Consultancy Services’ for Preparation of Transport Studies such as Comprehensive Mobility Plan, etc. Exempt from GST: AAR [Read Order]
Read more at: http://www.taxscan.in/consultancy-services-for-preparation-of-transport-studies-such-as-comprehensive-mobility-plan-etc-exempt-from-gst-aar/30720/
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CBI arrests Three GST Officials in a Bribery Case
Read more at: http://www.taxscan.in/cbi-arrests-gst-bribery-case/30732/
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.Sushmita Sen not liable to pay Tax on Compensation Received from Coca Cola in a Sexual Harrassment Case: ITAT [Read Order]
Read more at: http://www.taxscan.in/sushmita-sen-pay-tax-compensation-received-coca-cola-sexual-harrassment-case-itat/30735/
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🏦 Capital Market Updates🏦
November 19 - November 25, 2018
1. 🏍 TVS Motors has launched ‘TVS Apache RTR’ in Bangladesh. A big POSITIVE for the company.
2. 🕳 Coal India’s bottom-line has jumped over eight-fold to ₹3085 crore in Q2FY19. A huge jump in profitability may lead to another bumper dividend. BUY.
3. ⛓ National Aluminium Company reported a much higher PAT at ₹510 crore in Q2FY19 v/s ₹234.6 crore in Q2FY18. BUY immediately.
4. ⚗ Kiri Industries has once again reported excellent results for Q2. A big BUY.
5. ⚙ Tata Steel has reported 3 times higher consolidated PAT for Q2 after acquiring Bhushan Steel and is expected to fare equally well going forward. BUY.
6. 💸 Allahabad Bank has reported a net loss of ₹1823 crore for Q2. Its NPA (non-performing assets) issues seem to persist. Stay AWAY from this counter.
7. 🚛 Ashok Leyland reported a 37% jump in Q2 PAT on account of improved sales. BUY.
8. 🏥 Malaysian company IHH Healthcare has acquired a majority stake in Fortis Healthcare for ~₹4000 crore. Retail investors may gain as the minimum price of the open offer will be ₹170/share. BUY.
9. 💊 Sun Pharmaceutical Industries has unexpectedly reported a loss of ₹219 crore in Q2 on account of a ₹1214 crore provision for the settlement of its Modafinil antitrust case in the US. Stay AWAY from this counter for some time.
10. 🖥 Infibeam Avenues reported 48% higher sales of ₹135 crore in Q2FY19. The recent meltdown in its share price was unwarranted. The stock is likely to rebound. BUY.
11. 🎞 Polyplex Corporation has reported excellent results for Q2 and declared an interim dividend of ₹10. ACCUMULATE.
12. ⚗ In spite of muted earnings for Q2, Deepak Fertilisers & Petrochemicals Corporation is a good BUY at one-third its peak level. The management expects a good pick up in H2FY19. BUY.
13. 📡 Vodafone Idea has reported a consolidated net loss of ₹4974 crore for Q2. It plans to raise another ₹25000 crore via debt. A debt trap may be in the offing. Stay AWAY.
14. 💸 IDBI Bank has reported a net loss for Q2 for the eighth consecutive quarter due to mounting provisions for bad debts. SELL and stay AWAY.
15. 🏥 Apollo Hospitals Enterprise is divesting its pharma business for ~₹528 crore as part of its restructuring exercise to pare its debt. ACCUMULATE in small quantities.
16. 🚐 Auto major Mahindra & Mahindra reported 24% higher PAT for Q2. Its longterm prospects look good. HOLD.
17. 🏪 Future Retail reported 14% higher PAT of ₹175.1 crore. ACCUMULATE.
18. 🏋🏻♂ Talwalkars Lifestyles reported robust results for Q2 and may continue to do so in the next few quarters as well. BUY for the long term.
19. 🎛 Motherson Sumi Systems posted muted results for Q2. The stock seems
overpriced. SELL now and BUY later at lower levels.
20. 💦 Va Tech Wabag, which recently obtained a ~₹600 crore order in Tunisia, may report good earnings in the next 1-2 years. ACCUMULATE for good returns.
21. ⚗ I G Petrochemicals reported 20% higher EPS of ₹13 for Q2 and is likely to notch an EPS of ₹52 for FY19. A very safe investment bet in the current turmoil.
22. 🛢 Deep Industries is expected to notch an EPS of ₹25 for FY19. The stock is heading towards the ₹175 mark.
23. 💸 Yes Bank is down due to the sudden resignation of its Chairman. With strong fundamentals intact, the stock can be bought for decent gains.
24. 💊 Lincoln Pharmaceuticals has reported 33% higher PAT for Q2 and 91% higher PAT for H1FY19. With a likely FY19E EPS of ₹30, the stock has the potential to cross ₹300.
25. ⛰Some punters are betting big on Pokarna Limited. Its expansion plans will boost its EPS substantially going forward. The stock has the potential to touch ₹250.
26. 🏭 After reporting an EPS of Rs.10 for Q2 and Rs.14 for H1FY19, BCL Industries is likely to notch an EPS of ₹25 for FY19. A reasonable P/E of 8x will take its share price to ₹200.
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Acceptance of TDS Credits for availing credit by suppliers
If you are supplying goods or services on which TDS is being deducted under GST
Many TDS Registrants have complained that they are not able to view TDS certificate (Form GSTR-7A) after the return for TDS, Form GSTR-7 has been filed by them. It is brought to your notice that TDS certificate generation is dependent upon the deductee (Supplier to the department), accepting the tax deduction (made by a bonafide TDS Deductor) under "TDS and TCS Credit received" tab in Returns dashboard.
Since Form GSTR-7 has been implemented for the first time, it is visualized that in some cases, TDS deduction may be prone to errors. An intermediate step of either accepting or rejecting the amount, by deductee, will ensure that valid credit is credited to deductees' cash ledger. Any inadvertent errors or inconsistencies can be rectified post rejection by the TDS deductee.
It is therefore brought to your notice that, if you are supplying goods or services on which TDS is being deducted under GST, please either accept or reject the credit, in return dashboard as stated above. If you accept the credit then the amount will be credited to your cash ledger and after this acceptance by you, the certificate will be generated and will be made available to TDS Deductors. If the credit is rejected by you, then it will flow back to TDS Deductor for correction.
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💻GSTR 9A – Annual return for Composition dealers to be filed on or before 31st December!📆
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Arjuna (Fictional Character): Krishna, What is the form GSTR 9A in GST?
Krishna (Fictional Character): Arjuna, The GSTR-9A is the annual return to be filed once in a year by taxpayers who have opted for the Composition Scheme under GST for the period July17 to March 2018 . It includes all the information furnished in the quarterly returns filed by the composition taxpayers during that financial year.
Arjuna: Krishna, Who should file GSTR 9A and what is the due date for filing GSTR 9A?
Krishna: Arjuna, All taxpayers registered under the composition levy scheme under GST should file GSTR-9A. GSTR-9A has to be filed on or before 31st December following the close of financial year. For example, if the composition taxpayer is filing GSTR-9A for the FY 2017-18, the taxpayer should file it, on or before 31st December, 2018.
Arjuna: Krishna, What details the taxpayer needs to provide in GSTR 9A?
Krishna: Arjuna, In GSTR 9A, there are 5 parts. Following are the details which the taxpayer needs to provide in GSTR 9A:
Part I - Basic Details such as GSTIN, Legal Name, Trade Name of the taxpayer that is auto-populated
Part II - Details of outward and inward supplies declared in GSTR-4 filed during the financial year. This input consists of summary from all quarterly returns filed during the FY.
Part III - Details of tax paid as declared in returns filed during the financial year. Tax paid under different heads such as IGST, CGST, SGST, Cess, Interest, Late Fee, Penalty has to be mentioned here.
Part IV - Particulars of the transactions for the previous FY declared in returns of April to September of current FY or upto date of filing of annual return whichever is earlier. This section consists of summary of amendments or corrections relating to entries of previous FY. It may be additions or omissions.
Part V - Other Information such as the following:
a) Particulars of Demands and Refunds. Here, details of any demands for tax from the tax department, tax paid on the demand raised, any balance to be paid shall be mentioned. Also, details of Refund claimed, refund received out of the claim, pending refund shall be mentioned.
b) Details of credit reversed or availed – If a taxpayer switches from regular to composition scheme or vice versa, ITC shall be reversed or added respectively. Such details pertaining to ITC shall be entered here.
c) Late fee payable and paid – Late fee on account of late payment of tax or late filing of returns shall be mentioned in this section.
Arjuna: Krishna, Is there any penalty or late fees for late filing of GSTR 9A?
Krishna: Arjuna, Late fees for not filing the GSTR 9 within the due date is Rs. 100 per day per act up to a maximum of an amount calculated at a quarter percent of the taxpayer turnover in the state or union territory. Thus it is Rs 100 under CGST & 100 under SGST, the total penalty is Rs 200 per day of default. There is no late fee on IGST.
Arjuna: What one should learn from this?
Krishna: Arjuna, Revisions in GST returns are not possible, also maximum information in the annual returns would be auto populated. There is big question what would happen if there are differences in the quarterly returns filed and the actuals as per the book.
From this it seems that Honesty is yet again being punished as the taxpayers who have filed returns in time are at stake, as being the new law there may be mistakes in the return . But those taxpayers who have not filed their returns in time, are filing their returns making all the required adjustments.
Thanks for reading
