11th October 2K19
Economic Times
Ø ECB minutes show deep rift over policy as Draghi era closes
Ø Ind-Ra pares India’s FY20 GDP forecast to 6.1%
Ø US, China resume high-level talks to end trade war
Ø India jumps to 7th spot in Brand Finance Nation ranking
Ø IL&FS to sell 13 prime properties across three cities
Ø Revival plan under govt's active consideration: BSNL
Ø Venture investments up 69% at $16.4 bn in Q2
Business Standard
Ø TCS Q2 net up 1.8% at Rs 8,042 cr; announces special dividend of Rs 40/sh
Ø Telcos to get Rs 13,000-crore revenue boost for inter-connect user charges
Ø Indian miners reject govt plan to link coal index to foreign prices: Report
Ø 64% farmers don't prefer cash transfer for fertilisers: NITI Aayog study
Ø Vodafone Idea needs fresh round of equity infusion by 2021, say lenders
Business Line
Ø Moody's cuts India's growth forecast to 5.8 per cent for FY20
Ø DBT in fertiliser sales saved govt $1.54 billion: MSC
Ø India’s engineering exports to China up 58% in Aug
Ø Welspun India expects to be debt-free in five years
Ø Gem, jewellery export dips 6% in September
Ø Tata Steel sales down 4% in Sept quarter
Mint
Ø Tata Motors global wholesales down 27% in Sept at 89,912 units
Ø OPEC chief says deeper oil cut an option amid weaker 2020 outlook
Ø Sebi comes out with framework for issuance of depository receipts
Ø Half a dozen public sector banks cut lending rates by up to 0.25%
Financial Express
Ø Strengthening cooperation in trade facilitation to help reduce trade gap with India: China
Ø World Bank says 2019 Asia-Pacific growth to slow to 5.8% on trade tensions
Ø ‘FDI rule violation’: Flipkart, Amazon top executives meet DPIIT officials
Ø Online food delivery may touch $12.53 billion by 2023
Deccan Chronicle
Ø Haldiram emerges sole bidder to buy insolvency-bound Kwality for Rs 130 crore
Ø Piramal dispels rumours about financial business, files complaint with Sebi
Ø Miners reject national coal index proposal
Ø Larsen & Toubro Infotech faces racial bias suit in US
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GST fraud unearthed; arrest made in fake invoices scam worth over Rs 100 crore:
READ MORE- https://www.gststation.in/gst-fraud-unearthed-arrest-made-in-fake-invoices-scam-worth-over-rs-100-crore/
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Govt constitutes panel to suggest measures to augment GST revenue:
READ MORE- https://www.gststation.in/govt-constitutes-panel-to-suggest-measures-to-augment-gst-revenue/
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Solar thermal players eye 10 per cent growth after GST rate cut:
READ MORE- https://www.gststation.in/solar-thermal-players-eye-10-per-cent-growth-after-gst-rate-cut/
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#Due Date: 11 October: GSTR-1 Return by registered person with aggregate turnover more than 1.50 crores
#Two Persons arrested for involving in fake invoices racket & fraudulently availing Input Tax Credit
http://pib.nic.in/PressReleaseIframePage.aspx?PRID=1587513&RegID=3&LID=1
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👉 Gst important amendments/ notifications issued on 09-10-19 :-
1. Business enterprise having aggregate turnover upto Rs 1.50 Cr shall furnish GSTR 1 return upto 31st Jan 2020 ( for Quarter Oct - Dec 2019) and by 30th April 2020 ( for Quarter Jan - March 2020)
2. For rest of Business enterprise, the last date of furnishing monthly GSTR 1 return shall be 11th of the succeeding month.
3. GSTR 3B shall be regarded as return filed under GST. Till this ammendment was done, GSTR 3B was not a monthly return but a summary return. But the govt has ammended the law from 1st July 2017 and made GSTR 3B as a regular monthly Return. Thus the judgement of Gujrat High Court, which allowed business enterprise to claim ITC upto filing of Annual return, has been negated.
4. Business enterprise will now be able to claim ITC on invoice or debit note which are not appearing in their GSTR 2A subject to conditions that it shall not exceed 20% of the total eligible ITC as appearing in their GSTR 2A.
This is a major change GST and now every business enterprise has to constantly keep eye on GSTR 2A for taking ITC.
5. Gstr 1, 3B, 7 dates prescribed for J&K State for July/ Aug 19.
6. Person cannot issue tax invoice during the period of suspension. Format of DRC 01A prescribed.
7. Annual return made optional for 2017-18,18-19.
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Organisation for Economic Co-operation and Development (OECD) has proposed to expand government rights to tax multinationals, especially big internet firms, by releasing a methodology for such taxation.
Income Tax AO has no power to presume that money found in possession of a person belongs to third person. [2019] 109 taxmann.com 388 (Patna). HIGH COURT OF PATNADharmraj Prasad Bibhuti v. ITAT Patna.
GSTR-1 & GSTR-3B notified till March 2020 for all category of tax payer. Mandatory to match ITC with 2A, otherwise total unmatched credit cannot exceed 20% of ITC as available in 2A. GSTR-3B now declared return from 01.07.2017 (Amended Rule 61(5)
GST: Voluntary payment of tax to be intimated vide DRC-01A and not DRC-03. Annual Return for assessee below 2 crore turnover is deemed to have filed, if not filed .
MCA has notified an update regarding the Form NDH-4 (Form for filing an application for a declaration as Nidhi Company and for updating status by Nidhi's) which was notified through Nidhi (Amendment) Rules 2019 dated 1st July 2019 shall be available for filing w.e.f 11th October 2019
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👉Centre beguns the biggest review of GST including a possible rejig of rates along with scrutiny of the slabs in order to boost collections and plug leakage. A 12-member committee of state and central government officials has been assigned with the task to improve GST collections and administration.
👉Delhi High Court has held that a winding up order passed by a Company Judge is not irrevocable and the proceedings can be later transferred to NCLT under IBC if the same is in the interest of the company and the creditors.
👉Following RBI Cutting Repo Rate Last Month, Public Sector Banks Cut Lending Rates by upto 0.25%.
👉Haldiram has emerged as the sole bidder for acquiring loss-making Kwality Dairy with a bid worth Rs 130 crore after global private equity giant KKR & Co. dragged the company to bankruptcy court.
👉In major relief to duty free shops, the Bombay High Court has ruled that GST cannot be levied on products sold at the duty free shops in Mumbai airport.
👉SEBI has put in place a framework for domestic companies to raise capital by issue of Depository Receipts (DRs). The move, which follows a budget announcement in this regard, will allow listed Indian companies to issue either equity, or debt, to investors on the overseas stock exchanges.
👉Credit Saison India, the domestic subsidiary of Japanese financial services leader Credit Saison, receives NBFC licence from the RBI ,and will begin operations by month-end.
