©orporate Updates on 12.8.2019
News headlines 12.08.2019
- Modi's advisor lists down 'four' ways to revive economy
- Food choices get Zomato in a soup, again.
- Jet's revival hopes get a big boost
- Entrepreneurs our 'Growth Ambassadors': PM Modi
- India engages with US govt’s top echelons over J-K
- Cognizant is on cost cutting spree. Here's why Kashmir rumour mill goes into overdrive
- BSNL's battle for survival gets intense
- Talking about temples will waste time: Ex-Navy Chief
- UP: 32 children die due to infection in Budaun
- 169 dead in flood, rain-related incidents in south India
- Flood related loss in Karnataka Rs 10,000 cr: CM
- I-T attaches Delhi bungalow, FDI funds of Ratul Puri
- Red alert in Karnataka as more heavy rains predicted
- J&K events unfolding as per Nazi ideology: Pak PM
- India cancels Samjhauta Express from Delhi to Atari
- Turf war: DoT rejects space department's reserved spectrum demand
- Taking stock: First quarter a big dampener, no signs of demand revival
- Explained: How National Education Policy can strengthen RTE
- Intel boosts artificial intelligence ecosystem in India
- Vivo Z1 PRO: A cut above average
- Lava Z62: Smartphone features at feature phone price
- Kia Seltos: A seductive blend of design, utility and luxury
- Charmboard: Enabling product discovery via videos
- Taj Sats bets on non-core catering plans to hedge slump in aviation
- Flipkart bets big on grocery segment, plans to scale service across India
- HCL Tech's new division to help faster scaling up of products business
- Consumption-investment cycle needs to improve, say FMCG CEOs and veterans
- Liquidity crunch is taking toll on steel sector: JSW Steel's Seshagiri Rao
- Content players in entertainment space are in a sweet spot right now
- IL&FS proposes to NCLT sale of wind energy assets to Japan's ORIX
- Bharti Airtel plans to revamp content offer AirtelThanks in 3-4 months
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Auto industry unanimous on its demand for GST cut to 18%, says SIAM:
READ MORE- https://www.gststation.in/auto-industry-unanimous-on-its-demand-for-gst-cut-to-18-says-siam/
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Further Enhancement of Monetary limits for filing of appeals by the Department before Income Tax Appellate Tribunal, High Courts and SLPs/appeals before Supreme Court – Amendment to Circular 3 of 2018 – Measures for reducing litigation.
Reference is invited to the Circular No. 3 of 2018 dated 11.07.2018 (the Circular) of Central Board of Direct Taxes (the Board) and its amendment dated 20th August, 2018 vide which monetary limits for filing of income tax appeals by the Department before Income Tax Appellate TribunaL High Courts and SLPs/appeals before Supreme Court have been specified. Representation has also been received that an anomaly in the said circular at para 5 may be removed.
As a step towards further management of litigation. it has been decided by the Board that monetary limits for filing of appeals in income-tax cases be enhanced further through amendment in Para 3 of the Circular mentioned above and accordingly, the table for monetary limits specified in Para 3 of the Circular shall read as follows:
4. S.No. Appeals/SLPs in Income-tax matters Monetary Limit (Rs.)
1. Before Appellate Tribunal 50,00,000/-
2. Before High Court 1,00,00,000/-
3. Before Supreme Court 2,00,00,000/-
Further, with a view to provide parity in filing of appeals in scenarios where separate order is passed by higher appellate authorities for each assessment year vis-a-vis where composite order for more than one assessment years is passed, para 5 of the circular is substituted by the following para:
The Assessing Officer shall calculate the tax effect separately for every assessment year in respect of the disputed issues in the case of every assessee. If, in the case of an assessee, the disputed issues arise in more than one assessment year, appeal can be filed in respect of such assessment year or years in which the tax effect in respect of the disputed issues exceeds the monetary limit specified in para 3. No appeal shall be filed in respect of an assessment year or years in which the tax effect is less than the monetary limit specified in para 3. Further, even in the case of composite order of any High Court or appellate authority which involves more than one assessment year and common issues in more than one assessment year, no appeal shall be filed in respect of an assessment year or years in which the tax effect is less than the monetary limit specified in para 3. In case where a composite order/ judgement involves more than one assessee, each assessee shall be dealt with separately.”
The said modifications shall come into effect from the date of issue of this Circular.
The same may be brought to the notice of all concerned.
This issues under section 268A of the Income-tax 1961.
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👉🏻Only about 15% of taxpayers have filed GST Returns - CBIC
(The last date to file GSTR 9, GSTR-9A and GSTR-9C is August 31, 2019, but the dismal figures has prompted Das to get the tax Commissioners to help out with the process and expedite the return filing process)
👇🏻 👇🏻 👇🏻
http://bit.ly/2YBRe2o
👉🏻NCLT allows Government to ban Deloitte, BSR for five years
(This is the second setback for these foreign audit firms as earlier the tribunal had allowed the corporate affairs ministry to prosecute them along with 21 others in the same case)
👇🏻 👇🏻 👇🏻
http://bit.ly/2YEeMn6
👉🏻IBBI to commence individual insolvency process soon
(IBBI may soon commence individual insolvency process under Insolvency and Bankruptcy Code (IBC)
👇🏻 👇🏻 👇🏻
http://bit.ly/2Z022CB
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Capital market Updates
👉JK Tyres & Industries posted 6% higher sales for Q1. However, the rising cost of input amidst an indust inry slowdown impacted its profitability. Continue to hold.
👉Berger Paints posted strong results for Q1. Its future looks bright. Accumulate.
👉Reliance Industries has received mixed reactions from various agencies. However, we remain positive on its outlook. Accumulate in small quantities.
👉VST Tillers Tractors is available at reasonable valuations. An attractive buy!
👉Dilip Buildcon disappointed the street with a sharp fall in Q1 revenue and profitability. Sell.
👉Indiabulls Real Estate is likely to sell its commercial properties to Blackstone for ~Rs.4800 crore to repay debt. A positive for the company. Accumulate.
👉Power Grid Corporation reported a healthy Q1 performance. Buy for ~40% returns within a year.
👉Accumulate Alkyl Amines Chemicals. Its Q1 profitability almost doubled to Rs.35.09 crore from Rs.17.67 crore last year.
👉Hawkins Cookers posted 25% higher PAT for Q1. A safe investment bet.
👉Lux Industries posted good results for Q1FY20 and FY19. Its prospects appear bright. Buy for the long term.
👉Tata Steel Q1 PAT fell 64% to Rs.693 crore on account of muted revenue growth and subdued operating income. Stay away from this counter for some time.
👉Cox & Kings has hit an all-time low on another payment default. Investors with a risk appetite may accumulate the share at ~Rs.5 as it has limited downside risk.
👉DHFL may not ask for hair cut on its debts. Its bond holders may get a chance to rake in good profits. Accumulate.
👉PTC India plans to divest its stake in two subsidiaries. A positive for the company. Accumulate.
👉Maruti Suzuki has cut down production due to lower demand, which may impact its profitability. Sell now and buy later.
👉Balkrishna Industries is available at half its peak price. An attractive buy.
👉NBCC (India) has received large orders. This share has the potential to double in two years.
👉Marico targets a growth of ~10% this year. Its future looks bright. Buy.
👉Ramco Industries’ consolidated Q1 PAT jumped 11% to Rs.61.04 crore on marginally lower sales. However, the management expects sales to improve in the coming quarters. Accumulate.
👉Rising volumes in the Strides Pharma Science counter is driving its share price higher. Buy for ~20% returns in the next three months.
👉Heavy investment buying was seen in SMS Lifesciences last week. With an expected EPS of Rs.65 for FY20, the stock may cross Rs.800.
👉Going by its Q1FY20 results, Securities & Intelligence Services is likely to notch an EPS of Rs.36 for FY20. Buy for over 30% returns in the medium-to-long term.
👉Trigyn Technologies, which posted an EPS of Rs.16.7 in FY19, is likely to notch an EPS of Rs.20 for FY20. The stock may cross Rs.100.
👉Kolkata-based NBFC, Kiran Vyapar, trades at an attractive valuation of 3x earnings and 0.3x book. The stock has the potential to deliver ~50% returns in the short term.
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The CBIC has come out with detailed FAQ on Sabka Vishwash ( Legacy Dispute Resolution Scheme 2019) most important feature I.e. who all are eligible is given below:
a) where SCN is pending for adjudication for demand of Excise Duty or Service Tax and final hearing has not been concluded on 30th June 2019. (b) where one or more appeal is pending before either Commissioner Appeal CESTAT and judge ment is not reserved as on 30th June 2019.
C) if appeal or writ petition is pending before High Court or Supreme Court then that petition or appeal is required to be withdrawn from HC or SC and after withdrawal of such petition or appeal and only thereafter Declaration under this scheme can be filed to avail benefit of this scheme.
C) Where SCN has been issued for levy of penalty and late fee and final hearing has not taken place as on 30th June 2019
D) Where recoverable arrears are pending I.e. duty or tax stood determined pursuant to order of authorities under the Act or by order of Tribunal or Court.
E) where cases are under investigation or audit or enquiry and duty or tax has been quantified and intimated to party as on 30th June 2019 or admitted by the party in a statement as on 30th June 2019. ( if duty or taxes has not been quantified as on 30th June 2019 after enquiry investigation or audit then benefit of the scheme cannot be availed in other words quantification is must).
F) Party wishes to make voluntary disclosure I.e. previously though Excise duty or Service Tax was payable ( whether recovered or not from customers) but not paid to govt and now party wishes to avail the scheme they can do so.
G) if the party has already paid Excise Duty or Service Tax with accrued interest of his own without issuance of SCN then party can avail benefit of subsection (2) Of Section 11A of Central Excise Act I.e. intimate department and under this provision, department is prohibited from issuing SCN for levy of penalty.
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Govt to remove ‘friction points’ in growth, but won’t lower GST: Report:
READ MORE- https://www.gststation.in/govt-to-remove-friction-points-in-growth-but-wont-lower-gst-report/
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CBDT said the department would ‘summarily accept’ contention of start-ups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), if the notices pertained only to the angel tax section.
Sebi said investment provisions for domestic Alternative Investment Funds (AIFs) will also be applicable for such entities operating in international financial services centre (IFSC). SEBI circular comes after it held consultations with stakeholders and decided to harmonise the provisions governing investments by AIFs incorporated in IFSC with those applicable to domestic AIFs.
Sebi wants Mutual fund houses to shift all their investments to listed or to-be-listed equity and debt securities in a phased manner and reduce their exposure to unrated debt instruments from 25 per cent to only 5 per cent.
MCA has notified the Insolvency and Bankruptcy Code (Amendment) Act, 2019 which shall come into force from the date of the publication in the official gazette i.e 06-08-2019.
Chartered Accountant have been made eligible to be appointed as “Arbitrator” under the Arbitration and Conciliation Act, 1996. see page 7 of Amendment Act (in last).
Government informed the Supreme Court that an expert panel has recommended complete ban on private crypto currencies in the country and the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, will be introduced in Parliament in the next session.
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FM Sitharaman assures steps to boost liquidity, demand in realty sector:
READ MORE- https://www.gststation.in/fm-sitharaman-assures-steps-to-boost-liquidity-demand-in-realty-sector/
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Lower GST, exempt import duty, manufacturers ask govt as TV panel sales decline:
READ MORE- https://www.gststation.in/lower-gst-exempt-import-duty-manufacturers-ask-govt-as-tv-panel-sales-decline/
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GST: Has CAG report taken all facts into account:
READ MORE- https://www.gststation.in/gst-has-cag-report-taken-all-facts-into-account/
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CAG report lays bare gaps in IGST settlement:
READ MORE- https://www.gststation.in/cag-report-lays-bare-gaps-in-igst-settlement/
