Monday, 3 September 2018

03 September 2018 News

03.09.18 Economic News

👉GST Collections Dropped to Rs 93,960 Crore in August from Rs 96,483 Crore in the Previous Month July.

👉CBIC initiates the process to weed out approx. 12 Lakh GST Assessees who have fallen off the tax map due to Non-Filing of returns. This Move will ensure Effective Tax Base.

👉71% Rise in E-filing of Income Tax Returns filed till Aug 31. The ITRs E-Filed up to August 31, were 5.42 Crore compared to the 3.17 crore last year, signalling an increase of 71%. Almost 34.95 Lakh Returns were uploaded on the last date itself.

👉Walmart-Flipkart Deal: Income Tax Department asks Walmart to pay tax arising out of acquisition by 7 September

👉The probe into charges against Chanda Kochhar will cover All Property Dealings by the Kochhar family since she took over as CEO of ICICI Bank.

👉Mauritius tops India's FDI charts again in FY18 as it remained the top source of Foreign Direct Investment into India in 2017-18 followed by Singapore. While FDI from Mauritius totalled USD 13.41 Billion as against USD 13.38 Billion in the previous year, inflows from Singapore rose to USD 9.27 Billion from USD 6.52 Billion.

👉Foreign Portfolio Investors(FPIs) infuses over Rs 5,100 Crore into the Country's Capital Market in August -- the Second Consecutive Month of inflow -- on improvement on the Macro Front, Better Corporate Earnings and Correction in the Mid and Small-Cap Space, being bullish on India.

👉To ensure safety of the Securities Markets, BSE has decided to introduce the mechanism to Automatically Cancel Reversal Trades Executed on All Contracts in Equity Derivatives Segment from Monday i.e. Today. The mechanism, Reversal Trade Prevention Check (RTPC), is aimed at Preventing Potential Cases of Trade Reversal taking place on the Exchange's Trading Platform which may have been undertaken for the purposes of Tax Evasion.

👉ICAI gives Representation to CBDT for Extension of last date for Tax Audit Reports and ITR from 30 Sept. 2018 to 31 Oct. 2018, in the case of corporate assessees and where tax audit is applicable.

👉ICAI issues Technical Guide on Audit of Urban Improvement Trusts and Development Authorities

3rd September 2K18

Economic Times

Ø  India Inc's foreign borrowing rises by 74% in July
Ø  IT dept to wait for Walmart to pay tax on Flipkart deal
Ø  'Mehul Choksi's properties are money laundering assets'
Ø  Tax compliance improved after DeMo: EAC-PM member
Ø  343 Infra Projects show cost overrun of Rs 2.23 Lakh Cr

Business Standard

Ø  India's coal import rises 12% to 79 million tonnes in April-July
Ø  RBI to sensitise boards of pvt banks on liability of independent directors
Ø  Broad agreement on world's largest trade pact likely in November: Singapore
Ø  HPCL to finalise 10 licensors this week for Rs 431-bn Rajasthan refinery
Ø  Wipro wins biggest-ever contract worth over $1.5 bn from Alight Solutions
Ø  IOCL to invest Rs 170 bn for 3 polyester fibre-making facilities in Odisha

Business Line

Ø  CBIC to weed out a million assessees from GST tax net
Ø  Maruti, IOC join hands for biofuel blend, engine efficiency
Ø  KEC International bags orders worth Rs.1,010 cr
Ø  Coffee Board pegs crop loss due to heavy rains at 82,000 tonnes
Ø  Impose penalties for delayed crop insurance payouts,
Agriculture Ministry tells FinMin

Mint

Ø  JSW Steel-Aion Investment pays ₹2,457 cr to Monnet Ispat lenders
Ø  GST collections drop to ₹93,960 crore in August as tax cuts begin to impact
Ø  Solar installations in India down 52% in second quarter of 2018: report
Ø  Volkswagen emissions manipulation also extended to petrol cars: report
Ø  Tata Motors, Mahindra report strong sales in August; Maruti, Hyundai lag
Ø  Gems, jewellery exports decline by about 5% in April-July

Financial Express

Ø  Price control, ad-hoc regulatory changes may hamper pharma sector growth: Pfizer
Ø  Agencies begin relook at Reliance Infra ratings on debt reduction measures
Ø  Fair trade regulator CCI dismisses two complaints against DLF

Financial Chronicle

Ø  Govt appears committed to fiscal discipline, consolidation
Ø  Rubber production-consumption gap widens to 58% in Q1FY19
Ø  ITI ropes in 58 SMEs for second coming