GST: Asking rate for FY20 now a daunting 22.7 per cent:
READ MORE- https://www.gststation.in/gst-asking-rate-for-fy20-now-a-daunting-22-7-per-cent/
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Analysis of Supreme Court Judgement in Bhagwan Das Goel vs. Pyare Kishan Agarwal
Appointment of Arbitrator qua disputes relating to an unregistered partnership firm, not permissible.
Read full case analysis at : https://dasgovernance.com/2019/06/03/analysis-of-supreme-court-judgement-in-bhagwan-das-goel-vs-pyare-kishan-agarwal/
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STATUTORY COMPLIANCE DUE DATES FOR JUNE 2019
07 June
TDS/TCS LIABILITY DEPOSIT
Due date of depositing TDS/TCS liabilities for previous month.
07 June
EQUALISATION LEVY DEPOSIT
Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
10 June
GSTR-7 RETURN FILLING DUE DATE
Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous quarter.
10 June
GSTR-8 RETURN FILLING DUE DATE
GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
11 June
GSTR-1 RETURN FILLING DUE DATE
GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
13 June
GSTR-6 RETURN FILLING DUE DATE
Due Date for filing return by Input Service Distributors for previous month.
15 June
ACTIVE (INC-22A)
Details of registered office, directors etc to be filed by every company incorporated on or before 31st of December 2017
Read more about Companies to file return for Active Company Tagging Identities and Verification ACTIVE (INC-22A).
15 June
ADVANCE TAX DEPOSIT - FIRST INSTALLMENT
Due date for First Installment of advance tax for FY 2019-20.
15 June
PROVIDEND FUND / ESI DUE DATES
Due date for payment of Provident fund and ESI contribution for the previous month.
20 June
GSTR-3B RETURN FILLING DUE DATE
Due date for filling GSTR – 3B return for Previous month
20 June
GSTR-5A RETURN FILLING DUE DATE
Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month
20 June
GSTR-5 RETURN FILLING DUE DATE
Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
30 June
DIR-3 KYC
Every director to whom DIN has been alloted for updating directors database with MCA.
Read more about Every Director to submit there KYC every year with ROC in DIR 3 KYC FORM
30 June
GSTR-9 RETURN FILLING DUE DATE
Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center..
Read more about Annual return under GST – Requirements, Eligibility, Format and Rules
30 June
GSTR-9A RETURN FILLING DUE DATE
Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
30 June
GSTR-9B RETURN FILLING DUE DATE
Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
30 June
GSTR-9C RETURN FILLING DUE DATE
Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.
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GST: MSME sector expects cheaper finance, incentives in Budget:
READ MORE- https://www.gststation.in/gst-msme-sector-expects-cheaper-finance-incentives-in-budget/
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GST Collection Holds Above Rs 1 Lakh Crore For Third Straight Month:
READ MORE- https://www.gststation.in/gst-collection-holds-above-rs-1-lakh-crore-for-third-straight-month/
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Govt probes I-T and GST mismatch in crackdown against evaders:
READ MORE- https://www.gststation.in/govt-probes-i-t-and-gst-mismatch-in-crackdown-against-evaders/
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GST rate cut, incentive to scrap old vehicles on auto industry’s budget wish list:
READ MORE- https://www.gststation.in/gst-rate-cut-incentive-to-scrap-old-vehicles-on-auto-industrys-budget-wish-list/
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GSTR-9B RETURN FILLING DUE DATE
Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
30 June
GSTR-9C RETURN FILLING DUE DATE
Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.
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Kind Attention Members and Students of ICAI
ICAI’s Members and Student services have been made online, in digitized form on a new platform which works on a Self Service Mode on the Self Service portal (SSP).
Application forms are available online now barring a few which will also be available shortly.
ICAI has decided to waive off delay condonation fee on all application forms with transaction dates between 01st April to 30th May and submitted online by 30th June 2019.
In case of query may call on 0120-4648888 or email to ssp.support@icai.in and ssp.student@icai.in
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MCA has launched a prosecution against Deloitte Haskins and Sells as well as BSR and Associates LLP and their former auditors for their role in “perpetuating the fraud” at IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS).
RBI has barred S R Batliboi & Co from carrying out audit assignments in commercial banks for one year starting 1, April , the bank said the action was initiated on account of the lapses identified in a statutory audit assignment carried out by the firm.
Sebi is seeking a mandatory deposit of 10 per cent of the penalty amount before filing of any appeal before the appellate tribunal. Sebi has sought an amendment to the Sebi Act to provide for a "pre-deposit" by any entity seeking to challenge its order relating to a monetary penalty or orders relating to refund, recovery, disgorgement and compounding.
Mandatory UDIN from 1st July,2019 on All Audit/Assurance Function already more than 12 Lakhs UDINs have been generated so far by ICAI Members. UDIN will not be generated after the signature dates of Certificates/Report/Certificates/Audit Reports although a 15 days window is there for exceptional circumstances.
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👉🏻Govt issues notices to tax evaders on ITR, GST mismatch.
(First time government is matching income tax and GST returns. The initial findings have reported the overstatement of GST claims and understatement of income in the ITRs)
👇🏻 👇🏻 👇🏻
http://bit.ly/2ESjh1B
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GST: India Inc pitches for more manufacturing jobs, land and labour reforms, tax cut:
READ MORE- https://www.gststation.in/gst-india-inc-pitches-for-more-manufacturing-jobs-land-and-labour-reforms-tax-cut/
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Four held for issuing GST invoices worth Rs 2,364 cr without supplying goods:
READ MORE- https://www.gststation.in/four-held-for-issuing-gst-invoices-worth-rs-2364-cr-without-supplying-goods/
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ADANI PORT: APPROVED THE PROPOSAL FOR THE BUY-BACK BY THE COMPANY OF
UP TO 3,92,00,000 EQUITY SHARES*
(BEING 1.89% OF THE TOTAL PAID-UP EQUITY SHARE CAPITAL OF THE COMPANY) FROM THE EQUITY SHAREHOLDERS OF THE COMPANY AS ON
JUNE 21, 2019 AT A PRICE OF RS. 500 PER EQUITY SHARE
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Bharti Telemedia under scanner over GST profiteering:
READ MORE- https://www.gststation.in/bharti-telemedia-under-scanner-over-gst-profiteering/
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👉🏻SC allows SFIO to reopen and recast IL&FS accounts for last five years
(SC allowed the Serious Fraud Investigation Office (SFIO) to reopen and recast the accounts of Infrastructure Leasing & Financial Services (IL&FS) and two of its key subsidiaries of five years starting 2012-13 (FY13)
👇🏻 👇🏻 👇🏻
http://bit.ly/2HUoJmG
👉🏻CBDT extends deadline for employers to issue Form 16 till July 10
(CBDT has extended the deadline for employers to issue Form 16, TDS certificate for the financial year 2018-19 to its employees by 25 days till 10 of next month)
👇🏻 👇🏻 👇🏻
http://bit.ly/2ETh0TO
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Finance Ministry clarification: Input credit accrued on import by paying GST in FY18 won’t lapse:
READ MORE- https://www.gststation.in/finance-ministry-clarification-input-credit-accrued-on-import-by-paying-gst-in-fy18-wont-lapse/
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Gujarat: Non-filing of returns, fake invoices are major challenges, says CGST official:
READ MORE- https://www.gststation.in/gujarat-non-filing-of-returns-fake-invoices-are-major-challenges-says-cgst-official/
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Ministry of Corporate Affairs has released the Companies (Prospectus and Allotment of Securities) Third Amendment Rules 2018 on 10th September 2018.
Accordingly on or after 2nd October 2018 any issue/allotment/transfer of securities by an Unlisted Public Company must be in dematerialised form. The company shall also facilitate dematerialisation of its existing securities.
Additionally such Unlisted Public Company shall obtain a half yearly share audit report from a practicing company secretary and submit the same with Registrar of Companies of its jurisdiction.
Every unlisted public company making any offer for issue of any securities or buyback of securities or issue of bonus shares or rights offer shall ensure that before making such offer, entire holding of securities of its promoters, directors, key managerial personnel has been dematerialised in accordance with provisions of the Depositories Act and regulations made there under.
Kindly note this notification applies to Unlisted Public Company only.
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ICAI Guideline GST: In the absence of clarification from the Government, and to avoid any omission due to aggressive interpretation, it is prudent to understand that the turnover limits prescribed for audit i.e., Rs. 2 crores one should consider aggregate turnover for the whole of the financial year which would also include the first quarter of the financial year 2017-18.
Delhi High Court issues notice in writ petition challenging Section 16(2) (c) CGST Act); Validity of Section 43A (6) of CGST Act, which hasn’t been notified yet, is also being challenged; Petitioner’s contention is that the Department has been vested with all the powers to recover any revenue lost owing to non-payment of taxes by erring suppliers and credit cannot be denied to recipient for default on part of the supplier;
India Inc. is gearing up to face the first test of their GST filings, with the authorities looking to initiate audits by picking up returns for risk-based assessment from July. “There is a direction that the audits should begin in July.
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CLARIFICATION ON CONDONATION OF DELAY FOR E-FORM INC-20A:
1. Form INC-20A is required to be filed within 180 days of the date of incorporation of the Company;
2. If you try to file the form after the above mentioned period then it gives the error "Please file form INC-28 for condonation of delay and then proceed to file form INC-20A"
3. Form INC-28 is an eform to be filed for filing of "Notice of Order of the Court or any other competent authority". So the process of condonation can not be completed with the said eform;
4. As per Section 460 of the Companies Act the applications which could not be filed within the time specified therein then CG may for the reasons record in writing can condone the delay;
5. An application under the said Section shall be filed in E-form CG-1; but for the application of condonation of delay for delay in filing the form INC-20A the form CG-1 is giving the error "Form Filing is not allowed since Declaration for Commencement of Business is not filed in form INC-20A. Please file form INC-28 for condonation of delay and proceed to file form INC-20A";
6. As per the current scenario there is no procedure or process under the Companies Act, 2013 for the said condonation;
7. As per our opinion currently there is no solution except waiting for MCA clarification or a new revised form being deployed which shall allow filing of the said form with additional fee, because the condonation of the said form will impose another time period of a couple of months which could be harmful for the new startups as they would not be able to conduct the business and it would not be a good example of ease of doing business.
8. As per the resolution of a ticket and discussion the said resolution or clarification might be received within next 10-15 working days.
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👉RBI sets the Minimum Leverage Ratio at 3.5% for all Indian banks and 4% for Systemically-Important Banks, to maintain Financial Stability in the country. RBI’s stipulation is higher than the minimum leverage ratio of 3% as prescribed by Basel Committee on Banking Supervision (BCBS).
👉RBI reduces repo rate by 25 basis points (bps) to 5.75%. This is the 3rd straight reduction in the rates. The move will likely bring down the loan EMIs and Loans may become cheaper.
👉RBI to constitute panel to review ATM Interchange Fee Structure. The decision comes after persistent demands to change the ATM charges and fees.
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The Reserve Bank of India (RBI) on Thursday decided to remove charges on RTGS (Real Time Gross Settlement System) and NEFT (National Electronic Funds Transfer) transactions.
In a notification, the central bank stated that it "levies minimum charges on banks for transactions routed through its Real Time Gross Settlement System (RTGS) meant for large-value instantaneous fund transfers and the National Electronic Funds Transfer (NEFT) System for other fund transfers. Banks, in turn, levy charges on their customers. In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems."
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Manpasand Beverages CMD willing to step down over alleged GST ‘fraud’:
READ MORE- https://www.gststation.in/manpasand-beverages-cmd-willing-to-step-down-over-alleged-gst-fraud/
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Analysis of NCLT Judgement in State Bank of India vs. Bhushan Energy Ltd.
Whether a ‘body corporate’ could be an ‘undischarged insolvent’? Held yes.
Read full case analysis at : https://dasgovernance.com/2019/06/07/analysis-of-nclt-judgement-in-state-bank-of-india-vs-bhushan-energy-ltd/
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👉🏻Procedure to file e-TDS/TCS statement online through income tax e-filing portal
(Procedure for online submission of statement of deduction of tax under sub-section (3) of section 200 and statement of collection of tax under proviso to sub-section (3) of section 206C of the Income-tax Act, 1961 read with rule 31A(5) and rule 31AA(5) of the Income-tax Rules, 1962 respectively)
👇🏻 👇🏻 👇🏻
http://bit.ly/2QSxVuy
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Tax officials are likely to ask for a reduction up to 6 per cent in their collection target in the full Union Budget for 2019-20, compared to what was given in the interim Budget. That 6 per cent would translate into a reduction of Rs 1.5 trillion.
Securities and Exchange Board of India has sent two more show-cause notices to HDFC Mutual Fund and Kotak Mutual Fund for investments in debt instruments of Essel Group.
SFIO has named audit firms Deloitte, KPMG, and AP Shah & Associates in the chargesheet filed in the case involving IL&FS Financial Services (IFIN), the controversial subsidiary of the scam-hit IL&FS. In all, 30 individuals and entities have been named in the chargesheet filed by the probe arm of the MCA.