24 October 2019 News and Updates - 2

24th October 2K19

Economic Times

Ø  Govt unveils revival plan for BSNL, MTNL

Ø  Centre opens up fuel retailing to non-oil companies

Ø  Hard Brexit an opportunity to Indian IT cos: Expert

Ø  India's banking sector stare at a bigger crisis

Ø  Tata Steel subsidiary bags second chrome mine after Misrilall in e-auction in Odisha

Ø  IMF sees Indian economic growth rebounding to 7%

Ø  L&T bags HPCL's order worth over Rs 7,000 cr

 Business Standard

Ø  Mauritius' regulator red-flags removal of investment status by Sebi

Ø  Govt relaxes fuel retailing norms, private firms can set up petrol pumps

Ø  Cabinet raises support price by Rs 85 a qtl for wheat, Rs 325 for pulses

Ø  Indian Bank pre-tax profit up three-fold to Rs 593 cr; net NPA pared

Ø  Sebi starts probe into whistleblower's complaint against Infosys management

Ø  P-note investments dip for fourth straight month in Sept at Rs 76,611 cr

Business Line

Ø  Hero MotoCorp second quarter profit slips 10% to ₹875 crore

Ø  Essar Ports overall cargo handling rises 20% in H1

Ø  Lemon Tree to complete Keys Hotels buy by Dec

Ø  IRB Infrastructure reports 16% rise in net profit

Ø  Torrent Pharma Q2 standalone profit jumps 18%

Ø  Havells Q2 net profit flat at Rs 179.51 cr

Mint

Ø  Biocon posts 39% fall in net profit Q2 even as biologics business booms

Ø  Investments via P-notes fall for fourth month in a row, stand at ₹76,611 cr

Ø  Tobacco labs to undertake research on product constituents

Ø  India unlikely to benefit from US-China trade tensions: EIU

Ø  JSW Steel sees net profit rise on deferred tax reversals

Financial Express

Ø  Risk of contagion in financial sector rising: S&P Global Ratings

Ø  HCL Tech Q2 net profit up 6.9 per cent to Rs 2,711 crore, announces bonus shares

Ø  Reliance Jio beats Airtel, Vodafone Idea in September 4G download speed chart: Trai data

Ø  Indian cotton industry hit by high prices; traders ask for relief

Ø  DLF gets Leed platinum green certification from USGBC for ‘Mall of India’

Deccan Chronicle

Ø  Indian external storage market valued at USD 101.8 million shows new data

Ø  Rupee inches up 3 paise to 70.91 versus USD

Ø  Sensex closes 95 points higher; Nifty settles above 11,600

Ø  EU moves towards Brexit delay as MPs reject Johnson's timetable to rush legislation

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CAs cannot list with online Application based service provider Aggregators: ICAI

Recently many representations were filed with ICAI that CA's were getting registered with sites like Urbanclap and were giving services through it. This was a disgrace on reputed profession like CA.

ICAI has also given a nod that these kind of activities are not permissible. The Announcement is givwn below for referance.

https://studycafe.in/2019/10/cas-cannot-list-with-online-application-based-service-provider-aggregators-icai.html

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Agents of foreign firms seek GST exemption, cite govt body clarifications:

READ MORE- https://www.gststation.in/agents-of-foreign-firms-seek-gst-exemption-cite-govt-body-clarifications/

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👉🏻Cabinet approves MoU between India and Kuwait in the field of accounting, finance and audit

(ICAI and KAAA will take appropriate steps and measures to work together for establishing possible cooperation in the identified areas of mutual interest)

👇🏻 👇🏻 👇🏻

https://bit.ly/2MILqfW

👉🏻Income Tax raids unearth Rs 1,000 Cr worth hawala money in Delhi

(In a massive search operation in Delhi, the Income Tax (I-T) department has unearthed hawala and other accommodation entries of more than Rs 1,000 Cr)

👇🏻 👇🏻 👇🏻

https://bit.ly/31F3xYf

👉🏻30,000 individuals under I-T scanner for money remitted abroad via RBI scheme

(Around 30,000 individuals who remitted money abroad through the Liberalised Remittance Scheme (LRS) are under the Income Tax Department's scanner)

👇🏻 👇🏻 👇🏻

https://bit.ly/32HXl3l
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Last date to file Income Tax Return & Tax Audit Report of Audited Assessee is 31st Oct 2019. And Last Date to File TDS Q2 is 31st Oct 2019.

CBDT notified that E-Payments mandatory for businesses over Rs 50 Cr from Nov 1.

(Govt has asked businesses with turnover exceeding Rs 50 crore to mandatorily provide electronic modes of payment from November 1, 2019.

Government has been able to recover just 15 per cent of the total outstanding arrears of corporate tax of Rs 20,78,267 crores in the last five years.  arrears of Rs 3,19,248 crore have been recovered from defaulters.

DGFT vide Trade Notice No. 37/2019-20 dated October 22, 2019 has clarified that, members of the trade and industry while filing Bill of Entry (“BoE”) with the Customs Authorities need to be careful while mentioning HS Codes in the BoE, in case of imports and Shipping Bills in case of exports.

MCA Due dates to file forms on or before 30th October, 2019

LLP- 8 30/10/2019

MSME half yearly 30/10/2019

AOC- 4  29/10/2019

AOC-4 XBRL  29/10/2019

MCA has come up with new online proficiency self- assessment test for independent directors. Now, all the independent directors need to sit and clear the exam. However, certain exceptions for wavier of exam have been specified.

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Reduce GST on machined job works to 5 per cent: Tamil Nadu government urges Centre:

READ MORE- https://www.gststation.in/reduce-gst-on-machined-job-works-to-5-per-cent-tamil-nadu-government-urges-centre/

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👉SEBI bans Incap Financial Services director from market for 4 years.

👉Tamil Nadu government urges Centre to reduce GST on machined job works to 5%.

👉Overseas Unified Payments Interface (UPI)  payments likely to be operational in 6 months.

👉Single-member NCLT bench to give finality to split verdict over debt- ridden pharma company Unimark Remedies .

👉SEBI is probing an unusual build-up of derivative positions in Infosys before the whistleblower letter alleging unethical practices surfaced last week.

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Tax collection in FY20 may fall short by Rs 2 lakh crore:

READ MORE- https://www.gststation.in/tax-collection-in-fy20-may-fall-short-by-rs-2-lakh-crore/

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Finance Minister Nirmala Sitharaman said – Government will take many steps to make GST easier:

READ MORE- https://www.gststation.in/finance-minister-nirmala-sitharaman-said-government-will-take-many-steps-to-make-gst-easier/

Thanks for reading