©orporate Updates on 20.8.2019
Ø Indian Oil Corporation to invest Rs 25,000 Cr in Green Energy
Ø Agri, Rural Labour CPI base year to be revised
Ø SEBI brings in stricter norms on disclosure lapses
Ø FM says Corporate Tax for companies to be cut gradually
Ø SC gives DoT a boost in RCom one time spectrum fee case
Ø NTPC plans 5,000-mw ultra-mega solar plant in Kutch
Ø DHFL defaults on Rs 1,571 Crore bond payments
Ø FinMin considers stress fund for Infra Sectors: Urban Affairs Secretary
Ø Voda Idea, Airtel lose over 4 mn users in June; Jio and BSNL gain: TRAI
Ø Credit Rating agencies, Auditors on ED radar in IL&FS charge sheet
Ø Govt removes Debenture Reserve requirement for HFCs, NBFCs, listed firms
Ø Adani Group likely to acquire 72% Stake in Andhra's Krishnapatnam Port
Ø Import of 30,000 Tonnes of Crude Soya Oil from Paraguay notified
Ø KEC bags Rs 845 Cr orders from NCRTC, Kochi Metro
Ø PTC inks pact for 720 MW Mangdechhu plant in Bhutan
Ø Minor Landslide affects MRPL’s Operations
Ø Morgan Stanley re-rates Reliance Industries stock to ‘Over-Weight’, post AGM moves
Ø CCI puts in place Green Channel route for M&A approvals
Ø RIL's Aramco deal to lower its FY21 earning by 9%: Report
Ø US economists expect Recession in the next 2 years
Ø Govt may consider amendments in RERA to make it more effective: Govt official
Ø DHFL parent WGC sells its loan distribution biz to Metdist Group
Ø Foodgrains Production almost flat at 284.95 MT in 2018-19, says Government data
Ø RIL again becomes most valued firm by market valuation
Ø China lost 20 Lakhs jobs in short period of time, says US President Donald Trump
Ø Coal ministry panely approves fuel supply to Tamil Nadu Power Plants
Ø Rupee plunges to over 6-month low of 71.43; skids 29 Paise
Ø Passenger vehicle retail sales fall 11 pc in July: FADA
Ø Time has come for banks to link loans, deposits to repo rate: RBI Gov Das
Ø PE-VC investment in India zooms to all-time high of USD 8.3 Bn in July: Report
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Use artificial intelligence for tax compliance: Direct tax panel:
READ MORE- https://www.gststation.in/use-artificial-intelligence-for-tax-compliance-direct-tax-panel/
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👉🏻Committee submits report on replacing I-T Act with Direct Tax Code
(The task force was assigned to draft direct tax laws in line with the norms prevalent in other countries, incorporating international best practices, and keeping in mind the economic needs of the country)
👇🏻 👇🏻 👇🏻
http://bit.ly/2ZaCq6p
👉🏻Govt removes Debenture Redemption Reserve requirement for Listed Companies, NBFCs and HFCs
(MCA has amended the Companies (Share Capital & Debentures) Rules by removing Debenture Redemption Reserve requirement for Listed Companies, NCFCs and HFCs)
👇🏻 👇🏻 👇🏻
http://bit.ly/2H9Z20D
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Is a GST Council-like federal body for public expenditure a good idea:
READ MORE- https://www.gststation.in/is-a-gst-council-like-federal-body-for-public-expenditure-a-good-idea/
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Direct Tax panel suggests rate relief for Individuals in personal tax slab to benefit middle and upper middle class including an across the board 25% tax rate for both local and foreign companies.
Supreme Court of India in the case of Commissioner of Income-tax v. Laxman Das Khandelwal held that Provisions of Sec. 292BB won’t cure defect of non-issuance of notice under sec. 143(2). Issuance of Notice for completion of regular asstt is a statutory requirement as per provisions of Act.
Income Tax department has initiated consultations with Sebi to explore the idea of getting details of investment returns of taxpayers. This is part of the government’s initiative to bring about ease of living for taxpayers.
GST: Appellants are not liable to penalty on wrong availment of GTA services up to the customer’s premises because it was an interpretation issue and was settled by the Apex Court in the year 2018 in the case of Ultratech and therefore no intention to evade service tax can be imputed on the appellant. Ardex Endura (India) Pvt Ltd Vs Commissioner Of Central Tax (CESTAT Bangalore)
Sebi has rejected credit rating agency Icra’s consent application in the Infrastructure Leasing and Financial Services Ltd (IL&FS) case. Icra had been seeking to arrive at a settlement in the matter of raters not having given warning of the IL&FS default in September last year.
MCA relaxes norms for shares with differential voting rights to boost innovative technology companies and start-ups.
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Painless taxation: DTC panel proposes cut in income tax, corporation tax:
READ MORE- https://www.gststation.in/painless-taxation-dtc-panel-proposes-cut-in-income-tax-corporation-tax/
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Indirect Tax Legal updates:
1. GST- Supply of services- Held, any membership fee collected by the applicant from its members will be understood as 'consideration' as the same has been paid for supply of services". First, supply is made in lieu of consideration, second, supply is made in the course or furtherance of business. Both the conditions stated for 'supply' were satisfied thereby leading the transaction between the applicant & its members are nothing but supply, and accordingly applicant will pay GST.
2019-VIL-239-AAR
2. Central Excise- Reversal of CENVAT Credit does not amount to credit taken- The appellant did not maintain separate accounts for the input services used in or in relation to the provision of taxable service as well as exempt service. Therefore, two options were available to them, i.e., either to pay 6% of value of the exempted service or pay an amount equal to the credit attributable to the input services. The appellant reversed the proportionate credit taken on input services used in the provision of exempt services. Held, reversal of credit not amounts to taking credit at all. The demand order is set aside and the Appeal is allowed.
2019-VIL-538-CESTAT-KOL-CE
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First arrest in GST scam at Nagpur, co director absconding:
READ MORE- https://www.gststation.in/first-arrest-in-gst-scam-at-nagpur-co-director-absconding/
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👉 A committee headed by CBDT member Akhilesh Ranjan submits its report to Hon’ble Finance Minister Nirmala Sitharaman, on replacing the Income Tax Act with a new Direct Tax Code(DTC)
👉Government removes Debenture Redemption Reserve (DRR) requirement for Listed Companies, NBFCs and HFCs, both for public issue as well as private placements. Debenture Redemption Reserve for Unlisted Companies reduced to 10% of Outstanding Debentures from the present level of 25%.
👉RBI will sell Five Government Securities worth Rs 17,000 Crore on Friday. The auction will be price based using Multiple Price Method. Up to 5% of the Notified Amount of the sale of the stocks will be allotted to Eligible Individuals and Institutions.
👉RBI is considering asking banks to Link Loans to an External Benchmark such as the Repo Rate to improve transmission of policy rates and foster economic growth.
👉In the wake of the liquidity crisis hitting the NBFCs and HFCs, SEBI likely to ease Share Buyback Norms for these companies. The proposal is expected to be presented at the SEBI's board meet on Wednesday.
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Avalara launches TrustFile GST annual return filing feature for GSTR-9 in a bid to enhance accuracy of process:
READ MORE- https://www.gststation.in/avalara-launches-trustfile-gst-annual-return-filing-feature-for-gstr-9-in-a-bid-to-enhance-accuracy-of-process/
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GST Council meeting likely to be held on September 20 in Goa:
READ MORE- https://www.gststation.in/gst-council-meeting-likely-to-be-held-on-september-20-in-goa/