©orporate Updates on 2.7.2019
Ø Eight core sectors grow by 5.1 pc in May
Ø 'Growth in housing prices moderated to 3.6 pc in Q4'
Ø JSW Energy terminates Rs 6.5K deal to buy JSPL's plant
Ø Service tax arrears rise to Rs 1.66 lakh crore: CAG
Ø GST collection dips below Rs one lakh crore in June
Ø CPPIB-led InvIT to acquire Sadbhav Infra’s road assets
Ø Over 6.8 lakh Indian companies shut so far: Govt
Ø Regulatory assets provision to be removed in next power tariff policy
Ø Govt. considering more powers for RBI to regulate shadow banking sector
Ø Policy to monetise fibre network of crisis-hit BSNL on the cards
Ø Govt working on new credit scheme for MSMEs to encourage job creation
Ø Govt. flags concern over concentration, lack of competition in auditing
Ø SBI to raise $1 bn in perpetual debt to boost capital ratio, bolster loans
Ø Reliance Infra to lease out headquarters in Mumbai to reduce debt
Ø Torrent Power seeks shareholder nod to raise ₹1,500 cr via NCDs
Ø Maruti Suzuki reports 17% drop June sales
Ø Liberty Steel acquires ArcelorMittal assets in Europe for € 740 million
Ø NCDEX ups IPF compensation limit to ₹2.5 lakh
Ø Alembic Pharma gets USFDA nod for seizure treatment drug
Ø HCL Technologies announces close of acquisition of select IBM products
Ø Hyundai Motor India sales down 3.2% in June at 58,807 units
Ø Unclaimed bank deposits rise by 27% to ₹14,578 crore in 2018
Ø Tata Motors total sales down 14% at 49,073 units in June
Ø Mahindra sales fall 6% to 42,547 units in June
Ø Ashok Leyland sales down 19% at 12,810 units in June
Ø Telcos to roll out blockchain-powered anti-spamming feature in a month: TRAI chief
Ø Modi sets up a high-powered committee of CMs for agricultural reform
Ø Govt. considering giving more powers to RBI to regulate NBFCs: Nirmala Sitharaman
Ø Vijay Mallya to appeal against extradition order in UK High Court
Ø Airtel completes merger of Tata Teleservices' consumer mobile business
Ø Jewellery industry to meet bankers over liquidity crunch
Ø Commerce ministry seeks stakeholder comments for next foreign trade policy
Ø SENSEX soars 292 points on easing trade war concerns
Ø Steel enters bear zone on liquidity crunch.
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CBIC has issued various Notifications / Circulars / Order under GST dated 28-06-2019
http://bit.ly/2XF2Oom
Notifications
TDS returns in Form GSTR-7 due date extended to 31.08.2019.
(Notification No. 26/2019 – Central Tax)
http://bit.ly/321ItNh
Due date to furnish Form GSTR-1 for turnover up to Rs. 1.5 crore extended.
(Notification No. 27/2019 – Central Tax)
http://bit.ly/2ZYainH
Due date to furnish Form GSTR-1 for turnover of more than Rs. 1.5 crore extended.
(Notification No. 28/2019 – Central Tax)
http://bit.ly/2XhBSzm
Due date to furnish Form GSTR-3B for July, 2019 to Sept, 2019
(Notification No. 29/2019 – Central Tax)
http://bit.ly/2IXIjPv
CBIC exempts OIDAR Service supplier from filing of FORM GSTR-9/9C.
(Notification No. 30/2019 – Central Tax)
http://bit.ly/2Nj4ljK
Central Goods and Services Tax (Fourth Amendment) Rules, 2019.
Notification No. 31/2019 – Central Tax)
http://bit.ly/2xlcb1q
Due date to furnish Form GST ITC-04 extended to 31.08.2019.
(Notification No. 32/2019 – Central Tax)
http://bit.ly/2RH6Db7
Circulars
GST Clarification on additional / penal interest- Clarification.
(Circular No. 102/21/2019-GST)
http://bit.ly/2Nlku8x
Place of supply for Services provided by Ports or on goods temporarily imported in India.
Circular No. 103/21/2019-GST
http://bit.ly/2FzWRmf
Processing of refund in Form GST RFD-01A wrongly mapped on portal.
(Circular No. 104/21/2019-GST)
http://bit.ly/2XegfjF
CBIC clarifies GST treatment of secondary or post-sales discounts
(Circular No. 105/21/2019-GST)
http://bit.ly/2IVmbFa
Order
CBIC notifies extended due date of Form GSTR-9, GSTR-9A & GSTR-9C
(Order No. 6/2019-Central Tax)
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#GST Updates: #GSTRaid
282 locations raided across Gujarat invoving 282 bogus GST registrations
282 teams involved..
15 persons arrested..
Rs 35 crores spot recovery ..
total value of fake invoices.. Circular transactions..Rs 6030 Crores ..
ITC invoved.. Rs 910 crores
By far, the biggest operation and the largest amount of bogus ITC involved..
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🏦 TOWER TALK 🏦
July 01- 07, 2019
✅ India Ratings & Research has assigned Shriram Transport Finance Co. a rating of IND AA+ with a positive outlook for the company. A good time to accumulate.
✅ Bombay Burmah Trading Corp, a holding company of Britannia Industries, is trading near its yearly low. Accumulate.
✅ Signet Industries has obtained orders worth Rs.190 crore. Its trading volumes are also rising. Buy.
✅ Mutual Funds have reportedly increased their stake in TV Today Network on hopes of a better working this quarter. Accumulate.
✅ RBL Bank is being eyed by informed investors and the rising volumes in the counter point towards an improved working. A safe investment bet.
✅ The promoters of Emami plan to dispose the cement unit and offload shares in order to pare the company’s debt. Accumulate this ‘fair and lovely’ stock for the long term.
✅ Brickwork Ratings has downgraded the non-convertible debentures (NCDs) of Cox & Kings due to which its share price has fallen sharply. Buy selectively.
✅ Larsen & Toubro has obtained orders worth Rs.7000 crore from power companies. Its future looks bright. Buy for the long term.
✅ Lupin has been upgraded by Credit Suisse and Nomura. A positive for the company. Accumulate.
✅ BGR Energy Systems has not kept pace with other power sector stocks. Buy for quick gains.
✅ Tata Consultancy Services expects a good order book position this year with improved earnings. Buy for the long term.
✅ Canadian investor, Brookfield, has expressed interest in buying majority stake in Suzlon Energy. Investors with a risk appetite may accumulate.
✅ L&T Finance Holdings has reiterated that the increasing demand for funds augurs well for the company. Accumulate.
✅ Railway consultancy firm, RITES, has planned a bonus issue. This should drive its share price higher.
✅ Bharat Heavy Electricals has received orders worth Rs.840 crore from NTPC’s subsidiary. A positive for the company. Buy.
✅ The Hindujas plan to pump Rs.2700 crore in IndusInd Bank in order to shore up their holding to 15%. Accumulate.
✅ Coffee Day Enterprise (Café Coffee Day) is being acquired by international giant Coca Cola. A big positive for the company. Buy.
✅ Tata Motors has initially launched two variants of electric vehicles for fleet operators. The best is yet to come. Accumulate.
✅ Spectrum Foods has approved a preferential allotment of 10,00,000 shares to its promoters. The stock is available near its yearly low. A good opportunity to buy.
✅ The spurt in the share price of Rolta India coupled with rising volumes suggests some good news may be in the offing. Buy selectively with a strict stop loss.
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Government to introduce further reforms in GST on Monday to mark 2 years of rollout:
READ MORE- https://www.gststation.in/government-to-introduce-further-reforms-in-gst-on-monday-to-mark-2-years-of-rollout/
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MCA Update:
1 July, 2019
NEWS & IMPORTANT UPDATES
Form BEN-2 (Return to the Registrar in respect of declaration under Section 90), is likely to be made available for filing on the portal w.e.f 2nd July 2019. Stakeholders may please take note and plan accordingly keeping in view Ministry’s General Circular No: 07/2018 dated 6th September 2018.
www.mca.gov.in
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Finance Ministry said the additional discount given by a company to a dealer in certain cases will be liable to GST. where the discount is linked to specific activities to be done by the dealer such as advertisement, exhibition, etc, it would qualify as a supply by the dealer to the company and the dealer would have to pay GST.
The due date for filing GSTR-9, GSTR-9A, and GSTR-9C for the FY 2017-18 has been extended by two months, till 31 August 2019. For non-filing of GST returns, E-way bills to be blocked from 21-08-2019 now for not filing returns two consecutive tax periods.
The new system for raising all the tax invoices on the GST portal has received in-principle approval for implementation from 1 January 2020 in the 35th meeting of GST Council. This applies to only B2B invoicing. By this system, no separate e-way bill will be required in case of e-invoice. Returns to be framed from these e-invoices. A phased implementation is being worked out.
Aadhaar-enabled GST Registration introduced: GST Council has given a go-ahead to a new system for verification of taxpayers registering themselves under GST. Aadhaar number shall be linked to the GSTIN while generation.
Sebi tightening rules for lending by mutual funds against shares as collateral. The capital market regulator has asked fund houses to collect shares worth four times the investment as collateral. The new threshold will make it unviable for promoters to raise money from mutual funds, which drew flak for reckless lending against shares.
RBI will continue to refine its forecasting models leveraging data that it receives from various sources, Governor Shaktikanta Das said. The central bank receives data from banks, various other financial companies, as well as from the markets. This data can be used to fine-tune regulatory tools.
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👉Kicking off celebration to mark 2 years of the GST implementation, yesterday, the Finance Ministry will come up with further reforms in the GST system with introduction of New Return System, Rationalisation of Cash Ledger System and a Single Refund-Disbursing Mechanism, among others.
👉Fund transfer through RTGS and NEFT systems is set to become cheaper from today after the RBI decided it will not impose any charges on such transactions. RBI had also asked banks to pass on the benefits to customers from the same day.
👉PwC resigns as auditor for Eveready Industries, citing reservations on certain Inter-Group Transactions that promoter group made during FY19. PwC informs that it has been unable to obtain sufficient audit evidence of Inter-Company Deposits and its recovery.
👉RBI relaxes Leverage Ratio (LR) for banks to boost their Lending Capacity. The Leverage Ratio stands reduced to 4% for Domestic Systemically Important Banks (DSIBs) and 3.5% for Other Banks effective from the quarter commencing October 1, 2019
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Telangana achieves 4 per cent of India’s revenue through GST:
READ MORE- https://www.gststation.in/telangana-achieves-4-per-cent-of-indias-revenue-through-gst/
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India lost Rs 900 billion due to tax rate cuts under GST, says former Finance Minister Arun Jaitley:
READ MORE- https://www.gststation.in/india-lost-rs-900-billion-due-to-tax-rate-cuts-under-gst-says-former-finance-minister-arun-jaitley/