© orporate Updates on 24.9.2019
Ø Stimulus will take growth to over 7.5% in H2: NITI boss
Ø Telcos fight amid Trai's review of call connect rates
Ø India's container trade growth slows to 1% in Q2 2019
Ø Maruti sees higher sales in September
Ø ICICI Bank to set up 450 new branches this fiscal
Ø JSW Steel for 25% duty on steel imports
Ø Muthoot Fincorp’s NCD issue to offer up to 11.03%
Ø RBI turns down SEBI plan for credit rating agencies' access to defaults
Ø From ONGC to Coal India, PSUs set to pay higher dividend with tax savings
Ø Handle income tax related issues of startups with utmost care: CBDT
Ø Debenture trustee sells Rs. 200 crore of Zee Entertainment shares
Ø SEBI imposes Rs. 22 cr fine on Aurobindo Pharma, promoters, related entities
Ø Tata Realty, Actis look to raise $1 billion for commercial properties
Ø NCLT grants Amalgamation relief in 20-year row
Ø Parle Agro to invest in plastic waste management
Ø CCI gives green signal to rejig Apollo Hospitals’ pharma biz
Ø L&T Construction begins work for Telangana Fibre Grid Corporation
Ø MSMEs’ power costs need to be reined in: Nitin Gadkari
Ø GST cut in hotel tariffs will boost tourism sector: Minister
Ø Vacations upended, jobs lost as UK's Thomas Cook collapses
Ø India's corporate tax cut to boost smartphone manufacturing
Ø Govt. issues notification announcing amendments in pension rules
Ø Saudi Arabia to restore full oil output by next week: Report
Ø India, UAE discuss areas of cooperation to strengthen economic ties
Ø Government estimates kharif crop output at 140.57 MT in 2019-20
Ø RCEP: India readies tougher rules to curb dumping
Ø UK launches biggest peacetime operation after Thomas Cook collapse
Ø Closed sugar mills may see revival soon as Govt. mulls ethanol production
Ø Rupee ends flat at 70.94 against dollar despite steller stocks rally
Ø SENSEX jumps 1,075 points; Nifty reclaims 11,600 mark
Ø Petronet Board disfavoured USD 2.5 bn US LNG deal in Apr; signs non-binding MoU now
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NEWS & IMPORTANT UPDATES
✓MCA21 system will be intermittently unavailable from Saturday 28th September 2019, 21:00pm to Sunday 29th September 2019, 7:00am IST due to maintenance activity. Stakeholders are requested to plan accordingly.
✓Form BEN-2 is likely to be revised on MCA21 Company Forms Download page w.e.f 25th September, 2019. Stakeholders are advised to check the latest version before filing.
Source www.mca.gov.in
Due date for kyc and ben forms 30.09.2019
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👉The RBI has expressed disagreement over SEBI’s proposed framework enabling Credit Rating Agencies (CRAs) to legally access borrower database, helping them in timely recognition of default.
👉New direct tax report urges sharp reduction in personal income tax .
Apart from slashing income tax rates, the direct tax report also suggested dropping surcharges and cess levied on income taxes .
👉SEBI Circular: From April 1, 2020, liquid funds shall invest a minimum of 20 per cent in ‘liquid assets,’ defined as Cash, Government Securities, T-bills and Repo on Government Securities.
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GST cut in hotel tariffs will boost tourism sector: Minister:
READ MORE- https://www.gststation.in/gst-cut-in-hotel-tariffs-will-boost-tourism-sector-minister/
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Direct Tax collection : the government could mop-up only 4.7 percent more so far this year, with the direct tax kitty growing to Rs 5.50 lakh crore as of September 17, up from Rs 5.25 lakh crore a year-ago.
Schedule SH1 of ITR 6 for AY 2019-20 issues may be resolved with the following observations - Company has to file its ITR with the information it has with it. Details of shareholders as at year end is to be given AND Amount and date on which the Company received such amount is to be given.
SH1-ITR6: when did company allot the shares, how much amount did it receive against those shares and who are the current owner of those shares is to be given. Consideration for transfer etc.. is not required to be report.
Directors KYC (DIR-3 KYC-WEB) if not done for financial year 2019-20, 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.
RBI is of the opinion that banks already have enough flexibility to introduce a repo-linked loan product, So RBI will not extend the October 1 deadline for banks to introduce repo-linked loan products, even as the regulator is open to reviewing the new anchor rate as time progresses.
Labour Ministry proposes revised social security code and has circulated the draft code seeking comments from stakeholders by October 25 following which tripartite consultations will be held to finalise the code
CBDT has notified the Taxation Laws (Amendment) Ordinance, 2019 through which Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and many other fiscal reliefs with effect from FY 2019-20 which allows any domestic company an option to pay income-tax at the rate of 22% subject to the condition that they will not avail any exemption/incentive.
CBDT has now notified e-assessment scheme 2019 as part of the government’s ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee.
GST Council meeting recommended Relaxation in the filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19 includes the waiver of the requirement of filing FORM GSTR-9A for Composition Taxpayers for the said tax periods and filing of FORM GSTR-9 for those taxpayers who have an aggregate turnover up to Rs. 2 cr made optional for the said tax periods.
GST e-Way bills generation for the period April-June 2019 was almost 40 per cent higher at about 15.65 crore, compared to 11.19 crore in the same period last year. For transport companies, the system has saved considerable time, removing check-posts and facilitating the shift from a ‘departmental policing model’ to a ‘self-declaration model’. It has also helped in curbing tax evasion.
RBI may cut the benchmark rate by up to a quarter percentage point in October against an anticipated 25-40 basis points after FM Nirmala Sitharaman announced a host of fiscal measures.
Two days Bank strike from 26-27 September has been deferred with the discussion of Bank Unions with Shri Rajiv Kumar, Finance Secretary.
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CBI arrests GST inspector, BoB manager in separate cases of bribery:
READ MORE- https://www.gststation.in/cbi-arrests-gst-inspector-bob-manager-in-separate-cases-of-bribery/
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37th GST Council Meeting: Recommends Reduced GST Rates on Goods:
READ MORE- https://www.gststation.in/37th-gst-council-meeting-recommends-reduced-gst-rates-on-goods/