GST: Total 13 notifications issued on 30th September.
12 Notifications for Central Tax (Rate) and 1 Notification for Central Tax issued which will applicable 01.10.2019. Gist of notifications wil share soon.
MCA: Date extended till 14 Oct, 2019 for DIR-3 KYC
http://www.mca.gov.in/Ministry/pdf/Companies4thAmendtRules_30092019.pdf
ICAI: Reminder for Annual Membership/Certificate of Practice Fees for the year 2019-20 became due, If not paid till date, kindly pay Annual Membership/COP Fees by 30th November, 2019
For easy payment visit on link https://www.icai.org/new_post.html?post_id=15946
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One held in Tamil Nadu for Rs 35 crore GST evasion:
READ MORE- https://www.gststation.in/one-held-in-tamil-nadu-for-rs-35-crore-gst-evasion/
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👉🏻Income Tax Deptt uncovers Rs 4,000-crore tax evasion through LTCG route
(The investigation wing of the Income Tax Department has unearthed tax evasion to the tune of Rs 4000 crore carried out through the long term capital gain route)
👇🏻 👇🏻 👇🏻
http://bit.ly/2oOA9RQ
👉🏻PMC Bank case raises question on role of RBI, Auditors
(Such instances should not take place. It also raises a question on various people whether it is regulator, auditor, directors and officials. - Anurag Thakur)
👇🏻 👇🏻 👇🏻
http://bit.ly/2mz60VW
👉🏻SBI becomes first Indian bank to have office in Australia’s Victoria
(State Bank of India opened its Melbourne office on Monday, becoming the first Indian bank to have a branch in the Australian state of Victoria)
👇🏻 👇🏻 👇🏻
http://bit.ly/2n87o28
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CBDT has inserted a new sub rule 37BA (3A) to provide that the credit for the tax deducted at source from cash withdrawal under section 194N shall be allowed to the person from whose account it has been deducted. Further, such credit shall be allowed in the year of deduction.
New contract manufacturing outfits can avail of the 15% corporate tax scheme but companies that opt for the 22% tax regime won’t be eligible for accumulated minimum alternate tax (MAT) credit.
NBFC will no longer be allowed to ask promoters to shift shares to their accounts as collateral for lending. This could crimp promoters, especially of smaller companies, as NBFCs usually insist on them transferring shares rather than simply pledge them with the financer.
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👉Govt plans rejig in personal tax slabs to boost spending. The move comes after the government slashed corporate tax rates to boost investment and sentiment, and make Indian industry more competitive .
👉Capital markets regulator SEBI has eased its norms for buyback of shares by listed companies, especially those having subsidiaries in housing finance and NBFC segments.
👉SEBI barred Chromatic India Limited from the capital markets for five years for manipulation of its global depository receipts (GDR) issue.
👉The country's fiscal deficit touched Rs 5.54 lakh crore at the end of August, which was 78.7 per cent of the Budget Estimate for 2019-20.
👉The state-owned banks and several private sector financial entities are gearing up to launch first phase of 'customer outreach initiative' covering 250 districts on October 3, for providing loans to retail customers and MSMEs to meet festival time needs.
👉Housing finance companies are in a turmoil due to lack of demand as well as funding freeze.
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MCA21 system will be intermittently unavailable from Saturday 5th October 08:00 AM to 06:00 PM IST due to maintenance activity. Stakeholders are requested to plan accordingly.
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Govt releases #GST data
👉 Total gross GST revenue in September at Rs 91,916 Cr
👉 September CGST at Rs 16,630 Cr, SGST at Rs 22,598 Cr
👉 September IGST at Rs 45,069 Cr (including Rs 22,097 Cr on imports)
👉 September Cess at Rs 7,620 Cr (including Rs 728 Cr on imports)
👉 September GST collection lowest since February 2018 (19-Month Low)
👉 Total GSTR 3B returns filed from August to September 30 at 75.94 Lakh
👉 Settled Rs 21,131 Cr to CGST and Rs 15121 Cr to SGST from IGST as regular settlement
👉 Total revenue for Central and State Govts after settlement in Sep at Rs 37,761 Cr for CGST
👉 Total revenue for Central and State Govts after settlement in Sep at Rs 37,719 Cr for SGST
👉 Revenue during Sep 2019 declines by 2.67% vs Sep 2018
👉 During Apr-Sep 2019, domestic component grows by 7.82% (YoY)
👉 During Apr-Sep 2019, GST on import shows negative growth (YoY)
👉 During Apr-Sep 2019, the total collection grows by 4.90% (YoY)
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Important 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.
💡Exemption
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 charged at 3% tax rate.
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👉🏻CBDT launched Documentation Identification Number (DIN) system
(From now onwards every CBDT communication will have to have a documentation identification number.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2pbUocj
👉🏻Thomas Cook's Auditors investigated by Accounting Watchdog
(Britain’s accounting watchdog has begun an investigation into Audit of Thomas Cook’s accounts, just over a week after the world’s oldest travel firm collapsed.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2omO7Km
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👉About 93% of the goods and services taxpayers will be relieved of monthly return filing from the next fiscal year once the new simplified return system comes into effect from April 2020. Those with an annual turnover of less than Rs 5 crore will have the option of filing quarterly returns, but will need to pay taxes on a monthly basis. Those with an annual turnover of over Rs 5 crore will need to file monthly returns.
👉In good news for city-based outdoor caterers, the rate of GST on outdoor catering has been slashed to 5% from Tuesday, October 1.
👉In another indicator of economic slowdown, GST collection has dropped below Rs 1 lakh crore mark to Rs 91,916 crore for September.
👉The government is considering rationalising Personal Income Tax rates to boost disposable income and give a fillip to consumer demand.
👉SEBI allows mutual funds to invest in unlisted non-convertible debentures (NCDs) up to a maximum of 10 % of the debt portfolio of a scheme in a phased manner.