10th July 2K19
Economic Times
Ø IndiGo founders’ feud: Gangwal flags serious governance lapses
Ø Nifty50 holds 100-DMA; may attempt a pullback
Ø Titan plunges 12%; 271 stocks hit 52-week lows
Ø Oyo founder in talks to buy back $1.5 billion shares
Business Standard
Ø Reliance Industries races past TCS to become most valued firm by m-cap
Ø Retail inflation likely hit 8-mnth high in June, but below 4%: Reuters poll
Ø Govt likely to give up direct controlling stakes in ONGC, IOC, NTPC, GAIL
Business Line
Ø TCS Q1 net up 10.8% on strong growth in digital, BFSI businesses
Ø TVS Shriram Growth Fund-3 gets ₹1,100-crore corpus
Ø Gold plunges Rs 600 to Rs 34,870 on weak global cues, muted demand
Mint
Ø TVS Capital hits second close of ₹1,100 crore for third PE fund
Ø Temasek’s portfolio value falls as divestments grow
Ø ₹2.3 tn wiped off BSE Sensex over past 3 sessions as tax clarity elude market
Financial Express
Ø Bajaj Finance shares surge over 6% as assets, customers rise, belying NBFC sector troubles
Ø Rupee gains 15 paise to 68.51 against dollar
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GST: Duty on gold hiked to curb non-essential imports, says Revenue Secy:
READ MORE https://www.gststation.in/gst-duty-on-gold-hiked-to-curb-non-essential-imports-says-revenue-secy/
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The taxman will 'suo motu' allot a fresh PAN to a person who files tax returns with only Aadhaar as part of a new arrangement to link the two databases, the CBDT chief said after the Budget proposed that only the biometric ID is enough for tax purposes.
Budget proposal to raise the tax burden on the mega-rich could also affect about 2,000 foreign funds that are legally equivalent to associations of persons (AOP), a class of income earners required to pay more taxes after new liability slabs were created in the federal budget.
Nearly 4,000 companies set to gain from corporate tax reduction. The government’s move to reduce the corporation tax rate to 25% will benefit around 4,000 companies with the Centre expected to forego Rs 3,000 crore revenue annually.
Income Tax authorities soon start targeting undisclosed overseas assets of individuals, who had acquired those when they were residents in India but had since become non-residents. Changes proposed to the black money law as part of the 2019-20 budget are aimed at covering such NRI who possess undeclared overseas assets.
GSTR 3B is not a Return, hence there is no due date for availment of missed out credits. Gujarat High Court Order in the matter of AAP & Co.
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👉🏻Income Tax Dept Working on Issuing E-Pan on Real-Time Basis
(Real time PAN/TAN Processing Centre (RTPC) is being contemplated for future with the objective of allotment of e-PAN through Aadhaar based e-KYC on near to real time basis - in less then 10 Minutes)
👇🏻 👇🏻 👇🏻
http://bit.ly/2NDlOn8
👉🏻Parliament passes bill to allow using Aadhaar for opening bank accounts, get phone connections
(Parliament on Monday passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for users to open bank accounts and get a mobile phone connection)
👇🏻 👇🏻 👇🏻
http://bit.ly/2XuLYgm
👉🏻File tax returns if you have foreign trips, steep electricity bills
(Those mandated to file returns include people spending more than Rs 2 lakh on a foreign trip or depositing Rs 1 crore in a year in a bank account or paying electricity bill of more than Rs 1 lakh in a year)
👇🏻 👇🏻 👇🏻
http://bit.ly/2XSl01A
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👉In a major relief to Exporters, the Centre will now pay the ITC Refunds of State Taxes, thereby Reducing Transaction Time and Costs, and Manual Interface in Claim Processing. As per industry, there is a huge difference in the Amount Claimed, SGST Sanction Amount Received from Central Tax Authority and the Amount Actually Disbursed.
👉The Reporting and Certification Requirement in case of Payments to Non-Residents has come under the Income Tax Dept’s Scanner. The CBDT has directed tax officials to verify the “High-Risk Remittance” Data and initiate action in the necessary cases.
👉CBIC issues clarification on Provisions in the Cenvat Credit Rules 2004 regarding Reversal of Credit
👉RBI Governor Shaktikanta Das is to hold a meeting with the CEOs of Private Sector Banks in the last week of July on Credit and Liquidity Concerns. The meeting is also expected to discuss the Transmission of Interest Rates and NPAs, even as it takes up issues with regard to specific sectors such as NBFCs and Realty.
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GST: SBI to remove IMPS charges on internet banking from August 1:
READ MORE- https://www.gststation.in/gst-sbi-to-remove-imps-charges-on-internet-banking-from-august-1/
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Homestays to come under GST, service providers upset:
READ MORE- https://www.gststation.in/homestays-to-come-under-gst-service-providers-upset/
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CBDT plans to add 1.3 crore new tax filers in FY20:
READ MORE- https://www.gststation.in/cbdt-plans-to-add-1-3-crore-new-tax-filers-in-fy20/
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Breather for exporters as Centre to pay ITC refund for State GST:
READ MORE- https://www.gststation.in/breather-for-exporters-as-centre-to-pay-itc-refund-for-state-gst/