28 June 2019 News and Updates

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.

27 June 2019 News and Updates

27th June 2K19

Economic Times
 
Ø  RBI issues norms for interest rate derivatives
Ø  Data related to payments to be stored only in India: RBI 
Ø  HSBC issues notice to IL&FS arm seeking its dues
Ø  US-China trade war will shave off global output: Fitch
Ø  DHFL to soon complete full stake sale in 2 subsidiaries
Ø  UCO Bank targets Rs 8,000 crore recovery in FY20
Ø  Proposals to revive BSNL, MTNL being prepared: Prasad

Business Standard
 
Ø  American investments worth trillions waiting for India, says Pompeo
Ø  India won't compromise national interest in trade talks with US: Goyal
Ø  Govt can raise Rs 95,000 cr from infra bonds to boost growth: BofA
Ø  ED seizes Rs 9,778-crore assets of Sterling Biotech, promoters in PMLA case
Ø  Valuation gains from non-cigarette businesses likely for ITC's investors

Business Line
 
Ø  NTPC-PGCIL joint venture to focus on improving efficiency of distribution utilities
Ø  Electrosteel to invest ₹5,000 cr to double production capacity
Ø  Adani Power to acquire GMR Chhattisgarh Energy
Ø  'Reliance Infra to deliver Rs 7,000-cr Versova-Bandra Sea Link project in 60 months'
Ø  GST audit for small assessees to be desk-based

 Mint

Ø  PPF and other small savings schemes set for interest rate cut
Ø  SC stays payment of ₹380 crore by IL&FS subsidiary
Ø  CBDT expands areas to be covered by committee writing the new Direct Tax Code
Ø  JM Financial, Suraksha ARC acquire ₹2,000 crore Unitech loans
Ø  Icra cuts long-term debt rating of Piramal Capital, Edelweiss firms by a notch

Financial Express
 
Ø  FDI in telecom sector down 43 per cent to USD 2.6 billion in 2018-19, says Ravi Shankar Prasad
Ø  Government, RBI closely monitoring rupee exchange rate, says Nirmala Sitharaman
Ø  US aims to restart China trade talks, will not accept conditions on tariff use
Ø  Oil ministry seeks Rs 33,000 crore more for subsidy payout
 
Deccan Chronicle

Ø  Rupee settles 21 paise higher at 69.15 to US dollar
Ø  No shortage of iron ore in country: Mines Minister
Ø  Britannia Industries denies speculation over resignation of its MD Varun Berry
Ø  Inflation pinches much less for expats than average Indian
Ø  Rising exposure of MFI loans per lender worries industry

Capital market -

Mahindra & Mahindra has acquired 11.25% stake in Swiss agri-tech company, Gamaya SA, for $4.3 million in line with its strategy to gain next generation agriculture and digital farming. Buy for the long term.

✅ Hexaware Technologies has bought USA-based Mobiquity in a $182 million cash deal. Buy selectively.

✅ Housing Development Finance Corporation has sold 4.2% stake in Gruh Finance at Rs.290/share in order to comply with the RBI guidelines. This transaction will strengthen its financials. Accumulate.

❎ Dwindling cash flows at Sintex Industries makes a case for selling its group company Sintex Plastics as the promoters may have to sell stake in order to return to track. Stay away from both the counters.

✅ Astrazeneca Pharma has discovered a novel drug to treat some types of cancer as an alternative to the complicated chemotherapy treatment. Moreover, its Q4 PAT was 3x higher at Rs.9.8 crore v/s Rs.3.22 crore in Q4FY18. A big
achievement! Buy.

✅ Yes Bank plans to raise $1.2 billion (Rs.8388 crore) to augment its capital through a mix of public and private stake sale. A good contrarian buy.

❎ JP Morgan expects Reliance Industries’ earnings to fall around 15% this year. Sell now, buy later.

✅ Jubilant Life Sciences seems under-priced considering its overall FY19 performance and expected ramp-up in the speciality chemicals business. Buy.

✅ The EPFO wants to pre-redeem 50% of its total investment in DHFL bonds. Although this may add to the current woes of the company, most of the bad news seems to have been factored in. A good contrarian buy for investors with a risk appetite.

✅ Wockhardt is looking at options to raise funds to pare its debt. It plans to sell a minority stake in the domestic formulations business in the respiratory and gastro-intestinal segments. Its future looks bright. Accumulate.

✅ Trent has planned a preferential allotment to the tune of Rs.1550 crore to its promoters (Tata Sons), which is indicative of some good news. A big buy!

✅ Bharat Forge plans to enter the electric vehicles (EV) segment. It has initiated investments in local start-ups and is in negotiation with global leaders to manufacture auto components. Buy for the long term.

✅ NMDC continues to perform well on the back of tightening metal prices. This low cost producer of iron ore deserves a place in every portfolio.

✅ Aurobindo Pharma has lined up $200 million worth R&D in the current fiscal year. Its future looks bright. Accumulate for the long term.

✅ Iron ore imports are on the rise as there is a shortage in the local market. To meet the domestic requirement, Coal India targets 1 billion tonne coal production this year. A good time to accumulate.

✅ Steel Authority of India eyes a turnover of Rs.79000 crore this fiscal on the back of rising steel demand. Its current beaten down level merits a buy.

✅ Corporation Bank plans to raise Rs.5000 crore by issuing shares and debt instruments to address its liquidity issues. A rights issue is also likely. Buy.

✅ Bharat Heavy Electricals has obtained orders worth over Rs.800 crore in the solar energy segment. A good long-term investment bet.

✅ Dilip Buildcon is in talks to sell some of its highway projects for over Rs.2500 crore in an attempt to pare its debts. A value pick.

✅ Heavy investment buying seen in Harish Textile Engineers, which is expected to notch an EPS of Rs.11+ for FY20. Buy for the long term.

✅ Pokarna, which is on an expansion spree, is expected to notch a consolidated EPS of Rs.30-32 for FY20. The stock is likely to cross Rs.200 again.

✅ Analysts expect Shemaroo Entertainment to cross Rs.420 on FY20E EPS of Rs.35.

✅ Kovai Medical Center & Hospital is likely to notch an EPS of Rs.55 for FY20. A reasonable P/E of 17.5x (industry P/E: 42x) will take its share price to Rs.960+ in the medium term.

✅ Indiabulls Housing Finance has clarified that its GNPA stands at just 0.88% and there is no liquidity crisis. The stock is likely to cross Rs.650 in the short term.

✅ Mawana Sugars, which posted an EPS of Rs.11 for FY19, is on a debt reduction drive. It may notch an EPS of Rs.14+ for FY20. Buy for about 20% returns.
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Reopening of assessment merely on Investigation Wing report without independent application of mind was invalid. Case Name : M/s. Key Components (P) Ltd. Vs ITO (ITAT Delhi)

GST Council extended the tenure of the anti-profiteering authority by two years to November 2021, in what went against its past assertions that the body will have only a transient existence and a non-intrusive character. The council also decided that in cases of profiteering, firms will have to pay a penalty of 10% of the amount cornered by not passing on benefits of GST rate cuts to consumers.

Monetary Policy Committee meeting minutes reveal that the change in RBI's policy stance will deliver more rate cuts in the future.  Governor Shaktikanta Das had limited himself to say that the shift in stance of the policy to "accommodative" must be seen as there being no rate hikes in future, speaking after the policy review on June 6.

SEBI has tightened the rules for usage of client funds by brokerages. As per the new rules, brokers have been asked to transfer the securities to their client accounts within one day of receiving payment. In case if the client defaults on the payment, brokers have been asked to hold the securities up to five days post which they can liquidate the securities in the market and recover dues

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GST Gyan-Soon file CMP-02 for availing Composition Scheme in 2019-20 till 31.07.2019 & ITC-04 (for job work) for period July 2017 to June 2019 by 31.08.2019.

MCA Update- 29.06.2019 (Saturday) is the last date to file one time return in form DPT-3. MCA Notification dated 30th April, 2019.

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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 than 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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GST Council to consider reducing tax on electric vehicles:

READ MORE- https://www.gststation.in/gst-council-to-consider-reducing-tax-on-electric-vehicles/
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CBDT has issued Circular in which it has provided important clarification regarding the non-allowability of set-off of losses against the deemed income under Section 115BBE of the Income-tax Act, 1961 prior to assessment-year 2017-18.

Taxmen could carry out ‘mock purchases’, visit premises and check invoices issued by top 20 goods and services suppliers as part of anti-profiteering investigations in their respective areas under the new tightened framework under Goods and Services Tax.

SEBI is likely to come out with guidelines on differential voting rights (DVR), new norms for buyback and pledging of shares by promoters. Apart from superior DVRs and buyback of shares by high debt companies, high financing deals involving loan against shares to promoters by mutual funds and NBFCs.

Non-banking financial companies (NBFC) want the Reserve Bank of India (RBI) to relax the timeline to implement the minimum LCR norms by a year, and ease the glide path to implement LCR to 25% from the RBI’s proposed limit of 60%.

Nasscom has proposed that special provisions for virtual testing of fintech products be created in the capital market regulator’s proposed regulatory sandbox, as some startups may not have the scope to test their products offline.

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Centre proposes to integrate FASTag bank mechanism with E-way bill to check GST evasion:

READ MORE- https://www.gststation.in/centre-proposes-to-integrate-fastag-bank-mechanism-with-e-way-bill-to-check-gst-evasion/
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Blocking of E-Way Bill for GST Non-filers to be implemented from August: CBIC [Read Notification]

Read more at: https://www.taxscan.in/blocking-e-way-bill-gst-non-filers-implemented-august-cbic/36592/
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(DPT-3:Auditor's Certificate) Clarification on Auditor’s Certificate on Return of Deposits pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014

This has reference to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014 and further amendments.

In this regard, the Ministry of Corporate Affairs vide its letter no. File No: P-01/08/2013- CL-V Vol. VI dated June 24, 2019 has clarified on the matter as under:

The Auditor’s Certificate is mandatory only in case of return of deposits.

For filing particulars of transactions not considered as deposits information contained therein as on 31st March of that year need not be from the duly audited Financial Statement.

Only in case of Return of Deposit information contained therein as on 31st March of that year should be from duly audited financial statement of the company.

Also in order to provide guidance to members, the Auditing and Assurance Standards Board of ICAI has issued Illustrative Auditor’s Certificate on Return of Deposits, which is available on the below cited link:

Illustrative Auditor’s Certificate on Return of Deposits as at [state the year end] pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules, 2014, as amended :  https://resource.cdn.icai.org/55581aasb250619b.pdf

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Importers do not need state-wise registration under GST regime:

READ MORE- https://www.gststation.in/importers-do-not-need-state-wise-registration-under-gst-regime/
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GST evasion: Authorities arrest two foreign nationals in Chennai:

READ MORE- https://www.gststation.in/gst-evasion-authorities-arrest-two-foreign-nationals-in-chennai/
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👉ITR Alert: Income Tax Dept modifies Return Preparation Software and Schema and the same is available for filing now.

👉Concerned over the "lackadaisical attitude" of I-T Department officers in dealing with Taxpayers' Grievances, the CBDT chief has shot off a stern letter asking the officials to ensure Timely Redressal of thousands of such pending cases. CBDT Chairman P C Mody, in a recent letter to Regional Heads of the Department across the country, has told the officials to take urgent steps and reduce problems and grievances of the taxpayers.

👉The Centre will soon bring services provided by the office of a company in one state to an office in another state under the purview of the GST. The Finance Ministry has put out a draft circular clarifying the taxability of services provided by head office, located in one State, to the branch office located in another. Technically, it is called cross charges and the issue is how tax can be calculated in such a case.

👉RBI launches Complaint Management System(CMS) to lodge Complaints against Entities regulated by Reserve Bank like Banks, NBDCs, Payment Banks etc.. It is a software application to facilitate RBI’s Grievance Redressal Processes.

👉SEBI board plans to tighten rules for Pledged Shares by Promoters. It will address issues around shares encumbered by promoters and the mutual fund industry’s exposure to these structures.

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UDIN (Unique document Identification Number) for CMA

Read more https://www.expertmile.com/articles/2949
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GST: Budget may set stage for new Income Tax Act:

READ MORE- https://www.gststation.in/gst-budget-may-set-stage-for-new-income-tax-act/
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👉🏻MCA asked NFRA to review Auditing and Assurance Standards for Auditors
(MCA has asked NFRA to review Auditing and Assurance Standards for auditors, people familiar with the development said)
👇🏻 👇🏻 👇🏻
http://bit.ly/2IJyXqh

👉🏻Sharing of information with Public Sector Banks in case of loan defaulters
(CBDT is of the view that sharing of information with Public Sector Banks in respect of assets held by defaulters of loans, so as to enable recovery of loans from such defaulters)
👇🏻 👇🏻 👇🏻
http://bit.ly/2WYpEqo

👉🏻Govt to launch new KYC norms to weed out fraud CA, CS and CMAs
(The development follows several complaints that the ministry has been receiving with regard to the functions of chartered accountants, cost accountants and company secretaries being fraudulently carried out by unqualified people)
👇🏻 👇🏻 👇🏻
http://bit.ly/31T5PED

👉🏻CBIC reveals GST Audit Plan / Strategy for the year 2019-20
( Directorate General in association with DGARM has developed a Risk Assessment programme, wherein list of taxpayers with risk scores will be generated and made available to each Audit Commissionerate through DDM Portal)
👇🏻 👇🏻 👇🏻
http://bit.ly/2RBecjB
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Lowering GST on automobiles would help the economy: Anand Mahindra:

READ MORE- https://www.gststation.in/lowering-gst-on-automobiles-would-help-the-economy-anand-mahindra/

25 June 2019 News

25th June 2K19

Economic Times
 
Ø  Illicit money outflows average 10% of GDP: Parl panel
Ø  RBI launches new online banking complaints system
Ø  I-T Dept issues 380 notices on undisclosed assets
Ø  Evaluating selling 20% stake in Shriram: Piramal
Ø  Mobile subscriber base rises a tad in April: Trai
Ø  Gem and jewellery industry seeks lower duty on gold

Business Standard
 
Ø  RBI delays surplus transfer after finance secretary's objection: Report
Ø  Sebi diktat to book expenses helps MFs pare distribution-related costs
Ø  Centre resolves 615 infrastructure projects worth Rs 22.35 trillion
Ø  Wilful defaulters in nationalised banks up by 60% in five years: Govt
Ø  Viral Acharya unable to continue as deputy governor beyond July 23: RBI
Ø  Sebi to tighten rules for pledged shares by promoter group entities

Business Line
 
Ø  Black money stashed outside India is estimated at USD 216-490 bn
Ø  Indian telcos need to invest ₹1 lakh crore in fibre networks : Crisil
Ø  I-T dept issued Rs 64,700-crore refund between April 1-June 18, 2019: 
Ø  Chinese banana imports surge to a record high in May
Ø  Future Enterprises plans to raise up to Rs 900 cr via NCDs
Ø  Jet Airways creditors have time till July 4 to submit claims
 
Mint

Ø  TCS hikes stake to 66% in Japanese JV with $32.6 million investment
Ø  Promoters sell 10% stake in Emami for₹1,230 crore, shares down over 7%
Ø  Filling Iran oil gap in India: US supplies outshine Middle East crude
Ø  India, US nearing industrial security pact for defence tech transfers
Ø  Sebi to allow IPOs by tech companies with superior voting right shares

Financial Express
 
Ø  India’s May oil imports down 11% from April
Ø  Oil prices rise as Middle East tensions simmer
Ø  Hero, Bajaj, TVS say e-mobility transition could undermine Make in India
Ø  JM Financial Fund II buys stake in co-living operator Isthara Parks
 
Deccan Chronicle

Ø  Govt should hike public sector spending; incentivise private cos for new projs: Icra
Ø  Rupee does U-turn, rises 23 paise to 69.35 against US dollar
Ø  RBI panel defers reserves report for fourth time
Ø  Home buyers body want Rs 10,000 cr 'stress fund' to complete stalled projects

24 June 2019 News and Updates

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

22 June 2019 Updates

Odds may stack up against GST on lotteries at Council meet on Friday:

READ MORE- https://www.gststation.in/odds-may-stack-up-against-gst-on-lotteries-at-council-meet-on-friday/
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GST has led to inequity in tax treatment of Indian shipping cos vs their foreign counterparts:

READ MORE- https://www.gststation.in/gst-has-led-to-inequity-in-tax-treatment-of-indian-shipping-cos-vs-their-foreign-counterparts/
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👉Finance minister Nirmala Sitharaman reviews the Current Economic Situation with all Sectoral Regulators and held discussions on the forthcoming budget at the Financial Stability and Development Council (FSDC) meeting.

👉CBIC introduces Manual Checks in IGST Refunds for preventing Unscrupulous Exporters from Defrauding Exchequer. CBIC has recently instructed its Customs and GST formations to verify the correct availment of input tax credit (ITC) by few exporters who are perceived as “risky” on the basis of pre-defined risk parameters.

👉MCA informs that the facility to file the E-ACTIVE forms have been temporarily stopped to complete tagging of non-compliant companies and Directors. However, the same shall be restored soon with a facility to file with fees, the Ministry said in a statement.

👉SEBI’s recommendations to make it mandatory for Sub-Funds with Segregated Portfolios to take separate FPI registrations have invited Strong Opposition from Foreign Portfolio Investors (FPIs). They fear such a move could compel them to liquidate their holdings, incur huge costs, and potentially disrupt the Indian stock market.

👉SEBI moves Supreme Court over jurisdiction issues with NCLT. It has approached SC after the SEBI & NCLT passed separate orders under the SEBI Act and the Insolvency and Bankruptcy Code (IBC), respectively, on Collective Investment Schemes (CIS), in the case of HBN Dairies and Allied Ltd.

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GST: Customs officials likely to get more powers:

READ MORE- https://www.gststation.in/gst-customs-officials-likely-to-get-more-powers/
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👉🏻MCA may amend LLP Act to keep check on shell companies
(In an attempt to keep a check on shell companies, MCA may amend the LLP Act to tighten regulation for companies which seek to change their status to LLP)
👇🏻 👇🏻 👇🏻
http://bit.ly/2x6rawa

👉🏻SEBI sets new rules for applicant confidentiality in resolution process
(SEBI has set various grounds on the basis of which an applicant can be assured confidentiality while filing a plea under the settlement mechanism)
👇🏻 👇🏻 👇🏻
http://bit.ly/2XmbOCt

👉🏻ED arrests two former IL&FS executives in money laundering probe
(ED has arrested two former executives in connection with its money laundering probe in the IL&FS alleged financial irregularities case)
👇🏻 👇🏻 👇🏻
http://bit.ly/2IrCObj

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GST: Realty firms post robust sales despite sectoral slowdown in FY19:

READ MORE- https://www.gststation.in/gst-realty-firms-post-robust-sales-despite-sectoral-slowdown-in-fy19/
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Govt will take steps for further simplification of GST: President Kovind:

READ MORE- https://www.gststation.in/govt-will-take-steps-for-further-simplification-of-gst-president-kovind/
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# Upcoming Due Date:
29-06-2019 - One time DPT-3 return
- 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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Govt identifies 5,106 risky exporters who fraudulently claimed GST refunds:

READ MORE- https://www.gststation.in/govt-identifies-5106-risky-exporters-who-fraudulently-claimed-gst-refunds/
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CMD held for fake GST refund claims of over ₹11 crore:

READ MORE- https://www.gststation.in/cmd-held-for-fake-gst-refund-claims-of-over-%e2%82%b911-crore/
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GST Evasion Racket Busted In Uttar Pradesh, 4 Held:

READ MORE- https://www.gststation.in/gst-evasion-racket-busted-in-uttar-pradesh-4-held/
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35th GST Council Meeting Updates

1. Decision for reduction of rate on electric vehicle (EV) is given to Fitment committee – decision is expected in next council meeting. Current rate on EV is 12% and proposal is to reduce it to 5%

2. Anti-profiteering mechanism which was to end on 30.06.2019 has been extended for another 2 years till 2021.

3. If Profiteered amount is not deposited as per the order of the authority within 30 days then supplier will have to pay Penalty of 10% on it.

4. Annual Return (GSTR 9 / 9A) and Audit (GSTR 9C) has been extended from 30.06.2019 to 31.08.2019

5. Registration process simplified by using Aadhar back bone

6. Generation of invoices on Government portal given in-principle approval, once implemented, this invoice will be treated as E-way bill as well.

7. E-ticketing for multi-plexes approved

8. Major discussion took place on how to control Fake / bogus billing - details awaited.

19 June 2019 News and Updates

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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17 June 2019 News and updates

©orporate Uodates on June 17, 2019

Ø  BHEL bags 200 MW solar energy orders worth Rs 800 cr

Ø NBFC crisis to pull down home loan growth: Report

Ø Trai to determine the unique mobile subscribers base

Ø UCO Bank declares Yashovardhan Birla wilful defaulter

Ø FinMin assessing capital needs of PSU banks

Ø Lakshmi Mittal's South African subsidiary facing charges

Ø SEBI likely to rejig mutual fund categorisation norms to curb credit risk

Ø Cross-border insolvency: Cabinet likely to take up new provisions soon

Ø RBI joins peers to buy gold insurance as US-China trade war escalates

Ø Hindustan Copper plans to increase ore production five times by 2025

Ø Lupin recalls more than 18,000 bottles of antibiotic drug in US market

Ø India draws up plan to gain from US-China trade war

Ø India imposes higher customs duty on 28 US products

Ø Suspect DeMo cash deposits again come under scanner

Ø GST Council may give 1-year extension to anti-profiteering authority

Ø Vedanta lost $200 m on Sterlite plant shutdown: Anil Agarwal

Ø Noose tightens on Swiss account holders; Details of at least 50 Indians shared

Ø India has wage problem, not job problem: Mohandas Pai

Ø NITI asked to follow due process for suggesting CPSE assets for monetisation

Ø Agrochemicals exporters widen their valuation gap vis-à-vis domestic plays

Ø ONGC to auction over 60 fields to private operators

Ø Rainfall deficiency hits 43 per cent; monsoon progress likely in the next 2-3 days: IMD

Ø FPIs remain net buyers in June, invest Rs 11,132 crore

Ø India can boost exports of 300 products to US, China amid trade war, says report

Ø Jaypee Infratech lenders moot fresh plan to complete housing projects

Ø CREDAI seeks bank funding for developers to buy land for affordable housing projects

Ø Round-tripping still rampant in gold exports

Ø Steel industry seeks safeguard duty to counter rise in imports

Ø Start-ups entering listed space via reverse merger

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Ghaziabad businessman arrested for Rs 3.76cr GST fraud:

READ MORE- https://www.gststation.in/ghaziabad-businessman-arrested-for-rs-3-76cr-gst-fraud/
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Postpone last date for filing GST returns in Form GSTR 9, 9A & 9C:

READ MORE- https://www.gststation.in/postpone-last-date-for-filing-gst-returns-in-form-gstr-9-9a-9c/
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Reported some issues in filing their Form GSTR 9/9C, which are clarified below:

(A)   Relating to Annual Return Form GSTR 9:

1.           Auto-population of ITC figures in Table 8A of Form GSTR-9 based on Form GSTR-2A:   Some taxpayers have reported that figures of Input Tax Credit (ITC), as pre-populated in table 8A of Form GSTR-9, do not match with the figures as appearing in their Form GSTR-2A. Please note that this may happen due to following reasons:

a.           Figures in GSTR-2A are auto populated based on filed/ saved / submitted Form GSTR-1 of the supplier taxpayer. But figures in table 8A of Form GSTR-9 are auto-populated only on the basis of filed Form GSTR-1 by the supplier taxpayer. In case, Form GSTR -1 is not filed by your supplier, then credit related to those invoices will not appear in table 8A of your Form GSTR-9.

b.           Figures in table 8A of Form GSTR 9 are auto populated only for those Form GSTR-1, which are filed by the supplier taxpayer by due date of its filing i.e. 30th April, 2019. Thus, ITC on supplies of the financial year 2017-18, if reported beyond 30th April, 2019, will not get auto-populated in table 8A of Form GSTR-9 but it will be available in Form GSTR-2A.

c.           In table 8A of Form GSTR-9, only latest values have been auto-populated based on filed Form GSTR-1, taking into account all the amendments made, if any. Suppose an invoice with taxable value of Rs 100/- with tax of Rs. 18/- was filed in Form GSTR-1 in the month of January, 2018 and same was amended to Rs 90 as taxable value in the month of March, 2018, then

i.            the Form GSTR-2A of January, 2018 will show ITC of Rs. 18

ii.           the Form GSTR-2A of March, 2018 will show ITC of Rs 16.20 &

iii.          the table 8A of Form GSTR-9 will contain ITC of Rs 16.20.

d.           In table 8A of Form GSTR-9, ITC related to all such invoices have been excluded in which place of supply lies in supplier's taxpayers State, instead of  State of the receiver taxpayer. These figures will be shown in Form GSTR-2A of the recipient. For example if a taxpayer of State A visits State B and stays in a hotel in State B, the tax paid by him  to the hotel in State B will appear in his Form GSTR-2A, but the same will not be reflected in table 8A of Form GSTR-9.

e.           The Figures in table 8A of Form GSTR-9 do not contain ITC for the period during which the recipient taxpayer was under composition scheme.

2.           Proceed to File button not enabled: While filing Form GSTR 9 'Proceed to File' button will be enabled only if 'Compute Liability' is clicked. This button is meant for computation of late fees only. 'Preview Draft GSTR 9 PDF' button is clicked to view the filled up information.  Thereafter on checking the declaration box and selecting the authorized signatory details, user has to click on 'File' button to file the return. Please note Form GSTR 9 once filed cannot be revised.

(B)   Relating to Form GSTR 9C, Reconciliation statement :

3.           Turnover for filing Form GSTR- 9C: Form GSTR-9C is to be filed by all those taxpayers whose aggregate turnover has exceeded Rs 2 crore in a financial year. Turnover of complete year i.e.  from 1st April, 2017 to 31st March, 2018 has to be taken into account for calculating the turnover. For example, if a taxpayer has a turnover of Rs. 2.1 Cr for the period 1st April, 2017 to 31st March, 2018 and a turnover of Rs. 1.9 Cr for the period 1st July, 2017 to 31st March, 2018, then the taxpayer is required to file form GSTR- 9C.

4.           User getting error message while using Excel version : You are also advised to use Microsoft excel version higher than 2007 while preparing Form GSTR 9C.

5.           Providing Membership Number by Auditor: While filing Part B of Form GSTR-9C, Auditors are advised to give their membership number without prefixing '0' in their membership number. If membership number is '016', then auditor should enter '16' on the aforesaid part in the membership number field & not '016'.

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CBIC has enabled new facilities w.r.t filing of various GST Return on GST Portal

CBIC has enabled new facilities to fix the defects with respect to various return filing process for the Taxpayer. Following are the key facilities:

A taxpayer who has not filed their Form GSTR 1 for the month of March 2019 can now amend invoices of July 2017 also, a drop-down will appear for making amendments in the invoices of the July 2017 month.

A numeric character only in Shipping bill field: Shipping bill field in Form GSTR 1 will now accept only numeric character (in the cases of copy & paste to populate the field).

In Form GSTR 10: User can now delete invoices online, in Form GSTR 10 starting with the serial number ‘0’ (zero).

In Form GSTR 9: Now a message is also shown to the taxpayers that Form GSTR-2A has been compiled on the basis of Form GSTR1 filed up to dd/mm/yy and next update will happen on dd/mm/yy. Now updations of Form GSTR-2A is being done on a weekly basis.
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SEBI challenged the Order of NCLT. Will Insolvency Bankruptcy Code overrides SEBI Act

Read full article at : https://dasgovernance.com/2019/06/15/sebi-challenged-the-order-of-nclt-will-insolvency-bankruptcy-code-overrides-sebi-act/
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GST: PM likely to meet FinMin officials on June 20, to discuss road map for boosting growth:

READ MORE- https://www.gststation.in/gst-pm-likely-to-meet-finmin-officials-on-june-20-to-discuss-road-map-for-boosting-growth/
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Negligence in reporting 40A(3) & 40(a)(ia) violation is Professional Negligence – CA awarded punishment of removal of his name from the Register of Members Ignorance & casualness may be a costly. There is not only penalty u/s 271J but also chances of Disciplinary action by ICAI.

Income Tax Department is taking all such matters for disciplinary action with ICAI.

One such instance was found in CA Ishaq Esmail Lakkadghat Versus Income Tax Officer, 11 (3) -1 Mumbai case wherein the Tax auditor was held guilty by the disciplinary committee of ICAI of lack of exercising due diligence, or gross negligence in the conduct of his professional duties.

The Reporting Auditor (CA) stated NIL in the column  “amount admissible u/s 40A (3) read with rule 6DD and computation thereof”

The error was deducted in scrutiny assessment for AY 2007-08, when it was found that the assessee has made payment of consultancy charges amounting to Rs.5,45,715/- to various Doctor which exceeds Rs.20,000/-. The assessee has made this payment in cash which is exceeding Rs.20,000/– and no tax has been deducted which is required u/s 194J of the Income Tax Act, 1961. These facts have not been mentioned in the Tax Audit Report certified by the CA.
The matter was reported to the Disciplinary Committee of the ICAI which that on perusal of Profit & Loss Account of the Hospital vis-à-vis working papers of the Respondent, it has been noted that consultancy charges were shown as expenses in the Profit & Loss Account of the Hospital.

The CA submitted
“……since the Doctors did not provide any professional service to the Hospital, the provisions of Section 194J would not be attracted.
As per the judgment passed by the Special Bench in case of “Merilyn Shipping and Transports-vs ACIT, Section 40 (a) (ia) is applicable only to the amounts of expenditure which are payable as on 31st March of every year and it cannot be invoked to disallow the amounts which have been actually paid during the previous year, without deduction of tax at source. Further, all payments were made to the respective doctors before 31st March, 2007. As per his belief, the payment made to the Doctors by way of reimbursement of the fees does not fall under the TDS Act and even if it falls, these payments would not be disallowable u/s 194J of the Income Tax Act.

However the Committee was of the view that it is for the assessee to reply on any judgment for making deduction of TDS on payment of consultancy fees u/s 194J. As per provision of the Income Tax Act, 1961 and Guidance notes on Tax Audit issued by the Institute, the Auditor is required to report as to whether any amount is inadmissible under Section 40 (a) the Income Tax Act, 1961. If the Assessee did not deduct TDS based on a judgment given in a particular case, the Respondent being a Statutory Tax Auditor was required to disclose the same in his report so as to enable the Income Tax Department to know the reason as to why TDS was not deducted by the Assessee u/s 194J of the Income Tax, 1961.
On appeal against the order of the disciplinary committee of ICAI, the Appellate Authority – ICAI the CA further added that as he has  passed Chartered Accountancy only in 2005, he was very new in the profession and it is possible that he did not understand the proper interpretation of Section 194J of the Income Tax Act 1961. Therefore he prayed that his mistake may be condoned and lenient view may be taken.

The Appellate Authority – ICAI held as under:
Held that CA did not exercise due diligence in carrying out his professional duties, which is expected from him.
The CA being new in the profession and not being able to understand properly the ambit of section 194J of the Income Tax Act, can’t be a ground to completely ignore the new reporting requirements imposed by the CBDT from 10th August, 2006. (Ignorance of Law in No EXCUSE- supplied)

As regards to the issue of quantum of punishment, the CA prayed for taking lenient view and explained that he was very new in the profession and he might not have been fully aware of the recent amendments in the law, and he also pleaded that the default was for a very small quantum.

It is very clear that the CA was required to report instances where tax was deductible by the auditee but not deducted by him. The CBDT vide Notification No. 208/2006 dated 10th August, 2006 had widened reporting requirements of Form 3CD and thus it was the duty of the CA  to report such transactions in the Form 3CD, which he failed to do.

Looking to all the facts involved and the fact that the Appellant fully co-operated in all proceedings at every level of enquiry, we feel that the “ends of justice” would meet, if the Appellant is awarded punishment to “Reprimand”. We, accordingly modify the Impugned Order of the Disciplinary Committee to this extent. Though, further, we direct the Appellant to be more cautious in future while dealing with such situations.

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Wef 1.7.19, Contribution of Employer to ESI to be reduced from 4.75% to 3.25% & that of Employee to be reduced from 1.75% to 0.75%. Press Release of 13.6.19.

Latest regulatory action against Deloitte, EY and KPMG, has seen auditors scampering to de-risk themselves and more differences between auditors and managements will come to the fore in companies with dodgy accounting policies that fail to provide evidence and justifications for their decisions.

Cabinet ratifies Multilateral Instrument (MLI) to implement tax treaty related measures to prevent base erosion & profit shifting (BEPS)

With rising instances of debt defaults and credit rating agencies (CRAs) failing to forewarn the investors of the deteriorating credit profiles of firms, Sebi came out with a set of wider disclosure norms for the CRAs.

RBI cut key policy rates by 25 basis points, the third consecutive time it has done so. The repo rate -- the key interest rate at which the RBI lends to the banks -- will now be 5.75%. The central bank has also changed its stance to ‘accommodative’ from ‘neutral’. Most economists had expected a cut of 25 bps.

MCA: last date for filing ACTIVE(INC-22A) expires on 15th June 2019. If the said ACTIVE form is not filed, the Compliance STATUS for such companies shall be marked as ‘ACTIVE Non-compliant’ and Directors of such ‘ACTIVE non-compliant’ companies shall be marked as ‘Director of ACTIVE non-compliant company’. Penalty Rs.10,000.
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Budget 2019: Economists seek simpler GST, IBC-type framework for NBFCs:

READ MORE- https://www.gststation.in/budget-2019-economists-seek-simpler-gst-ibc-type-framework-for-nbfcs/
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Remove double taxation on commodity trading: CPAI:

READ MORE- https://www.gststation.in/remove-double-taxation-on-commodity-trading-cpai/
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Government likely to bring GST frauds under PMLA; discuss with state FMs at GST Council:

READ MORE- https://www.gststation.in/government-likely-to-bring-gst-frauds-under-pmla-discuss-with-state-fms-at-gst-council/
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Fraudster avails Rs 62 lakh GST refund, FIR filed:

READ MORE- https://www.gststation.in/fraudster-avails-rs-62-lakh-gst-refund-fir-filed/

14 June 2019 News and Updates

©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.