©orporate Update on June 14, 2019
Economic Times
Ø SEBI, MCA probing PWC's resignation as auditor of RCap, Reliance Home Fin
Ø RIL, HDFC among Indian cos on Forbes Global 2000 list
Ø India Inc revenue growth hits six-quarter low in Q4
Ø RBI to pump in Rs 12,500 crore liquidity on June 20
Ø Auditors weigh quitting cos with dodgy a/c policies
Ø Infra sector seeks more capital and tax rebates
Ø NCLT adjourns hearing on Jet Airways to June 20
Business Standard
Ø Govt may roll over Rs 62,000 cr in fuel, fertiliser subsidies to FY21
Ø Telecom panel tells Trai to review recommendations on 5G spectrum sale
Ø Walmart is expected to pump in $1.2 billion to fund Flipkart's operations
Ø Agri input companies post single-digit growth in Q4 on weak Rabi season
Ø Adani Australia receives final clearance for Carmichael coal mine
Business Line
Ø Bharat Dynamics bags Rs 1,188 cr contract from Indian Navy
Ø NMDC resumes mining at Chhattisgarh
Ø ‘New RBI circular a breather to power sector, but fails to address core issues’
Ø Debt default bogey forces SEBI to tighten screws on rating firms
Ø Jain Irrigation says not defaulted on debt obligation
Ø India-Taiwan JV 22KYMCO to export electric scooters from India
Mint
Ø Real estate index gains the most as sales volume picks up pace
Ø N Chandrasekaran hints at more collaboration among Tata group firms
Ø NHAI invites bids for TOT projects worth ₹4,995 crore
Ø Debit cards continue digital payment dominance
Ø India cannot stay immune to global impact of the trade war: HSBC’s Quinn
Ø Piramal-Bain likely to lower maiden India fund target to $750 mn
Financial Express
Ø Spectrum Auction: DoT asks TRAI to lower reserve price
Ø Gulf Tensions: Oil prices soar after fresh tanker attacks
Ø Govt reduces ESI contribution rate to 4 per cent, industry to save Rs 5000 crore annually
Ø Niti Aayog’s Governing Council to meet on June 15
Ø UN panel lauds India’s digital initiatives for economic inclusion
Ø USFDA points out data integrity lapses at Aurobindo Pharma unit
Deccan Chronicle
Ø Govt finds 22 violations by Deloitte and BSR, sees ‘organised crime’
Ø Ficci for increasing FDI cap in insurance to 74 per cent
Ø Grant Thornton, affiliates not to take up non-attest work from listed audit clients
Ø Rupee skids 16 paise to 69.50 vs USD as oil prices shoot up
Ø India gets USD 42 billion FDI inflows in 2018: UN report
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GST Council to meet on June 20 amid hopes of rate cuts:
READ MORE- https://www.gststation.in/gst-council-to-meet-on-june-20-amid-hopes-of-rate-cuts/
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GST rates: Centre to resist demand for pruning 28% slab:
READ MORE- https://www.gststation.in/gst-rates-centre-to-resist-demand-for-pruning-28-slab/
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As a taxpayer, you need to file Annual Return Form GSTR-9/9A/9C for financial year 2017-18 on GST Portal latest by 30th June, 2019. Kindly note that Annual Return is to be filed even if the taxpayer has cancelled his GST Registration during this financial year.
The taxpayers are required to file Form GSTR 1 / GSTR 4, and GSTR 3B for all the period July 2017 to March 2018, before filing Annual Return. Please ensure you have filed all applicable return for this period.
To make the Annual Return filing process easy on GST portal, a facility has been provided for downloading the Form GSTR-9/9A system computed summary & filed Form GSTR 4/ GSTR 1/ GSTR 3B summary in PDF format by clicking download button. This will help you check it with your actual data for accuracy and in case of difference; you may edit such data before filing the Annual Return. You will not be able to edit tax paid data.
In case there is differential tax liability, you may pay the differential tax through DRC -03 functionality before or after filing Annual Return.
In case you were composition taxpayer for certain period and then became regular taxpayer, during Financial Year 2017-18, you are required file annual return Form GSTR 9A as Composition taxpayer and GSTR-9 as regular taxpayer. In other words, such taxpayers will file both Form GSTR-9 and Form GSTR 9A for the Financial Year 2017-18.
The Help for Form GSTR-9/9A/9C is available at websites. You are requested to file your Annual Return (Form GSTR-9/9A, 9C) at the earliest, to avoid last minute rush and to avoid payment of late fee.
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👉🏻New GST return mechanism will be implemented in phases
(ANX 1 (outward supplies) and ANX 2 (inward supplies) will be available for trial during July - Sept 19. GSTR 1 will be replaced with ANX 1 from Oct 19)
👇🏻 👇🏻 👇🏻
http://bit.ly/2WXBAgj
👉🏻CBDT demotes four Income Tax officers over pending vigilance issues
(The four officials have been demoted from the rank of Joint Commissioner of the I-T to the Deputy Commissioner rank - CBDT)
👇🏻 👇🏻 👇🏻
http://bit.ly/2IFgslt
👉🏻NCLT shouldn’t be influenced by other order except that of appellate tribunal, SC - NCLAT
(NCLAT said that the NCLT has the power to resolve matters relating to insolvency on merit and it should not be influenced by any other order except the decision of the appellate tribunal or the Supreme Court)
👇🏻 👇🏻 👇🏻
http://bit.ly/2IFb81J
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Bombay HC agrees to hear importers plea challenging IGST on ocean freight:
READ MORE- https://www.gststation.in/bombay-hc-agrees-to-hear-importers-plea-challenging-igst-on-ocean-freight/
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Two held for issuing fake GST bills worth crores:
READ MORE- https://www.gststation.in/two-held-for-issuing-fake-gst-bills-worth-crores/
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Soon, GST on rent from non-residential buildings:
READ MORE- https://www.gststation.in/soon-gst-on-rent-from-non-residential-buildings/
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Developers want Budget to ease liquidity, make changes in GST:
READ MORE- https://www.gststation.in/developers-want-budget-to-ease-liquidity-make-changes-in-gst/
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Govt will constitute squads to boost tax revenue collection: Isaac:
READ MORE- https://www.gststation.in/govt-will-constitute-squads-to-boost-tax-revenue-collection-isaac/
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Agra university receives only 8 applications for GST course:
READ MORE- https://www.gststation.in/agra-university-receives-only-8-applications-for-gst-course/
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Restaurant body seeks dual GST rate for food service industry:
READ MORE- https://www.gststation.in/restaurant-body-seeks-dual-gst-rate-for-food-service-industry/
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Missed Filing Audit Report of Trust or Charitable Institution, Now you can file form 10B Audit Report for AY 2016-17 and AY 2017-18
Read more at https://www.expertmile.com/articles/2901
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🍎 Centre reduces ESI contribution to 4% for industrial workers
Reduced the salary contribution of industrial workers who are eligible for healthcare benefits under the Employees’ State Insurance Act (ESI) Act from 6.5% to 4%.
Employees’ contribution slashed from 1.75% to 0.75% of their Salary
Employers’ contribution will come down from 4.75% to 3.25%
The move is aimed at formalising India’s informal workforce and expanding social security coverage.
The ESI applies to organisations with 10 or more employees, drawing a salary of up to₹21,000.
The healthcare benefits under the ESI scheme will remain the same, but employees would now have to contribute just 0.75% of their salary (basic plus allowances), instead of the existing 1.75%, while the employers’ contribution will come down from 4.75% to 3.25%, according to the ministry of labour and employment.
The reduced rates will be effective from 1 July. “The reduced rate of contribution will bring about a substantial relief to workers and it will facilitate further enrolment of workers under the ESI scheme and bring more and more members of the workforce into the formal sector,".
“Reduction in the share of contribution of employers will reduce the financial liability of the establishments, leading to improved viability of these establishments,"
“The reduced rate of contribution means lower cost for both the employees and the employers. The employee gets a higher take home salary. A lower rate of contribution does not affect the benefits defined in the scheme,
It would benefit 36 million insured persons and 1.3 million organizations.
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Centre releases Rs 57 lakh as GST refund for langars: Union min Harsimrat Kaur:
READ MORE- https://www.gststation.in/centre-releases-rs-57-lakh-as-gst-refund-for-langars-union-min-harsimrat-kaur/
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CAIT releases White Paper on GST, asks FM to lower rates:
READ MORE- https://www.gststation.in/cait-releases-white-paper-on-gst-asks-fm-to-lower-rates/
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No Eway bill w.e.f. 21st June 2019, if GST returns of last 2 months are pending. A new rule 138E was inserted by the Govt vide its notification no 74/2018 dated 13.12.2018, which has salient features as follows:-
If the GST returns for the last 2 months have not been furnished by the regular dealer or If the GST returns for last 2 quarters have not been furnished by the composition dealer Then He Will Not Be Allowed To Generate Eway Bill On The Gst-Eway Bill Portal.
In such cases only commissioner would be able to allow such generation in select cases that too with an order. So should file all your returns upto April 2019 by 20th June 2019.In case if returns are not filed, then the Eway bill will not be generated.
In case if you think that if you won’t be able to file then the other person will generate on your behalf then that also won’t be possible.So, each and every registered taxpayer who generates eway bill is requested to file all their pending returns till april 2019, in order to avoid any last minute hassles.
Finance Ministry unveiled a roadmap for the implementation of the new GST return mechanism. The new mechanism will be used on a trial basis from July to September. For the large taxpayers with aggregate annual turnover more than 5 crore, Form GST ANX will replace GSTR 1 from October.
Independent directors will have to clear a corporate literacy test on a range of topics before their appointment on the company boards, MCA want to propagate corporate literacy to make them aware of their duties, roles and responsibilities.
Supreme Court agreed to hear a plea by the SEBI against an order by the NCLT, which had held that the laws of IBC would reign over the markets regulator’s laws. The top court, while agreeing to hear the case, asked that the present status quo be maintained in the case.