©orporate Updates on July 30, 2019
Ø Panel to meet again on funds transfer: Bimal Jalan
Ø IBC Amendments to ensure greater clarity: FM
Ø Slowdown, NBFC crisis pose fresh NPA scare: Moody's
Ø India benefited modestly from US-China trade war: SBI
Ø Paytm Money plans to start stock broking services
Ø SBI cuts deposit rates, keeps lending rates unchanged
Ø Vodafone Idea to close m-pesa business
Ø Parliament passes bill to curb ponzi schemes, protect poor investors
Ø India bond yields drop as FM says govt won't rethink foreign bond plan
Ø Number of pending appeals against Sebi's decisions rose in FY19 at SAT
Ø Tax rise for high earners may trigger fund flight from India: Bimal Jalan
Ø India's non-basmati rice export falls after govt withdraws tax incentive
Ø As revival plans fail, NCLT orders IVRCL’s liquidation
Ø IFSC boost: CBDT gives compliance relief to non-resident investors
Ø India's renewable energy cost lowest in Asia Pacific: report
Ø Shortage of cane: EID Parry to shut Pudukottai sugar factory
Ø DLF Q1 profit zooms to ₹413 cr
Ø Cipla, Alvotech in pact for commercialisation of Humira biosimilar
Ø SEBI seeks public comments on issues related to proxy advisers
Ø Telcos may have limited participation in 5G spectrum auction
Ø Indian drug makers scouting for partners in China: report
Ø IOC-Adani Gas JV to invest Rs. 9,600 crore in city gas projects
Ø Dr Reddy's Lab Q1 net profit rises 45% to₹663 crore
Ø Bank of Maharashtra clocks ₹81 crore profit in June quarter
Ø Flipkart-owned PhonePe receives Rs 698-cr infusion from parent company
Ø DoT issues guidelines for 5G trials across all available spectrum bands
Ø CCI approves acquisition of Sundaram BNP Paribas by Sundaram Finance
Ø India’s crude steel output grows this much in June
Ø Rupee does U-turn, settles 14 paise up at 68.75 against US dollar
Ø SENSEX ends 196 points lower on weak global cues
Ø Sitharaman seeks more rate cuts, says no review on overseas borrowing plan: report
Ø Leather exports decline despite government incentives
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🚀 In a filing to the Stock exchanges, DHFL stated that the Company may soon repay about Rs. 3937 cr inter corporate deposits and that it is also on its track to recast its outstanding loans. Do not sell.
🚀 Bharat Dynamics stood tall and could not be dented by the bloodbath in the markets. A very safe investment. Add this mini ratna.
🚀 Block deals and fresh infusion of capital by Global funds in YES BANK indicate that things are not as bad as they look. A nice opportunity to add on dips.
🚀 Cox & Kings (one of the oldest travel firms in the world) has fallen more than 90% from its peak price. Risk bearing investors should keep a watch and start bottom fishing it falls below Rs. 10/-.
🚀 L&T consolidated order book has grown to Rs 2,94,014 cr in June 2019. NP has also grown 21% 1473 cr. The Company has plans to make Water treatment a $ 4 bn business in 4 yrs. A big buy.
🚀 Kotak Bank Q1 net profit increased 33% on back of loan growth and treasury gains. Add.
🚀 HDFC Life (an associate of Standard Life Aberdeen) posted stellar performance for Q1 with NP rising 12% to Rs 425 cr. A safe share to add.
🚀 Infosys has touched a year high Rs 792.20 on back of increased FY20 revenue growth guidance for the year.
🚀 Jyothy Labs is notching higher volumes since the last one week. This FMGC has many popular products in the market and has some more in its sleeve. Add for long term.
🚀 Indiabulls Housing plans to invest about Rs. 250 cr in LVB via bonds to comply with capital needs for its pending merger. Investment in LVB could prove profitable if held for one year.
🚀 Mahindra Finance saw its net profits for Q1 falling by more than 75% due to higher provisioning and rising cost of capital. Although a strong Company, present parameters warrant selling now and entering at lower levels.
🚀 Poultry prices are rising on back of small rise in feed costs. Buy Venkys for good gains.
🚀 Canfin Homes presented good results for Q1 with NP rising by about 11% to 73.22 cr. Add.
🚀 HDIL has been rapped by SRA authorities for handing over flats without obtaining a bundle of certifications. Such anomalies can dent the prospects of the Company. Avoid.
🚀 In an interview to the media, Mr Anurag Ahuja , Ex-Director - RBL management has stated that the bank is on track to grow by about 20% this year. Investors may add this share.
🚀 The recently published Vice Chairman’s speech of Sterlite Technologies is a clear indication of much better times coming for the Company and its shareholders. A good share for long term investors. Add.
🚀 JSW Steel is likely to issue $ 500-700 mn in overseas bonds or loans to use the funds to repay costlier domestic debts. Positive for the Company.
🚀 A narrowing Q1 losses at Syndicate Bank (on back of better recoveries and lower provisions) makes it a fairly good buy at current prices. Buy with strict stop loss.
🚀 In spite of all financial parameters in its favour, PFC is staring at such low rates. This share is a good value buy.
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👉GST: Form CMP 08 live demo on portal. After a wait of months CMP 08 live on the portal. In April 2019, a new return-filing procedure was laid down for composition dealers.
👉Govt identifies 3-4 regional rural banks for IPOs. The Govt is planning to list 3 to 4 Financially Strong Regional Rural Banks (RRBs) on stock exchanges in the current fiscal after the conclusion of consolidation.
👉RBI is expected to come out with a report next month on Facilitating Development of Secondary Market for Corporate Loans. RBI had set up a task force to suggest policy and regulatory interventions required for development of secondary market in corporate loans, including loan transaction platform for stressed assets.
👉RBI asks NBFCs with loans predominantly made to Real Estate Companies to bring down their exposure to this sensitive sector. RBI s looking at applying Concentration Risk Norms — similar to banks — to the finance companies.
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High Court directed GST Department to pay 9% interest for delay in IGST refund [Read Order]:: http://www.taxknowledge.in/gst/5d3ac50b0a84e20948892aba
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GST Council 36th Meeting outcome Held on 27th July: GST rate related changes on supply of goods and services. The GST rate on all electric vehicles be reduced from 12% to 5%. The GST rate on charger or charging stations for Electric vehicles be reduced from 18% to 5%.
Hiring of electric buses (of carrying capacity of more than 12 passengers) by local authorities be exempted from GST. These changes shall become effective from 1st August, 2019.
Changes in GST law: Last date for filing of intimation, in FORM GST CMP-02*, for availing the option of payment of tax under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 (by exclusive supplier of services), to be extended from 31.07.2019 to 30.09.2019.
4. The last date for furnishing statement containing the details of the self-assessed tax in FORM GST CMP-08 for the quarter April, 2019 to June, 2019 (by taxpayers under composition scheme), to be extended from 31.07.2019 to 31.08.2019.
GST CMP-08 for the period April - June 19 is live on GST Portal. Last date: 31st August 2019.
CBDT on Friday said that it has extended the taxman's deadline by another two months till September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation.
Lok Sabha passes Companies (Amendment) Bill : Finance Minister said government has de-registered 4 lakh shell companies as the Lok Sabha approved a bill seeking to tighten CSR norms and ensuring stricter action for non- compliance of the company law regulations
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# MCA issued General Circular No. 08/2019 dt. 29-07-2019 :
- Relaxation of additional fees and extension of last date of filing of Form BEN- 2 till 30-09-2019
http://www.mca.gov.in/Ministry/pdf/GeneralCircular_29072019.pdf
# ICAI Updates dt. 29-07-2019 :
- Accounting Standards : Quick Referencer
https://www.icai.org/new_post.html?post_id=15840&c_id=240
- Compendium of Indian Accounting Standards (As on April 1, 2019)
https://www.icai.org/new_post.html?post_id=15365
- IFRS 9: Financial Instruments - A Study: Transition Impact on Banks Across the Globe.
https://resource.cdn.icai.org/55780asbifrs9.pdf
# CBIC Circular No. 35/2019 dt. 29-07-2019 :
Extend the last date for furnishing FORM GST CMP-08 for the quarter April-June 2019 till 31-08-2019
http://www.cbic.gov.in/htdocs-cbec/gst/notfctn-35-central-tax-english-2019.pdf
# Today is Last date for :
- Quarterly TCS certificate ending June' 2019.
- Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of June'19.
# Upcoming Due Date : 31-07-2019
- GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50 Crore.
- Quarterly statement of TDS for the quarter ending 30 June, 2019
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The IBC Amendment Bill 2019 has been Passed By Rajya Sabha has Brought a Very Important Change With Retrospective Effect-
The Amendment Give COC Of a Loan Defaulting Company Explicit Authority Over the distribution of Proceeds in the Resolution Process And fix a Firm Time Line Of 330 Days for resolving cases referred to the IBC. The Amendment Now Equates distribution of amounts under a resolution plan with the manner its allowed in case of Liquidation ie Maintaining the hierarchy of Lenders.
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GST evaders beware: Risky taxpayers to be profiled to pre-empt dodging:
READ MORE- https://www.gststation.in/gst-evaders-beware-risky-taxpayers-to-be-profiled-to-pre-empt-dodging/
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👉🏻Income Tax dept to use data analysis, risk profiling to increase tax mop up
(The Income Tax Department will use data mining and risk profiling rather than intrusive methods for tax collection - Revenue Secretary Ajay Bhushan Pandey said)
👇🏻 👇🏻 👇🏻
http://bit.ly/2ZkEXM6
👉🏻MCA extends Form BEN-2 date till 30.09.2019
(Time limit for filing e-form No.BEN-2 is extended upto 30.09.2019 without payment of additional fee and thereafter fee and additional fee shall be payable)
👇🏻 👇🏻 👇🏻
http://bit.ly/2K8g8ww
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Finance Minister has asked taxmen to firmly deal with tax evaders, a detailed strategy advisory was circulated on July 11 for handling demonetisation cases, which has even spelt out the first set of questions to be asked to assessees.
SEBI in consultation with the Centre, is considering easier investment norms to attract overseas funds, several of which recently exited after changes in tax proposals effectively raised surcharges for some foreign investors.
RBI is expected to come out with a report next month on facilitating development of secondary market for corporate loans. The central bank had set up a task force to suggest policy and regulatory interventions required for development of secondary market in corporate loans, including loan transaction platform for stressed assets.
IBBI amends the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
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GST: Odisha legislators express concern over reduction in Central assistance to state:
READ MORE- https://www.gststation.in/gst-odisha-legislators-express-concern-over-reduction-in-central-assistance-to-state/
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👉IFSC boost: CBDT clarifies that Non-Resident Individuals and Foreign Companies have now been given a compliance relief as part of the Govt’s efforts to attract more investment fund activity in the International Financial Services Centre (IFSC) located in India. These class of persons have been exempted from filing income tax returns so long as they meet two conditions.
👉CBDT raids on Kuldeep Bishnoi: Stashed & Undeclared Foreign Assets worth over Rs 200 crore have been detected after the Income Tax Deptt conducted raids against Haryana Congress leader Kuldeep Bishnoi and his family. The department had searched 13 premises linked to Bishnoi in Haryana, Delhi and Himachal Pradesh on July 23.
👉SEBI in consultation with the Centre, is considering Easier Investment Norms to attract Overseas Funds from FPIs, several of which recently exited after changes in tax proposals effectively raised surcharges for some foreign investors.
👉SEBI is planning to tighten rules for Broker Commissions on Investment Products for the rich as it aims to curb Mis-Selling and bring in more transparency. SEBI’s proposal to clamp down on fees charged by Portfolio Management Services (PMS) And Alternative Investment Funds (AIFs) follows complaints that asset managers and distributors are aggressively pushing these products to investors after incentives for selling mutual fund schemes were cut.
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GST payers warned against relying on unscrupulous consultants:
READ MORE- https://www.gststation.in/gst-payers-warned-against-relying-on-unscrupulous-consultants/
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Bogus dealers used fake address for GST registration in Chandigarh:
READ MORE- https://www.gststation.in/bogus-dealers-used-fake-address-for-gst-registration-in-chandigarh/
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GST under CAG lens: National auditor lists concerns; says full potential not achieved even after 2 years:
READ MORE- https://www.gststation.in/gst-under-cag-lens-national-auditor-lists-concerns-says-full-potential-not-achieved-even-after-2-years/