Financial News on May 7, 2019
Economic Times
Ø E-comm Policy, data localisation figure in Indo-US meet
Ø Trade war would be 'bad for the world': Buffett
Ø Bharti Airtel posts surprise Q4 Profit of Rs 107 Crores
Ø L&T buys Rs. 113 cr Mindtree Shares in Open mkt
Ø ICICI Bank Q4 Profit drops 5% to Rs 969 Crore
Ø Jaypee Infra lenders to mull NBCC revised bid
Business Standard
Ø Policy to boost Exports on anvil as Trade Deficit hits new high of $176 Bn
Ø State-owned discoms' Debt set to rise to pre-Uday levels of Rs 2.6 Trn
Ø Forgers are forcing $9-Trillion Global Trade financing into Digital age
Ø Govt. cannot ensure cheaper oil to India, says US Commerce Secretary
Ø HDFC Bank board may go for splitting stock into two later this month
Business Line
Ø Wockhardt Q4 net loss narrows to Rs 14.47 Cr
Ø Industry bodies list key issues for GST Council meet next month
Ø Gujarat Gas net jumps 77% in March quarter
Ø PFS reports Q4 net Profits at Rs 36.76 Crore
Ø Liquidation process for ABG Shipyard commences
Ø Medlife acquires Bengaluru-based Myra Medicines
Mint
Ø NRIs can remit up to $1 Mn from sale of property in India
Ø Investor wealth erodes by ₹1.24 Lakh Cr as markets plunge
Ø Finance Commission to meet RBI Governor, bank officials during Mumbai visit
Ø ICICI Bank: Asset quality improves but trend in slippages, provisions key
Ø UK entrepreneur says SBI allows him to bid for Jet Airways
Financial Express
Ø Mastercard commits $1 Bn investment in India in next 5 yrs; to develop India as Global Tech node
Ø Anand Piramal, Kris Gopalakrishnan, Accel Partners, others pouring $74 Million in Mukesh Bansal’s CureFit
Ø China gives modest boost to Economy with RRR cut amid renewed trade tensions
Ø India’s Services sector output growth at 7-month low in April: PMI
Deccan Chronicle
Ø Sensex slumps 363 Points as US-China Trade Talks derail
Ø End-user IT spending in India to reach USD 15 bn in 2019: Report
Ø Sun Pharmaceutical eyes Chinese market
Ø Over 100 US cos visiting India to explore Business Opportunities
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GST GYAN
Person Who Can File NIL Annual Return(GSTR-9 Or GSTR-9A)-
1) NOT made any outward supply (commonly known as sale); AND
2) NOT received any goods/services (commonly known as purchase); AND 3) NO other liability to report; AND
4) NOT claimed any credit; AND
5) NOT claimed any refund; AND
6) NOT received any order creating demand
7) There is no late fee to be paid etc.
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# ASB of ICAI releases Compendium of Ind AS (E-version as on April 01, 2019):
https://www.icai.org/post.html?post_id=15365
# ICAI changes dates of 2 Examinations of Final and of Foundation for May 2019 -
- Final Group I, Paper 4 - from 2nd June 2019 to 4th June 2019
- Final Group II, Paper 5 - from 4th June 2019 to 13th June 2019
- Foundation Paper 3 - 9th June 2019 to 13th June 2019
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CBDT released data that after clocking steep growth of 25% in the three years to FY18), the number of taxpayers filing income-tax e-returns saw a marginal contraction in FY19. In FY19, only 6.68 crore returns were filed online, 1% lower than 6.74 crore filed in FY18.
Income tax department has released the software utility in excel format for filing ITR2 for FY2018-19. It is to be used by individuals having capital gains or more than one house property but not by those individuals having income from business and profession.
Bombay High Court in the matter of Pr. CIT Vs State Bank of India Stated that Interest on Income Tax Refund cannot be denied for Mistake committed by assessee during ITR filings.
GSTR-9 is merely a compilation of data filed in GSTR-3B and GSTR-1. As per the instructions of the form GSTR-9, it is stated that information of outward supplies ‘may’ be derived from Form GSTR 1. Hence, so far as Outward supplies and tax payable in the annual return is concerned, the same are to be extracted from Form GSTR 1 only.
MCA has given the clarification on format of audit report for reconciliation of share capital and filing of the same with the Registrar of Companies.
RBI Study revealed that Inflation forecasts by the central bank have gone away only at time of low food inflation. In most other periods, forecasts have remained almost close to actual, and in line with the trend in the forecast of other central banks
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👉IBBI proposes 365-Day Timeline for Liquidation Process. Much like the 270-day deadline that’s sacrosanct in a Corporate Insolvency Resolution Process, liquidation should be completed in 365 days, IBBI suggested in its draft regulations on Corporate Liquidation Process.
👉Banks have put up nearly Rs 1.3 Lakh Crore of Bad Loans for sale to Asset Reconstruction Firms (ARC) in the last fiscal, amid delays and legal challenges in cases admitted for resolution in the NCLT under the IBC.
👉IBBI streamlines Insolvency Professional’s ‘Temporary Surrender’ Process. IBBI, has advised the Insolvency Professional Agencies (IPAs) — who register the IPs with them — not to ordinarily accept ‘Temporary Surrender’ of Professional Membership of an IP while doing the CIRP or Individual Insolvency Resolution and Individual Bankruptcy.
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Capital Market Updates
👍🏻 Massive NPA provisioning by Yes Bank has pulled down its share price by nearly 30%. Buy this contrarian share
selectively.
👍🏻 Godrej Properties plans to develop quite a few properties in the next one year. Its future looks bright. Buy for the long term.
👍🏻 Reliance Communications is definitely headed for insolvency after it withdrew its petition against the NCLT. The big question is - who will buy the company? Not a bad idea for investors with a risk appetite.
👍🏻 DCM Shriram posted excellent results for Q4 with an EPS of Rs.18 v/s Rs.4 in the previous corresponding quarter. Its fertiliser plant which was shut down for maintenance has also become operational. FY20 is likely to be better. Buy.
👍🏻 Shares of Wadia group companies fell on reports of Ness Wadia being arrested. This should however not dent the stock prices for a long time. Bombay Dyeing & Manufacturing Co. and Bombay Burmah Trading Corp. are likely to rebound soon.
👍🏻 NTPC plans to raise Rs.3056 crore through private placement of secured non-convertible bonds. Accumulate.
👍🏻 Kotak Mahindra Bank posted 14% higher PAT for Q4 in an uncertain market. A good stock to buy.
👍🏻 Tata Elxsi expects over 15% growth this year. Its future looks bright. Accumulate.
👍🏻 Lupin has received USFDA approval for its Bosentan tablets, a treatment for pulmonary arterial hypertension. A positive for the company. Buy.
👍🏻 Times Guaranty reported a sharp turnaround in its Q4 working. Its FY19 numbers are equally good. Buy.
👍🏻 Container Corporation of India continues to fare well. Buy for the long term.
👎🏻 Edelweiss has downgraded Bank of Baroda on earnings concerns post its merger with Vijaya Bank and Dena Bank. Be cautious. Sell now and buy later.
👍🏻 With China relocating its chemical factories, Kiri Industries and Aarti Industries may benefit significantly. Buy.
👍🏻 Hero MotoCorp plans to put up a big fight against Enfield. Aggressive marketing could boost its sales. Accumulate.
👍🏻 Indian Hotels posted 55% higher PAT for Q4. The management expects the company’s glorious past to return by 2022. Buy.
👍🏻 Kalpataru Power Transmission has acquired 85% stake in Sweden-based Linjemontage for Rs.167 crore. A positive for the company. Accumulate.
👍🏻 Punjab National Bank remains steady. An attractive buy at the current level.
👍🏻 Britannia Industries posted 14% higher PAT for Q4. With new launches in the pipeline, its future looks bright. Accumulate in small quantities.
👍🏻 Ambuja Cements posted 57% higher PAT to Rs.427 crore. The cement sector is set to boom. Buy for the long term.
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GST: B2B invoices will have to be generated on govt portal by Sept:
READ MORE- https://www.gststation.in/gst-b2b-invoices-will-have-to-be-generated-on-govt-portal-by-sept/
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CARE Ratings pegs GST collection at Rs 12.60-13.40 lakh cr in FY20:
READ MORE- https://www.gststation.in/care-ratings-pegs-gst-collection-at-rs-12-60-13-40-lakh-cr-in-fy20/
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GST: In a first, income tax e-filers fall by more than 660,000 in FY19:
READ MORE- https://www.gststation.in/gst-in-a-first-income-tax-e-filers-fall-by-more-than-660000-in-fy19/
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Topic : ITR
Which form is applicable to whom
🏷All the taxpayers are mandatorily required to file their ITRs electronically except individuals over the age of 80 years who have the option of filing the ITR in paper format as well
🔖First step would be to identify the tax return form applicable for an individual taxpayer
⛺ ITR-1 (SAHAJ):
resident and ordinarily resident (ROR) individuals having total income of up to ₹50 lakh, having income from salaries, one house property, income from other sources and agricultural income up to ₹5,000
🎣 ITR-2:
Individuals not having income from profits and gains of business or profession (who cannot use ITR-1). Individuals who is holding shares of unlisted companies
🃏 ITR-3:
Individuals having income from profits and gains of business or profession.
🔮 ITR-4 (SUGAM): Individuals, and firms (other than LLPs), being a resident, having total income up to ₹50 lakh and having income from business and profession computed under the presumptive taxation scheme
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👉🏻RBI weighs incentives for banks to move IBC
(RBI is understood to be weighing a plan to ‘incentivise’ lenders to take errant borrowers to bankruptcy court)
👇🏻 👇🏻 👇🏻
http://bit.ly/2V2EVWn
👉🏻GST B2B invoices will have to be generated on Govt portal by Sept.
(All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September)
👇🏻 👇🏻 👇🏻
http://bit.ly/2VSMAeo
👉🏻ITR e-filers by over 6.6 lakh in FY19
(Income tax e-filings in FY2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation)
👇🏻 👇🏻 👇🏻
http://bit.ly/2V2EVWn
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Traders demand major changes in GST:
READ MORE- https://www.gststation.in/traders-demand-major-changes-in-gst/
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GST: I-T raids suggest luck running out for ‘lottery king’ Santiago Martin:
READ MORE- https://www.gststation.in/gst-i-t-raids-suggest-luck-running-out-for-lottery-king-santiago-martin/
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Relook GST on solar sector, HC tells panel:
READ MORE- https://www.gststation.in/relook-gst-on-solar-sector-hc-tells-panel/
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GST: Corporate loan growth higher than retail:
READ MORE- https://www.gststation.in/gst-corporate-loan-growth-higher-than-retail/
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#ICAI Virtual Management & Communication Classes
If you are qualified candidate but still not been able to register as a member of ICAI because of pending GMCS, here is an opportunity for you to become member of prestigious ICAI by opting for Virtual Management & Communication Classes
Visit below link for more details
https://virtualmcs.icai.org/ulektz/sp/viewSkillCourse/MTQ%3D/Virtual-Management-and-Communication-Skills-(MCS)-Course
I would urge everyone to please share the message so that it reaches to maximum
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GST tweak fails to impress homebuyers:
A month after the government lowered goods and services tax rates on realty to pump up sales, demand hasn’t picked up as expected. Despite the sluggish trend, industry experts believe the sector would see improved sales during the fiscal going ahead.
READ MORE- https://www.gststation.in/gst-tweak-fails-to-impress-homebuyers/
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👉GST: All invoices for Business-to-Business Sales by Entities beyond a Specified Turnover threshold will be generated on a Centralised Government Portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST. The Revenue Secretary is monitoring the progress of Implementation of Electronic or E-Invoice Project for which an Officers' Committee has already been set up
👉In a bid to Simplify Auto Registration for the IEC holders, the CBIC has informed that the IEC holders can register with the Goods and Services Tax Identification Number (GSTIN). It was said that no Digital Signature is required for the same.
👉The 15th Finance Commission will meet the RBI Governor, Banks and Financial Institutions in a 2-day meet in Mumbai, starting May 8 to discuss the transfer of RBI's Surplus Capital to the Govt, among other issues.
👉RBI increases the Eligibility Cap on Home Loans extended by Regional Rural Banks (RRBs)and Small Finance Banks (SFBs) to ₹35 lakh in Metropolitan Areas and ₹25 lakh in Other Centres, provided the overall cost of the dwelling unit in the metropolitan centres and other centres does not exceed ₹45 lakh and ₹30 lakh, respectively. All such loans will be now classified by these banks as Priority Sector Loans.
👉SEBI begins Enquiry against Infibeam's Sacked Auditor based on the Firm's Complaint, which is EY-affiliate auditor SRBC & Co LLP. Leakage of Unpublished Price Sensitive Information (UPSI) is a violation of SEBI Insider Trading Norms and if proven, is a serious lapse of auditor responsibility.
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National Financial Reporting Authority (NFRA) intends to engage up to ten chartered accountants/cost and management accountants/company secretaries on contractual basis.
Read more at:
https://www.business-standard.com/article/pti-stories/nfra-plans-to-hire-10-chartered-accountants-119042900590_1.html