©orporate Updates on July 31, 2019
Ø CCD crisis: PE players, independent directors come under SEBI lens
Ø India received FDI worth USD 64.37 billion in FY19
Ø DoT working on proposal for MTNL, BSNL merger
Ø Trump urges Fed to make large rate cut as policymakers meet
Ø CCD case: I-T sources doubt authenticity of note
Ø GST compliance regime not yet simple, says CAG
Ø Axis Bank reports 95% YoY rise in PAT at Rs 1,370 cr; provisions rise QoQ
Ø Vedanta to export over 50% of aluminium as India increases imports
Ø Lok Sabha passes Wage Code Bill to ensure minimum wage for workers
Ø Govt likely to roll back MEIS incentive as part of new export-import policy
Ø Rajiv Kumar appointed Finance Secretary after Subhash Garg's exit
Ø NCLAT agrees to hear IL&FS auditors appealing against govt charges
Ø Century Textiles to demerge cement arm by this quarter
Ø Hero MotoCorp Q1 profit surges 36% on one-off gain of ₹737.5 cr
Ø PE deal structures needs to be investigated: Samir Arora
Ø Air India Express reports net profit of ₹169 crore in FY19
Ø Welspun India Q1 net profit up 17.49% at Rs 156.07 cr
Ø Consolidation, strong demand to ease stress in cement sector
Ø Tech Mahindra Q1 net profit rises 7% to ₹959 crore
Ø Plenty of headwinds in way of $5 tn GDP goal.
Ø DHFL submits debt restructuring plan to core lenders
Ø Jet Airways creditors to hold meet on 1 August
Ø Union Bank of India cuts MCLR by up to 20 bps across tenors
Ø Venezuela’s economic decline among most severe globally: IMF
Ø Bharti Airtel, Vodafone Idea may have to pay Rs 92,000 crore outstanding licence fee
Ø Period extended: NCLAT orders fresh bids for Jaypee Infra
Ø Government revises solar pumps costs before installing 17.5 lakh units
Ø Gujarat gives 3 years to Essar Power to pay Rs 200 crore penalty
Ø Cotton yarn export falls 35 pct to $696 million in Q1
Ø Power Finance Corporation board okays raising Rs 70,000 cr in one year
Ø Rupee settles 10 paise down at 68.85 vs USD
Ø Cement demerger this quarter: Kumar Mangalam Birla
Ø Bank of India Q1 net up 156 per cent
Ø SBI tightens lending terms for auto dealers
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2 years after roll-out, GST glitches still exist, says CAG report:
READ MORE- https://www.gststation.in/2-years-after-roll-out-gst-glitches-still-exist-says-cag-report/
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👉🏻GSTN releases offline tool of new GST return for trial run
(The offline tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2), GSTN, which is the IT backbone of the indirect tax regime)
👇🏻 👇🏻 👇🏻
http://bit.ly/2SR0Lwi
👉🏻RBI relaxes External Commercial Borrowing norms for corporates , non-banking lenders
(RBI has liberalised the end-use stipulations for the External Commercial Borrowings both for corporates as well as liquidity starved non-banking lenders)
👇🏻 👇🏻 👇🏻
http://bit.ly/317dbTU
👉🏻CAG flays tax authorities over error in assessment of income, taxes
(CAG has rapped direct tax authorities for irregularities in assessments of personal income and corporation taxes over the years)
👇🏻 👇🏻 👇🏻
http://bit.ly/2LQuWmS
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GSTN releases offline tool of new GST return for trial run:
READ MORE- https://www.gststation.in/gstn-releases-offline-tool-of-new-gst-return-for-trial-run/
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CBI arrests GST employee for accepting bribe of ₹ 50,000:
READ MORE- https://www.gststation.in/cbi-arrests-gst-employee-for-accepting-bribe-of-%e2%82%b9-50000/
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GST: GJC seeks immediate rollback of import duty on gold:
READ MORE- https://www.gststation.in/gst-gjc-seeks-immediate-rollback-of-import-duty-on-gold/
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Hotel body says charging 18% GST is legal:
READ MORE- https://www.gststation.in/hotel-body-says-charging-18-gst-is-legal/
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👉CAG comes down heavily on the CBDT, by exposing a series of lapses in its Assessment of IT Returns, Errors in the Tax Database and its failure to verify exemptions granted to claimants of agriculture income. CAG also exposes tax deductions claimed falsely by charitable institutions, as provisions for such tax relief no longer exist.
👉RBI relaxes norms on end-use of funds raised via External Commercial Borrowings (ECBs), making it more attractive and viable for Corporates including NBFCs to raise Cheaper Offshore Funds. ECB framework has been relaxed in terms of the End-Use Restrictions and allow the use of funds for working capital requirements, general corporate purposes and repayment of rupee loans.
👉RBI allows Domestic Banks to directly sell their NPAs in Manufacturing and Infrastructure Sectors to Investors Abroad as part of One-Time Settlement (OTS) exercises. The move will allow Overseas Investors to take Direct Loan Exposure to Indian corporates.
👉GSTN releases Trial Version of Offline Tools of GST forms related to Supply Of Goods and Services. The Offline Tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2). These two forms would be part of the proposed GST Return filing system under which a taxpayer would have to file FORM GST RET-1 (Normal) or FORM GST RET-2 (Sahaj) or FORM GST RET-3 (Sugam) on either monthly or quarterly basis.
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GST: Goa govt may reduce taxes for registering new vehicles:
READ MORE- https://www.gststation.in/gst-goa-govt-may-reduce-taxes-for-registering-new-vehicles/