©orporate Updates on July 18, 2019
Ø IMF sees dangers from trade tensions, overvalued dollar
Ø FPIs pull out Rs 4,120 cr in July, highest this year
Ø BP, Reliance investing $5 bn in KG-D6
Ø Adani Transmission seeks shareholders' nod to raise Rs 5,000 crore
Ø Wipro Q1 profit up 13% YoY to Rs 2,388 crore
Ø Transition to e-cars may take longer than 2030: TERI
Ø Singapore based First Degree to buy Essel para banks
Ø Jalan panel to suggest RBI transfer surplus capital to govt in over 3-5 yrs
Ø Govt may hive off Coal India into separate listed firms to raise funds
Ø Govt clears 7 amendments to IBC, extends Finance Commission's term
Ø Yes Bank Q1 consolidated net profit slumps over 92% to Rs 96 crore
Ø Govt likely to oppose NCLAT's Essar Steel order in Supreme Court
Ø SEBI chief questions Budget plan for transfer of surplus funds to govt
Ø Weak economy drags steel, cement prices down
Ø Strategic sale of Hindustan Antibiotics, Bengal Chemicals cleared
Ø CAG finds deficiencies in ONGC’s marine logistics operations
Ø Bill to amend companies law to be re-introduced in Parliament
Ø RINL targeting ₹25,000-cr turnover: CMD
Ø Japan’s Uniqlo sews up plan for India entry
Ø Thirteen banks move Delhi HC against service tax demand of ₹38,000 crore
Ø Fifth CPSE ETF tranche set to open
Ø US FDA red flags significant violations at Strides Pharma’s Puducherry unit
Ø Mindtree Q1 consolidated net profit falls 41% to ₹92.7 crore
Ø Microsoft, AT&T sign cloud deal worth more than $2 billion
Ø Yes Bank probing whistleblower claim of irregularities in operations
Ø Jaypee insolvency: NCLAT asks IDBI Bank to furnish conditions for fresh bidding
Ø BP, Reliance investing USD 5 billion in KG-D6 to produce 1 bcf of gas
Ø Easing business climate, trade norms to help India attract FDI, improve CAD, says IMF
Ø Govt. to prepare national data on unorganised sector
Ø Rupee falls 11 paise to 68.82 vs USD on foreign fund outflows
Ø Govt. may cap overseas borrowing at USD 5 billion this year: Report
Ø 330-day deadline for insolvency resolution
Ø Strides shredded, dumped key documents: US Food and Drug Administration
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Please Note Composition Dealer Update :-
(1) As per Notification 21/2019 Central Tax dt. 23 April 2019, Composition Dealer is required to comply with quarterly tax payment & file yearly return for FY 2019-20 & onwards.
(2) Quarterly payment for the composition dealer is via form CMP-08.
(3) As per an update from GSTN, link for form CMP-08 for composition dealer is expected to be available after 20th July 2019.
(4) As per the update from GSTN, the last date for filing CMP-08 for the first quarter of FY 2019-20 i.e. Apr-June 2019, which was 18th July 2019 has been extended by GIC to 31st July 2019. Notification to follow. You may kindly advise accordingly if any query comes.
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CBDT new guidelines says that any offence connected to undisclosed foreign bank account or assets in any manner cannot be compounded. Revised guidelines of Income Tax and to make strict decision against tax invaders new Income Tax guidelines has came into effect from June 17, 2019.
Due date for tax filing (Non-audit case) for FY 2018-2019 is 31 July, 2019. Non filling of ITR may result in: Imposition of penalty of Rs. 1000/Rs.5000/Rs.10,000. Notice from Income Tax department. Not being able to obtain refund of excess TDS Deducted. Penal interest of 1% per month or part thereof on tax liability.
MCA has Revised version of the eForm BEN- 2 (Return to the Registrar in respect of declaration under Section 90) effective from today i.e 17th July, 2019, and shall be available on MCA21 Company Forms Download page.
SEBI came out with a new format for compliance report on corporate governance to be submitted by listed companies to stock exchanges. In a circular, the regulator prescribed new format for disclosures to be made on quarterly basis, annual basis for the whole of financial year and within six months from end of financial year that can be submitted along with second quarter report.
India will be easing mandatory local sourcing norms for FDI in single brand retail trading in the next few weeks. "India has opened up opportunities for single brand retail and is easing some detrimental clauses of the policy in next few weeks which will help single brand retail come in a bigger way to the country.
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👉🏻RBI wants audit firm partners under lens to stay off banks
(Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process - RBI)
👇🏻 👇🏻 👇🏻
http://bit.ly/2O2z1Gv
👉🏻Cabinet clears bill to amend Companies Law
(Cabinet approved 43 amendments to the companies law as it seeks to further strengthen the regulatory framework and ensure stricter action for violations.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2LqH51p
👉🏻Rs 45,682.83 Cr fraud detected since GST rollout in July 2017
(A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the GST regime since its rollout from July 1, 2017)
👇🏻 👇🏻 👇🏻
http://bit.ly/2XQkeD5
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GST: Cabinet approves extension of the term of Fifteenth Finance Commission to 30 November 2019:
READ MORE- https://www.gststation.in/gst-cabinet-approves-extension-of-the-term-of-fifteenth-finance-commission-to-30-november-2019/
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GST: Reaping best benefits requires laws and compliance structures be made simpler:
READ MORE- https://www.gststation.in/gst-reaping-best-benefits-requires-laws-and-compliance-structures-be-made-simpler/
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#CAs tells to FM:-
With less than a fortnight left for the tax-filing deadline of July 31, 2019, chartered accountant associations have voiced out the hardships in filing tax returns due to concurrent changes in the utility to file returns and additional information being asked on long-term capital gains tax, as late as July 11, 2019.
Without asking for an extension of deadline for filing tax returns, the Bombay Chartered Accountant Society (BCAS) – the oldest voluntary body of Chartered Accountants in India", in a letter to the Finance Minister, a copy of which is available with moneycontrol.com, has asked for a solution to “peacefully file the tax returns,” enumerating the chronology of form introductions and changes made to the utility.
To be sure, the utility is a sort of a program based on Microsoft Excel that is downloadable from the Central Board of Direct Taxes' website. It is a form that you fill while preparing your income“ tax returns. As you fill your details, the rest of the fields in the form get updated to arrive at the final tax figure that you need to pay.
As of Wednesday morning, other associations of chartered accountants in Ahmedabad, Surat, Lucknow and Karnataka too were planning to reach out to the Finance Ministry over the adversities of having to reach out to clients for additional information, frequent software updation, which sometimes happens mid-way as they prepare the tax returns.
“Constant tinkering with the forms necessitates changes in software on the e-filing portal; this in turn leads to delays in making the government utility available to tax payers,The pain that is now being faced is beyond tolerance levels, states the letter of BCAS to FM Nirmala Sitharaman.
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GST fraud: Odisha firms avail Rs 4 crore with fake invoices:
READ MORE- https://www.gststation.in/gst-fraud-odisha-firms-avail-rs-4-crore-with-fake-invoices/
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Please find below ramification of Hon'ble Gujarat High Court Judgment on time limit of claiming ITC and interest implication on monthly/quarterly tax payment under GST.
A. Gujarat High Court: GSTR-3B is not a monthly return to be filed u/s 39 of the GST Act:
Recently, the Hon’ble Gujarat High Court in the matter of AAP and Co.,C/SCA/18962/2018,has held that GSTR- 3B is not a return which is required to be filed under Section 39 of the Central Goods and Services (‘CGST’) Act, 2017.
B. Ramification of the Judgement:
1. ITC for F.Y. 2017- 18 can be availed by the taxpayers on or before the due date of furnishing of Annual Return [Form- 9] of F.Y. 2017- 18, which is presently 31.08.2019.It is to be noted that Annual Return [Form- 9] does not provide the mechanism/ facility to avail credit through this return. Assesse has to avail credit through GSTR- 3B only.
2. No Interest Liability on payment of tax after 20th of the subsequent month.
3. Other proceedings and compliances which are associated with submission of monthly return prescribed under S. 39 would also have impact of this judgment such as Notice to Return Defaulters u/s 46, Best Judgement Assessment of non-filers of return u/s 62 etc.
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Smt @nsitharaman introduces the Finance (No.2) Bill, 2019 for consideration and passing in the Lok Sabha.
Under the direct taxation, seven acts are being amended, keeping in mind the Make in India and furthering the agenda of Make in India, because today we need a lot more manufacturing in the country. We want to incentivise people to produce things in India: Smt @nsitharaman
Under the indirect taxation, seven acts are being amended so that indirect taxation related matters will have greater simplicity and be effective: Smt @nsitharaman
The GST alone has five different amendments which will have to take place so that there will be ease of compliance for MSME sector. So that ease of paying taxes and simplified measures will come in for promoting digital payments and improving compliance: Smt @nsitharaman
