© orporate Updates on 11.09.2019
Ø Govt wants to revive confidence in markets: FM
Ø India's energy demand to grow by 4.2%: Pradhan
Ø India, ASEAN agree to review decade-old free trade pact
Ø China to build massive carbon trading market
Ø Aditya Birla Capital to raise Rs 2,100 crore equity capital
Ø Task Force in process to identify infra projects: FM
Ø Yes Bank nears deal to sell minority stake to global tech firm, says CEO
Ø Latest monsoon spell boosts kharif sowing across crops in Gujarat
Ø Telecom dept intends to hold spectrum auction by December: Report
Ø India has limited room to ease fiscal policy due to high debt: Fitch
Ø Earnings rebound seen for PFC, REC by 2020-21 on 50-60% NPA provision
Ø IOC, Haldia Petro projects worth Rs 2 trillion may trip on land hurdles
Ø Independent Financial Advisors blame MFs for the mess in debt schemes: Survey
Ø SBI mulls lending ₹35,000 cr to NHAI for highway projects: Rajnish Kumar
Ø JSW, Adani may bid for Coffee Day group-owned Sical Logistics
Ø Moody’s downgrades Ford’s credit rating to junk
Ø IL&FS gets bids worth ₹13,000 cr for road assets
Ø ArcelorMittal to explore sale of construction business
Ø PE/VC investments climb to an all-time high of $36.7 bn in January-August
Ø 'Make in India' push: ABB, NITTTR set up digital simulation lab in Chandigarh
Ø Goldman Sachs top executive charged with fraud
Ø Daimler to make India export hub, to serve Latin America initially
Ø DGFT notification to hurt steel imports: EEPC to Commerce Minister
Ø Government allocates Badam coal block to NTPC
Ø Exim Bank expects India’s merchandise exports to grow marginally to $82 billion in Q2
Ø Hero MotoCorp to cut capex by 15-20 pct
Ø Essel group completes 1st tranche of stake sale in ZEEL
Ø India-China spat delays RCEP deal
Ø India, Nepal inaugurate cross-border oil pipeline
Ø India-China spat delays RCEP deal
Ø Zee starts repaying mutual funds before deadline
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It is not high GST rate that has caused auto crisis, says Kerala Finance Minister:
READ MORE- https://www.gststation.in/it-is-not-high-gst-rate-that-has-caused-auto-crisis-says-kerala-finance-minister/
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Telangana too now needs GST compensation:
READ MORE- https://www.gststation.in/telangana-too-now-needs-gst-compensation/
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Swiss banking details of its citizens, a large portion of the first tranche of data being shared by Switzerland under an automatic information exchange framework this month relates to accounts that have been already closed due to fear of action, bankers and regulatory officials said.
Tax receipts arising from a levy on payments made to digital advertising platforms such as Google and Facebook from Indian entities jumped 59% in the year ended March.The tax department collected Rs 939 crore in the year to 31 March, up from Rs 590 crore a year earlier.
GST Council may Scrap GSTR-9, GSTR-A and GSTR-9C for FY 17-18 for small taxpayers in the coming Council Meeting.
MCA: The Central Government has made further amendments to Schedule III to the Companies Act, 2013 vide Notification dated 11th October 2018 for a NBFC whose financial statements are drawn up in compliance of the Companies (Indian Accounting Standards) Rules, 2015.
Sebi is working on a mobile app for e-voting by retail investors of listed companies to facilitate greater participation in management proposals, especially those related to corporate governance.
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No GST if maintenance paid to housing society is less than Rs 7,500 every month:
READ MORE- https://www.gststation.in/no-gst-if-maintenance-paid-to-housing-society-is-less-than-rs-7500-every-month/
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👉 GST Fitment Committee (a panel of officials from the GST Council, which discusses requests from various industries for GST reduction), Opposes Tax Rate Cut on Automobiles and says that reduction on GST rates for Automobiles will lead to a major loss in revenue.
👉 RBI panel, which was tasked with reviewing the existing state of housing finance securitization, and suggest measures to make the market more attractive, has recommended that an intermediary be set up under the National Housing Bank (NHB), wherein the government will have a 51% ownership.
👉 Satyam scam: In setback for SEBI, SAT quashes & overturns SEBI order banning PWC for 2 years. SEBI had in January 2018 barred PWC from auditing Listed Companies in India.
👉SEBI starts Fresh Talks on Weather Derivatives after NCDEX proposal
👉 Auditing and Assurance Standards Board (AASB) of ICAI issues Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013, regarding reporting requirement for Auditors of Public Companies on Managerial Remuneration
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At Sept 20 Goa meet, GST Council to look into inverted duty structure issue:
READ MORE- https://www.gststation.in/at-sept-20-goa-meet-gst-council-to-look-into-inverted-duty-structure-issue/
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Maruti chairman Bhargava says temporary GST cut won’t help, entry-level cars getting expensive:
READ MORE- https://www.gststation.in/maruti-chairman-bhargava-says-temporary-gst-cut-wont-help-entry-level-cars-getting-expensive/
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# ICAI : Extension of Last Date of Filling MEF 2019-20 extended to 20-09-2019
https://www.icai.org/new_post.html?post_id=15953&c_id=240
# CBIC issues a clarification about applicability of GST on under construction and ready-to-move-in property. http://www.cbic.gov.in/resources/htdocs-cbec/gst/GST_on_comercial_properties.pdf;jsessionid=5DB41488180AAC328EEE8414E1DA1477
# CBIC : E-version GST Flyers on New GST Returns.
http://www.cbic.gov.in/htdocs-cbec/gst/GST-New-Returns-E-Flyer-in-English.pdf
# CBIC Circular No. 29/2019- Customs dt. 05-09-2019 : Eligibility Criteria for availing of DPD Scheme by Importers.
http://www.cbic.gov.in/htdocs-cbec/customs/cs-circulars/cs-circulars-2019/Circular-No-29-2019.pdf
# Case Law : Gujarat High Court in the case of M/s Siddharth Enterprises Vs The Nodal Officer held that Non-filing of FORM GST TRAN-1 within due date cannot taken away right to claim Cenvat Credit as right to carry forward credit is a right or privilege, acquired and accrued under the repealed CEA, 1944
# Today's Due Date
- GSTR-1 for the month of August 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore
# Pay Membership Fees Online simply with Membership No. and DoB. Members with Individual/Proprietary practice can also claim GST credit.
https://www.icai.org/new_post.html?post_id=15946
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Income Tax Second instalment of Advance Tax amounting to 45% of tax payable is due by 15th sep 2019 for all assessee's whether corporate or non corporate.
Government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to avoid creating more uncertainty for businesses amid an economic slowdown.
SEBI suffered a major set back as the Securities and Appellate Tribunal (SAT) on Monday overturned an order of the market regulator that had barred global auditing firm PriceWaterhouse (PW) for two years from working for listed companies.
RBI suggested standardisation of loan documents and setting up of a government-sponsored intermediary under the National Housing Bank (NHB) for development of the home loan securitisation market.
Finance ministry has come out with a code of conduct for non-official directors of public sector banks (PSBs) and asked the boards to send an annual performance report that rates a director based on professional and ethical conduct, and contribution to the board.
ICAI Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013 “The auditor of the company shall, in his report under section 143, make a statement as to whether the remuneration paid by the company to its directors is in accordance with the provisions of this section, whether remuneration paid to any director is in excess of the limit laid down under this section and give such other details as may be prescribed.
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GST fraud: Most fake invoices in Telangana ahead of polls:
READ MORE- https://www.gststation.in/gst-fraud-most-fake-invoices-in-telangana-ahead-of-polls/
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ABB India accused of misclassifying equipment to evade GST: Report:
READ MORE- https://www.gststation.in/abb-india-accused-of-misclassifying-equipment-to-evade-gst-report/
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👉The Government may exempt Certain Businesses, particularly those dealing with farmers, from the 2% TDS levied on cash withdrawal of over Rs 1 Crore Annually
👉RBI is mulling on Offering Fresh Licenses for setting up Small Finance Banks, which can be availed by payments banks as well
👉SEBI may soon make it mandatory to value Debt and Money Market Products in line with the Latest Market Price. The change in Valuation Methodology could also hit funds with exposure to Treasury Bills and Short-Term Securities.
