31st October 2K19
Economic Times
Ø US economy grows 1.9% in Q3 despite trade war
Ø Indian, Chinese economies to accelerate in Q4: Report
Ø Govt may not cut Income tax rates due to fiscal stress
Ø Unitech loses property in Noida over Rs 1,203 cr dues
Ø Fitch places Airtel rating on negative watch on SC ruling
Ø Govt-RIL at loggerheads over sale of gas
Business Standard
Ø India ranks third among Asian countries for environmental sustainability
Ø Canara Bank to issue shares to govt in lieu of Rs 6,571-cr capital infusion
Ø AIF industry eyes Rs 2.9-trillion opportunity in cash-strapped firms
Ø Standard Life sells about 5% stake in HDFC Life Insurance for Rs 5,752 cr
Ø CCI approves Abu Dhabi Future Energy's equity stake purchase in Hero Future
Business Line
Ø BHEL to showcase advanced ultra-supercritical technology for generating clean power
Ø International Paper APPM sells 55% stake to WCPM
Ø JK Tyre Q2 net profit jumps multifold to ₹168 crore
Ø Indoco Remedies posts net profit of Rs 7.81 cr in Q2
Ø SAIL may replace NMDC in JV with Australian firm for steel making
Ø Nestle to weigh $1 bn sale of local Chinese brands
Mint
Ø Abu Dhabi’s Masdar to buy minority stake in Hero Future Energies
Ø HDFC acquires 9.89% stake in Bandhan Bank
Ø COAI’s plea to DoT to bail out older telcos unwarranted: Jio
Ø Blackstone buys 37.5% stake in Aakash Educational Services
Ø ShareChat FY19 losses surge 12-fold at Rs414.7 crore
Ø KKR sells 5.46 million SBI Life shares for Rs533.7 crore
Financial Express
Ø Finance Commission weighing incentives for states for farm reforms
Ø Marine exports to China may cross $1-billion mark by year-end
Ø Air India seeks $819 million loan for 7 Boeing planes
Ø Apple India net profit falls 70% to Rs 262 cr in FY’19
Ø Firms bank on Commvault to leverage unstructured data sans security breaches
Deccan Chronicle
Ø IDBI Bank sells over 0.72 per cent stake in NSE
Ø Rupee slips 6 paise against dollar ahead of US Fed policy outcome
Ø India will not sign any free-trade agreement in a rush: Goyal
Ø PMC Bank depositors continue protest seeking payback
Ø Govt's Rs 15,000 cr soft loan scheme to sugar mills moving at snail's pace: experts
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Govt needs to focus on increasing its revenue from GST:
READ MORE- https://www.gststation.in/govt-needs-to-focus-on-increasing-its-revenue-from-gst/
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Government unlikely to go for income tax cut due to fiscal stress:
https://www.livemint.com/politics/policy/government-unlikely-to-go-for-income-tax-cut-due-to-fiscal-stress-11572440626376.html
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UPDATES
MCA
🍇ROC IN J&K
In exercise of the powers conferred by sub-sections (1) and (2) of section 396 of the companies Act, 2013 (18 of 2013), the Registrar of companies shall have jurisdiction in respect of Union territory of Jammu and Kashmir and Union territory of Ladakh, for the purpose of registration of companies and discharging the functions under the aforesaid Act.
This notification shall come into force with effect from 31st October, 2019.
Notification:
http://www.mca.gov.in/Ministry/pdf/J&KNotificationSect396_30102019.pdf
NEWS
IBC, DEBT RECOVERY & RESTRUCTURING RELATED NEWS
🍇Not sought debt recast from any lender; continue to pay dues in timely-manner: Vodafone Idea
Vodafone Idea : NSE -6.58 % on Wednesday asserted it has not made any request for debt recast to any lender or asked for reworking of payment terms, and said it will continue to pay all its debt as and when it falls due.
Vodafone Idea categorically denied and dismissed speculations in certain quarters that nearly Rs 40,000 crore of potential statutory dues has compelled the company to explore a debt revamp as "baseless and factually incorrect".
🍇Stressed power asset resolution slow, says Icra
Despite various measures taken by the government and lenders, the resolution of stressed thermal assets remains slow, research firm Icra said on Wednesday. “Only about 10% of the 40 GW stressed coal-based capacity (is) achieving resolution, mainly through acquisition by a new sponsor,” Icra noted.
Regulatory delays, limited progress in signing new power purchase agreements and subdued thermal capacity utilisation levels have been attributed to the slow progress. Regulators directing new owners to reduce existing tariffs for electricity generated from power plants has also been cited as a roadblock to stress resolution.
🍇Cauvery Power to face insolvency proceedings
The Chennai bench of the National Company Law Tribunal (NCLT) has ordered corporate insolvency proceedings against Cauvery Power Generation, which has defaulted on payments of Rs 13.71 crore to Punjab National Bank(PNB). The company has a coal-based captive power plant of 63 MW capacity at Gummudipoondi near Chennai.
The plant, which started generating power from November 2012, uses coal imported from Indonesia. The account was classified as a non-performing asset by PNB in January 2019. The bank then initiated the insolvency resolution process under the Insolvency and Bankruptcy Code.
🍇The National Company Law Appellate Tribunal (NCLAT) has reserved its judgment on whether a secured financial creditor can sell the assets of a corporate debtor back to the promoter if there are no resolution plans and the firm has to be liquidated.
The judgment is likely to have a big impact on the insolvency process and will decide if errant promoters have one last shot at regaining control of their company and its assets, experts said.
PMC CRISIS
🍇Relief for PMC Bank depositors as RBI moves to sell attached assets
The Reserve Bank of India-appointed administrator has asked the Economic Offences Wing of the Mumbai Police to release properties attached in the Punjab & Maharashtra Cooperative (PMC) Bank case so that they can be auctioned, a move that could provide relief to aggrieved account holders.
The city police will soon seek court approval to hand over the assets to the RBI administrator, two people with knowledge of the matter told ET.
CORPORATE & OTHER GOVERNANCE RELATED NEWS
🍇DHFL lenders to probe gangster links
Lenders to Dewan Housing Finance (DHFLNSE 4.80 %) are set to expand the purview of a forensic audit to include its business dealings with companies allegedly linked to gangsters Iqbal Mirchi and Dawood Ibrahim Kaskar, two people familiar with the matter said.
The forensic audit conducted by KPMG has revealed alleged routing of at least Rs 20,000 crore by DHFL to several shell companies. But it did not specifically look into any links with Mirchi and Dawood. “Now that allegations of DHFL’s links to the underworld have surfaced, there is no other alternative but to investigate these transactions and widen the scope of the forensic audit,” said an official involved in the discussions.
RERA RELATED NEWS
🍇MahaRERA move draws ire of homebuyers’ lobby
A homebuyers’ lobby group has objected to the Maharashtra Real Estate Authority’s (MahaRERA’s) decision to register realty developers and project promoters as self-regulatory organisations (SROs) with the authority, calling the move “arbitrary” and “legally untenable”.
In a letter to MahaRERA, the Forum for People’s Collective Efforts (FPCE) said the Real Estate (Regulation and Development) Act, 2016, (RERA) does not provide any provision to set up or register SROs of real estate developers. ET has seen a copy of the letter sent last week.
🍇In a first, Haryana RERA asked residents to pool in money to finish project
In first of its kind order the Real Estate Regulatory Authority (RERA) of Haryana’s Panchkula has asked a group of residents to take over a project and complete the remaining construction work.
Over 100 residents of Faridabad’s Piyush Heights society have agreed to pool in R 8 lakh each to complete the project and move in to their dream home.
OTHER NEWS
🍇Losses due to GST in FY23 to be Rs 13K cr: UP to Finance Panel
Uttar Pradesh has estimated that the state will suffer a loss of Rs 13,500 crore in 2022-2023 due to implementation of the Goods and Services Tax. Presenting its estimated expenditure plans for the next five years to the 15th Finance Commission recently, the state said its revenue in subsequent years too will be hit because of GST.
“The GST collection of UP is estimated to be Rs 65,000 crore in 2022-2023, therefore the compensation will be around Rs 18,000 crore. But the Union government will provide compensation only till June 2022, five years from the date of implementation of GST.
🍇Revenue concerns for the government make immediate tax cuts tough
Abolishing dividend distribution tax, securities transaction tax and long-term capital gains tax on shares could burn a Rs 80,000 crore hole in tax revenue, making it difficult for the government to offer any immediate concessions.
The government has already slashed corporate tax rates, foregoing Rs 1.45 lakh crore, and more tax concessions will have to be made up for by increasing income tax on the super-rich or cutting welfare spending, both of which are not feasible, a government official aware of the matter told ET.
🍇India to join FTAs on own terms, fear psychosis needs to go away: Piyush Goyal
Commerce and industry minister Piyush Goyal on Wednesday cautioned against unwarranted and unfair fear-psychosis that has been created against free trade agreements (FTAs) by few people. While the government will never compromise with the interest of India, the country can’t remain isolated, he said.
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Govt plans to introduce e-way bill on gold movement to check GST evasion
The government is considering introduction of e-way bill on the movement of gold to plug evasion and arrest declining goods and services tax (GST) revenue collections. To ensure that the movement of gold is not tracked by robbers or other anti-social elements, an encrypted version of e-way bill is being considered by a panel comprising central and states officials. “E-way bill on gold is being examined by the law committee as a measure to tighten enforcement.
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CBDT has issued/launched a new Quarterly e-Journal with the name "TAXALOGUE" (Dialogue on Tax) with a mission to share best tax practices, providing a platform to all the Stakeholders and discussions relating to tax matters.
Delhi ITAT is disposing off department’s appeals where Tax Effect is less than Rs. 50 Lakhs in view of the CBDT Circular. The list of cases fixed for hearing on 31.10.2019 where the appeal effect is less than 50 lakh is available.
High Court Madras dismissed Income Tax appeal following revised threshold limit of tax effect fixed by Circular No. 17/2019 [2019] 110 taxmann.com 167 (Madras) PCIT v. India Pistons Ltd.
GST Due Dates today 31st October 2019:
31 Oct - GSTR1 (quarterly)
31 Oct - Tax audit
31 Oct - Qtr 2 TDS return
GST payers are eagerly awaiting clarity over the new rules notified early this month that restricted the refund of input tax credit to 20% of the total claimed amount.
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👉Items such as food grain, which earlier attracted purchase tax under the VAT regime, may now be brought under the GST net.
👉The government is unlikely to moderate personal income tax rates for the rich due to fiscal stress on account of lower tax realisation amid slowdown in the economy.
👉NCLAT gives its approval to the planned merger between Mumbai-based digital cinema distribution company UFO Moviez and Chennai-based Qube Cinemas Technologies, setting aside the NCLT order. It was on January 21 this year when NCLT had dismissed the merger appeal.
👉SEBI plans to reduce margin requirements on certain trades done in the equity and currency derivative segments. The idea behind the reduction is to bring margins on derivative trades in India on par with those levied by global exchanges.
👉The RBI is set to unveil a separate vertical for supervision and regulation on Friday as part of a revamp to focus on improving oversight for banks, non-banking finance companies and cooperative banks.
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👉🏻Canada’s largest Province Quebec introduces Values Test for Immigrants
(Quebec will require immigrants seeking permanent residency in the Canadian province to pass a "values" test to ensure they understand its new secularism law)
👇🏻 👇🏻 👇🏻
http://bit.ly/2r1GZoh
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GST: Centre planning cap on number of invoices for new registrants:
READ MORE- https://www.gststation.in/gst-centre-planning-cap-on-number-of-invoices-for-new-registrants/
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E-invoicing under GST may be made mandatory in future, says GSTN CEO Prakash Kumar:
READ MORE- https://www.gststation.in/e-invoicing-under-gst-may-be-made-mandatory-in-future-says-gstn-ceo-prakash-kumar/
Thanks for reading 😃
