©orporate Updates on 5.7.2019
Economic Times
Ø Gross tax to GDP ratio dips to 10.9% in FY'19: Survey
Ø Govt mulling ban on two and three-wheelers: Gadkari
Ø Banks see whopping 73% spike in frauds in FY19
Ø SFIO probe ordered against Jet Airways, its group cos
Ø Govt. considering centralised internet monitoring
Ø HDFC wants NCLT to keep Jet's HQ out of IBC process
Ø Brickwork Ratings cuts outlook on Edelweiss’ NCDs to negative
Business Standard
Ø 'Plenty of blame to go around': Urjit Patel admits RBI failed on bad loans
Ø 8% annual growth needed for GDP to touch $5 trn by FY25: Economic Survey
- US adds India along with China, EU to steel tariff dispute at WTO
Ø Centre cuts reliance on market borrowings to finance fiscal deficit
Ø EU objects to Hindalco's plan to buy aluminum producer Aleris Corp
Business Line
Ø Indo-US trade talks set to resume
Ø As India begins to grey, workplace policies may have to change
Ø ArcelorMittal’s ₹42,000-crore bid for Essar Steel gets NCLAT nod
Ø ‘Anticipated pre-buying of commercial vehicles prior to BS-VI norms unlikely’
Ø RSB Transmissions setting up ₹180-cr propeller shaft unit in Sri City
Mint
Ø CCI orders probe on Maruti Suzuki's discounting practices
Ø Yes Bank acquires 9.57% stake in Eveready by invoking pledged shares
Ø State-run banks should be freed of constraints, says Raghuram Rajan
Ø MCA orders fraud probe against Jet Airways
Ø US drags India to WTO over duty hike on 28 American goods
Financial Express
Ø Economic Survey 2019: Finance Ministry makes progress in strategic sale of 28 CPSEs
Ø Economic Survey 2019: Steel production to hit 128.6 MT by 2021
Ø Budget Economic Survey 2019: Indian economy grows to $2.75 trillion despite slowing global economy
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PRESS RELEASE DATED ON 03-07-2019
Clarification regarding Annual Returns and Reconciliation Statement, for taking necessary action.
Second Press release on Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C).
READ MORE- https://www.gststation.in/press-release-3/
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GST press release dated 03.07.19
clarified turnover for GST Audit purpose be reckoned for period July 2017 to March 2018. For example if turnover from Apr to Jun 17 is Rs.30 lakh and turnover from Jul 17 to Mar 18 is Rs.1.80 crore then GST Audit is not required in this case because turnover for period Jul 17 to Mar 18 is less than 2 crore.
And * About Debit and Credit Notes clarifications made if provision for these Notes have been made in books of accounts for FY 2017-18 but effect of these Notes have been taken in GST Returns of FY 18-19 then these entries be declared in part V of the Annual Return.
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CBDT said that India has ratified the Multilateral Convention to Implement Tax Treaty Related Measures (MLI) to prevent Base Erosion and Profit Shifting (BEPS), which will pave way for amendments to double taxation avoidance agreements (DTAA) with the countries signatories to the convention to plug revenue leakages. “On 25th June, 2019, India has deposited the instrument of ratification to OECD, Paris along with its final position in terms of Covered Tax Agreements (CTAs), reservations, options and notifications under the MLI, as a result of which MLI will enter into force for India on October 1, 2019 and its provisions will have effect on India’s DTAAs from FY20-21 onwards.
GST Clarification regarding Annual Returns and Reconciliation Statement via Press Release, Ministry of Finance , 03rd July 2019 Key points:-
GST; Role of CA is made clear. It is confined only to reconciliation of GSTR 9 and books and nothing beyond books. Expenses reco - Details of expenses on which ITC has been availed need to be given.
CBIC has exempted any supply of goods to an outgoing international tourists made by a retail outlets established in the departure area of international airports, beyond the immigration counters from payment of IGST along with Cess. This notification would be effective from July 1, 2019 [Notification No. 11/2019-Integrated Tax (Rate)]
MCA notifies Companies (Significant Beneficial Owners) second Amendment Rules, 2019 and also notified revised FORM NO. BEN-2 – Return to the Registrar in respect of declaration under section 90 which shall come into force on the date of their publication in the Official Gazette i.e 01-07-2019.
MCA has extended the last date for filing of Form NFRA-1 for all bodies corporate governed by NFRA Rule 3(2) and 3(3), on the basis of the representations received from stakeholders.
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HC seeks status report on setting up of GST Appellate Tribunal in Allahabad:
READ MORE- https://www.gststation.in/hc-seeks-status-report-on-setting-up-of-gst-appellate-tribunal-in-allahabad/
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Budget wishlist: Scrap recycling sector seeks cut in import duty, GST:
READ MORE- https://www.gststation.in/budget-wishlist-scrap-recycling-sector-seeks-cut-in-import-duty-gst/
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👉CBDT clarifies that the Income Received by a Non- Resident Investor from Off-Shore Investments routed through the Category I or Category II AIF is not taxable in India as per provisions of Section 5(2) of the Income Tax Act, 1961.
👉RBI sets up Working Group to Review Regulatory Norms for Core Investment Companies (CICs. The working group has also been tasked with recommending appropriate measures to enhance RBI’s Off-Sight Surveillance and On-Site Supervision over CICs
👉RBI is likely to soon release Video Know Your Customer (KYC) Guidelines for Financial Services Companies, following multiple conversations with industry representatives on remote onboarding of customers
👉India will soon give RBI power to regulate Housing Finance Companies (HFCs), which will almost certainly lead to the lenders facing stringent asset quality reviews. They are currently regulated by the National Housing Board and the RBI has no direct authority over them.
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GST, I-T officers conduct joint searches on Indore-based firm; detect tax evasion:
READ MORE- https://www.gststation.in/gst-i-t-officers-conduct-joint-searches-on-indore-based-firm-detect-tax-evasion/
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Ravi Shankar Prasad seeks cut in licence fee, refund Rs 30,000 cr of stuck GST:
READ MORE- https://www.gststation.in/ravi-shankar-prasad-seeks-cut-in-licence-fee-refund-rs-30-000-cr-of-stuck-gst/
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Biz to declare mismatch in GST returns form, outward supplies in annual returns: FinMin:
READ MORE-
https://www.gststation.in/biz-to-declare-mismatch-in-gst-returns-form-outward-supplies-in-annual-returns-finmin/
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No Input Tax Credit for GST paid on expenses incurred on promotional schemes, rules AAR:
READ MORE- https://www.gststation.in/no-input-tax-credit-for-gst-paid-on-expenses-incurred-on-promotional-schemes-rules-aar/
