24th June 2K19 News
Economic Times
Ø Coca-Cola looks to exit bottling activity in India
Ø Fiscal deficit reaches 22% of BE in April: DoE
Ø Gold Monetisation Scheme might be tweaked : Sources
Ø Moderate outlook for manufacturing in Q1: FICCI survey
Ø The great Indian audit mess, through the auditor's eyes
Ø Foreign investors pump in Rs 10,312 crore in June so far
Business Standard
Ø Govt in talks with banks for cash-strapped BSNL's Rs 2,500-crore loan
Ø Anil Ambani's Reliance Power starts process to sell coal mines in Indonesia
Ø Apollo Hospitals plans to reduce debt to Rs 2,500 crore by FY20-end
Ø NCLT Mumbai bench initiates insolvency proceedings against Jet Airways
Ø Govt recognises ONGC as HPCL's promoter after 15-month impasse
Business Line
Ø SEBI may soon allow DVR shares with superior rights
Ø CII calls for holistic national mission to drive job creation
Ø India, US must utilise Pompeo’s visit to resolve trade frictions: USIBC
Ø GSK Pharma looks to optimise product portfolio to drive growth in India
Ø BHEL bags Rs 840 cr order for emission control equipment
Mint
Ø Anil Agarwal says govt should divest stake in mining firms NMDC, HZL
Ø Govt looks to consolidate state-run general insurers
Ø Indusind Bank promoters to infuse ₹2,700 crore via warrants
Ø IIFL AMC fund buys stake in eye care chain Infigo Lifesciences
Ø 84% of IMD's subdivisions record deficient rainfall
Financial Express
Ø Only 26% leaders in India equipped to lead future businesses, says report
Ø Tata Steel's net debt rises over three times at Rs 28,471 crore in FY19
Ø Labour Ministry likely to seek Cabinet approval for wage code bill next week
Deccan Chronicle
Ø Experts panel suggests ways to achieve USD 5-trillion economy target: Niti Aayog
Ø No asset can be sold during moratorium: NCLAT
Ø Tea exports to Iran jump 150 per cent by April
Ø Investment via P-notes rises to Rs 82,619 crore till May
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GST Council approves Aadhar Card for GSTN registration:
The GST Council on Friday approved the use of Aadhaar Card registration under which a person can register himself on the GSTN portal by applying online just using his Aadhar Card number doing away with the requirements of various other documents.
READ MORE- https://www.gststation.in/gst-council-approves-aadhar-card-for-gstn-registration/
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Auto industry united in seeking GST rate cut on vehicles, says SIAM:
READ MORE- https://www.gststation.in/auto-industry-united-in-seeking-gst-rate-cut-on-vehicles-says-siam/
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GST Council extends annual return date for GSTR 9/9A/9C from 30th June to 30th August 2019.
NAA given two years extension. Looks like rationalising of 28% slab is on cards.
GSTAT to be GST Appellate Tribunal. States to decide number of GSTAT required by them.
Reduction in rate of electric vehicle deferred and given to fitment committee.10% penalty introduced for non payment within 30 days in case of Anti-profiteering.Single return form per month for the taxpayers.
Electronic invoice forms approved by the Council. No separate e-way bill will be required in case of e-invoice. Returns to be framed from these e-invoice.
Mandatory E-ticketing for multiplexes. Aadhaar to be linked while granting registration under GST.
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Pre-Budget meet: Sitharaman seeks cooperation from states to spur economy:
READ MORE- https://www.gststation.in/pre-budget-meet-sitharaman-seeks-cooperation-from-states-to-spur-economy/
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Notification No.25/2019-Central Tax, dt. 21-06-2019-
Seeks to extend the date from which the facility of blocking and unblocking on e-way bill facility as per the provision of Rule 138E of CGST Rules, 2017 shall be brought into force to 21.08.2019.
READ MORE- https://www.gststation.in/cgst-notifications-2/
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GST Legal updates:
1. Karnataka GST Act, 2017- Revocation of cancellation of registration-
The petition challenging cancellation of Registration Certificate on account of non-filing of the required returns. Held, if returns are submitted by the petitioner within two weeks, the same shall be considered by the authority and the cancellation of the registration can be revoked in terms of Section 30 of the Act. Further, the Respondent shall assist the petitioner relating to the technical glitches, if any, in filing the returns for the tax periods October 2018 to April 2019 as well as for the subsequent tax periods. The writ petition stands disposed of.
2019-VIL-289-KAR
2. Works Contract-
The supply of goods or services for ‘setting up of network’ for Indian Navy would qualify as Composite Supply of Works Contract as defined in section 2(119) of the CGST, 2017. The applicants are not only involved in erection, commissioning or installation of machinery belonging to some other person but are installing and commissioning the equipments supplied by them. It includes supply of both, goods and services. The subject contract is taxable at 18%.
2019-VIL-161-AAR
