19th June 2K19
Economic Times
Ø EPFO bars portfolio managers from investing in group companies
Ø China could soon lose the 'world's low-cost factory' tag
Ø Bankruptcy plea against Jet to be heard Wednesday
Ø Govt begins groundwork for capital infusion in RRBs
Ø Govt to act tough on bogus IGST refund claims
Ø SAT stays Sebi order banning NDTV promoters
Ø Govt tightens noose against shell companies
Business Standard
Ø Investor confidence at lowest level since global financial crisis: BofAML
Ø Reserve Bank to infuse Rs 12,500 cr in economy through govt bond purchases
Ø Mauritius to green light offshore funds, advisory services in 60 days
Ø Reserve Bank of India fines HDFC Bank Rs 1 cr for violation of KYC norms
Ø Odisha govt looks to sell minority stake in loss-making Neelachal Ispat
Business Line
Ø RBI panel recommends doubling collateral-free loans for MSMEs
Ø Govt to verify exporters’ claims before sanctioning IGST refund
Ø Terms of contract extension for Rajasthan block a ‘risk’: Vedanta
Ø Ramco Cements to invest Rs 3500 crore for capacity expansion
Ø World to get half its power from wind, solar by 2050
Mint
Ø Sebi permits stock exchanges to introduce futures on commodity indices
Ø India Ratings downgrades PNB's ₹6,750-crore AT1 bonds
Ø Two independent directors of Jet Airways, Ashok Chawla and Sharad Sharma, resign
Ø Industrialized nations oppose proposal to reasses revenue loss due to moratorium
Ø Govt, RBI promise to address concerns on data localization rule
Financial Express
Ø RBI to examine concerns over data localisation rule: Government
Ø Vedanta’s credit profile may weaken if Volcan Investments draws more resources: Moody’s
Ø Bangladesh seeks Indian investments in 100 Special Economic Zones
Ø Wind capacity addition likely to improve to 3.5-4.0 GW in FY20: Icra
Deccan Chronicle
Ø Rupee snaps 3-day losing streak; rises 21 paise to 69.70 vs USD
Ø Manufacturing, infrastructure to add 58,200 jobs in Apr-Sept FY20
Ø Mauritius rule changes may hit offshore funds
Ø Naphtha becomes bad news for global economy
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# No E-Way bill shall be allowed to generate w.e.f. 21st June 2019, if registered dealer has not furnished GST returns for 2 consecutive months New rule 138E was inserted by the Govt vide its Notification no. 74/2018 dt. 31-12-2018
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-74-central-tax-english-2018.pdf
# Issues reported in filing Form GSTR 9C by the taxpayers dt. 14-06-2019
https://www.gst.gov.in/newsandupdates/read/289
# Issues reported in filing Form GSTR 9 by the taxpayers dt. 14-06-2019
https://www.gst.gov.in/newsandupdates/read/288
# CBDT Notification no. 10/2019 for further changes in rule 31A(5) and 31AA(5) for e-filing of TDS returns. The procedure is same as issued as earlier, now the tds return can be validated either through DSC or EVC. The EVC generation is same as ITR EVC. (Net Banking linked to PAN for corresponding TAN, Aadhar OTP, Bank account number, Demat A/c number).
https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/circular-notification/notification.aspx
# ICAI has decided to waive off delay condonation fee on all application forms with transaction dates between 01st April 2019 to 30th June 2019 and submitted online by 31st July 2019.
https://www.icai.org/new_post.html?post_id=15702&c_id=240
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Volume of litigation under GST regime to grow in a big way: Experts:
READ MORE- https://www.gststation.in/volume-of-litigation-under-gst-regime-to-grow-in-a-big-way-experts/
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CBDT has tightened framework for compounding of offences almost shutting the window for money laundering, non-disclosure of foreign assets or possession of a benami asset. The latest guidelines which come into effect from June 17, clearly state offences in this category cannot normally be compounded. However, finance minister can relax restrictions on consideration of a report from CBDT.
CBDT has issued notification no 10/2019 for further changes in rule 31A(5) and 31AA(5) for e-filing of TDS returns. The procedure is same as issued as earlier, now the tds return can be validated either through DSC or EVC. The EVC generation is same as ITR EVC.
Businesses will be able to use the new return filing forms under Goods and Services Tax (GST) on a trial basis for three months beginning July, spelling out the transition plan for the new tax return filing system.
SEBI tightens disclosure norms for credit rating agencies wherein they will be required to provide the probability of default for various rated instruments. The regulator's move comes against the backdrop of rising instances of debt defaults and concerns over the role of credit rating agencies.
RBI asked banks to ensure their ATMs are grouted to a wall, pillar, or floor by September-end, except those installed in high secured premises such as airports, to enhance security of the cash vending machines. In 2016, the RBI had set up a Committee on Currency Movement (CCM) to review the entire gamut of security of treasure in transit.
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GST Council may give 1-year extension to anti-profiteering authority:
READ MORE- https://www.gststation.in/gst-council-may-give-1-year-extension-to-anti-profiteering-authority/
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GST Council meet on 21 June to focus on checking tax evasion:
READ MORE- https://www.gststation.in/gst-council-meet-on-21-june-to-focus-on-checking-tax-evasion/
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GST: CREDAI seeks bank funding for developers to buy land for affordable housing projects:
READ MORE- https://www.gststation.in/gst-credai-seeks-bank-funding-for-developers-to-buy-land-for-affordable-housing-projects/
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# CBIC issued Circular No. 16/2019 dt. 17-06-2019 on IGST refunds- Mechanism to verify the IGST payments for goods exported out of India in certain cases
http://www.cbic.gov.in/htdocs-cbec/customs/cs-circulars/cs-circulars-2019/Circular-No-16-2019.pdf
# DGFT waives off requirement of destruction certificate from excise/custom authorities for the unutilised duty free imported material in case of imports from unregistered sources with pre-import conditions. Public Notice No. 11/2015-2020 dt. 14-06-2019
https://dgft.gov.in/sites/default/files/Public%20Notice%20No%2011%20date%2014-06-2019%20English.pdf
# Upcomung Due Dates :
20-06-2019 - GSTR-3B for the m/o May 2019
29-06-2019 - One time DPT-3 return
30-06-2019
– GSTR 9/9A/9C for FY 2017-18 by all registered persons.
- Filing of ITC-04 for Jul 2017 to March 19.
- Form 24Q for F.Y. 2018-19.
– DIR-3KYC, Annual DPT 3
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👉Central Govt rules out the possibility of Petroleum Products being brought under the ambit of GST for now. The Centre is of the view that any change in oil products tax regime may not sit well with the states as they still want to have some flexibility in taxing a few items such as stamp duty, excise on alcohol etc.
👉GST Council is set to take several decisions to curb tax evasion in its first meeting to be chaired by New Finance Minister Nirmala Sitharaman on 21 June.
👉The GST Council is likely to extend till November 30, 2020 the tenure of the National Anti-profiteering Authority (NAA), which deals with customer complaints regarding not receiving tax cut benefits, at its next meeting on June 21.
👉Tightening the screw on Tax Evaders, CBDT issues Revised Guidelines making Serious Offences under the Black Money and Benami Laws “Generally” Non-Compoundable. This means that a person or entity would not be able to settle a case of tax evasion by just paying the tax demand, penalty and interest.
👉A committee set up by the RBI to look into its Capital Structure and how much of excess reserves it can hold or transfer to the Govt, is set to give its report on June 24 and may recommend that a third of RBI’s Rs 9.6 Lakh Crore of Surplus Capital be shifted to government coffers.
👉SEBI is likely to lay down a slew of measures to Improve Transparency and Risk-Management Practices for the Mutual Fund (MF) Industry’s Loan-Against-Shares (LAS) Exposure. It proposes for Listing of Promoter-Backed Debentures; and Disclosure of LAS Risks In MF Schemes
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Some points for Form DPT 3
This form is applicable on all companies except :-
a government company
a banking company
a non-banking financial company registered with the Reserve Bank of India
a housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987.
However, insurance companies are registered with IRDA, so the obligation to file DPT-3 isalso applicable on them.
The e-form DPT-3 is a dynamic form which works on the basis of radio button selectedby the user.
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Q. What are the due dates of filing Forms DPT-3?
Ans. In case of one time return: 29th June, 2019 and in case of annual return: 30th June, 2019
Q. In which cases auditor’s certificate is mandatory to be attached?
Ans. Auditor’s certificate is mandatory only in the case when a return of deposit is filed, i.e.
when the radio button two or four is selected.
Q. What are the amounts which have to be entered in the forms?
Ans. In case of one time return: Consolidated amount received on or after 1st April, 2014 and outstanding as on 31st March, 2019.
In case of annual return: Amount outstanding as on 31st March, 2019 received at any time.
Q. What to do if the object clause prefilled is not matching with the object of the company?
Ans. This is due to the reason that the objects clause is not in sync with the MGT-7 and it is picked on the basis of the CIN of the company.
As per the discussion, stakeholders are advised not to raise tickets in this regard and ignore what is being prefilled.
Q. If the company does not have any outstanding amount as on 31st March, 2019, is the e-Form DPT-3 required to be filed?
Ans. No, company does not have to file any return.
Q. Is the interest along with the principal amount of the loan to be reported?
Ans. If the interest amount is outstanding as on 31st March, 2019, then yes it also has to
reported as a consolidated figure with the principal amount under the respective head.
Q. Which date Company need to mention in Column No. 7 “Date oflast closing of accounts”
Ans. The date will be 31st March, 2019.
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👉🏻New Income Tax guidelines tightens screw on tax evaders
(Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person’s chances of getting relief in an income tax evasion offence)
👇🏻 👇🏻 👇🏻
http://bit.ly/2XUYAcJ
👉🏻SEBI permits stock exchanges to introduce futures on commodity indices
(SEBI in a circular said, the stock exchanges, willing to start trading in futures on commodity indices)
👇🏻 👇🏻 👇🏻
http://bit.ly/2L1BTQv
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