21th October 2K19
Economic Times
Ø Britain, European Union reach Brexit deal
Ø Adani Enterprises sets up new arm for metro rail biz
Ø DHFL reports Q2 net loss of Rs 242 crore
Ø Adani partners Adnoc, BASF for $4 bn chemical venture
Ø IL&FS completes wind power units sale to Orix
Ø J&J agrees to pay about $117 mn to settle mesh probe
Business Standard
Ø Govt asks PSBs to look for alternative resolution mechanism outside IBC
Ø Cipla acquires anti-infective drug Elores from Venus Remedies
Ø RBI's subsidiary DICGC to revamp 50-year-old deposit insurance scheme
Ø Steel prices fell to three year low; industry awaits demand pick up
Ø TVS Motor profit rises 21% YoY in September quarter at Rs 255 crore
Business Line
Ø India will soon become a gas trading hub, says Pradhan
Ø FMCG performance in rural India worst in 7 years: Nielsen
Ø Bhushan Power case: ED to move apex court against NCLAT order
Ø PVR Q2 net profit soars 35 per cent
Ø Zee Entertainment profit up 6.9%
Mint
Ø Consumption in rural India hits a 7-year low
Ø IMF chief Georgieva calls for reversing tariffs threatening global growth
Ø Piyush Goyal warns action against e-commerce companies if found guilty
Ø Indiabulls Housing Finance offers to pre-pay NCDs
Ø India rallies 51 nations to reject US memo on special treatment
Financial Express
Ø BREXIT deal sealed: India likely to benefit but Indian firms in UK must watch
Ø China appeals to Washington for quick end to trade war
Ø Govt probing Flipkart,Amazon for alleged discount sales
Ø Rupa bets on modern retail for Rs 2000 crore topline by FY22
Ø DMF funds for mineral-rich states grossly underutilised
Deccan Chronicle
Ø Rupee pares initial losses; settle 11 paise up at 71.43 against USD
Ø Average MF ticket size, exposure per borrower continue to go up
Ø Sensex rallies 453 points to close above 39,000-mark; Nifty tops 11,550
Ø Real estate market sentiment decline to 2016 note ban levels
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MCA: Now company which is inactive for non filing of KYC and Directors were also disqualified can appoint the Directors to remove the Deadlock.
GST: CBIC extends Last date for filing of CMP-08 for Composition Taxpayers to 22nd Oct, 2019
Case Study: Penny Stock - Mumbai Tribunal deletes addition on account of capital gain on the allegation of Bogus LTCG in Penny Stock in the case of Viayrattan Balkrishan Mittal vs. DCIT (ITAT Mumbai
Digital payment mandatory for big traders from November 1, Finance Minister Sitharaman announced. 1st NOVEMBER ONWARDS , DIGITAL PAYMENT IS MUST
ICAI: *Overseas Campus Placement* - 12th to 14th December, 2019 - Revised Schedule - (16-10-2019)
https://www.icai.org/new_post.html?post_id=16033&c_id=240
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MCA has recently issued Companies (Incorporation) Eighth Amendment Rules, 2019 on 16 th October, 2019. As per Notification mentioned above there is amendment in Rule 25A i.e. Active Company Tagging Identities and Verification (ACTIVE).
1. Whether DIR-12 can be file for cessation of Director?
Yes even status of Company is inactive. Company is allowed to file DIR-12 for cessation of Director.
2. Due to any reason all the directors are disqualified u/s 164. Whether Company can get appointment of one director from backend.
Yes as per latest amendment, even if all the directors are disqualified and status of company is inactive. ROC can appoint one director from backend.
3. In question No.2. Whether DIR-12 can be file for appointment of Second Director?
Yes, once one directors appointed by ROC from backend. DIR-12 can be file for appointment of another director even status of company is inactive.
4. Where DIN of all or any of the directors are deactivated, whether DIR-12 can be file by Company for appointment of new Director.
Yes as per latest amendment, even DIN of all or any of Directors are deactivated still Company can file DIR-12 with Roc for appointment of new Director.
5. Due to any reason any directors are disqualified u/s 164 and minimum no. of directors reduces below minimum limit. Whether Company can file DIR-12 for appointment of new Director.
Yes as per latest amendment, Company can file e-form DIR-12 for appointment of new director in above condition even status of Company is inactive.
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GST: Govt likely to extend 2-year debate moratorium for textile units:
The government plans to extend the two-year moratorium for debt repayments by textile units struggling because of goods and services tax (GST) refund delay, said sources in the textiles ministry.
READ MORE-https://www.gststation.in/gst-govt-likely-to-extend-2-year-debate-moratorium-for-textile-units/
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GST applies on membership fees, Rotary Club of Mumbai told:
READ MORE-*https://www.gststation.in/gst-applies-on-membership-fees-rotary-club-of-mumbai-told/
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MSME Form-I (Filling half yearly return with the registrar in respect of outstanding payments to MSME due date 31st October, 2019)
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.
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).
Income tax payers rose to 84.5 million in the 2018-19 assessment year, a jump of 13.8% from the previous year in line with double-digit growth in tax receipts and the number of returns filed.
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👉🏻SEBI lays down stricter norms for Statutory Auditors
(SEBI put in place stricter norms for auditors, including prompt disclosures about reasons for their resignation and requirement to approach chairman of audit committee directly in case of any concerns with management of the firm concerned)
👇🏻 👇🏻 👇🏻
http://bit.ly/2BvRmCF
👉🏻New GST return forms may force firms to change ERP systems
(GST returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems)
👇🏻 👇🏻 👇🏻
http://bit.ly/2BuMv4C
*👉🏻Govt brings commodity option trading, settlement at par with equities*
(Govt has brought commodity options trading and settlement on a par with equities, paving the way for new norms for farmers and small and medium enterprises to step up hedging)
👇🏻 👇🏻 👇🏻
http://bit.ly/2VXVhS9
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New GST return forms may force firms to change ERP systems:
READ MORE-https://www.gststation.in/new-gst-return-forms-may-force-firms-to-change-erp-systems/
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GST collection dips sharply in Maharashtra, Haryana; deficit worries mount:
READ MORE-*https://www.gststation.in/gst-collection-dips-sharply-in-maharashtra-haryana-deficit-worries-mount/
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DPIIT seeks data on sellers, GST from Amazon, Flipkart:
READ MORE-https://www.gststation.in/dpiit-seeks-data-on-sellers-gst-from-amazon-flipkart/
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👉The new GST returns from April 2020 that mandate providing more details may require companies to amend their Enterprise Resource Planning (ERP) systems.The new return systems would require a lot of details such as purchases from unregistered dealers, bill of entry-wise import details and bill of entry-wise purchases from SEZs.
👉The Sovereign Gold Bond Scheme 2019-20 - Series VI tranche of government's sovereign gold bond scheme opens for subscription today.It will close on October 25, 2019. RBI has fixed the price of sovereign gold bonds at 3,835 per gram of gold.
👉The Supreme Court bench starts hearing the batch of appeals challenging the NCLAT's decision in Essar Steel insolvency resolution, one of the most crucial insolvency matters of the country.
👉Income Tax relief hinges on govt’s revenue position. International agencies and the RBI have pronounced their verdict on India’s economic growth estimates for the fiscal year ending March 2020. They have unanimously cut the growth forecast by up to 1.5 percentage points.
👉Finance Minister says that the ongoing trade wars and protectionism have generated uncertainties and will ultimately impact the flow of capital, goods and services.
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GST Council, on September 29, 2019, has approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ for business to business (B2B) transactions from January 1, 2020. Once implemented, it can help arrest tax evasion as it enables pre-populating of GST returns with the e-invoice details. Return filing will also become simpler with reconciliation becoming easier.
CBIC seeks to make the filing of annual return under Section 44(1) of CGST Act for F.Y. 2017-18 and 2018-19 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.
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.Income tax department has selected 58,322 cases for scrutiny, under the first phase, under the e-Assessment Scheme 2019 for income tax returns (ITR) filed for FY18 or assessment year (AY) 2018-19. The e-notices were served before 30 September 2019.
Sebi is planning to further tighten rules for participatory notes (P-notes), offshore derivative instruments issued by brokers to foreign investors not registered in the country, said people with knowledge of the matter. The capital markets regulator has found instances where foreign brokers have issued P-notes against Indian derivative contracts to overseas clients, who don’t own the underlying local shares.
Lenders to the crippled mortgage lender Dewan Housing Finance (DHFL) are hopeful of passing a resolution plan successfully at the earliest even as mutual funds are not yet on the same page with the bankers' plan.
NCLT not barred from entertaining IBC Application even if notice issued in winding up plea by High Court: Madras High Court.
MSME Form-I (Filling half yearly return with the registrar in respect of outstanding payments to MSME due date 31st October, 2019)
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.👉NCLAT gives go ahead to NCLT Mumbai to decide on Adani Ports' bid for Dighi Port.
👉Soon, a single homebuyer or just a few of them won’t be able to file insolvency application against their real estate developer. In a significant move, the government is planning to amend the Insolvency and Bankruptcy Code (IBC) to stipulate that the number of homebuyers required to file an insolvency case must be at least 100 or they must collectively account for a minimum of 5% of the outstanding debt of the realty developer, whichever is lower. However, they will continue to enjoy the status of financial creditors.
👉SEBI is widely expected to enhance the minimum investment limit for Portfolio management services (PMS) from Rs 25 lakh to Rs 50 lakh at its forthcoming board meeting in November.
👉India’s exports contracted 6.57% in September as shipments of petroleum, engineering, gems & jewellery and chemicals fell. Imports declined 13.85% to a three-year low of $36.89 billion, indicating weak domestic demand in a slowing economy.
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.Income Tax Department has selected 58,322 cases for scrutiny, under the first phase, under the e-Assessment Scheme 2019 for income tax returns (ITR) filed for FY18 or assessment year (AY) 2018-19. The e-notices were served before 30 September 2019.
MSME Form-I (Filling half yearly return with the registrar in respect of outstanding payments to MSME due date 31st October, 2019)
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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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◆Jio has alleged that incumbent operators are earning undue interconnect usage charges by offering mobile numbers as helpline numbers to companies, which are used just as virtual numbers for routing calls to call centres. Jio said this process changes the nature of the call from 'mobile to wireline' to 'mobile to mobile', causing losses of hundreds of crores to Jio.
◆Reliance Industries can become the first Indian company to hit $200 billion in market value in two years, Bank of America Merrill Lynch (BofAML) said on Wednesday. This would come on the back of its fixed broadband business and new commerce venture, it said. "We think the market is giving little credit to these initiatives given limited visibility," BofAML added.
◆Finance Minister Nirmala Sitharaman said on Tuesday that India will not sacrifice its economic strength and strategic interests due to US sanctions. "We value the strong partnership with US, but we should equally be allowed to be a strong economy," she said. Reliance Industries resumed purchasing Venezuelan crude this month after a four-month pause due to US sanctions.
◆Finance Minister Nirmala Sitharaman has said that state-run banks had the "worst phase" under the combination of former PM Manmohan Singh and RBI Governor Raghuram Rajan. "It was in Rajan's time...that loans were given just based on phone calls from crony leaders," she said. Banks are still dependent on government's capital infusion to "get out of that mire," Sitharaman added.
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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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.Sebi is planning to further tighten rules for participatory notes (P-notes), offshore derivative instruments issued by brokers to foreign investors not registered in the country, said people with knowledge of the matter. The capital markets regulator has found instances where foreign brokers have issued P-notes against Indian derivative contracts to overseas clients, who don’t own the underlying local shares.
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.👉Government asks businesses with turnover exceeding Rs 50 crore to mandatorily provide electronic modes of payment from November 1. To this end, a new provision, namely Section 269SU, has been inserted in the Income-tax Act. Another provision, Section 10A, has been added to Payment and Settlement Systems Act. The provision prohibits banks and payment system providers from imposing any charge on transactions through electronic modes of payments specified in Section 269SU of the Income-tax Act.
👉Auditors of listed companies will have to issue a limited review or audit report if they resign within 45 days from the end of a quarter, market regulator SEBI, said on Friday.
👉Companies that are under the adjudication proceedings before the NCLT have been directed to inform the Directorate General of Foreign Trade (DGFT) about their outstanding export obligations and liabilities.
👉Many companies could face a stress on their working after a GST regulation may lead to hundreds of crores stuck in input tax credit claims. A government regulation that disallows companies to take input tax credit if vendor invoices are not uploaded on the GST network is creating problems for the companies.
👉The Goa government coughed up Rs 3.26 crore for hosting a day-long meeting of the 37th GST Council chaired by Union Finance Minister Nirmala Sitharaman held last month in a star resort .
👉The forex reserves had increased by a higher $4.24 billion to a new high of $437.83 billion in the previous reporting week.
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.Landmark Judgment: Benefit u/s 11(2) cannot be denied just because Assessee has filed Form No. 10 belatedly- Madras HIgh Court. Shri Chandraprabhuji Maharas vs DCIT.
GST Council, on September 29, 2019, has approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ for business to business (B2B) transactions from January 1, 2020. Once implemented, it can help arrest tax evasion as it enables pre-populating of GST returns with the e-invoice details. Return filing will also become simpler with reconciliation becoming easier.
CBIC seeks to make the filing of annual return under Section 44(1) of CGST Act for F.Y. 2017-18 and 2018-19 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.
CBIC has issued a notification to mandate that FORM GSTR-3B from Oct 2019 to March 2020 to be furnished electronically till the 20th day of next month as per the new return system.
MCA: Now company which is inactive for non filing of KYC and Directors were also disqualified, Now they can appoint the Directors to remove the Deadlock. http://www.mca.gov.in/Ministry/pdf/CompIncEighthAmndtRules_18102019.pdf
Supreme Court said it would first hear the appeal of Jaypee Group against the NCLAT order that barred it from participating in the auction of its debt-ridden group firm, Jaypee Infratech Ltd (JIL).
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.GST return filing: Businesses need to do this differently while filing GSTR-3B for September:
READ MORE- https://www.gststation.in/gst-return-filing-businesses-need-to-do-this-differently-while-filing-gstr-3b-for-september/
Thanks for reading 🙏
