return are liable to be taxed under anti-abuse provisions of the Income-tax Act.

Accordingly, The Central Board of Direct Taxes (CBDT) has issued directions related to some important issues which are to be considered by the Assessing Officer (AO) while framing scrutiny assessments pertaining to filing of revised/belated returns by assessees post-demonetisation.

The following are a few issues which may be kept in view by AO during verification and framing of scrutiny assessments:-

1. The claim of enhanced sales may be compared with Central Excise/VAT returns,

2. Parties to whom additional sales made have claimed must have identity, creditworthiness and transaction must be genuine.

3. Omission or wrong statement in the original return must be pointed out by the auditor in case the accounts had been subjected to tax audit.

4. Source of cash in hands of the person who made payments to the assessee has to be verified carefully.

5. Any manipulated receipts or sale is liable to be taxed as cash credit under section 68 and not merely on net profit basis.

6. Unaccounted income so assessed in scrutiny assessment is liable to be taxed at higher rate without any set-off of losses, exp., etc., under section 115BBE.

GST: Monthly filers can file GSTR1 for July 2017 if not already filed. GSTR-1 for Aug, Sep, Oct & Nov cant be filed now. Quarterly filers also to wait.
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 *Updates*

➡1. CBDT issues directions for scrutiny assessment in case of revised ITRs filed post demonetisation

➡2. Excise duty paid in advance in the Personal Ledger account was entitled to sec. 43B deduction: SC
Commissioner of Income-tax v. Modipon Ltd.

        Thank you
         Have a nice day

27 November 2017 Updates

🎴 *Nil rate supplies*
Goods or services on which GST rate of 0% is applicable (listed in Schedule 1 in the GST rate schedule) are called nil rated goods or services. Supply of any of these goods or services is a nil rated supply under GST.
*Eg:accommodation in hotel with tariff below Rs. 1,000 per Day*

🎴 *Non-taxable supplies*
Goods or services on which GST is not leviable (as these goods or services are kept out of the purview of GST) are called non-taxable goods or services. Supply of any of these goods or services is a non-taxable supply under GST.
*Eg:supply of alcohol for human consumption, petroleum products, electricity*

🎴 *Exempt supplies*
By definition, exempt suppy under GST is a broad term which includes nil rate supplies, non-taxable supplies and specific supplies which are notified as exempt from tax. Hence, in the GST Law and rules, reference to exempt supplies includes nil rate supplies, non-taxable supplies and the specific supplies declared as exempt by notification.
*Eg:Transport services provided by a GTA, where the gross amount charged is less than Rs. 1,500  for a consignment in a single carriage or Rs 750 for a single consignee*

🎴 *Zero rate supplies*
Any goods or services supplied in the course of the following is a zero rated supply under GST:
a. Export or
b. Supplies to Special Economic Zones (SEZ) or SEZ developers

Note that here, tax is not charged owing to the nature of supply, regardless of the goods or services supplied.

Note: For persons making a zero rated supply under GST, 2 options have been given:

Supply goods or services under bond or Letter of Undertaking, without payment of tax and claim refund of unutilised input tax credit, orSupply goods or services with payment of tax and claim input tax credit.

*Eg:Export of apparel to Sri Lanka, consultancy services provided to firm in Malaysia*
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Not Specifying Exact Charge against Assesse while invoking Penalty is against Natural Justice Principles: ITAT Mumbai [Read Order]

Read more at: http://www.taxscan.in/not-specifying-exact-charge-assesse-invoking-penalty-natural-justice-principles-itat-mumbai/14241/
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Last Date 28.11.2017 for filing  Financial Statement in AOC-4 and Annual Return in MGT-7 after that Additional Fee will be applicable from 29.11.2017

For AOC-4 it will be 4 times as additional fee will be applicable from original date of event I.e. 30/09/2017 usually and delay of 30 days will expire on 28.11.2017

For MGT-7 it will be 2 times as additional fee  will be applicable from 29.11.2017.

_Note: It is assumed above that AGM was held on 30.09.2017_
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What to do if a restaurant overcharges after the GST rate cut?*

On November 15, GST on 178 goods was lowered to 18 percent from 28 percent as part of rationalisation approved by the GST Council. It was slashed to 5 percent from 18 percent for all standalone restaurants irrespective of whether they were air-conditioned or otherwise, without input tax credit. Also, a flat 5% slab was imposed on takeaways and deliveries.
If you notice any discrepancies in the prices on the menu, here is what you can do:

1. *CBEC GST Portal*
Visit the portal at https://cbec-gst.gov.in/
When you scroll down you will come across the CBEC Mitra Helpdesk
There select the option, Raise Web Ticket
You will be taken to different window, where on the left-hand side you will have to choose Tax Fraud/Avoidance
You will be taken to a page where you will have to enter details like your full name, email address, and report. In the report box, mention details of the restaurant like its name, address, and the nature of the complaint.
Once you do this, a representative will first contact the restaurant to check the details with them and then email you the information.

2. *Email:*
CBEC: You can email your grievance at cbecmitra.helpdesk@icegate.gov.in. In the email, mention your name, phone number, name of the restaurant, its location, and the nature of the complaint. Although you don't have to attach the pre and post GST bills along with the mail, do keep the pre-GST bill handy. According to the CBEC helpline number, they will first contact the restaurant to check the details with them and then email you the information.

3. *Department of Consumer Affairs:* Here, too, you need to keep the post-GST bill with you, you will need it the complaint gets escalated. In the email, mention your name, contact details, city, and your complaint where provide details like restaurant name, their contact details, address, and email. The consumer forum will contact the restaurant and once they get a response, they will email it to you. The helpline desk representative told us that you can also send an email to the restaurant marking the consumer helpline email ID. If (in both cases) the restaurant does not respond within seven days or if you are not satisfied with the response, then you will have to approach a consumer court and register a complaint. This the only route you can use if you are going through the Department, the toll free number, 1800114000, will only give you advise on what you can do.

4. *Toll free number of CBEC*
You can call the toll free number of CBEC at 18001200232 and where you will be connected to the Fraud department.

5. *Twitter*
You can also flag your grievances on the official Twitter handles of GST (askGST_Goi) and the Finance Ministry (@FinMinIndia).
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Penalty can’t be imposed for Non-Deduction of TDS If Default was due to Wrong Classification of Payments: ITAT [Read Order]

Read more at: http://www.taxscan.in/penalty-cant-imposed-non-deduction-tds-default-due-wrong-classification-payments-itat/14242/
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Delhi HC Confirms Suspension of CA for Manipulating Public Issue of Company, Asks CA Fraternity to Ensure Probity and Sanctity [Read Judgment]

Read more at: http://www.taxscan.in/delhi-hc-confirms-suspension-ca-manipulating-public-issue-company-asks-ca-fraternity-ensure-probity-sanctity/14118/
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: CBDT comes up with Stringent Norms for Scrutiny of Revised / Belated Returns filed Post-Demonetisation [Read Letter]

Read more at: http://www.taxscan.in/cbdt-comes-stringent-norms-scrutiny-revised-belated-returns-filed-post-demonetisation/14145/
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CBDT Circular Specifying Tax Effect Applies to Pending Appeals: Supreme Court [Read Judgment]

Read more at: http://www.taxscan.in/cbdt-circular-specifying-tax-effect-applies-pending-appeals-supreme-court/14167/
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GST: Centre and State Divides Tax Payers in Maharashtra [Read Order]

Read more at: http://www.taxscan.in/gst-centre-state-divides-tax-payers-maharashtra-read-order/14113/
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Donations Received by Trust for Specific Purpose of Acquiring Capital Assets are Tied-up Grants: ITAT allows Exemption [Read Order]

Read more at: http://www.taxscan.in/donations-received-trust-specific-purpose-acquiring-capital-assets-tied-grants-itat-allows-exemption/14095/
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CBEC amends Condition to Provisional Mega Power Projects and Permit Proportionate release of FDR or BG [Read Notification]

Read more at: http://www.taxscan.in/cbec-amends-condition-provisional-mega-power-projects-permit-proportionate-release-fdr-bg/14189/
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Out of pocket reimbursible expenses are not required to be included in the addressable value for calculation of Service Tax while rendering Business Auxiliary Service. Tribunal relied upon Delhi High court judgement in International Consultant and Technocrat Vs Union of India. Dream Loansz vs CCE 2017 (6)GSTL 443 Tri.
Cheque returning charges Minimum Balance Charges quarterly average balance charges (though penal in nature) yet liable to be included in the addressable value. Karur Vyasa Bank Vs. CCE 2017 (6) GSTL 436 Tri.

Construction of flats under low cost housing scheme of Govt of UP or Welfare Scheme not liable to Service Tax.Activities not liable either Works Contract nor Construction of Complex Service.  CCE VS.Ganesh Yadav. 2017 (6)GSTL 428. Tri. Allahabad.

Arrangement fees payable to ICICI Bank Ltd Singapore for arranging ECB. Service Tax payable on the basis of RCM by Appellant CCE VS JSE Steel Ltd 2017 (6)GSTL 397 Madras High Court.
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Defaulting firms may be given windowto come clean

NEW DELHI, NOVEMBER 24: 
The government may announce an amnesty or a settlement scheme to provide relief to some of the three lakh company directors disqualified in a sudden decision in September.

Several high-profile independent directors were among those disqualified. Many have obtained favourable high court orders staying the government decision. However, a stay order only provides temporary relief.

Sections of India Inc have been pleading with the government for a settlement scheme to give companies an opportunity to update their records and pay a compounding penalty for failure to file returns, said sources in industry and corporate law. A settlement scheme would essentially give companies a few weeks to update their records and pay a penalty to rectify the position.

More worrying for corporate India is the interpretation of the provision in the Companies Act on disqualification; one such interpretation requires the disqualified directors to vacate all board positions. While not all agree with this, the government has offered no clarification.

The government had said that it was applying Section 164 (2) of the Companies Act, 2013, which calls for disqualification of all directors — executive, non-executive and independent — of companies that had failed to file their annual returns and financial statements with the Registrar of Companies for three continuous years. The government suspects that many of the companies that have not filed their returns are shell companies, and that some of them have indulged in illegal activities, particularly after last year’s demonetisation exercise.

Indications from the government are that while it does not want to penalise some of these independent directors, it wants to be tough on defaulters, particularly if their offence is significant. If the government does not provide relief, disqualified directors cannot be reappointed to board positions until November 1, 2021.

BIG NAMES

The original list of disqualified directors included former ICICI executive and prominent woman director Ramni Nirula, top corporate lawyers Berjis M Desai and Bahram N Vakil, bankers Udayan Bose and Srinivasan Sridhar, retired bureaucrat Subbaraman Narayan, and Eicher group chairman Srinivasan Sandilya, according to the website watchoutinvestors.com.

A check on the status of the director identification number of these individuals on the Corporate Affairs Ministry website shows that Nirula, Narayan and Sandilya are “Approved”, meaning they have either got a stay order, or succeeded in proving an error by the RoC in disqualifying them.
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🍎 *What is GST ITC-04?*

GST ITC-04 has to be furnished by registered manufacturers, showing details of inputs or capital goods dispatched or received from a job worker in a quarter.

🍊 *The details of the following 4 types of transactions need to be furnished in GST ITC-04:*

👉 Inputs or capital goods dispatched to job workers in the quarter

👉 Inputs or capital goods received from job workers in the quarter

👉 Inputs or capital goods sent from one job worker to another in the quarter

👉 Inputs or capital goods supplied from the premises of job workers in the quarter

🍋 *GST ITC-04 due date*

The regular deadline for filing GST ITC-04 will be the 25th of the month succeeding a quarter. Note that last date for filing Form ITC-04 for the quarter July- September ’17 has been extended from 25th October ’17 to 31st December ’17.
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Companies Act :

Since from the bare persual of Section 242 of the Companies Act, 2013, it is clear that the Tribunal if comes to a definite conclusion that the company's affairs have been or are being conducted in a manner prejudicial/oppressive to any member/members/public interest/interest of the company and to wind up the company would unfairly prejudice such member/members, then only with a view to bring to an end the matters complained of, may make such orders as it thinks fit, it is held by the Hon'ble NCLAT that where the petitioners have failed to make out a case of 'Oppression and Mismanagement, the Tribunal has no jurisdiction to pass any order in terms of Section 242(1) & (2) of the Companies Act, 2013. *Upper India Steel Manufacturing and Engineering Co. Ltd. and Ors. vs. Gurlal Singh Grewal and Ors. MANU/NL/0164/2017*

IBC :

It is held that an application u/s 9 of the Code, by a trade union/workmen association is not maintainable in the absence of any liability or application in respect of any claim which is due to them from the corporate debtor as they do not provide any service to the corporate debtor and cannot claim to be operational creditor. It is further held that members of trade union may have some amount due from the corporate debtor as salary, gratuity, etc. in view of service rendered, for which each workman will have a separate cause of action, separate claim and separate date of default. *J K Jute Mill Mazdoor Morcha vs. Juggilal Kamlapat Jute Mills Co. Ltd. MANU/NL/0089/2017*
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# *GST*: CBEC clarifies applicability of IGST/GST on goods transferred/sold while being deposited in a warehouse - CirNo.46/2017-Customs, dt.24.11.2017.

# *IBC*: A new Section 29A has been inserted in the Insolvency & Bankruptcy Code, 2016, through Ordinance, dt.23.11.2017, that makes *certain persons ineligible* to be a resolution applicant, which includes:
• wilful defaulters;
• those person whose accounts have been classified as NPAs for one year or more
• those who have executed an enforceable guarantee in favour of a creditor, in respect of a corporate debtor undergoing a CIRP or liquidation process under the Code; and
• Related Parties such as persons connected are promoters or in management of control of the resolution applicant or corporate debtor, the holding company, subsidiary company, associate company.

# *IBC*: The Committee of Creditors (CoC) shall reject a resolution plan submitted before the Ordinance but is yet to be approved, and where the resolution applicant is not eligible as per the new Section-29A. In such cases, on account of the rejection, where there is no other plan available with the CoC, it may invite fresh resolution plans.

# *IT*: Amount received against damages for breach of contract not taxable since the fundamental right for starting the business was taken away – CIT Vs Parle Soft Drinks (Bangalore) Pvt. Ltd. & Ors (2017 (11) TMI 1311 - Bombay HC).
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🏻GST - Matching of invoices, returns to start soon.*

(Govt will soon start the process of matching returns and invoices under the GST as the IT backbone for the tax reform measure stabilises and the need to assess the extent of taxes due takes centrestage)
👇🏻 👇🏻 👇🏻
https://goo.gl/kW3nWV

*👉🏻All revised IT returns post demonetisation under lens.*

(Government told all tax offices to accept only those revised tax returns where there is a “bona fide inadvertent error” or “a mistake” on part of the assessee. If inquiries indicate any dubious manipulation to legitimise undisclosed cash deposit, then an assessee should be taxed at a much higher rate under the anti-abuse provisions of the law.)
👇🏻 👇🏻 👇🏻
https://goo.gl/J9YU7U

*👉🏻SC holds stringent bail condition in PMLA as unconstitutional.*

(In absence of any compelling state interest, indiscriminate application of the provisions of Section 45 will certainly violate Article 21 of the Constitution, which guarantees right to life and liberty to all citizens, it observed.)
👇🏻 👇🏻 👇🏻
https://goo.gl/5QoPQ7
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IBC Amendment: Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law:

The President giving his assent to an ordinance to amend the Bankruptcy Code, 2016 to prevent unscrupulous persons from misusing or vitiating the provisions of the Code.

The amendments aim to keep out such persons who have willfully defaulted, are associated with non-performing assets (NPAs), or are habitually non-compliant and, therefore, are likely to be a risk to the successful resolution of the insolvency of a company.

Those who have their accounts classified NPA for one year or more and are unable to settle their overdue amounts include interest thereon and charges relating to the account before submission of the resolution plan would also be ineligible.

Corporates, promoters and associate companies undergoing insolvency resolution or liquidation under the Code would not be eligible for bidding for the stressed assets.

The Committee of Creditors (CoC) should ensure the viability and feasibility of a resolution plan before approving it.

CoC should “reject a resolution plan, which is submitted before the commencement of the Ordinance but is yet to be approved”.

ICAI Committee has organised 3 days Program from 22-24 Nov.2017 on Insolvency and Bankcuptcy Code Examination at New Delhi. Webcast of that is available at ICAI Tv. http://estv.in/icai/clcgc/
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📺 *Updates*

➡1. HC directs Commissioner to decide on levy of GST on works contract executed before July 1, 2017
Coimbatore Corporation Contractors Welfare Association v. State of Tamil Nadu

➡2. No penalty if assessee, following ICAI guidelines, was in bona fide belief that sec. 44AB wasn't applicable
Off- Shore India Ltd. v. Deputy Commissioner of Income-tax, Circle-4, Kolkata.

➡3. Ind AS not applicable to Branch offices of a foreign company.
https://accountsandaudit.taxmann.com/fileopennew.aspx?id=222330000000013562&mode=home&page=

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Sykes Enterprises (India) (P.) Ltd. - [2017] 87 taxmann.com 167 (Bangalore - Trib.)

IT/ILT: Where assessee was rendering software development services to its AE, to benchmark said transaction, a software product company and company engaged in development of niche product, were incomparable
IT/ILT: Assessing Officer should exclude on sale of assets incurred by assessee from computation of operating loss profits/costs of software development services rendered by assessee

I. Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm’s length price (Comparables and adjustments/Comparables - Illustrations) - Assessment year 2006-07 - Assessee-company rendered software development services to its AE - Whether a software product company and company engaged in niche product were incomparable - Held, yes - Whether company engaged in services in form of ACCEL IT and ACCEL animation services for 2D and 3D animation was functionally different and, thus, incomparable - Held, yes - Whether a company which assumed all risks, leading to higher profit, could not be compared with assessee, assuming only limited risk - Held, yes [Para 7][In favour of assessee]

II. Section 92C of the Income-tax Act, 1961 - Transfer pricing - Computation of arm’s length price (Comparables and adjustment/Adjustments - Operating Cost) - Assessment year 2006-07 - TPO had considered 'loss on sale of assets' incurred by assessee as part of operating mark up on cost - Loss incurred on sale of assets was due to cessation of ITES business of assessee and did not form part of assessee's business of provision of software development services to its AE's in year under consideration - Whether Assessing Officer should exclude said loss from computation of operating profits/costs of its software development services - Held, yes [Para 6][Matter remanded]
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Subsidy from State Govt under ‘Capital Investment Subsidy’ is a Non Taxable Capital Receipt: ITAT [Read Order]

Read more at: http://www.taxscan.in/subsidy-state-govt-capital-investment-subsidy-non-taxable-capital-receipt-itat/14052/
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*Restoration of ICAI Membership or COP:Steps*

Step 1: Check your status, whether both membership & COP is cancelled or only COP is cancelled : http://112.133.194.253/reprintletter/membercard.aspx

Step 2: If both membership & COP is cancelled , only Form 9 is required to be filled along with fees. To download form 9 : https://www.icai.org/new_post.html?post_id=1564&c_id=89

Step 3: If only COP is cancelled, Form 101 is required to be filled along with fees.To download form 101 : https://www.icai.org/new_post.html?post_id=1564&c_id=89
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Winter Session of Parliament from Dec 15: GST (Compensation to States) Bill to Come Up

Read more at: http://www.taxscan.in/winter-session-parliament-dec-15-gst-compensation-states-bill-come/14019/
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Rent received during Eviction of Tenants on a Property Purchased for Setting Up of Project is not Taxable: ITAT [Read Order]

Read more at: http://www.taxscan.in/rent-received-eviction-tenants-property-purchased-setting-project-not-taxable-itat/14004/
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Sale of Idea Cellular’s Shares by a Mauritius subsidiary of Tata to Birla Group Company is Not Taxable in India: ITAT [Read Order]

Read more at: http://www.taxscan.in/sale-idea-cellulars-shares-mauritius-subsidiary-tata-birla-group-company-not-taxable-india-itat/13977/
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Madras HC Quashes Assessment against Cairn India [Read Judgment]

Read more at: http://www.taxscan.in/madras-hc-quashes-assessment-cairn-india-read-judgment/14023/
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CBEC - Customs

 

CBEC has issued a circular on the procedure to be followed, when the testing facilities of certain goods is not available in Revenue Laboratories which causes delay in clearance of the consignments of these goods due to avoidable movement of samples between Customs field formations and Revenue Laboratories. The CRCL has shortlisted the items whose samples which cannot be tested in their Laboratories at present and also identified the Laboratories functioning under the other Ministries / Departments / Organizations where such samples could be tested. Further, until Revenue Laboratories are upgraded, as a measure of trade facilitation, the Board has decided that field formations may directly forward samples of goods mentioned after following the prescribed procedure.
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CBDT

 

CBDT has issued a draft notification in respect of conversion of Indian branch of foreign bank into Indian Subsidiary Company. Finance Act, 2012 inserted a new Chapter XII-BB consisting of section 115JG in the Income-tax Act, 1961 (the Act) which contains “Special provisions relating to conversion of Indian Branch of a foreign bank into a subsidiary company”. Section 115JG of the Act inter-alia provides that in case the conversion of Indian Branch of foreign bank fulfills the conditions notified by the Central Government, the capital gains arising from such conversion shall not be chargeable to tax and the provision relating to unabsorbed depreciation, set off or carry forward and set off of losses, tax credit in respect of tax paid on deemed income relating to certain companies and the computation of income in case of Foreign Company and Indian Subsidiary shall apply with such modification, exception etc. as may be specified in the notification.

 

SEBI

 

Shri Anand Rajeshwar Baiwar has taken charge as Executive Director, SEBI on November 16, 2017. He will look after the Investigation Department and Division of Foreign Portfolio Investors and Custodians. Prior to this assignment he was working as Commissioner of Income-Tax at Kolkata. Shri Baiwar is an Indian Revenue Service (IRS) officer of the 1990 batch and has over 25 years of experience in the administration of Direct Tax Laws investigation and examination of accounts. Shri Baiwar is a graduate in Engineering from BITS, Pilani and holds a Post Graduate Diploma in Management (PGDM) from Indian Institute of Management (IIM), Bangalore. He is also a Chartered Financial Analyst (CFA) from ICFAI, Hyderabad and has a Bachelors Degree in Law from Gujarat University
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SEBI - BSE 

The Exchange has shared the details of the non-compliant Exclusively Listed Companies and its Promoters/Directors with the Depositories for initiating the action against Exclusively Listed Companies and its Promoters / Directors in accordance with the circular issued recently. The particulars shared with the Depositories are based on the extent of the data made available by De-recognized / Non-operational / exited Stock Exchanges / ROC, to BSE. Further the consequences of non-compliance, include the non-compliant ELCs, its directors, its promoters and the companies which are promoted by any of them shall not be eligible to access the securities market for the purposes of raising capital till the promoters of such ELCs provide an exit option to the public shareholders in compliance with SEBI circular dated October 10, 2016 and the promoters and directors of non-compliant ELCs shall not be eligible to remain or become director of any listed company till the promoters of such non-complaint ELCs provide exit option to public shareholders in compliance with SEBI circular dated October 10, 2016 and intimate the same to the Exchange.

 

CBEC

 

CBEC has issued a notification inviting suggestions from the Industry and Trade Associations for budget 2018-19 regarding changes in Direct and Indirect taxes. The suggestions may relate to changes in duty structure, rates and broadening of tax base on both direct and indirect taxes giving justification for the same. Suggestions and views may also be supplemented by relevant statistical information about production, prices revenue implication of changes suggested. Suggestions and views related to Indirect Taxes may be emailed as a word document to budget-cbec@nic.in and Suggestions related to Direct Taxes to ustpl3@nic.in. Last date for submissions of suggestions is 25th November, 2017. 
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IBC Amendment:* *Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law*
1. The President giving his assent to an ordinance to amend the Bankruptcy Code, 2016 to prevent unscrupulous persons from misusing or vitiating the provisions of the Code.

2. “The amendments aim to keep out such persons who have willfully defaulted, are associated with non-performing assets (NPAs), or are habitually non-compliant and, therefore, are likely to be a risk to the successful resolution of the insolvency of a company."

3. “Those who have their accounts classified NPA for one year or more and are unable to settle their overdue amounts include interest thereon and charges relating to the account before submission of the resolution plan” would also be ineligible.

4. Corporates, promoters and associate companies undergoing insolvency resolution or liquidation under the Code would not be eligible for bidding for the stressed assets.

5. The Committee of Creditors (CoC) should ensure the viability and feasibility of a resolution plan before approving it.

6. CoC should “reject a resolution plan, which is submitted before the commencement of the Ordinance but is yet to be approved”.
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SEBI

 

SEBI has issued circular allowing Investments by FPIs in Hybrid Securities. Presently, FPI investments  are classified as either debt or equity depending on the type of the security in which the FPIs transact. FPIs are permitted to invest in REITs and InvITs, which are  classified as hybrid securities and presently,  the said investments are not reflected in the daily FPI net investment data or the monthly/fortnightly FPI AUC data. Further, in order to capture FPI investment data in hybrid securities, a third category termed as “Hybrid Security” shall be created for the purpose of capturing and disseminating FPI investment data in hybrid securities. The depositories (NSDL and CDSL) shall put in place the necessary systems for the daily reporting by the custodians of the FPIs and shall also disseminate on their websites, the AUC of the FPIs in debt, equity and hybrid securities.
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# *IBC*: The Hon’ble Supreme Court in the matter Uttara Foods & Feeds Pvt.Ltd. Vs. Mona Pharma Chem has observed that Insolvency & Bankruptcy (Application to Adjudicating) Rules, 2016 does not give inherent powers to NCLAT as provided in Rule 11 of NCLT Rules, 2016 to allow compromise to take effect after admission of insolvency petition.

# *CBEC* has issued a circular on the procedure to be followed, when the testing facilities of certain goods is not available in Revenue Laboratories which causes delay in clearance of the consignments of these goods due to avoidable movement of samples between Customs field formations and Revenue Lab.

# *ICAI* issues revised (Sixth Edn.) Guidance Note on Transfer Pricing Report U/s 92E of The Income-Tax Act, 1961.

# *SEBI*: BSE has shared the details of the non-compliant Exclusively Listed Companies and its Promoters / Directors with the Depositories for initiating the action against Exclusively Listed Companies and its Promoters / Directors in accordance with the circular issued recently.

# *IT*: Entitlement for waiver of interest u/s 220(2A) - petitioner has satisfied all the three conditions as enumerated under Section 220(2A) of the Act and therefore are entitled for waiver of interest. – Madras Race Club Vs. CIT, ACIT, JCIT (2017 (11) TMI 1225 - Madras High Court)

# *ST*: No Demand of ST on fees received for courses of London School of Economics (University of London) under commercial coaching/ training centre – ITM Int’l Pvt. Ltd. Vs CST (2017 (11) TMI 1230 - CESTAT New Delhi (LB)).
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Kerala Govt directs Local bodies to become GST Compliant

Read more at: http://www.taxscan.in/kerala-govt-directs-local-bodies-become-gst-compliant/14000/
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Petition challenging PAN-Aadhaar Linkage in SC dismissed as Withdrawn [Read Order]

Read more at: http://www.taxscan.in/petition-challenging-pan-aadhaar-linkage-sc-dismissed-withdrawn/14008/
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*Refund to Exporters under GST Due To Insertion Of two Proviso To Rule 96/ 96A*-
1. *As Per Rule 96/ 96A* - Details of the export invoices contained in FORM GSTR-1 furnished on the common portal shall be electronically transmitted to the system designated by Customs and a confirmation that the goods covered by the said invoices have been exported out of India shall be electronically transmitted to the common portal from the said system. Once this process is completed then only a refund can be granted to an exporter.
2. *Due to delays in return filing* as a consequence to GSTN glitches,  the CGST (Eleventh Amendment) Rules, 2017 has inserted  two provisos in rule 96(2) /96A(2) effective from 28.10.2017 which provide as under.
3. *First proviso to rule 96(2) /96A(2)*- Where the date for furnishing the details of outward supplies in FORM GSTR-1 for a tax period has been extended in exercise of the powers conferred under section 37 of the Act, the supplier shall furnish the information relating to exports as specified in Table 6A of FORM GSTR-1 after the return in FORM GSTR-3B has been furnished and the same shall be transmitted electronically by the common portal to the system designated by the Customs
4. *Second proviso to rule 96(2) /96A(2)*- Information in Table 6A furnished under the first proviso shall be auto-drafted in FORM GSTR-1 for the said tax period. *The portal has made available the table 6A of GSTR-1 on portal separately. This table can now be filled by exporters to claim an early refund*. Details furnished in this table will be auto populated in GSTR-1 of relevant month as and when filed
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🏻RBI relaxes 26% debt-equity conversion cap for ARCs.*

(n a major boost to the asset reconstruction companies (ARCs) the RBI relaxed norms capping their shareholdings at 26 per cent in the borrower firm under reconstruction, provided their net-owned funds are maintained at Rs 100 crore.)
👇🏻 👇🏻 👇🏻
https://goo.gl/ain1P3

*👉🏻No proposal to withdraw cheque book facility - FinMin.*

(The clarification comes in the backdrop of reports in a certain section of media that there is a possibility that the central government may withdraw bank cheque book facility in the near future, with an intent to encourage digital transactions)
👇🏻 👇🏻 👇🏻
https://goo.gl/L9BZpP

*👉🏻Ordinance to amend the Insolvency and Bankruptcy Code, 2016 promulgated.*

(The Ordinance amends Sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new Sections 29A and 235A in the Code.)
👇🏻 👇🏻 👇🏻
https://goo.gl/Ab6sPe

*👉🏻Partners Required.*

(RBI category I firm looking for partners at Bangalore  Delhi & Chennai location for various professional work.)
👇🏻 👇🏻 👇🏻
https://goo.gl/7EFVkd
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MCA to restore DIN to enable disqualified directors to file return of cos. other than defaulting co.: HC OF HYDERABAD
Dr. Reddy's Research Foundation v. MCA

Govt constitutes a task force to review existing income tax law and draft new direct tax law with seven members, CA Girish ahuja is member of this task force.

*IBC:* The President giving his assent to an ordinance to amend the Bankruptcy Code, 2016 to prevent unscrupulous persons from misusing or vitiating the provisions of the Code.

*IBC Amendment:* Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law.

*CPE requirement:* Revised CPE hrs requirement w.e.f 1/1/2017, 3 yrs block for:
Members holding CoP Age<60 yrs:120 hrs, Age≥60 yrs:90 hrs
Others:60 hrs
Visit:https://www.cpeicai.org/?page_id=134
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The government has brought back the main author of the now junked Direct Taxes Code as a convenor of the task force to review the decade sold provisions of the Income Tax Act and draft a replacement. 

GST: If Receipt of Payment & Completion of Supply happen before rate change then old rate will apply to  issue invoice. Else new rate will apply.

Union cabinet approved amendments to the Insolvency and Bankruptcy Code (IBC) to plug potential loopholes in the new corporate turn around regime and to ensure rescued companies remain in reliable hands.

Government plans to partly finance private sector expenditure on promoting tourism in India and may offer leading hotels, travel agencies, online travel portals and airlines. 
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: Defect in Notice that Creates Jurisdiction is an Incurable Defect: ITAT Quashes Wealth Tax Proceedings against Sahara [Read Order]

Read more at: http://www.taxscan.in/defect-notice-creates-jurisdiction-incurable-defect-itat-quashes-wealth-tax-proceedings-sahara/13691/
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Principal Commissioner is the Competent Authority to receive Revision Application: Govt Amends Central Excise Rules [Read Notification]

Read more at: http://www.taxscan.in/principal-commissioner-competent-authority-receive-revision-application-govt-amends-central-excise-rules/13968/
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: The matchstick first burns itself before burning other things. Anger is also like a matchstick, it destroys us first, before destroying others.

Limitations live only in our minds.  But if we use our imaginations, our possibilities become limitless.

CBDT has issued a draft notification in respect of conversion of Indian branch of foreign bank into Indian Subsidiary Company. 

GST- 3B reset facility is working Now . Used it for Aug , Sept and surprisingly for Oct also. 

Functionality for refund of Input Tax Credit of inputs/input services attributed to export of Goods & Services is now available on the GST Portal.

Taxpayers who have not filed Form GSTR 1 for July 2017, can now file it on the GST Portal.

CBEC chairman has written to the biggest companies to ensure that cuts in the goods and services tax (GST) are passed on to customers. Government is keen that this translate into lower prices for buyers.
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📺 *Updates*

➡1. Insolvency resolution process to be dismissed due to pre-existence of dispute between parties
One Coat Plaster v. Ambience (P.) Ltd.

➡2. ITAT slams AO for denying sec. 54B relief if assessee duly proved that sold land was used for growing crops
Assistant Commissioner of Income Tax, Central Circle, Aurangabad v. Govardhan S. Pawar*

➡3. Mitsubishi’s TDS case referred to Chief Justice due to difference of opinion between two judges
Commissioner of Income-tax-II v. Mitsubishi Corporation India (P.) Ltd.

        🙏�Thank you🙏�
         Have a nice day

27 November 2017 News

27th November 2K17

Economic Times

Ø  India has potential to be $10 tn economy: McKinsey MD
Ø  Airtel a beneficiary of consolidation: Sunil Mittal
Ø  Finmin confirms LIC’s Rs 1.5 lakh crore Railway ticket
Ø  FPIs invest $2.6 billion in capital markets in Nov
Ø  Taxmen to slap higher tax on fraudulently revised ITRs
Ø  COAI seeks talks with TRAI on new call drop norms
Ø  No intention of introducing Islamic banking: Naqvi
Ø  Nepal state firm to build $2.5 bln power project 

 Business Standard

Ø  Insolvency and Bankruptcy Code: Lenders, bidders split on assets valuation
Ø  GDP growth to be better in Q2, experts say
Ø  Unsold housing units fall to 685,000 in 7 cities; NCR has 34% of them
Ø  Aurobindo Pharma looks for inorganic growth prospects in East Europe
Ø  BSE changes limit for risk reduction mode in currency futures
Ø  L&T's H’bad Metro project delay raises cost by over 30%

Business Line

Ø  ‘Look North-East’ push from govt, tyre sector gathers pace 
Ø  Dumping duty on caustic soda imports extended by one year
Ø  ‘HDFC Bank does not see fintech companies posing a challenge’ 
Ø  ONGC wants higher gas price to produce KG, Kutch discoveries
Ø  Mahindra eyes US car market with South Korean subsidiary

 Mint

Ø  Uber sees India development centres driving global innovations
Ø  Saudi Aramco, Sabic sign deal for $20 billion oil-to-chemicals project
Ø  Jindal Steel could win a slice of Indian Railways’ global tender for steel rails: report
Ø  Opec has no idea what shale is up to, but never mind
Ø  NSE, BSE write to companies over WhatsApp earnings leak

Financial Express

Ø  Remission in levies notified for textiles, apparel post GST
Ø  Looming inflation to dash rate cut prospects, says Assocham
Ø  Time for consolidation of reforms initiated in 42 months, says NITI Aayog
Ø  Brokers’ body asks government to reduce GST, scrap STT, dividend tax
Ø  Over one-third of 17 lakh registered companies out of business

 Financial Chronicle

Ø  Jindal Stainless gets nod for Rs 1,000 crore industrial park in Odisha
Ø  NRIs investing in commercial realty, but with caution
Ø  FPI change of heart sees Rs 16K cr net flows into equities
Ø  Tyre makers see Northeast rising as rubber hub

26 November 2017 News

26th November 2K17

Economic Times

Ø  Economy improving but losing out on culture: Munjal
Ø  No VIP culture in airports at all: Aviation Minister
Ø  Prices of over fifty essential drugs cut by up to 53%
Ø  Gold stays weak on global cues, muted demand
Ø  Fino Bank targets Rs 1,500 cr gold loan portfolio
Ø  Sunil Mittal sees no early end to tariff war
Ø  HDFC Life is gung-ho on capital goods stocks

Business Standard

Ø  India-focused funds continue to see robust inflows
Ø  Tyremakers to invest Rs 35,000 crore in 5 years
Ø  Uber to disclose price on SoftBank deal early next week: Sources
Ø  Black Friday: Amazon founder Jeff Bezos' net worth is now over $100 bn
Ø  Tata Motors launches SUV Hexa in Nepal, delivers first batch of vehicle
Ø  Indian e-com start-ups to hog limelight at global meet

Business Line

Ø  Ease of doing business: DIPP urges States to be more aggressive
Ø  Tata Motors’ SUV Hexa drives into Nepal
Ø  Chinese tyres imports has started to decline: ATMA
Ø  Hyderabad Metro Rail service to open for public from Nov 29
Ø  Note ban: Big depositors who didn’t file returns to get Income-Tax notices

Mint

Ø  Narendra Modi to inaugurate Hyderabad Metro on 28 November
Ø  SBI looking at renewables, roads sectors to boost loan growth: Rajnish Kumar
Ø  Formulation of fair rules should not be driven by valuation alone: IBBI’s MS Sahoo
Ø  Trump Tower launched in Kolkata, developers aim Rs700 crore in sales
Ø  Reliance Industries closes Marcellus shale asset sale for $126 million

Financial Express

Ø  Electric vehicles race: Two-wheeler makers watch from the sidelines
Ø  Entrepreneurs to get major leg-up in IndiaPhilanthropists give away wealth to charity
Ø  Oil and gas companies may take Rs 15,000 crore hit
Ø  Amazon's Jeff Bezos' fortune hits $100 billion on Black Friday stock surge
Ø  ONGC wants higher gas price to produce KG, Kutch discoveries

Financial Chronicle

Ø  Farmers want total loan waiver
Ø  Govt nod for raising carpet area to boost sale of ready-built flats
Ø  Real estate awaits return of FDI wave
Ø  Lamborghini Unveils Electric Self-Healing Supercar
Ø  Edible oil prices under pressure
Ø  Insurers to see 16% growth during FY17-20

25 November 2017 News

25th November 2K17

Economic Times

Ø  All revised I-T returns post demonetisation under lens
Ø  Jio makes life tough for telecom workers and this may be just the beginning
Ø  Modi's demonetisation has changed the big fat Indian wedding
Ø  Steps taken to pass on rate cut gains: FMCG companies
Ø  Airtel’s bid to get users of Tata Tele faces hurdle
Ø  Jio posts positive AGR for first time in Sept qtr
Ø  Don't buy a new car yet, wait for electric vehicles if you can

Business Standard

Ø  Edelweiss Financial gains on successful fund raising through QIP issue
Ø  ONGC: Strong prospects after near-term worries
Ø  Reliance Industries, Future Retail, Crompton Greaves Consumer hit new highs
Ø  Infosys hits over three-month high; stock up 10% in November
Ø  FMCG companies make a beeline for Assam following tax sops
Ø  Mahindra and Mahindra partners with Uber to expand electric vehicle sales

Business Line

Ø  Nokia looks beyond telecom to expand business in India
Ø  SBI launches YONO, an integrated app for financial services
Ø  Ashok Leyland scripts turnaround in LCV business, to launch 5-6 products
Ø  India, Finland to boost in IT, renewable energy ties
Ø  M&M to bid for phase-2 of govt’s e-vehicle tender

Mint

Ø  Jeff Bezos first person since Bill Gates in 1999 to have net worth of $100 billion
Ø  SBI’s Rajnish Kumar: Bankruptcy reforms have made banks more confident
Ø  Linking Aadhaar with bank accounts can prevent fraud: UIDAI CEO
Ø  Sun Pharma hoping recovery in US in second half, street wary
Ø  India to auction 100GW of green energy contracts by March 2020

Financial Express

Ø  Bank job cuts: Employment at lenders set for cuts due to automation, digital economy push
Ø  Infosys chief Nandan Nilekani, Airtel chief Sunil Mittal to Wipro chief Azim Premji, top 5 Indian Philanthropists give away wealth to charity
Ø  Bank of Japan signals room to fine-tune yield curve control, say reports
Ø  ONGC pens letter to PM Narendra Modi, makes this fervent plea against private companies
Ø  China rising, but it can’t match up to American power

Financial Chronicle

Ø  ARCs allowed to hold more than 26% in sick companies
Ø  Honda creates history, sells over 2 m Activa units in April-October
Ø  Lotte, Peugeot Propose to invest as much as $6 billion in India
Ø  Bond yields move up as market rules out a repeat of OMO episode
Ø  M&M ties up with Uber, to invest Rs 600 cr in EVs
Ø  CMI reports Rs 6.14 crore net profit in Q2FY18

24 November 2017 News

*Friday 24th November 2017*

Economic Times

Ø  IBC ordinance: Several cos say not 'wilful defaulters'

Ø  Airtel eyes spectrum, equipment of RCom

Ø  EPFO okays proposal to credit ETF units to PF a/cs

Ø  Bharti family pledges Rs 7K cr towards philanthropy

Ø  No proposal to withdraw bank cheque books: Govt

Ø  Economic slowdown has bottomed out: Report

Ø  IPPs' 60,000-mw thermal generation in trouble

Business Standard

Ø  RBI allows strong ARCs to hold more than 26% in sick units

Ø  Rupee spurts 34 paise to fresh 3-week high of 64.58 against dollar

Ø  Infra status of logistics to bring in investments, create jobs: CII

Ø  Havmor to sell ice cream business to South Korea's Lotte for Rs 1,020 cr

Ø  Govt exempts oil & gas PSU mergers like HPCL-ONGC deal from CCI approval

Business line

Ø  German industrial giant ThyssenKrupp defends Tata steel merger

Ø  Biocon launches oncologic biosimilar KRABEVA in India

Ø  India’s tea production heading to be less than 2016

Ø  Railways saves over Rs. 5,000 cr in power bills in two years

Ø  BSE to auction investment limits for Rs. 8,300-cr corp bonds

Ø  Broadcom said to be considering sweetened Qualcomm bid

Mint

Ø  India is said to discuss $6 billion Lotte, Peugeot investments

Ø  Everstone acquires Malaysia-based Chemopharm

Ø  Aamby Valley auction: SC asks Bombay HC receiver to help in bidding process

Financial Express

Ø  Google to prepare 1.3 lakh Indians for emerging technologies

Ø  HDFC Bank to develop 1,000 villages under CSR by FY19

Ø  Naredco asks government to halve GST for work contracts

Ø  AC, TV, Fridge may get costlier from January as input costs rise

Ø  Centre announces Rs 1 lakh cr worth of projects to TN

Financial Chronicle

Ø  Eicher Trucks targets e-comm with new vehicles

Ø  Cotton exports to shrink as boll worm affects crop

Ø  Defaulters, firms with NPAs barred from bidding for assets under IBC

Ø  Govt nod for raising carpet area to boost sale of ready-built flats.