7th October 2K19
Economic Times
Ø Deloitte Haskins and Sells questions NCLT ambit
Ø UK looted $45 tn from India in today’s value: MEA
Ø Bharat-22 ETF: Anchors put in Rs 13,500 cr bids
Ø India-US trade deal will happen 'pretty quickly': US
Ø IRCTC IPO overall subscribed 112x, NII quota 354x
Ø EOW arrests HDIL directors in PMC Bank case
Ø BPCL sale: Moody's warns of steep downgrade
Business Standard
Ø August economic activity worse than 2008 financial crisis, says Nomura
Ø Govt says will shield small retailers, US calls for fair e-commerce policy
Ø 12.5% cut in natural gas price is credit negative for ONGC: Moody's
Ø RBI relaxes ban for those looking to buy stakes of foreign firms in India
Ø Auto, construction sectors slowdown to drag non-ferrous metals demand
Business Line
Ø PMC Bank customers can now withdraw up to Rs 25,000
Ø Sunil Mittal: India should allow Huawei in 5G trials
Ø Petrol, diesel prices to come down over coming weeks: IndianOil
Ø Shell takes 20 per cent stake in Indian solar firm Orb Energy
Ø GMR Infra secures competition panel nod for equity investment by Tatas, GIC, others in airports
Mint
Ø Slumping data may force Fed chief Powell to move to third rate cut
Ø Tata Steel mulls stake sale in e-commerce JV mjunction Services: Report
Ø Goldman faces $260 million hit from equity bets as Uber plunges
Ø Indian Oil uses single-use plastic waste to build road
Financial Express
Ø Singapore Deputy PM Heng Swee Keat warns of greater economic uncertainty due to US-China trade war
Ø Bank of Baroda boosts lending to MSMEs, partners with NBFC to offer small ticket loans
Ø Many more structural reforms in offing to propel growth: Amitabh Kant
Deccan Chronicle
Ø Sensex slips 198 points on financial sector woes, global trade tussle
Ø Crude oil futures fall 1.63 per cent on low demand
Ø Rupee recovers from day's lows, settles 20 paise higher at 70.87
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👉Indian stock market indices Sensex and Nifty moved higher in early trade today, led by gains in banking and IT stocks. The RBI is widely expected to cut its benchmark interest rates, or the repo rate, for the fifth time this year to boost growth. RBI likely to reduce rates for fifth time by at least 0.25% today in bid to boost ailing economy.
👉RBI clarifies that there would be no “blanket ban” on Indian companies wanting to buy stakes in overseas firms, which already have investments in India under the automatic route.
👉Deloitte Haskins and Sells challenged the constitutional validity of Section 140 (5) of the Companies Act as well as the Centre’s plea at NCLT that seeks a five-year ban on former auditors of IL&FS Financial Services (IFIN).
👉Centre plans strategic stake sales in multiple PSUs in a bid to meet disinvestment target. The government has been pushing its plans to divest its stake in many major public sector units (PSUs) to meet its disinvestment target of Rs 1.05 lakh crore for FY19.
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October Due Dates
1. 07 October: Due date of depositing TDS/TCS
2. 07 October: Equalisation Levy Deposit
3. 10 October: GSTR-7 RETURN – For TDS Deductors only
4. 10 October: GSTR-8 RETURN by the e-commerce operators – For TCS Deductors only
5. 11 October: GSTR-1 RETURN
6. 13 October: GSTR-6 RETURN
7. 14 October : DIR - 3 KYC, ADT-1
8. 15 October :TCS Quarter Return
9. 15 October: Provident Fund / ESI
10. 18 October :CMP-08 (Quarter ending Sep, 2019 & for Oct, 2019 month)
11. 20 October : GSTR-5
12. 20 October: GSTR-5A
13. 20 October: GSTR- 3B
14. 29 October: AOC- 4 & AOC-4 XBRL
15. 30 October : LLP- 8
16. 31 October : TDS Quarter Return
17. 31 October: GSTR - 1 (July-Sep, 2019) for registered person with aggregate turnover up to 1.50 crores.
18. 31 October: ITR FY 2018-19
19. 31 October : MSME 1 Form
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CBDT prescribes guidelines for conducting assessment through the ‘E-proceeding’ facility during FY 2019-20. Assessment framed under sections 153A, 153C, 144 & 147 shall not be mandatorily carried out through e-proceedings.
CBDT has issued a detailed circular that MAT credit will not be available to a company that opts for lower corporate tax rate of 22%. However, companies will have the option to go for the new regime after completely utilising MAT credit.
CBDT has launched a computer-generated documentation identification number (DIN) system which will be mandatory for every type of communication with the income tax department, be it a notice, a letter, an order and summon, or any other correspondence.
Government has roped in Grant Thornton to carry out forensic investigations into the fraud hit Punjab and Maharashtra Cooperative (PMC) Bank. PMC appointed the forensic auditor at the behest of the Economic Offences Wing (EOW) of the Mumbai police.
GST Vs Rajiv Malhotra: Bail Application:
Counsel for accused Harsh Sethi argued:
Accused has already deposited a sum of Rs.4.5 Cr (Under Protest);
Property worth 51 Cr (as per Govt. Approved Valuer’s Report);
Goods worth Rs.32 Cr as valued by Department already lying seized;
Further, original Sale Deed of property worth 42 Cr has been filed as security with affidavits that the same may be attached till the culmination of Investigation, regardless of the limited time period of Section 83 for provisional attachment;
Hence, revenue interest is secured by a sum of Rs.124.72 Cr. against alleged demand of Rs.56 Cr. out of which 40 crores attributed to the other accused leaving an exposure of a mere 16 crores.
Ld.CMM following his decision in GST Vs Vijay Gulati (argued by same counsel Harsh Sethi), granted Bail to the accused on the condition that he will join investigation and cooperate, as and when summoned.
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👉RBI lowered its key policy rate yet again on Friday -- the fifth successive time this year that it has done so in a bid to spur slowing economic growth. With this cut, repo rate, at which it lends to the system, will now come down to 5.15 per cent.
👉RBI in its Monetary Policy Report states that there has been a modest year-on-year growth in the collection of the indirect tax. GST collections grew by 4.9 per cent (Year-On-Year) during April-September 2019,” said RBI.
👉NCLT, New Delhi has held that a ‘Sole Proprietary Concern’ is not a person within the meaning of Section 3(23) of Insolvency and Bankruptcy Code, 2016 (IBC). It was hence not entitled to initiate insolvency proceedings before the Adjudicating Authority under IBC, it held.
👉Forex reserves scale record high of $434.6 billion. The increase in reserves in the reporting week on account of foreign currency assets (FCA), a major component of the overall reserves.
👉Gold imports hit three-year low as prices jump. Lower imports by the world’s second biggest consumer could cap gains in global prices that are trading near their highest level in over six years.