UPDATES
1.RCom to Opt for Insolvency Resolution Process After Failure to Repay Debt.
2.The Resolution Professional is not required to express his opinion on matters within the domain of the financial creditors, to approve or reject the
resolution plan, under section 30(4) under the I&B Code”.
3. Place of supply & State to be mentioned on all invoices in case of inter-State supply: (Circular No. 90/09/2019-GST)
Non-compliance of the said provision will attract penalty under sec 122 or 125 i.e. penalty up to Rs. 25,000/-.
4.NCLAT orders resolution on Essar Steel bid by March 8 .2019
5.Aadhaar-PAN linking is now mandatory for the PAN holders requiring the filing of Income Tax Return. The last date to link aadhaar number and PAN is 31.3.2019.
.
=========>
.
GST Practitioner arrested for Tax Evasion March 3, 2019 2:38 pm| By : Tax Scan Team A Goods and Services Tax ( GST ) Practitioner has arrested for evasion of Rs 35 crore. The directorate general of GST intelligence (DGGI) arrested the GST Practitioner for allegedly running a fake invoice racket. He was remanded to judicial custody in Chanchalaguda central prison late on Friday evening. The arrested person named as Rajesh Gandhi, a shareholder of Flora Corporation Ltd, had shown business transactions worth Rs 35 crore by issuing invoices with no actual supply of goods. He was remanded for 14 days by the Economic Offences Wing court. The DGGI alleged that the company for which the accused claimed to be a GST practitioner and tax consultant was thought to have been engaged in trading of milk and milk products as well as unwrought lead, battery scrap, iron bars, copper plates etc. The Company involved in engaged in the agriculture and animal husbandry services. DGGI additional director general K Balaji Majumdar said, “We carried out searches at various locations on February 28 and busted a key module. Documents including copies of fake invoices issued on the letterheads of various fake firms were seized.” Majumdar added, “the accused attempted to raise an illegal input tax credit of Rs 6.13 crore by issuing fake invoices. In many instances, back to back transactions have also been made.” The officer also said that the accused has confessed to the invoice fraud and GST evasion. Navya Dairy Products is another company under the scanner of GST sleuths.
Read more at: https://www.taxscan.in/gst-practitioner-arrested-evasion/33881/
.
=========>
.
# INCOME TAX UPDATES
Income tax refunds will be credited only to bank accounts linked with PAN (savings/ current/ cash/ OD) from March 1, 2019
# MCA UPDATES
•Every company incorporated on or before the 31st December 2017 shall file the particulars of the company and its registered office, in e-Form ACTIVE (Active Company Tagging Identities and Verification) on or before 25.04.2019, provided due Financial statements and Annual returns have to be filed with ROC. Late fees Rs.10,000
•The period of 30 days for filing initial return in MSME Form 1 shall be reckoned from the date the said e-form is deployed on MCA 21 portal
MCA E-FORM *DPT-3 : Mandatory Information of Deposits to ROC as notified by MCA on 22.01.2019
# GST UPDATES
•Relief to Real Estate Sector w.e.f 01st April 2019 : For affordable housing GST rate reduced from 8% to 1% and for other housing from 12% to 5%, subject to non-availability of Input Tax Credit.
Affordable housing defined as:
-A residential house/flat of carpet area of upto 90 sqm in non-metropolitan cities/towns and 60 sqm in metropolitan cities having value upto Rs. 45 lacs (both for metropolitan and non-metropolitan cities).
-Metropolitan Cities are Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR).
-Capping on cost of house for both metro and non-metro cities at INR 45 Lakhs
•GST exemption on TDR/ JDA, long term lease (premium), FSI:
Intermediate tax on development right, such as TDR, JDA, lease (premium), FSI shall be exempted only for such residential property on which GST is payable.
# RBI UPDATES
•Ministry of MSME (MoMSME) has decided that a new scheme viz. “Interest Subvention Scheme for Incremental credit to MSMEs 2018” will be implemented over 2018-19 & 2019-20.
- All MSMEs who meet the following criterias shall be eligible as beneficiaries under the Scheme:
a. Valid Udyog Aadhar Number [UAN]
b. Valid GSTN Number
-Please refer the link for other conditions:
https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11482&Mode=0
•RBI introduces the Voluntary Retention Route for Investments by Foreign Portfolio Investors (FPIs) i.e. Voluntary Retention Route: Investment under the VRR scheme shall be open for allotment from March 11, 2019. The details are as under:
- The aggregate investment limit shall be ₹ 40,000 crores for VRR-Govt. and ₹ 35,000 crores for VRR-Corp.
- The minimum retention period shall be three years. During this period, FPIs shall maintain a minimum of 75% of the allocated amount in India
- Investment limits shall be available on tap for investments and shall be allotted by Clearing Corporation of India Ltd. (CCIL) on ‘first come first served’ basis
- The investment limits under the current tranche shall be kept open till the limits are exhausted or till April 30, 2019 whichever is earlier
- FPIs desirous of investing may apply online to CCIL through their respective custodians
- CCIL will separately notify the operational details of application and allotment
.
=========>
.
IBBI issues Charter on Responsibilities of Insolvency Professionals and CoC
[Read Charter]
Read more at: https://www.taxscan.in/ibbi-charter-insolvency-professionals-coc/33884/
.
=========>
.
Network Rights is Goodwill: ITAT allows Depreciation [Read Order]
Read more at: https://www.taxscan.in/network-rights-goodwill-itat-allows-depreciation/33890/
.
=========>
.
👉CBDT, in a bid to promote Cashless Transactions, issues an advisory on its Official Website regarding Cash Transactions over and above the prescribed limits specified under the law.
👉Central Government amends the Aadhaar Act and two related laws in order to make Aadhaar based-KYC for Procuring Mobile Connection and Bank Account compulsory. The compulsory use of Aadhaar-based KYC for mobile connections and bank accounts was prohibited by the Supreme court’s judgement dated 26th September 2018.
👉In the light of the increase in the number of Professional Misconduct cases against the Insolvency Professionals, the Insolvency and Bankruptcy Board of India (IBBI) issues a Charter prescribing the responsibilities of the Insolvency Professionals and the Committee of Creditors (CoC).
👉RBI imposes a Monetary Penalty of Rs 3 Crore on Union Bank, Rs 2 crore on Dena Bank, and Rs 1 crore each on IDBI Bank and the SBI Bank, for Non-Compliance with Various Directions
👉SEBI approves a proposal to Lower Fees charged from Brokers, Stock Exchanges and Companies seeking to get listed in order to bring down the cost of trading in stock markets. It also approves changes in norms for Valuation of Money Market and Debt Securities by Mutual Funds.
👉Govt. decides to Directly Transfer Cash Subsidies into bank accounts of Farm Produce Exporters, in an attempt to make Indian agricultural produce globally competitive and boost exports of branded farm products, officials with direct knowledge of the matter said on condition of anonymity.
