🎯News on GSTR 9& 9C - Extended
GSTR 9 and GSTR 9C date extended by 3 months from 31-08-2019 to 30-11-2019
. RoD Order No. 07/2019-CT dtd. 26.08.2019
New extended dates-
🗓GSTR 9 - 30.11.2019
🗓GSTR 9C 30.11.2019
also note that last date for claiming ITC For 2018-2019 is 30.09.2019
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👉 Govt offers Resolution for Pre-GST disputes with Tax Authorities. Businesses can now settle their pending disputes relating to Central Excise Duty and Service Tax within 4 months starting 1 September till 2019 end under the terms notified by the Govt. yesterday.
👉CBDT clarifies that Small Start-Ups with turnover upto 25 Crore rupees will continue to get the promised tax holiday as specified in the section of the Income Tax Act. It did not recognise the Rs 100-Crore Turnover Definition of a Small Start-Up put up by the Department for Promotion of Industry and Internal Trade (DPIIT).
👉Digital payment companies like Paytm, Razorpay and card schemes like Visa, Mastercard are eyeing New Avenues of business as the RBI has allowed consumers to make Recurring Payments of up to Rs 2,000 by giving an E-Mandate from 1st September.
👉SEBI allows Foreign Portfolio Investors (FPIs) to Invest from Gujarat Gift city, in a move that could see FPIs heading to the International Financial Services Centre (IFSC) in Gandhinagar. Business units operating from GIFT City enjoy a 10-Year Tax Holiday.
👉Govt files IPO Document for IRCTC with SEBI, as it plans to offload around 12% stake through the IPO. The share sale could fetch between Rs 500 crore and Rs 600 crore and help the government with its disinvestment target.
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NCLAT : In NUI Pulp and Paper Industries Pvt. Ltd. vs. M/s. Roxcel Trading GMBH
The Tribunal viz. NCLT has inherent powers to make such order as it may deemed necessary for meeting the ends of justice or to prevent abuse of the process of the Tribunal.
Read full article at : https://dasgovernance.com/2019/08/25/nclat-in-nui-pulp-and-paper-industries-pvt-ltd-vs-m-s-roxcel-trading-gmbh/
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NCLAT : In Excel Metal Processors Ltd. vs. Bentelr Trading International GMBH and Anr.
Since NCLT has jurisdiction to entertain an application under I&B Code, the Parties cannot derive advantage of the terms of the Agreement where Parties agreed that any suit or case being maintainable only in the Court outside India.
Read full article at : https://dasgovernance.com/2019/08/26/nclat-in-excel-metal-processors-ltd-vs-benteler-trading-international-gmbh-and-anr/
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Realtors seek cheaper loans and uniform GST norms to revive sector:
READ MORE- https://www.gststation.in/realtors-seek-cheaper-loans-and-uniform-gst-norms-to-revive-sector/
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GST: FM announces measures for MSMEs:
READ MORE- https://www.gststation.in/gst-fm-announces-measures-for-msmes/
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CBDT has clarified that small start-ups with turnover up to Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961, which provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years from the year of its incorporation.
Finance Minister withdraw enhanced surcharge levied on long and short-term capital gains, introduced a transparent mechanism to end alleged tax harassment of businesses, tried to ease liquidity flow to make loans cheaper in order to boost consumer demand and also unveiled certain steps to boost demand for cars to address the slowdown in the auto mart.
No Deemed Dividend if Assessee was not a Shareholder when amount been advanced. The issue in the present ground is with respect to addition u/s 2(22)(e) of the Act. ACIT Vs M/s. Bhaawani Shankar Ginning Factory (ITAT Pune) .
Indirect tax dispute resolution scheme notified
The government notified the indirect tax dispute resolution scheme which was announced in the Budget. The scheme will become operational from September 1, and will continue till December 31.
Finance Minister said violations of CSR norms under the companies law will be treated only as a civil liability and not as a criminal offence. The corporate affairs ministry would review the sections concerned under the Companies Act, she said.
The Code on Wages 2019, which paves the way for the introduction of mandatory minimum wages at the national level for 50 crore workers, has become a reality now. The government has notified the Code after it received assent from the President of India on August 8.
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Abolish GST on maintenance charges of apartments
READ MORE- https://www.gststation.in/abolish-gst-on-maintenance-charges-of-apartments/
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GST: Chamber hails removal of angel tax for startups:
READ MORE- https://www.gststation.in/gst-chamber-hails-removal-of-angel-tax-for-startups/
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India needs single corporate tax rate of 25%: report:
READ MORE- https://www.gststation.in/india-needs-single-corporate-tax-rate-of-25-report/
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Govt compulsorily retires 22 tax officials on graft charges:
READ MORE- https://www.gststation.in/govt-compulsorily-retires-22-tax-officials-on-graft-charges/
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Filing of GSTR-9 & GSTR-9C to cause double taxation:
READ MORE- https://www.gststation.in/filing-of-gstr-9-gstr-9c-to-cause-double-taxation/
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Goods news for domestic assessee
CBDT:- Government withdraws enhanced surcharge on tax payable on transfer of certain assets [Read Press Release]:: http://www.taxknowledge.in/income-tax/5d6384860a84e20948892b1f
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Auto LPG industry seeks alternate fuel policy, lower GST rates:
READ MORE- https://www.gststation.in/auto-lpg-industry-seeks-alternate-fuel-policy-lower-gst-rates/
