🧾10th October 2K19
Economic Times
Ø Reliance to resume Venezuela oil loadings
Ø RBI rejects Indiabulls, Lakshmi Vilas merger
Ø FM Sitharaman to meet CEOs of PSU banks on Oct 14
Ø Jio users to be charged for voice calls for the first time
Ø Airtel raises $750 million via perpetual bonds
Ø US Fed increasingly divided on way ahead
Business Standard
Ø RBI denies Bank of Maharashtra proposal for setting off Rs 7,360 cr losses
Ø Mutual Fund investors look to exit market as equity inflows see 27% dip
Ø Delhi HC asks Ranbaxy, Fortis' garnishees to deposit Rs 6,000 crore
Ø Raymond sells 20 acre plot to real estate firm VRSA for Rs 700 crore
Ø Power Ministry asks state to expedite reforms, advises to stick to PPAs
Business Line
Ø India slips 10 places to 68th on global competitiveness index; Singapore on top
Ø Global value chains can help developing countries improve growth outcomes: World Bank
Ø Ashoka Buildcon bags Rs 314 cr project in Kerala
Ø Glenmark’s generic drug to treat multiple sclerosis gets tentative nod from USFDA
Ø Coal India hopeful of shrugging off rain impact, meet annual production target
Mint
Ø Japan's PMDA issues GMP certification to Lupin's unit-2 Mandideep facility
Ø Johnson & Johnson unit ordered to pay $8 billion over anti-psychotic drug
Ø LIC says social media messages baseless, policyholders' money safe
Ø Bharti Airtel raises $750 mn from overseas investors
Ø Air India may raise loans against ₹2,500 crore GoI guarantee
Financial Express
Ø NHB exposure in Dewan Housing Finance at Rs 24.35 billion
Ø Trade wars lose US its competitiveness top spot: WEF report
Ø Niti Aayog wants govt to buy 60,000 buses under a larger JNNURM
Ø SBI lowers rates on non-repo-linked loans by 10 bps
Deccan Chronicle
Ø Small ship is next big thing for $150 bn LNG biz
Ø Banks cut lending, deposit rates
Ø Sensex, Nifty snap losing streak ahead of earnings season
Ø Rupee pares losses on hope of US-China trade deal; closes 5 paise down
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⚠️GST UPDATE:
Top picks for the Day
Notification No. 49/2019 - Central Tax issued today (09-10-2019) has made some important changes by making amendments in CGST Rules, as summarised below:
1. ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-1, shall not exceed 20% of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers in GSTR-1. As a result of this amendment, regular matching of ITC with the details available in GSTR-2A will become necessary. Follow-up with non-compliant suppliers to be done on a regular basis now.
2. Amendment in Rule 61(5) has been made with retrospective effect from 01-07-2017 by making GSTR-3B as the return specified under Section 39, wherever the time limit for filing GSTR-1 or GSTR-2 has been extended. Thus, the judgement of the Gujarat High Court in the case of AAP and Company has been circumvented.
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CBIC has issued various CGST Notifications
👉🏻Notification No. 44/2019-Central Tax, Dated 09-10-2019
(Due date of GSTR-3B for October, 2019 to March, 2020)
👇🏻 👇🏻 👇🏻
https://bit.ly/35l47h5
👉🏻Notification No. 45/2019-Central Tax, Dated 09-10-2019
(Due date of GSTR-1 if aggregate turnover is up to Rs. 1.5 Cr)
👇🏻 👇🏻 👇🏻
https://bit.ly/2ok5OuE
👉🏻Notification No. 46/2019-Central Tax, Dated 09-10-2019
(Due date of GSTR-1 if aggregate turnover is exceeds Rs. 1.5 Cr)
👇🏻 👇🏻 👇🏻
https://bit.ly/2oka7WP
👉🏻Notification No. 47/2019-Central Tax, Dated 09-10-2019*
(CBIC notifies GST Annual Return voluntary if Turnover is less than Rs 2 Cr)
👇🏻 👇🏻 👇🏻
https://bit.ly/2MwGkC4
👉🏻Notification No. 48/2019-Central Tax, Dated 09-10-2019
(Extension of due date for GSTR-1, GSTR-7 and GSTR-3B for Jammu and Kashmir)
👇🏻 👇🏻 👇🏻
https://bit.ly/2osjWSk
👉🏻Notification No. 49/2019-Central Tax, Dated 09-10-2019
(CBIC notifies Restriction on ITC in case of diffrence’ GTR 3B is a Return)
👇🏻 👇🏻 👇🏻
https://bit.ly/2Ms2Yf4
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Income tax department has selected 58,322 cases for scrutiny, for which e-notices have been served before September 30, 2019 belonging to cases of Assessment Year 2018-19 for faceless E Assessment.
MCA Form NDH-4 (Form for filing application for declaration as Nidhi Company and for updation of status by Nidhis) will be deployed on the portal and available for filling w.e.f. 11th October 2019.
SEBI has issued a notification clarifying that mutual funds can now invest in unlisted Non-Convertible Debentures (NCDs)
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ℹ️Important Changes in GST w.e.f. 01-10-2019
↩️Reverse Charge
Renting of Motor Vehicle🚗
Services provided by way of renting of motor vehicle by any Individual/Firm/LLP to any Body corporate (companies), covered under reverse charge mechanism, taxable @5%. However if the service provider charges GST @12% then he can continue with Forward Charge. Then no Reverse Charge applicable.
🆓Exemptions
Warehousing (Notification No 21/2019- Central Tax (Rate)
W.e.f 01.10.2019, services provided by way of storage or warehousing of cereals, pulses, fruits, nuts & vegetables, spices, copra, sugarcane, jiggery, raw vegetable fibres such as cotton, flax, jute etc, indigo, unmanufactured tobacco, betel leaves, tendu leaves, coffee and tea are exempt from tax. Earlier this exemption was on limited items of agricultural produce and few other products.
✈️Transportation of goods by Air/Vessel(Notification No 21/2019)
The services by way of transportation of goods by an aircraft or vessel from customs station of clearance in India to a place outside India shall be exempted till 30th day of September 2020. This exemption was to end on 31.03.2019. However it has been extended for further 1 year.
🛃Exports against Supply by Nominated Agency (Notification No 17/2019)
The Central Government under Notification No 26/2018, exempted supply of gold supplied by Nominated agency to the recipient under ‘Export against Supply by Nominated Agency’ subject to certain conditions mentioned in said notification. Now it also includes “Silver and platinum” under ‘Export against Supply by Nominated agency’ Scheme, w.e.f. 01.10.2019
🎁Composition Scheme
Aerated Water (Notification No. 18/2019 and 43/2019) 💦
Any person engaged in manufacturing of aerated water shall not be eligible to levy tax under Composition Scheme, w.e.f. 01.10.2019. However if a dealer has taken registration under composition scheme of 6% tax as goods and service provider both, then he cannot even trade in aerated water.
🔗Rate Changes
Packing Material (Notification No 14/2019)
Bags of polyethylene, bulk containers of man-made fibres chargeable at the tax rate of 12%. (earlier it was 5% in some cases(tariff 63053200 and 63053300) and 18% in some cases (tariff 3923),, w.e.f. 01.10.2019
Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of kind use of packing of goods, shall be chargeable at the rate of 12%., w.e.f. 01.10.2019
☕ Caffeinated Beverages(Notification No 17/2019)
The taxable rate on all the caffeinated beverages increased from 18% to 28%, w.e.f 01.10.2019 (Ex- Energy Drinks such as red bull). However it is still a confusion as to which beverages are to be considered caffeinated beverages.
💎Precious or semi-precious Stone (other than diamonds) (Notification No 14/2019)
The semi-precious stones, shall be now taxable at the rate of 0.25% (earlier it was 3%). Long pending demand of the Jewellers have been fulfilled. However pearls continue to be charge d at 3% tax rate.
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👉Taxman asks companies and banks to value brands and logos and charge fees from subsidiaries or group company and pay 18% GST on that.
👉A host of back offices of multinational companies in the financial sector face a tax whammy, with GST authorities denying them refunds of amounts paid on inputs, saying the work done for parent companies can’t be considered as exports and will be counted as a service for the same entity.
👉Piramal Enterprises files complaint with SEBI against publishing and spreading misleading rumours about the company on blogs, social media platforms and WhatsApp.
👉RBI denied approval for amalgamation of private sector lender Lakshmi Vilas Bank with Indiabulls Housing Finance (IHF) and its entirely-owned subsidiary Indiabulls Commercial Credit Limited. The lender had sought approval for the merger from the central bank on May 7, 2019.
👉Duty-free shops at Mumbai airport eligible for GST input tax credit refund says Bombay HC. The Bombay High Court quashed a Maharashtra Sales Tax order that had refused refund of input tax credit to the duty-free shops at the Mumbai international airport.
Thanks for reading 👋
