© orporate Updates on 19.9.2019
Ø Fed cuts rates by 25 bps, gives mixed signals
Ø Govt. doing everything to bring high growth: Kant
Ø FDI norms in coal mining, single-brand retail relaxed
Ø Nalco declares record Rs. 1,073 cr dividend for FY19
Ø RBI plans to structure loan rates of NBFCs, HFCs
Ø Trump orders more Iran curbs, Saudi shows evidence
Ø Jio adds 85.39 lakh users, rivals lose 60 lakh: TRAI
Ø Govt. plans to give Rs 10L-cr EPFO corpus to a body
Ø NTPC contains tariff rise with fall in coal imports, power blending
Ø Govt. bans e-cigarettes amid global concern over health risks
Ø RBI decision to cut risk weights for retail loans credit negative: Moody's
Ø ICRA sees FY20 steel demand growth shrinking to 5-6% from 7.9% in FY19
Ø NCLAT asks RCom's RP to approach NCLT for refund of Rs. 577 cr from Ericsson
Ø Chinese cheer for Indian cancer-drug manufacturers
Ø India’s steel consumption growth likely to slow to 6 per cent: ICRA
Ø Government scraps import duty on open cell LED TV panels
Ø NTPC to build 5GW solar park in Gujarat
Ø SRF shuts technical textiles plant in Thailand
Ø Essar to double CBM gas production to 1 mmscmd
Ø Strategic sale of BEML, NMDC unit accelerates
Ø Electricity discoms owe ₹74,710 crore to gencos
Ø Amazon partners with Western Union to allow purchases in cash
Ø Government open to sell part of Air India to foreign airline: Report
Ø Bankers can now take decision without fear; CVC sets up panel to examine fraud
Ø After banks, RBI plans to structure loan rates of NBFCs, HFCs
Ø London overtakes Mumbai in rupee trading
Ø Tax collection misses target by a wide margin; inches up 4.7%
Ø 44 lawmakers urge Trump administration to reinstate GSP for India
Ø Rupee stems losses, rallies 54 paise to 71.24 vs USD on easing oil prices
Ø Coffee Day sells tech park for Rs 2,700 cr to Blackstone to reduce debt
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🍒 Boards of Corporation Bank, Allahabad Bank give in-principal approval for respective merger plans : Corporation Bank on Monday said the board has given its in-principle approval for the merger with Union Bank of India. "The board of directors in its meeting held on September 16, 2019 has given in-principle approval for the amalgamation of the Corporation Bank into Union Bank of India," it said in a regulatory filing. Earlier on September 9, Union Bank of India had informed about an in-principle approval of its board for the amalgamation of Andhra Bank and Corporation Bank into it. While, Andhra Bank board on September 13 had given its in-principle approval for the amalgamation of the lender alongside Corporation Bank into Union Bank of India. In a separate filing, Allahabad Bank said that "board of directors of the bank in its meeting held on September 16, 2019 has considered and accorded its in-principle approval for amalgamation of Allahabad Bank into Indian Bank. The union government in late August had approved to merge 10 state-run banks into four entities with an aim to strengthen them as also to cut down number of publicly hold banks into of the global sized banks. - economic times
🍒 Allahabad Bank board approves merger with Indian Bank : The board of Allahabad Bank on Monday approved the merger proposal with Indian Bank, making the amalgamated entity the seventh largest public sector lender of the country. Finance Minister Nirmala Sitharaman had on August 30 announced the consolidation of 10 state-run banks into four large-scale lenders."In terms of SEBI (listing obligations and disclosure requirements), the board of directors in a meeting held today has considered and accorded its in-principle approval for amalgamation of Allahabad Bank into Indian Bank," sources in the bank said.Meanwhile, employees and officers of Allahabad Bank staged a demonstration in front of its headquarters here to protest against the merger.A office-bearer of the staff association said the amalgamation is being opposed as Allahabad Bank has higher levels of CASA (current account and savings account), more staff strength and a bigger volume of business compared to the other lender."The merger proposal with Indian Bank is illegal," he claimed. - economic times
🍒 Mega mergers fail to lure funds to PSB stocks : India’s biggest bank overhaul in decades to merge state-run lenders beset with bad loans and low capital has not convinced investors to increase holdings of the shares. Fund managers, including Aberdeen Standard Investments and JPMorgan Chase & Co, are shying away from increasing their positions in government-owned lenders. As well as poor asset quality at the banks, they cited uncertainty about the merger’s time-line. “State-run banks do have a large asset-quality burden,” said Rukhshad Shroff, who oversees more than $660 million in India equities at JPMorgan Chase & Co’s asset management unit in Hong Kong. Many also have very little capital. There is some evidence to show that digesting large mergers ends up being more complicated than was originally expected. - Business Line
🍒 Strike call given by officers' union may affect normal business at branches: SBI : The State Bank of India (SBI) on Monday said the operations of the bank could be affected if the two-day strike call given by officers' unions materalises. Four unions of officers of public sector banks have threatened to go on a two-day strike from September 26 to protest against the announced consolidation of 10 state-run lenders into four."While bank has made all arrangements to ensure normal functioning in its branches and offices, it is likely that work in our bank may be impacted to some extent by the strike," SBI said in a regulatory filing. - economic times
🍒SBI research report calls for abolition of capital gains tax to boost savings : Saying that the slowdown in the economy cannot be addressed by monetary policy in isolation and also needs fiscal policy focus, a State Bank of India (SBI) economic research report on Monday called for abolition of capital gains tax. “Abolish capital gains tax to boost financialization of savings that gained momentum in FY18, but might have lost pace in FY19," said Soumya Kanti Ghosh, group chief economic adviser, SBI, in the report cited above.Ghosh said abolishing capital gain tax will boost households’ savings and encourage people to invest more in financial assets than physical assets.“Past trend also suggest, financial assets have grown at a faster pace than last year and a bulk of this comes from equity. We expect this pattern to remain inclined to equities and removing long-term capital gains (LTCG) tax will again give a boost to financialization of savings," he said. - Live Mint
🍒 SBI chief slams 'selfish' private sector bank for Altico crisis : State Bank of India chairman Rajnish Kumar has slammed a “selfish” private sector lender for the crisis at Altico Capital, as its unilateral move to secure its own money can potentially cause troubles to the wider financial system. The realty-focused non-banking lender Altico, which owes over Rs 4,500 crore to the system (mostly banks), defaulted on a nearly Rs 20 crore interest payment late last week on an external commercial borrowing (ECB) loan.The default by Altico has resulted in concerns over the wider implications.According to reports, a leading private sector bank allegedly moved in to secure its exposure by “netting-off” money from a fixed deposit maintained by Altico.“If any bank makes a selfish move, it can have a negative impact on the rest of the system,” State Bank of India (SBI) chairman Rajnish Kumar told reporters here over the weekend.“You have taken care of the Rs 50-100 crore (exposure), and felt happy for saving your money, but if you are damaging the system, then it is not proper,” Kumar said, without naming the private sector lender.“Even in the case of the biggest of the companies, if a bank pulls the trigger or stops credit flow, the negative impact can come,” he added. - Economic Times
🍒 PSBs, private sector banks biggest players in NEFT transaction, shows report : Private sector banks, followed by public sector banks (PSBs) are the biggest players in the National Electronic Funds Transfer (NEFT) network, both in terms of volume and value, according to an article published by the Reserve Bank of India’s (RBI’s) economic and policy research department. “Our findings show that out of the public sector, private sector and foreign banks that constitute around 83% and 87% of the total transactions by value on NEFT in the month of March and April (2019), respectively, the flow from private sector to public sector banks is very large, with public sector banks being net receivers in the system," the article titled ‘Network Analysis of NEFT transactions in India’ said.The RBI has said the views expressed in the article do not represent the regulator’s view.“Payment flows are particularly strong within the public-to-public sector and private-to-private sector banks network. The flow from private-to-public sector banks is also very large with public sector banks being the net receivers in the system," the article said. - Live Mint
🍒 RBI allows payment of all recurring bills through BBPS : In a consumer friendly initiative, the RBI on Monday expanded the scope of Bharat Bill Payment System (BBPS) to cover all repetitive bill payments, which may include school fees, insurance premiums and municipal taxes. Currently, the facility of payment of recurring bills through BBPS is available only in five segments -- direct to home (DTH), electricity, gas, telecom and water."...it has been decided to expand the scope and coverage of BBPS to include all categories of billers who raise recurring bills (except prepaid recharges) as eligible participants, on a voluntary basis," the RBI said in a circular.BBPS functions under the aegis of National Payments Corporation of India (NPCI).As per BBPS website, the facility would be expanded to include other types of repetitive payments like insurance premium, mutual funds, school fees, EMIs, and municipal taxes, among others. - economic times
🍒 Visa, BillDesk partner to roll out interface for recurring payments : Visa, a global leader in payments technology, and BillDesk, leader in the Indian payments business, have partnered to roll out of SI-Hub, a seamless and secure way to make recurring payments using cards with a one-time enrollment. With this, the banks and merchants will be able to offer recurring payments/ standing instructions (SI) services (powered by BillDesk’s SI-Hub and Visa’s global recurring transaction framework for merchant-initiated transactions) to their cardholders to help manage payment across utilities, subscription services, and mutual fund SIPs, among others. The RBI had recently released guidelines for e-mandate on cards for recurring transactions. - Business Line
🍒 Start-ups to grab banks’ $280-b payments revenues by 2025 : Banks are set to miss out on as much as $280 billion in revenue from their payments operations by 2025, as new start-ups muscle in and more of the business of sending money to individuals and companies becomes instant and free, according to a new report. The global payments business, which covers anything from card payments to wiring money overseas, is dominated by banks and this year was worth around $1.5 trillion, professional services firm Accenture said in a report published on Monday. That is expected to grow to $2 trillion globally by 2025, but banks are likely to lose out on $280 billion, or 15 per cent of their global payments revenues, Accenture estimates. - Business LIne
🍒RBI re-evaluates GDP forecasting after Q1 print caught it off guard : RBI Governor Shaktikanta Das on Monday said India's June quarter GDP growth print at 5 per cent came in as a big surprise for the central bank, whose growth forecast at 5.8 per cent was way off the mark. This, he said, has set off an internal review within the Reserve Bank of India to find out "what we missed out, where we went wrong.""We are examining the GDP much more closely now," the governor told ETNOW in an exclusive interview. "In inflation forecasting, we are almost on the dot now. The margin of error has come down significantly. We want to get more accurate with GDP forecast too," he said. Asked when RBI expects growth to recover, Das refused to give a timeline. "We have to see the Q2 numbers, and figure out whether the slowdown will sustain," he said. Das, however, said as early as in February, RBI had recognised the slowdown in the economy, which led it to cut in policy rate by 25 basis points. - economic times
🍒 Prop Equity says funds worth Rs 90,000 cr required for stressed housing units : PropEquity-- a realty online data, risk management and analytics platform--on Monday said around Rs 90,000 crore will be required to complete a total of 7.4 lakh stressed housing units across the country. On Saturday, Finance Minister Nirmala Sitharaman announced that the government will set up a special window to provide last-mile funding for housing projects which are non-NPAs and non-NCLT in the affordable and middle income category. In the fund, Rs 10,000 crore will be contributed by the central government and roughly the same amount will come from outside investors."The government has been magnanimous and sensitive in its allocation of the stress fund and in adopting this crisis which got created due to many factors that were well beyond the government's control," PropEquity Founder and MD Samir Jasuja said.This is definitely a positive move and the company hopes that the government will take more steps in future to help the industry tide these turbulent times, he added. - economic times
🍒 Jet Airways lenders make presentation to Synergy Group : The lenders to the bankrupt Jet Airways Monday made a presentation to the South American conglomerate Synergy Group, which has reportedly emerged as sole potential buyer of the airline, according to a source. After the August 10 deadline, Synergy Group Corp, which owns majority stake in Colombian carrier Avianca Holdings, had reportedly evinced interest in the airline, which had already received expressions of interest (EoIs) (which were subsequently withdrawn) from energy baron Anil Agarwal's family trust-backed Volcan Investments, Russian Fund Treasury RA Partners and the Panama-based Avantulo Group."The lenders of Jet Airways Monday made a presentation to the Synergy Group, which is likely to invest in the carrier. They shared information about the airline's assets, manpower, liabilities, among others," a source told PTI. - economic times
🍒 SEBI flags corporate governance issues at CDSL : Market regulator Securities and Exchange Board of India (SEBI) has taken a serious view of the overall conduct of Central Depository Services (India) Ltd (CDSL) and its former chief PS Reddy for delaying the appointment of a new chief at the Depository. The regulator has specifically flagged two governance issues — delay in framing the nomination and remuneration policy (NRP) and the delay in the commencement of the process of appointment of new MD & CEO — in its recent communication to CDSL. Such delay has eventually resulted in the depository functioning without an MD & CEO till date, SEBI said in the letter. - economic times
🍒 Rupee skids to 71.5 on oil : Logging its first fall in eight sessions, the Indian rupee on Monday plunged by 68 paise to 71.60 against the US dollar amid concerns over soaring crude prices following drone attacks on Saudi Arabia’s oil facilities. Surging crude oil prices have emerged as major fears for India — the world’s third largest oil importer — in form of fiscal slippage and inflationary pressure.
🍒 Gold prices rally ₹460 on weak rupee, rise in crude prices : Gold on Monday climbed ₹460 to ₹38,860 per 10 gram in the national capital on a weak rupee and higher oil prices, which led to investors opting for safe haven commodities, according to HDFC Securities. In the bullion market here, gold prices for 24 Karat rose to ₹38,860 per 10 gram from Saturday’s closing price of ₹38,400 per 10 gram, according to the data. Silver also zoomed ₹1,096 to ₹47,957 per kilogram. In the previous trading, silver closed at ₹46,861 per kilogram.
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Income Tax Dept has decided not to levy 2 % TDS on cash payments of over Rs 1 crore made through Agriculture Produce Market Committees (APMCs). The provision is set to come into force from October 1.
RBI has intensified its “fit and proper” checks on the managements of Lakshmi Vilas Bank (LVB) and Indiabulls Housing Finance (IHF), which plan to merge, following fresh accusations of wrongdoing and the sudden exit of the bank’s CEO.
EPFO Authorities have issued circular to provide E-nomination facility for EPF account holders. A member can avail of the e-nomination facility by logging in to their account on the EPFO's member sewa portal.
Lenders engaged in micro lending have come together to safeguard their loan asset. A common ‘Code for Responsible Lending’ has been unveiled to bar more than three lenders offering loans to a single borrower and cap the size of total lending to Rs 1 lakh per borrower.
No need to inform government about gift received abroad if valued up to Rs 1 lakh as Govt has amended Foreign Contribution (Regulation) Act. Earlier, the threshold value was Rs 25,000, as per the market value of the gift item in India.
Peer Review Board of ICAI has announce the holding of a One Day Training Programme on Saturday the 21st September, 2019 at ICAI Bhawan, Sector 62, Noida, UP hosted by Gautam Budh Nagar Branch of CIRC of ICAI.
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👉 The GST Council meeting, as per the agenda paper, may take up automobiles, hotels, biscuits, matchsticks and outdoor catering segments for resetting of the GST rates.
👉 Overseas direct investment stance of RBI stumps companies .
👉Debt woes worsening despite RBI rate cuts. Aggregate profit growth declined 5.41% in Q1 from a growth of 20% in the year earlier for 335 listed firms .
👉 Investing in mutual funds has become less expensive in India due to several investor-friendly measures taken by SEBI including ban on upfront commissions as well as front loads and a cap on expenses charged from investors .
👉 NCLAT said secured financial creditors should not be discriminated on the ground of dissenting vote and should not be treated separately in settlement of claims.
👉Govt scraps 5% import duty on open cell TV panel .
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GST Council unlikely to favour tax cut for automobile sector: Sources
READ MORE- https://www.gststation.in/gst-council-unlikely-to-favour-tax-cut-for-automobile-sector-sources/
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Government looks at 28% GST on lottery:
READ MORE- https://www.gststation.in/government-looks-at-28-gst-on-lottery/
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Major ICAI Council Decisions
UDIN Generation Time Limit:
Council has decided to allow 30 days grace period to generate UDIN from the date of issuance of report/ certificates. This time limit is till 31 December 2019. Thereafter time limit will be 15 days. Scheme for the cases of default is also under consideration.
Extension of payment of ICAI Membership Fees:
The due date for payment of ICAI Membership fee including COP fee is extended upto 30th November, 2019. So many other forms filling due date also extended upto 30th November, 2019.
Relevant notifications would be issued soon and accordingly portal will also update.
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MCA
FAQ ON DIR-3 KYC
Link:
http://www.mca.gov.in/MinistryV2/dir3kycfaq.html
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IBC & RESTRUCTURING RELATED NEWS
🍇CBIC goes to NCLT, claims Rs 4.6 crore CGST dues from Videocon
The Central Board of Indirect Taxes and Customs approached the National Company Law Tribunal (NCLT) on Tuesday, to register a claim of Rs 4.6 crore as central GST dues from the Videocon group.
The board is an operational creditor to Videocon Industries in the ongoing resolution process at the company, and had sent several letters to its resolution professional, Mahender Khandewal, about the claim.
🍇Fashion company Provogue set to be liquidated
A two-judge division bench of the National Company Law Tribunal (NCLT) in Mumbai has ordered the liquidation of readymade garment maker Provogue (India) after lenders did not agree on the offers on the table for the company.
The division bench of justices BP Mohan and V Nallasenapathy pronounced an oral order on Monday. The final written order will be put on the NCLT website in the next few days. The liquidation of the company was a culmination of more than a year of insolvency proceedings in the NCLT after the case was admitted on July 25 2018.
MSME RELATED NEWS
🍇Microsoft to mentor startups in tier 2 cities in India
Microsoft on Tuesday launched a new initiative called "Highway to a Hundred Unicorns" to mentor and support startups in tier 2 cities in India.
Organised in collaboration with the Industries Commissionerate and Gujarat's Industrial Extension Bureau (iNDEXTb), more than 250 startups attended the first such event here.
🍇MSMEs’ overall export credit cost to be reduced with new loan scheme for exporters, says FIEO
Enhancing the scope of Export Credit Insurance Scheme (ESIC) by Export Credit Guarantee Corporation of India (ECGC) will help lower the overall export credit cost including interest rates particularly for micro, small and medium enterprises (MSME), said Sharad Kumar Saraf, President, FIEO. The initiative, which is part of the new scheme — Nirvik announced by the Finance Minister Nirmala Sitharaman last week in order to boost exports by giving more credit access to exporters, will provide much-needed support to them for exporting to countries with little or more risks, according to Saraf.
Under the new scheme, insurance cover has been increased from the current 60 percent to 90 percent of the principal and interest. “In order to facilitate banks further Ministry of Commerce & Industry has enhanced Insurance cover for banks up to 90% for the working capital loans and moderation in premium incidence for the MSME sector,” the commerce ministry said in a statement.
🍇How the Government Will Help MSME Bad Loans
Recent data suggests bad loans in the MSME sector have surged from (INR) 7,290 in the first quarter of fiscal year 2018-19 to (INR) 8,974 crore in the same quarter of fiscal year 2019-20, which indicates that Non Performing Assets NPAs in the MSME sector showed a sharp 23 per cent rise in just a year. For the massive slump in MSMEs’ records, bankers specified economic slowdown as its reason.
On Monday, Minister of Commerce and Industry and Railways Piyush Goyal revealed the details regarding Export Credit Insurance Scheme (ECIS) by Export Credit Guarantee Corporation of India ECGC named ‘NIRVIK’.
Read more at:
https://www.entrepreneur.com/article/339607
‘Each district in Punjab to have MSME facilitation centre’
To promote ease-of-doing business and attract investment, the Punjab government is going to set up micro, small and medium enterprises (MSME) facilitation centres in every district of the state.
Punjab would be the first state in the country to take such a step, said state additional chief secretary (industries and commerce) Vini Mahajan on Monday at the CII 7th Regional SME Summit.
RERA RELATED NEWS
🍇Small builders threaten protest over govt plans to bring them under RERA
The decision to bring small real estate developers under the ambit of the Rajasthan Real Estate (Regulation and Development) 2016 has evoked sharp reaction.
To create a healthy competition in the market, the RERA has proposed to lower the threshold limit for registration of projects from 500 square metre to 250 square metre and from eight units (flats) to four units. Opposing the decision and demanding other relaxations in the building bylaws, the small developers association has decided to stage a massive protest against the government at Civil Lines on Wednesday.
GOVERNANCE & COMPLIANCE RELATED NEWS
🍇Indian cos need to follow global standards of governance: Kumar Mangalam Birla
Indian corporates need to hold themselves accountable to global standards of governance if India wishes to re-shape the global economic order, Aditya Birla Group Chairman Kumar Mangalam Birla said on Tuesday.
Speaking at an event, Birla said that with changing times the core business philosophy is rapidly moving away from shareholder capitalism to stake holder capitalism which includes investors, customers, employees and value chain partners.
OTHER NEWS
🍇Fitment panel rules out GST cut for auto, consumer durables or biscuits
A panel tasked with recommending producer levies has ruled out changes in taxes on cars, consumer durables or cookies, dashing hopes of a reduction in Goods and Services Tax (GST) for automobiles and other consumption oriented industries.
The Fitment Committee’s recommendations, which will be discussed by the 37th GST Council in its meeting on 20th September, blamed the current liquidity crisis and troubles of non-bank lenders for the woes of the automobile sector, which has seen its worst sales decline in about two decades.
🍇GST Council meet: Relief for cars, hotels likely; sin goods may be at receiving end
A host of consumer-facing sectors are in focus in the runup to Friday’s GST Council meeting, where the indirect tax panel may announce some reduction in levies on cars, biscuits and some other consumer goods to spur demand ahead of the festive season.
Sectors such as hotels, cement and textiles are also hoping for some GST relief.
On the other hand, the so-called sin stocks could be at the receiving end, as the council may try to partly cover the revenue losses for states by raising the cess on sin goods such as tobacco products
🍇Companies drag government to court over GST on long-term land lease pacts
Some companies have dragged the government and the indirect tax department to court over goods and services tax (GST) levied on these deals in what could jeopardise longterm land lease deals.
As per the current regulations, 18% GST is levied on any long term lease transactions, and industry trackers said the GST paid becomes pure cost as it cannot be used as input tax credit in case the recipient wishes to construct any commercial building there.
🍇RBI considering bringing payment aggregators and gateways under direct supervision
The Reserve Bank of India on Tuesday released a discussion paper detailing the possibility of bringing all payment aggregators and payment gateways under its direct regulation.
Such a move would make it mandatory for all these companies to adhere to regulatory compliances prescribed by RBI on minimum net worth, fit and proper criterion for board members and other entry point norms on technology, data storage and security.
🍇CCI keeping close watch on Ecomm’s deep discounts
India’s competition regulator is closely watching the issue of deep discounting by ecommerce players as it gears up to deal with possible anti-competitive behaviour in the sector.
Deep discounts could make some businesses unviable as it erodes the value of products and services in the mind of the consumer if done for extended periods, Ashok Kumar Gupta, chairperson of the Competition Commission of India (CCI), told ET.
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RET1 is the new simplified return to be filed by taxpayers from January 2020 as GSTR3B will be phased out. ANX-1/2 will replace GSTR-1/2A and are effective from October 2019. Council had also agreed to run GSTR-3B and ANX-1 in parallel for 2 months for Monthly Filers.
Centre is now proposing to have two deadlines for new simplified returns, which will be for the GST Council to finalise. The proposal is:
Last date to file RET1 for Large tax payers – 20th of next month
Last date to file RET1 for small taxpayers – 25th of next month
Last date for filing of Anx 1 for large taxpayers – 10th of next month
Last date for filing of Anx 1 for small taxpayers – 13th of next month
Last date for filing of Anx 2 – for both large and small taxpayers – 17th of next month
The GST Council in its 35th meeting held on 21 June decided that the implementation of new return should be carried out in a phased manner.
There will be different last dates after this GST Council meeting
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According to companies (appointment and qualification of directors) amended rules 2018, if directors kyc(DIR-3 KYC-WEB) not done for financial year 2019-20, then pls get done. last date to file dir-3 kyc web is 30.09.2019. After 30.09.2019 late fee of Rs. 5000 will charged on each director.
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Does Tribunal have power to dispense with the meetings of Shareholders and Creditors in a scheme of arrangement or amalgamation?
Section 230(9) provides power to the Tribunal for dispensation of such meetings and Tribunal is required to exercise its discretion in accordance with the legal precedents.
Read full article at : https://dasgovernance.com/2019/09/19/does-tribunal-have-power-to-dispense-with-the-meetings-of-shareholders-and-creditors-in-a-scheme-of-arrangement-or-amalgamation/
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Please note that September 19 return due date is last date to rectify any error pertaining to year 2018-19.
1) You can claim any missed ITC of 18-19 till september 19 return.
2) If any RCM unpaid, pay it & claim ITC till september 19 return.
3) Issuance of debit note/credit note related to your supply pertaining to year 2018-19.
4) If forgot to upload any invoice in GSTR-1 than upload it otherwise it will be blocked after September 19 return.
5) Any rectifications/amendments need to be done in GSTR-1 than rectify/amend it otherwise it will be blocked after September 19 return.
6) Reconcile your GSTR-2A with ITC claimed.
7) In maximum cases your 'Other incomes' are taxable, please look to it. Raise invoice for year 18-19 & pay the tax.
8) Reconcile your Sales figure/ ITC claimed/ RCM liability with books & GSTR-3B. If any mismatch arises,rectify it before September 19 return. Also maintain a register of reconciliation done.
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👉Govt proposes to corporatize Employee Provident Fund Organisation (EPFO),Employee State Insurance Corporation (ESIC); appointment of CEOs for first time .
👉Finance Minister to hold review meeting with public sector banks today .
👉After banks, RBI plans to structure loan rates of NBFCs, HFCs .
👉GST Council to cut rates, luxury hotels and catering firms on the list .
👉CBDT has laid down fresh rules to classify certain corporate transactions as tax avoidance schemes under the General Anti-Avoidance Rules (GAAR) .