Analysis of Supreme Court Judgment in Birla Corporation Ltd. vs. Adventz Investments and Holdings Ltd. & Ors.
Held that production of copies of various documents in the Company Petition for the purpose of litigation, which have restricted access, would not amount to theft.
Read full case analysis at : https://dasgovernance.com/2019/05/15/analysis-of-supreme-court-judgment-in-birla-corporation-ltd-vs-adventz-investments-and-holdings-ltd-ors/
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👉CBDT again defers furnishing of GST & GAAR details in Form 3CD till 31.03.2020. Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to GST compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020.
👉CBDT informs that it has decided to dedicate the Second Fortnight of May to Fast Track Disposal of Appeal Effect and Rectification Claims of the taxpayers. “All assessing officers during May 16-31 would accord top priority to appeal cases and passing of rectification orders and would also earmark the first half of the day to meet applicants or the counsels who seek to have a hearing to explain their case.
👉The Board of Infrastructure Leasing & Financial Services Ltd (IL&FS) issues notices to Deloitte Haskins & Sells and KPMG’s audit partner BSR & Co, asking why they should not be removed for allegedly failing to highlight shortcomings while reviewing the books of subsidiary IL&FS Financial Services (IFIN).
👉RBI appoints Former RBI Deputy Governor Rama Subramaniam Gandhi as an Additional Director on the board of Yes Bank for 2 years, from 14 May 2019 to 13 May 2021. The appointment has been made under sub-section (1) of Section 36 AB of the Banking Regulation Act, 1949
👉Union Bank of India (UBI) reports a Net Loss of ₹3,369 Crore in the March quarter of FY19, owing to higher operational expenses, and provisions on account of bad loan divergences.
👉ICAI releases E-Version of Compendium of Ind-AS effective 1.4.2019
👉ICAI releases FAQ on the Banning of Unregulated Deposit Schemes Ordinance, 2019
👉🏻Audit report finds 107 cases of shady lending at IL&FS
(Financial frauds at IL&FS, an audit report has found about 107 instances of loan evergreening, loans given without adequate collateral and management links with borrower companies)
👇🏻 👇🏻 👇🏻
http://bit.ly/2JlI81L
👉🏻RBI publishes Payment and Settlement Systems in India: Vision 2019 – 2021
(RBI targets 2022 for its initiatives to be successfully completed; document has broadly identified four broad areas for targeted policy intervention)
👇🏻 👇🏻 👇🏻
http://bit.ly/2YvTMus
👉🏻Home buyers to pay 12% GST on dues if completion certificate issued by March 31
(Home buyers will have to pay 12 per cent GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019)
👇🏻 👇🏻 👇🏻
http://bit.ly/2WKdHp7
CBIC has issued a Circular which had laid down the revised procedure for electronic filing of Central Excise Return and for electronic payment of Excise duty and Service tax arrears under New portal www.cbic-gst-.gov.in.
MCA has issued a clarification wherein it has been mentioned that the companies which have filed Form GNL-2 during the period from 1st April, 2014 to 20th October, 2014 for appointment of auditors can file Form ADT-1 without any fees till 15.06.2019.
Accounting Standards Board of ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS) under Section 133 of the Companies Act, in consultation with and after examination of the recommendations of the National Financial Reporting Authority (NFRA). https://www.icai.org/new_post.html?post_id=15361
RBI Inflation forecasts lie at the heart of any central bank’s monetary policy decision making. In India RBI adopted the flexible inflation target (FIT) framework in June 2016 and a predetermined 4% inflation rate which made inflation forecasts critical in helping it decide whether to cut or hike rates.
SEBI has issued a Circular and directed mutual funds to send a detailed report, on use of artificial intelligence (AIL) and machine learning (ML) in the financial market, currently used by them.
TDS not applicable on Sale of Property if Sale Consideration of each Co-owners does not exceed Rs. 50 Lakhs: ITAT [Read Order]
Read more at: https://www.taxscan.in/tds-sale-property-sale-consideration-co-owners-exceed-rs-50-lakhs-itat/35694/
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👉CBIC comes out with another set of Frequently Asked Questions (FAQs) to clear the air on GST on Real Estate. If you’ve got an Occupancy Certificate (OC) for your house before April 1 this year, the payment of Pending Dues would draw 12% GST rate and the builder will be able to avail of input tax credit.
👉GST Anti-Profiteering Body may get fresh lease of life :: India’s Anti-Profiteering Framework may remain in place for another 2 years as the country eyes more changes to the GST structure. Aimed at protecting consumer interest under GST, it was initially meant to be in place for two years.
👉Aiming at a 'Cash-Lite' society, the RBI releases a Vision Document- 'Vision 2021', for ensuring a Safe, Secure, Convenient, Quick and Affordable E-Payment System as it expects the number of digital transactions to increase more than 4 times to 8,707 Crore in December 2021.
👉To give a fillip to Digital Lending, SIDBI launches a Pilot Scheme to extend Financial Assistance of up to ₹10 Crore to New-Age Fintech NBFCs, engaged in Financing Small Businesses and other Income-Generating Activities. Fintech NBFCs are Digital Loan Companies.
👉NSE fines 250 companies for Non-Compliance with the SEBI Listing Obligation and Disclosure Requirement Regulations (LODR) for the quarter ended March 2019.
👉India's Exports rose marginally by 0.64% in April to $26 billion while imports increased by 4.5% to $41.4 billion compared to the year-ago month. Trade deficit, the difference between exports and imports, widened to $15.33 billion in April 2019 from $13.72 billion in April 2018.
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DPT-3,GNL-2,MSME: Issues & Suggestions
ROC
E-form DPT-3 to be filed twice*
1) DPT-3 has to be filed twice:
a) First DPT-3 for amounts which are NOT deposits (exempted deposits) outstanding as on 31.3.2019 AND received on or after 1.4.2014 by 29th June 2019 where Auditor's certificate is NOT mandatory.
b) Second DPT-3 for amounts which are deposits as well as amounts which are not deposits (exempted deposits) outstanding as on 31.3.2019 by 30 June 2019, where Auditor's Certificate is mandatory. This would include any amount received prior to 1.4.2014 and outstanding as on 31.3.2019. This is to be filled every year.
GNL-2 Issue:File ADT1 now
2) ADT-1 / GNL 2 issue: Companies which had filled Form no. ADT-1 through GNL-2 as an attachmcnt during the period from 01.04.2014 to 20.10.2014 may file e-
form no. ADT- 1 for appointment of Auditor for the period upto 31.03.2019
without fee, till 15.06.2019. You can file ADT1 now. System will not take fees automatically, if GNL2 already filled.
3) E-Form MSME-1 to be filed twice
a) Form MSME-1 also has to be filed twice:
i) First MSME-1 for amounts outstanding as on 22.1.2019. This is a one time return.
ii) Second MSME-1 for amounts outstanding as on 31.3.2019. This is a half yearly return.
b) MSME-1 is also NOT REQUIRED to be filed where there is NIL reporting/outstanding.
c) Form MSME-1 is required to be filed only when the amount is outstanding beyond 45 days from date of acceptance of supplies.
d) It is to be filed only when amount due is to suppliers who are registered under
MSME Act 2006 and company knows about the same.
e) Both MSME returns are to be filed by 30th May 2019.
f) Certification by professional is NOT required in MSME Form
g) These Forms are to be filed only by Companies.
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GST return filing dates extended in cyclone-hit Odisha:
READ MORE- https://www.gststation.in/gst-return-filing-dates-extended-in-cyclone-hit-odisha/
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👉🏻RBI directs Non-Banking Finance Companies to appoint Risk Officers
(CRO shall be a senior official in the hierarchy of an NBFC and shall possess adequate Professional Qualification or experience in the area of risk management)
👇🏻 👇🏻 👇🏻
http://bit.ly/2JJDJoM
👉🏻CBDT orders transfer posting of 20 Principal Chief Commissioners
(CBDT has announced transfer postings of 20 principal chief commissioners of the Income Tax Department)
👇🏻 👇🏻 👇🏻
http://bit.ly/30mFu0R
👉🏻NCLT directs de-attachment of properties attached by SEBI
(NCLT recently ordered de-attachment of properties belonging to a corporate debtor, which were attached as part of execution proceedings by SEBI)
👇🏻 👇🏻 👇🏻
http://bit.ly/2JpFckQ
👉🏻New single GST Returns form to be rolled out in July
(Under the new format, taxpayers will be required to file one monthly return, except small taxpayers and a few exceptions)
👇🏻 👇🏻 👇🏻
http://bit.ly/2LPzqLi
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Anti-profiteering mechanism: Slew of stay orders by high courts expose NAA lacunae:
READ MORE- https://www.gststation.in/anti-profiteering-mechanism-slew-of-stay-orders-by-high-courts-expose-naa-lacunae/
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Last date for filing of Annual Return of LLP is 30.05.2019
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Realty players need to make the big decision on GST rates:
READ MORE- https://www.gststation.in/realty-players-need-to-make-the-big-decision-on-gst-rates/
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👉A two-judge bench of the Gujarat High Court holds that the GST Dept cannot detain the goods on ground of defect in E-way Bill as there is no supply.
👉In a move to ease in compliance and to facilitate input tax credit in a fast manner, the Central Government has finally moved ahead & simplified Single GST Return is ready to roll out in July.
👉ITAT, Jodhpur holds that the provisions of TDS would not applicable on the sale of property if the sale consideration does not exceed Rs. 50 lakhs.
👉CESTAT holds that no excise duty can be levied on the free-distribution of toothbrushes in the combo pack under the Central Excise Act, 1944 as the toothbrushes cleared by the appellant was neither sold as such in retail either by the appellant or the buyers i.e. Colgate, Oral care etc,”.
👉RBI places on its website the “Payment and Settlement Systems in India: Vision 2019 – 2021” with its core theme of ‘Exceptional E-payment Experience’ aiming at empowering every Indian with access to a bouquet of e-payment options that is safe, secure, convenient, quick and affordable.
👉A set of FAQs has been issued by the ICAI on The ‘Banning of Unregulated Deposit Schemes Ordinance, 2019.
👉Govt is open to providing more powers to the RBI to direct lenders to take action on stressed assets and RBI tells NBFCs with assets size of over Rs. 5,000 crores to appoint a chief risk officer to improve standards of their risk management.
