17 October 2019 News and Updates

17 October 2019 News

Economic Times

Ø  Overseas investors increase Asian bond buying

Ø  Economies should engage in combined action plan: IMF

Ø  US warns China about untrackable ships carrying Iran oil

Ø  Slowdown in credit linked to growing risk aversion: SBI

Ø  RIL can hit $200b m-cap in 24 months, says BofA-ML

Ø  Trump says won't sign trade deal until he meets with Xi

Ø  PMC Bank assures to protect depositors interest
Ø  Sep trade deficit narrows slightly to $10.86 billion
Ø  Global growth in 2019 to be lowest in a decade: IMF
Ø  EU, UK negotiators closing in on a draft Brexit deal
Ø  1/3 large firms not to switch to new tax regime: Crisil
Ø  Saudi Aramco interested in buying govt's stake in BPCL
Ø  Jain Irrigation cut to ‘selective default’ by S&P

Business Standard

Ø  India's fuel demand dips to lowest in over two years in Sept: Govt data

Ø  ICRA revises rating outlook for one-third of wind, solar portfolio

Ø  India cannot sacrifice economic strength to comply with US sanctions: FM

Ø  PNB Housing to raise up to Rs 10,000 cr by issuing bonds in tranches

Ø  Declining domestic copper grades compel China to look overseas: Fitch
Ø  Wipro Q2 net profit jumps 35.1% YoY to Rs 2,552.6 crore
Ø  September exports repeat decline, contract by 6.5% to reach 3-month low
Ø  Air India stake sale: Buyer to get only Rs 10,000 crore of airline debt
Ø  Promoters sell 22% stake in Bajaj Consumer Care for Rs 700 crore
Ø  Essar Steel CoC defends lower pay out to Standard Chartered Bank

Business Line

Ø  IMF cuts India's growth forecast to 6.1 per cent
Ø  Essel in talks to sell six road assets to NIIF
Ø  MCX net doubles on higher volume, gold price rise
Ø  CleverTap raises $35 million from Sequoia, Tiger Global
Ø  Berger Paints to acquire 95.53 per cent in waterproofing co STPL for Rs 167.5 cr
Ø  Sajjan Jindal repays ₹1,200-cr loan to release pledged shares

Ø  Fundamentals of economy ‘very very strong’: CEA

Ø  Lending to small units fell in Q1, says MSME report

Ø  Bharat Electronics signs MoU with TEL for ammunition business

Ø  JSW Paints to enter western markets by year end

Ø  India halved its poverty rate since 1990s: World Bank

Ø  ACC net up 45% on higher realisation

Mint

Ø  RBI governor assesses liquidity situation, calls for quicker transmission
Ø  India retains tag of world's fastest growing economy alongside China: IMF
Ø  Subhash Chandra  scrambles  to retain Zee reins amid VTB’s stake sale talks
Ø  Karnataka Bank Q2 net down 5.3% to Rs106 cr as bad loans go up

Ø  Reliance Jio alleges fraud by incumbent telcos to earn IUC revenue

Ø  Mindtree catches up with Street’s expectations in Q2

Ø  VTB Group acquires rights to sell 10.71% stake in ZEEL to recover loan

Ø  Road ministry issues draft norms to set up vehicle scrapping facility

Ø  Sell our assets and start repayment to PMC: HDIL promoters ask probe agencies

Financial Express

Ø  RBI extends restrictions over two Maharastra based cooperative banks

Ø  Coal shortage has impacted aluminium production: Nalco

Ø  Important for India to keep fiscal deficit in check: IMF chief economist Gita Gopinath

Ø  DHFL crisis: Lenders hope Mutual Funds also join resolution plan soon
Ø  China sees ‘no difference’ with US on trade deal
Ø  India on track to achieve 175 GW of renewable energy by 2022: RK Singh
Ø  India does not have any trade dispute with US, says Piyush Goyal

Deccan Chronicle

Ø  Cabinet to consider splitting GAIL; pipeline business not to be sold before 2022
Ø  Maruti reports Rs 154 crore investment in CSR initiatives last fiscal
Ø  Total to buy Adani Gas stake via open offer

Ø  Adani Wilmar eyes Rs 36,000 cr from consumer business in 5 years

Ø  Rupee pares initial losses; settle 11 paise up at 71.43 against USD

Ø  Yesterday, Sensex spurts 292 points; auto, metal stocks drive rally. Today, Sensex rises for 4th straight session, up 93 points

Ø  Oil prices edge higher as OPEC hints at deeper output cuts

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E- assessment scheme 2019 was introduced to eliminatethe interface between the A. O and the assesse. Main feature of scheme were notified by CBDT vide Notification No. 61 and 62 /2019 dated 12/09/2019.

Gujarat High Court has granted interim relief in the case of interest liability on gross tax payable by restraining the department from coercive action for non-payment of interest amount. 

Central Board of Indirect Taxes and Customs has launched a revamped and streamlined program to attract investments into India and strengthen Make in India through manufacture and other operations under the bond scheme, under Customs Act, 1962.

SEBI has issued a Master circular on Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of terrorism (CFT) / Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed thereunder.

RBI governor came under pressure at the bank’s board meeting last week, with two external directors questioning how a string of frauds that have surfaced since 2018 remained undetected for years. The two board members referred to the losses suffered by Punjab National Bank, which bankrolled jeweller Nirav Modi and his uncle Mehul Choksi; the multiple irregularities in IL&FS, which came to light after the firm defaulted on payment obligations; and the recent failure of Punjab & Maharashtra Coop (PMC) Bank — 70% of whose loan book was cornered by Mumbai-based realtor HDIL.

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Parle Biscuits profit up in FY19, months after seeking GST rate cut amid slowdown:

READ MORE- https://www.gststation.in/parle-biscuits-profit-up-in-fy19-months-after-seeking-gst-rate-cut-amid-slowdown/

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E-invoicing, a game-changer for GST:

READ MORE- https://www.gststation.in/e-invoicing-a-game-changer-for-gst/

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FORM MSME-1 Furnishing return with ROC

All companies getting service from MSME enterprises must file MSME 1 & 2 each year. Failure to file the form attracts a penalty of Rs.25000.

Every specified company shall file a return as per MSME-1, extended by 31st October 2019 for the period from April to September and by 30th April 2020 for the period from October to March.

Procedure

1. Firstly identify your MSME registered suppliers and ask for their registration certificate.

2. If there are any such suppliers who are Registered under MSME Act and if the payments to them are due for more than 45 days from the date of acceptance of the goods and services, then details of such suppliers shall be furnished in Form MSME-1.

Details to be furnished in MSME-1:

1. Name of supplier

2. PAN of supplier

3. Amount due against the supplies of goods or services

4. Date from which the amount is due

5. Reason of delay in payment of the amount due

CONSEQUENCES FOR NON- FILING

If any company fails to file MSME-1 on or before 31.10.2019 or knowingly furnishes any information or statistics which is incorrect or incomplete in any material respect, the company shall be punishable with fine which may extend to twenty-five thousand rupees and every officer of the company who is in default, shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to three lakh rupees, or with both.

Applicability

1. If you get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty five (45) days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act,2006.

2. Ignore it, If you not get any supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers not exceed forty five (45) days from the date of acceptance.

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Rs 450-crore GST fraud detected:

READ MORE- https://www.gststation.in/rs-450-crore-gst-fraud-detected/

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Horse owner must pay 18% GST on racing prize:

READ MORE- https://www.gststation.in/horse-owner-must-pay-18-gst-on-racing-prize/

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RBI imposes Rs 3 crore penalty on SBM Bank:

READ MORE- http://www.ibcguide.com/rbi-imposes-rs-3-crore-penalty-on-sbm-bank/

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Chhattisgarh HC allows assessee-company’s writ, quashes re-assessment proceedings for AY 2009-10, as “no notice was served to the petitioner-assessee u/s. 148(1) and service of notice to the (‘CA’) of the petitioner Company is not service at all. [TS-236-HC-2018(CHAT)]

ITAT Delhi decision: No addition of purchase creditors under section 68; family settlement does not fall within the confines of section 56; assessee cannot be worse off in set aside proceeding u/s 254 as in u/s 143(3) of the act; World Institution Development Programme v. ITO(Exemption)(ITA No. 08/D/19) (Dated 17/09/2019)

 Reserve Bank of India has decided to operationalise 'unified departments for supervision and regulation' with effect from November 1, 2019, in a bid to strengthen its oversight of commercial banks, urban co-operative banks (UCBs) and non-banking financial companies (NBFCs). 

 Differences between Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi) may delay or possibly even scupper resolution plans of defaulting firms such as DHFL, experts and industry insiders have warned. While the RBI’s word is binding on banks, mutual funds, who are also prominent lenders to many firms, are regulated by Sebi. The market regulator’s views on certain aspects of the resolution proposed by banks are different from that of RBI and the clash may lead to delays as various lenders try and work out a common ground on the best way to rescue a defaulting firm.

MCA: last date for filing DIR-3 KYC for Financial year 2018-19 has expired on 14th October 2019. The process of deactivating the non-compliant DINs is in progress and will be completed shortly. Please note that the form DIR-3 KYC and web service DIR-3 KYC will not be available for filing during the pendency of this activity.

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👉🏻Income-tax officials give thumbs down to faceless assessment program

(The scheme is being implemented in a hurry without considering the concerns of the majority of the stakeholders, according to the letter dated Oct 3)

👇🏻 👇🏻 👇🏻

http://bit.ly/35xCCB3

👉🏻DIN Deactivated due to non-filing of DIR-3 KYC - MCA

( DINs which have not complied with the requirement of filing DIR-3 KYC have since been marked as ‘Deactivated due to non-filing of DIR-3 KYC - MCA)

👇🏻 👇🏻 👇🏻

http://bit.ly/2IWhGK6

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