2nd November 2K19
Economic Times
Ø YES Bank gets a binding offer for $1.2 bn
Ø India loses major WTO dispute to the US
Ø Sebi tightens rules for bad loan disclosures by banks
Ø Not leaving India, will back JV: Vodafone UK
Ø PSBs extend support of Rs 2.56L-cr to stressed NBFCs
Ø Coal India's October production may fall 20%
Ø China doubts long-term trade deal possible with Trump
Business Standard
Ø Irdai asks insurers to give details on exposure to DHFL, IL&FS, ADAG
Ø FinMin claims huge progress in report on measures to boost economy
Ø IOC Sept quarter net profit slumps 83% at Rs 563.4 crore
Ø Govt not considering any proposal for gold amnesty scheme: Report
Ø Syndicate Bank posts Rs 251-cr Q2 profit, versus Rs 1,543-cr loss last year
Business Line
Ø Core sector output falls 5.2 per cent in September
Ø Fiscal deficit reaches 92.6 per cent for six months
Ø Tube Investments’ Q2 PAT grows 58% at ₹90 crore
Ø Adani Transmission bags two projects from REC Transmission in Gujarat
Ø IBC: No back-door entry for ineligible promoters in liquidation proceedings
Mint
Ø India's sugar output seen falling, global deficit rises
Ø GSK Consumer Healthcare re-launches Crocin Pain Relief
Ø Govt actively taking steps to boost economy: FinMin
Ø ShopClues to merge with Singapore-based Qoo10
Ø GM recalls 638,000 US SUVs, trucks for unintended braking
Ø Paytm Mall trims losses by 34% in FY19 to Rs1,171 crore
Financial Express
Ø India loses export incentive case filed by US at WTO
Ø Rescuing former cash cows BSNL, MTNL is widening India’s fiscal deficit
Ø 7000 businesses to be set-up in these states under SIDBI’s mega move to boost entrepreneurship
Ø Digital payments surge to dent banks’ revenues by $9 billion
Ø Reliance Jio says telcos have sufficient capacity to pay dues after SC verdict
Deccan Chronicle
Ø Auto sector's contribution to GDP may slip to 7 pc this fiscal: Acuite Ratings
Ø No more FTAs signing in rush assures Piyush Goyal
Ø Muthoot Finance board approves USD 450 mn fund-raise
Ø Sensex closes at 40,129, extends gains for 5th session
Ø Gold prices up Rs 115 to Rs 39,017 per 10 gram
Ø Banks' payments revenues to dent by USD 9 billion by 2025: report
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Notification No.51/2019-Central Tax, dt. 31-10-2019- Seeks to amend notification no. 2/2017- Central Tax in order to notify jurisdiction of Jammu Commissionerate over UT of J&K and UT of Ladakh.
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Notification No.51/2019-Central Tax, dt. 31-10-2019- Seeks to amend notification no. 2/2017- Central Tax in order to notify jurisdiction of Jammu Commissionerate over UT of J&K and UT of Ladakh.
READ MORE- https://www.gststation.in/cgst-notifications-2/
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Income Tax Return filings and Tax Audit Report filing date extended till 30 th NOv.
Only for J&K and Laddakh UT.
Income Tax Assessing Officer justified in sending notice at address mentioned in PAN database Case Name : PCIT Vs. M/s I-Ven Interactive Limited (Supreme Court)
All transactions in penny stocks cannot be regarded as bogus for SCAM in some penny stocks. Case Name : Shri Vijayrattan Balkrishan Mittal Vs DCIT (ITAT Mumbai)
Gazetted Order issued by Ministry of Home Affairs dated 30th October, 2019 wherein sub-para 7 of Para 2 specifically provides that, “The Jammu and Kashmir Goods and Services Tax Act, 2017 shall be applicable to the Union Territory of Jammu and Kashmir and the Union Territory Goods and Services Tax Act, 2017 shall be applicable to the Union Territory of Ladakh”. Therefore IGST needs to be charged where supplier is located in J&K and recipient in Ladakh. The same is already in force.
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 with effect from 31st October, 2019.
MCA Important Update on 'Identification and flagging of Disqualified Directors u/s 164(2) ( a) of the Companies Act, 2013Pdf(277 KB) Please find the link:http://www.mca.gov.in/Ministry/pdf/Upload_31102019.pdf
MCA has notified an update regarding the Forms relating to Nidhi Companies which shall be available for filing as eForms w.e.f 1st November, 2019. MCA is going to notify the Forms NDH-1 (Return of Statutory Compliances), Form NDH-2 (Application for Extension of Time) and Form NDH-3 (Half Yearly Return) which notified vide the Nidhi Rules 2014 shall be available for filing as eForms w.e.f 1st November 2019.
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.
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FinMin claims huge progress in report on measures to boost economy:
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FinMin claims huge progress in report on measures to boost economy:
READ MORE- https://www.gststation.in/finmin-claims-huge-progress-in-report-on-measures-to-boost-economy/
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👉🏻SEBI tightens norms for public Banks on bad loan disclosures
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👉🏻SEBI tightens norms for public Banks on bad loan disclosures
(SEBI directed all listed banks to disclose any divergence in bad loan provisioning within 24 hours of receiving RBI's risk assessment report)
👇🏻 👇🏻 👇🏻
https://bit.ly/36xnELU
👉🏻Credit and Debit card details of 13 lakh Indians on sale
(Security researchers at Singapore-based Group-IB discovered that critical card details of 1.3 lakh Indians were being sold at a price of $100 per card on dark web)
👇🏻 👇🏻 👇🏻
https://bit.ly/2C4IJPu
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No GST on adoption fees, kids not goods:
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No GST on adoption fees, kids not goods:
READ MORE- https://www.gststation.in/no-gst-on-adoption-fees-kids-not-goods/
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Yes Bank Ltd. -
S | CMP Rs. 67 | M Cap Rs. 16985 Cr | 52 W H/L 286/29
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Yes Bank Ltd. -
S | CMP Rs. 67 | M Cap Rs. 16985 Cr | 52 W H/L 286/29
Result is below expectations
Advances degrew by -6% YoY & -5% QoQ to Rs. 2,24,505 Cr
Deposits degrew by -6% YoY & -7% QoQ
NIM reduced 10 bps QoQ & 60 bps YoY to 2.7%
Net Interest Income came at Rs. 2185.9 Cr vs expectation of Rs. 2127.3 Cr, YoY Rs. 2417.6 Cr, QoQ Rs. 2280.9 Cr
Non Interest Income came at Rs. 945.9 Cr vs expectation of Rs. 791 Cr, YoY Rs. 1473.5 Cr, QoQ Rs. 1272.7 Cr
PBP came at Rs. 1458.4 Cr vs expectation of Rs. 2296.3 Cr, YoY Rs. 2366.4 Cr, QoQ Rs. 1959.1 Cr
Provisions came at Rs. 1336.3 Cr vs expectation of Rs. 1468.9 Cr, YoY Rs. 940 Cr, QoQ Rs. 1784.1 Cr
Adj. PAT came at Rs. -600.1 Cr vs expectation of Rs. -401.8 Cr, YoY Rs. 964.7 Cr, QoQ Rs. 113.8 Cr
Gross NPA came at Rs. 17134.4 Cr vs QoQ Rs. 12092.1 Cr at 7.39% vs QoQ 5.01%
Slippages came at Rs. 5945 Cr vs QoQ Rs. 6232 Cr with slippage ratio of 10.59% vs QoQ 10.55%
Net NPA came at Rs. 9757.2 Cr vs QoQ Rs. 6883.3 Cr at 4.35% vs QoQ 2.91%
Quarter EPS is Rs. -2.4
Share is trading at P/E of 17.3x FY20E EPS & 0.9x trailing P/Adj. BV
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Thanks for reading
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Tax Compliance Calender for November 2019
07/11/2019 is Due date for deposit of Tax deducted/collected for the month of October, 2019.
10/11/2019 is Due date for filing GSTR-7 Return for tax deducted at source to be filled by Tax Deductor.
11/11/2019 is Due date for filing of GSTR-1 by Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores or opted to file monthly Return.
13/11/2019 is Due date for filling of GSTR-6 by every Input Service Distributer.
14/11/2019 is Due date for issue of TDS Certificate for tax deducted under section 194-IA/IB in the month of September, 2019.
20/11/2019 is Due Date for filing of GSTR 3B for the Month of October by all registered persons to pay GST and file Monthly Summary GST Return.
20/11/2019 is also Due date for filling of GSTR 5 or 5A for the month of October 2019 by a Non-Resident person pay GST and file Monthly GST Return or Non-resident ODIAR services provider file Monthly GST Return respectively.
30/11/2019 is Due date for filling of GSTR 9 for the FY17-18 by Taxpayers having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return.
30/11/2019 is also Due date for filling of GSTR9C for the FY 17-18 for Taxpayers having a turnover of more than Rs. 2 crores
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Income Tax Addition for cash found with others cannot be added to Appellant’s income in absence of reasonable nexus. Case Name : Dharmraj Prasad Bibhuti Vs ITAT (Patna High Court)
CBIC notifies jurisdiction of Jammu Commissionerate over UT of J&K & Ladakh Seeks to amend notification no. 2/2017- Central Tax in order to notify jurisdiction of Jammu Commissionerate over UT of J&K and UT of Ladakh vide Notification No. 51/2019–Central Tax dated: 31st October, 2019.
Sebi has asked banks to disclose any material divergences in their non-performing assets on a continuous basis. In a circular issued the market regulator said banks must disclose such information within 24 hours of the receipt of the Reserve Bank of India’s risk assessment report. Currently, such divergences are disclosed by banks in their quarterly financial results.
India's fiscal deficit at the halfway mark in 2019-20 stood at 92.6 per cent of budgeted estimates, lower than 95.3 per cent in April-September, 2018-19, helped by transfers from the RBI. With muted tax revenues, the government will have to undertake spending cuts to achieve FY20 fiscal target of 3.3 per cent of GDP.
MCA has issued an important update on its website with regard to 'Identification and flagging of Disqualified Directors u/s164(2)(a) of the Companies Act, 2013'.
MCA has issued notifications for reclassifying the J& K and Ladakh as Union Territories. Accordingly the jurisdiction of Jurisdiction of Regional Director, New Delhi.
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👉🏻MCA asks disqualified directors to ensure compliance or face action
(MCA has asked disqualified directors to file their pending statutory returns and ensure compliance or else face regulatory action)
👇🏻 👇🏻 👇🏻
http://bit.ly/2WHcaks
👉🏻Rs 95,380 crore gross GST Revenue collected in October
(GST revenue collected in the month of October, 2019 is Rs. 95,380 Cr of which CGST is Rs. 17,582 Cr, SGST is Rs. 23,674 Cr, IGST is Rs. 46,517 Cr and Cess is Rs. 7,607 Cr.)
👇🏻 👇🏻 👇🏻
http://bit.ly/2PFdVgA
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👉GST collections by the central and state governments fell 5.3% year-on-year to 95,380 crore in October, but saw a 3.8% improvement over September collections.
👉Public-sector banks are talking to RBI under the aegis of the Indian Banks’ Association (IBA) to allow a staggered recognition of Deferred Tax Assets (DTA) for FY20 in order to avoid taking large hits on their bottomlines.
👉3 banks report NPA divergence a day after SEBI’s directive. SEBI has directed all listed banks to disclose any divergence in bad loan provisioning within 24 hours of receiving RBI's risk assessment report.
👉SEBI levies Rs 22 lakh fine on promoters of PM Telelinnks, 6 others for fraudulent share trading.
👉India's forex reserves increased by $1.832 billion to a new lifetime high of $442.583 billion in the week ended October 25.
👉A search panel headed by Cabinet Secretary is scheduled to interview 7 shortlisted candidates next week for the post of RBI deputy governor.
Thanks for reading