©orporate Updates on July 23, 2019
Ø Government to exit out of 23 CPSEs
Ø Need to grow over 8 % to become 5-trn economy: Kant
Ø GST Council may weigh GST on petroleum on July 25
Ø HPCL refuses to recognise ONGC as its promoter
Ø No estimate of Black Money in Swiss Banks: Sitharaman
Ø ICRA, CARE question Grant Thornton's report on IL&FS
Ø NSE to suspend trading in eight DHFL NCDs
Ø India's edible oil imports may rise by 7.3% to record highs in FY20: Expert
Ø IOC plans to invest Rs 1 trillion more in Odisha to set up petchem units
Ø Jaypee Infra promoters propose to repay all lenders, complete projects
Ø NTPC to seek shareholder nod to raise Rs. 15K crore, hike borrowing limit
Ø SC orders status quo on NCLAT verdict in Essar Steel insolvency case
Ø TVS Motor’s Singpore arm invests $7 m in US credit underwriting firm
Ø United Spirits Q1 net up 25.66% at Rs 181.7 cr
Ø Tata Power plans ₹2,500-cr asset sale to pare debt
Ø With customs duty hike, cement importers in the south in a bind
Ø NCLAT stays liquidation order against Adhunik Metaliks
Ø TVS Motor posts 7.22% growth in Q1 standalone revenues at Rs. 4,469 crore
Ø Kotak Mahindra Bank Q1 net profit rises 33% on lower provisions
Ø Oriental Bank of Commerce Q1 net profit at ₹113 crore
Ø Investments via P-notes decline to ₹81,913 crore in June
Ø HDFC twins erase $6.4 billion market value
Ø Housing sales down 11 per cent in Q1; demand to rise on tax sops: PropTiger
Ø Bengaluru-based Jana Small Finance Bank has second highest NPAs under Mudra scheme
Ø Osaka Gas, JBIC invest $100 million to take minority stake in AG&P
Ø ‘IMF, World Bank should consult developing economies’ not RBI’s official view
Ø India will achieve 8 pc plus growth from FY 2020-2021 onwards: NITI Aayog
Ø Gold touches all-time high of Rs 35,970 per 10 gram
Ø Inter-ministerial group suggests ban on cryptocurrencies in India
Ø Big Four accountants may face CCI probe
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As expected CBDT extends due date of filing ITR Returns from 31st July 2019 to 31st August 2019 - ..
However try and file returns by 31st July itself to avoid additional interest u/s 234B for another month..
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About GST Challan PMT-09
Since various taxpayers at the time of making the GST Challan Payment have done mistakes by filling the amounts in the Wrong head. Either there might be chances that the taxpayer who wanted to file the amount in CGST head have wrongly paid tax under the IGST head or vice versa and there can be a lot of cases irrespective of the heads like the CGST head, SGST head, IGST head, CESS Head.
Govt has come with a solution to transfer the tax from one to another in the form PMT 09
PMT 09 consists of minor and major heads. You can mention the amount of tax you wish to shift as in the details of the amount to be transferred from one account head to another. The reallocation of tax can be from major head to minor head and vice versa.
Every taxpayer can fill PMT 09. It can be accessed via the GSTN portal. Once it is successfully deployed on the GST Portal.
Few Points to Remember About GST PMT 09:-
1. It will be able to handle only one situation and that is when payment is done in the wrong head and not utilized.
2. If the data in return itself is wrong the challan will be wrong but then it will be adjusted too.
3. The amount once utilized and removed from cash ledger cannot be reallocated
4. Challan is useful when payment is done under the wrong head but not utilised
5. It’s impossible to edit GSTR 3B
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18% GST on flat owners on monthly RWA fee of over Rs 7,500: Govt:
READ MORE- https://www.gststation.in/18-gst-on-flat-owners-on-monthly-rwa-fee-of-over-rs-7500-govt/
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👉🏻18% GST on flat owners paying monthly maintenance of over Rs 7,500
(RWAs are required to collect GST on monthly subscription/contribution charged from its members if such payment is more than Rs 7,500 per flat per month and the annual turnover of RWA by way of supply of services and goods exceeds Rs 20 lakhs)
👇🏻 👇🏻 👇🏻
http://bit.ly/2y1eY08
👉🏻Government wants CCI probe on Big 4 Auditors
(Government wants the country's antitrust body to assess whether the so-called "Big Four" auditing firms and their affiliates are hurting competition in any manner)
👇🏻 👇🏻 👇🏻
http://bit.ly/32LM6Y6
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👉The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on July 25 and decide on Lowering Tax Rates for Electric Vehicles. The 36th meeting of the Council, which will happen through video conferencing, is also likely to decide the valuation of goods and services in solar power generating systems and wind turbine projects for the purposes of levying GST.
👉CBIC allows Refund Application for Tax Periods 01.07.2017 to 31.03.2018 in FORM GST RFD-01A for IGST paid on Export Services & Supplies made to SEZ
👉SEBI proposes ramping up Disclosure for Auditors of Listed Companies, after a number of firms abruptly resigned from Audit Assignments without citing sufficient reasons, leaving investors in the dark. SEBI also proposes a format for Disclosing Reasons when the Auditor of a Listed Entity or one of its material units resigns, including details of information the auditor failed to get from the company.
👉In what could be a big setback for the Big 4 Audit Firms, the Indian Government wants its competition watchdog CCI to probe into issues of Cartelisation and Thwarting Competition. The big 4 audit firms EY, Deloitte, KPMG and PwC ‘abused’ their Dominant Position which the Govt wants the Competition Commission of India to investigate.
👉Inter-Ministerial Committee on Virtual Currencies submits Report and Draft Bill ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’
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GST: Govt clarification on exhibition related export goods:
READ MORE- https://www.gststation.in/gst-govt-clarification-on-exhibition-related-export-goods/
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Co-op society not liable to deduct TDS under GST: AAR
READ MORE- https://www.gststation.in/co-op-society-not-liable-to-deduct-tds-under-gst-aar/
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GST Council may weigh GST on petroleum goods at July 25 meet:
READ MORE- https://www.gststation.in/gst-council-may-weigh-gst-on-petroleum-goods-at-july-25-meet/
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Banks move court; challenge the government’s Rs 18,000 crore GST charge: Report:
READ MORE- https://www.gststation.in/banks-move-court-challenge-the-governments-rs-18000-crore-gst-charge-report/
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FinMin clarifies on IGST on jewellery:
READ MORE- https://www.gststation.in/finmin-clarifies-on-igst-on-jewellery/
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CAIT urges Govt to include GST in syllabus of Schools and Colleges:
READ MORE- https://www.gststation.in/cait-urges-govt-to-include-gst-in-syllabus-of-schools-and-colleges/