28th June 2K19
Economic Times
Ø WTO panel rules in India's favour in case against US
Ø Government sets up working group to revise WPI
Ø Govt to go ahead with disinvestment of Air India
Ø Despite NBFC crisis, NPAs fall to 9.3% in FY19: RBI
Ø Indian banks have been under-reporting frauds: RBI
Ø Govt, RBI must work more closely to boost growth: Guv
Ø Govt may tighten disclosure norms for CSR spending
Business Standard
Ø SEBI tightens rules for pledged shares, MFs to shield minority shareholders
Ø Pressure on fiscal front, economy has hit a soft patch, says RBI
Ø NTPC-Power Grid JV likely to be distribution sector operator
Ø Axis Bank considers $1.3 billion share sale to expand lending capacity
Ø Anil Agarwal's Vedanta sees foreign hand in Sterlite Copper closure
Ø Modi govt mulls big legislative changes in Essential Commodities Act
Business Line
Ø Trump asks India to withdraw tariff hike; calls it unacceptable
Ø India gets 24% below-average rainfall this week: IMD
Ø DLF promoters infuse balance₹2,250 crore upon exercise of warrants
Ø L&T Hydrocarbon Engineering bags twin orders from ONGC
Ø Cement firms’ profit to look up despite weak demand in Q1
Ø Tata plans UK’s first industrial-scale carbon capture plant
Mint
Ø BSNL says ‘not received’ DoT direction to put capex plan on hold
Ø Finance ministry wants EPFO to lower provident fund (PF) interest rates: Report
Ø Jaguar Land Rover is exploring new high-yield bond sale
Ø Cement demand to witness single-digit growth in FY20: Report
Ø Cox & Kings defaults on payments of ₹150 crore
Financial Express
Ø India-Japan ties to become stronger in 'New India': PM Modi tells diaspora
Ø Indians' money in Swiss banks falls, hits second-lowest level in two decades
Ø NMDC invokes termination clause against BHEL for delay in Rs 1,395 crore contract
Ø PNB fraud case: Swiss authorities freeze four bank accounts of Nirav Modi, sister
Deccan Chronicle
Ø Rupee settles 8 paise higher at 69.07 against US dollar
Ø By March 2020, banks’ gross NPAs to reduce to 8 per cent
Ø FSSAI calls for visible labelling of packaged foods
Ø Adani Ports plans to raise USD 750 million
Ø Bharat Biotech to manufacture Cholera vaccine
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The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year.
The tax department is in the process of filing a petition before the National Company Law Tribunal (NCLT) for restoration of registration in as many as 50,000 such companies.
The RoCs had struck off 300,000 companies after it was found they had not filed their statutory returns.
Directors of these companies have been prohibited from holding directorships in any other company.
The move follows Central Board of Direct Taxes’ (CBDT) directive to identify, process and file petition to restore these companies by August 31. The board also asked the Ministry of Corporate Affairs (MCA) not to oppose the restoration application in the tribunal, as such a move would refrain them from launching tax recovery proceedings against these firms.
“Several of these companies are restricted to operate their bank accounts and movable and immovable properties until they are restored. The restoration will compel these firms to make relevant disclosures of credentials under Companies Act, and then accordingly tax proceeding will be initiated for tax recovery,” said an I-T official
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## CBIC Circular No. 1070/3/2019 CX dt. 24-06-2019: Implementation of CBIC (ICEGATE) E-payment portal from 01-07-2019 - Revised procedure for making e-payment of Central Excise and Service Tax arrears under the new CBIC-GST Integrated portal.
http://www.cbic.gov.in/htdocs-cbec/excise/cx-circulars/cx-circulars-2019/Circular1070-2019-CX.pdf
## Income Tax Updates dt. 26-06-2019
- Taxpayers are requested to note the followings in connection with pre-filling of ITRs :
1. Pre-filling of ITR is only for the taxpayer's convenience. Taxpayers should verify the pre-filled data carefully and add any other taxable income which is not pre-filled.
2. Last date for filing of TDS statement and issue of TDS certificate by Deductor is 30th June, 2019 and 10th July, 2019 respectively. In case the TDS data is not pre-filled, taxpayers are expected to fill these details themselves.
- Consequent to changes made in Income Tax Return Preparation Software and Schema for AY 2019-20*, Please note the below :
1. Already saved draft data will not be available in case of Online ITR 1 & 4
2. In case of Offline utilities, XML has to be re-generated using the latest Income Tax Return Preparation Software.
## ICAI : Recruitment of Managing Director & Senior Officers for Indian Institute of Insolvency Professionals of ICAI (IIIPI)
https://www.icai.org/indexbkp.html
## Upcoming Due Dates :
29-06-2019 - One time DPT-3 return
30-06-2019
- Form 24Q for F.Y. 2018-19.
– Annual DPT 3
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👉🏻RBI direct banks to accept coins of all denominations
(RBI asked the public, casting aside their doubts, to continue accepting coins of various denominations pumped into circulation regularly)
👇🏻 👇🏻 👇🏻
http://bit.ly/2Lm1IuP
👉🏻Govt to rework auditors framework amid crack down on auditing lapses
(MCA is working on strengthening framework for auditors and is in active consultations with stakeholders to further tighten the loopholes)
👇🏻 👇🏻 👇🏻
http://bit.ly/2RAd2Vs
👉🏻Entities identified on basis of risk parameters to face GST Audit
(The revenue department has come out with a plan to audit accounts of GST registered businesses based on risk parameters, which may include history of tax evasion)
👇🏻 👇🏻 👇🏻
http://bit.ly/2xi1v3L
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GST NEWS UPDATES
GST scam: 11 Bogus Firm Owners Booked
Kerala Govt’s Plan to Collect Rs 600 Crore through Flood Cess Hit
Soon, GST Taxpayers will get ‘Risk Scores’
Big Four Experts Reflect on Anti-Profiteering measures for GST
Anand Mahindra says Lowering GST on Automobiles would help the Economic
GST Council has to decide on levy of GST on Petroleum Products: PIB
GST Defaults: Nearly 75,000 Notices Served in Gujarat
GST Evasion: Authorities Arrest two Foreign Nationals in Chennai
Waiving Rs 80 crore GST can boost Financial Inclusion
GST Superintendent booked by CBI in DA Case
Cross Charges: GST to be based on Services Provided by HO to branch in Another State
Why the GST Council should issue proper guidelines on Anti-Profiteering
Steps taken by Govt. to implement GST
Govt will Celebrate Second Anniversary of GST on July 1
Budget 2019 expectations: Realty Experts demand relief on Housing Loans and GST to revive the Sector
15th Finance Panel Stresses on Dialogue with GST Council
GST officials raid Aligarh Kachori seller, claim his Annual Turnover to be over Rs 70L
Centre Proposes to Integrate FASTad Bank Mechanism with E-way bill to check GST Evasion
Anti-Profiteering Investigation: Mock Purchases, Premise Visits Planned to Check B2B Invoices
Mungantiwar backs Hoteliers GST Proposal
Budget 2019: Gems & Jewellery Sector Wishlist; Rationalise GST, Step up Tax Vigil
GST Council to Consider Reducing Tax on Electric Vehicles: Anurag Thakur
Inter-State Office Services to Come Under GST Net
‘Rs 4K cr Loss Due to Incorrect GST Dispensation’
GST Profiteering: Government to Build Case with Proof
Online Fantasy Sports Game is a ‘Game of Skill’, GST at 18% Applicable
The Finance Minister Gets Ready for 5 July
Minister Receives Plaint from People ‘Unhappy’ with GST System
Uniform GST for Both State Run and State-Authorized Lotteries: Arunachal dy CM
Simplified GST, Timely Credit Can help Small Units Go Overseas, Feel Experts
Noida Gang Cheats Government of Rs 55 crore in GST
GST Council approves Aadhar Card for GSTN Registration
Despite falling volumes, Auto Industry Divided on GST rate cut Proposal to 18%
GST check: Multiplexes told to Sell only Electronic Tickets
GST Council Focus Now On Easing Compliance, Curbing Tax Evasion
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Entities identified on basis of risk parameters to face GST audit:
READ MORE- https://www.gststation.in/entities-identified-on-basis-of-risk-parameters-to-face-gst-audit/
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GST: CBDT expands scope of direct tax code committee:
READ MORE- https://www.gststation.in/gst-cbdt-expands-scope-of-direct-tax-code-committee/
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1. Madras High Court upheld the tax demand of over Rs. 2,500 crore as dividend distribution tax (DDT) raised by the income-tax dept on Cognizant Technology Solutions (CTS) on account of share buy back undertaken by it. The case stems from the demand for payment of tax at the rate of 15% on the remittance of Rs 19,415 crore to its non-resident shareholders in the US and Mauritius, against buyback of equity shares.
2. Bombay High Court stayed Proceedings initiated for non-deduction of TDS as assessee maintained huge sum in Escrow a/c. Bussiness Process Outsourcing LLC Vs, Authority for Advance Rulings (Income-tax), Mumbai.
3. CBDT circular said the tax exemption for disability pension will be “available only to armed forces personnel who have been invalidated from service on account of bodily disability attributable to or aggravated by such service and not to personnel who have been retired on superannuation or otherwise.
4. National e-commerce policy after a year, no change in FDI guidelines. The government decision to stay firm on the e-commerce FDI rules coincides with US Secretary of State Mike Pompeo's visit to India before he heads for the G20 meet in Japan.
5. Sebi is set to tighten disclosure norms for pledged shares to cover innovative and complex structures, said people with knowledge of the matter.
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👉GST department has come out with a plan to audit accounts of the GST Registered Businesses based on Risk Parameters, which may include history of Tax Evasion, irregular filing of returns and employing “questionable accountants.” Unveiling the audit plan, the Directorate General of Audit (Indirect Taxes) said the analytics arm of CBIC would generate a list of GST payers with risk scores and share it with audit commissionerates for scrutiny.
👉CBDT informs that Income tax authorities will share details of assets of Borrowers and their Guarantors with public sector banks in case of loan defaults. The move is aimed at preventing promoters from siphoning off assets that are not disclosed to banks and comes close on the heels of the Income Tax Dept and GST Authorities deciding to share details about taxpayers and defaulters with each other.
👉Sterling Biotech Bank Fraud: Enforcement Directorate (ED) attaches Oil rigs in Nigeria, ships, a business jet and a plush flat in London worth over Rs 9,700 crore. This is one of the biggest attachment of assets order issued by the agency and in this, most of the properties attached are based abroad
👉RBI issues Rupee Interest Rate Derivatives (Reserve Bank) Directions consolidating and simplifying all previous regulations with a view to protect small and retail participants.
👉RBI begins Monitoring of Liquidity Position, Asset-Liability Gap and Repayment Schedules of Housing Finance Companies (HFCs) on a daily basis after the liquidity crisis hit these firms, resulting in defaults.
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🍎MCA Circular on Filing DIR-3 KYC under the Companies Act, 2013 dated 27.06.2019
1. it is being proposed that every person who has already filed DIR-3 KYC will only be required to complete his/her KYC through a simple web-based verification service, with pre-filled data based on the records in the registry, for ease of verification by the person concerned. However, in case a person wishes to update his mobile no. or e-mail address, he would be required to file e-form DIR-3 KYC, as this facility of updation is not being proposed in the web-based service. In case of updation in any other personal detail, e-form DIR-6 may be filed for updation of the same before completion of KYC through the web-based service.
2. The amendment in the relevant rules including the amendment related to extension of time (allowing for adequate time) for completion of KYC through e-form DIR-3 KYC or the web-based service, as the case may be, is being notified shortly. Stakeholders are advised to take note of the same and file according to the revised notification.
Link : http://www.mca.gov.in/Ministry/pdf/GeneralCircular_27062019.pdf
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Golden Gate Properties Ltd vs. DCIT (Karnataka High Court)
S. 276B TDS Prosecution: Mere delay in depositing TDS within the time limit prescribed in S. 200 & Rule 30 is an offense sufficient to attract s. 276B. The fact that the TDS has been deposited subsequently does not absolve the offense. The fact that penalty u/s 221 has not been levied is not relevant because there is an admitted delay in depositing TDS.
Once a statute requires to pay tax and stipulates period within which such payment is to be made, the payment must be made within that period. If the payment is not made within that period, there is default and an appropriate action can be taken under the Act. Interpretation canvassed by the learned counsel would make the provision relating to prosecution nugatory
DATE:April 26, 2019 (Date of pronouncement)
DATE:June 27, 2019 (Date of publication)
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Amending Invoices reported in Form GSTR 1, pertaining to financial year 2017-18
1.Some taxpayers have reported that they are not able to amend the invoices reported in their Form GSTR 1, pertaining to financial year 2017-18.
2.In this context attention of taxpayers is brought to point number 3 of the Removal of Difficulty Order No. 02/2018-Central Tax, dated 31st December, 2018, issued by Government of India, Ministry of Finance, which is reproduced below :
“3. In sub-section (3) of section 37 of the said Act, after the existing proviso, the following proviso shall be inserted, namely : ––
“Provided further that the rectification of error or omission in respect of the details furnished under sub-section (1) shall be allowed after furnishing of the return under section 39 for the month of September, 2018 till the due date for furnishing the details under subsection (1) for the month of March, 2019 or for the quarter January, 2019 to March, 2019.”
3.Thus, taxpayers could have amended their invoices, reported in Form GSTR 1, pertaining to the financial year 2017-18, till the due date of filing of Form GSTR 1 of March, 2019.*
Since, due date of filing of Form GSTR 1, for the month of March, 2019 has already passed, no amendments in invoices reported in Form GSTR 1 pertaining to the financial year 2017-18, could be made now.
CLARIFICATION ISSUED AT GST (PORTAL) WEBSITE - DT. 27/06/2019
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ACMA pitches for uniform GST rate of 18 pc on all auto components:
READ MORE- https://www.gststation.in/acma-pitches-for-uniform-gst-rate-of-18-pc-on-all-auto-components/
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👉🏻SEBI tightens regulations for mutual funds to safeguard investors
(SEBI said liquid funds can invest a maximum of 20% of their assets in a single sector as against the current cap of 25%, and must keep aside at least a fifth of their assets in cash equivalents to meet sudden redemption pressures)
👇🏻 👇🏻 👇🏻
http://bit.ly/2ISaxeg
👉🏻Extension of Date and Method of doing DIR-3 KYC - MCA
(In case a person wishes to update his mobile no. or e-mail address, he would be required to file e-form DIR-3 KYC, as this facility of updation is not being proposed in the web-based service)
👇🏻 👇🏻 👇🏻
http://bit.ly/321fWHk
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CBI arrests IRS officer, superintendent of CGST Dept in bribery case:
READ MORE- https://www.gststation.in/cbi-arrests-irs-officer-superintendent-of-cgst-dept-in-bribery-case/
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Ficci urges FinMin to re-look into GST regime for consulting, service sector:
READ MORE- https://www.gststation.in/ficci-urges-finmin-to-re-look-into-gst-regime-for-consulting-service-sector/
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👉Government to Revamp Procedure for Tax Assessment and has handed out the task of firming up modalities for Jurisdiction-Free and Faceless Income Tax Assessment and Scrutiny to High-Level Direct Taxes Panel.
👉In a bid to promote MSME sector, Govt. asks Banks to appoint a General Manager-Level Official (GM) to resolve the problems being faced by MSME borrowers which contribute significantly towards employment generation and exports.
👉SEBI approves framework for issuance of Differential Voting Rights (DVR) Shares. It also announces Enhanced Norms for Disclosure of Pledged Shares and introduces shares with Superior Voting Rights (SR shares) for Tech Companies.
👉RBI is reviewing its Master Direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations, it said in its financial stability report (FSR).
👉MCA issues Clarification regarding filing of Form DIR-3 KYC
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GST anti-profiteering extension: Benefit to consumers but uncertainty for businesses:
READ MORE- https://www.gststation.in/gst-anti-profiteering-extension-benefit-to-consumers-but-uncertainty-for-businesses/
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GST: Govt asks public sector banks to analyse MSME credit woes:
READ MORE- https://www.gststation.in/gst-govt-asks-public-sector-banks-to-analyse-msme-credit-woes/
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GST intelligence arm unearthed Rs 300 cr evasion in 6 months:
READ MORE- https://www.gststation.in/gst-intelligence-arm-unearthed-rs-300-cr-evasion-in-6-months/
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CBIC has issued following important Circulars on 28.06.2019
1.GST:- Clarification regarding applicability of GST on additional / penal interest [Read Circular]:: http://www.taxknowledge.in/gst/5d15fef00a84e20948892a3d
2.GST:- Clarification regarding determination of place of supply in certain cases [Read Circular]:: http://www.taxknowledge.in/gst/5d1600840a84e20948892a3e
3.GST:- Processing of refund applications in FORM GST RFD-01A submitted by taxpayers wrongly mapped on the common portal [Read Circular]:: http://www.taxknowledge.in/gst/5d1603ef0a84e20948892a3f
4.GST:- Clarification on various doubts related to treatment of secondary or post-sales discounts under GST [Read Circular]:: http://www.taxknowledge.in/gst/5d1604890a84e20948892a40
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NOTIFICATIONS DATED ON 28-06-2019
Notification No.32/2019-Central Tax- Seeks to extend the due date for furnishing the declaration FORM GST ITC-04.
Notification No.31/2019-Central Tax- Seeks to carry out changes in the CGST Rules, 2017.
Notification No.30/2019-Central Tax- Seeks to provide exemption from furnishing of Annual Return / Reconciliation Statement for suppliers of Online Information Database Access and Retrieval Services(“OIDAR services”).
Notification No.29/2019-Central Tax- Seeks to prescribe the due date for furnishing FORM GSTR-3B for the months of July, 2019 to September, 2019.
Notification No.28/2019-Central Tax- Seeks to extend the due date for furnishing FORM GSTR-1 for registered persons having aggregate turnover of more than 1.5 crore rupees for the months of July, 2019 to September,2019.
Notification No.27/2019-Central Tax- Seeks to prescribe the due date for furnishing FORM GSTR-1 for registered persons having aggregate turnover of up to 1.5 crore rupees for the months of July, 2019 to September,2019.
Notification No.26/2019-Central Tax- Seeks to extend the due date of filing returns in FORM GSTR-7.