Corporate Snippets on Dec 3
Ø All telco operators hiked their tarriff to more than 2.5 times. Jio to increase its tarrifs tentatively by 40% from 6 December 2019
Ø Karvy case: 90% investors get back their securities
Ø CRISIL slashes FY20 growth forecast to 5.1 per cent
Ø Government launches Independent Directors' databank
Ø Gross direct tax collection rises by 5% till Nov: FM
Ø $14 bn loans to builders under severe stress: Report
Ø Steel industry margins set to shrink: India Ratings
Ø United Spirits proposes merger with Pioneer Distilleries
Ø Telecom tariff hike expected to benefit sector, boost its financials
Ø Govt. moves Taxation Bill in Lok Sabha seeking changes in income tax law
Ø Net surplus revenue decreased 66% to Rs 1,666 cr in 2017-18: CAG report
Ø Ashok Leyland M&HCV sales decline 55% in November; bus sales up 196%
Ø Tata Motors bags orders for over 2,300 buses from various state Govts.
Ø Corporate tax cut will make India a global manufacturing hub: FM
Ø No proposal to reduce taxes on petrol, diesel: Central Government
Ø LG Electronics India posts ₹1,534-crore profit in FY19
Ø India Inc delivered weak performance during Q2 FY20: ICRA
Ø Cadila Healthcare gets board nod for amalgamation
Ø Kia Motors becomes India's fourth largest vehicle manufacturer after two months
Ø SAMHI Hotels gets SEBI's go ahead for ₹1,800-2,000 crore IPO
Ø Jaypee Infra case: Suraksha may offer more cash & land to lenders
Ø Railways operating ratio in 2017-18 was 98.44%, worst in 10 years: CAG
Ø Yes Bank files insolvency petition against Jaypee Healthcare
Ø Foreign investors bring cheer to Indian market in November; FPI in equity at 8-month high
Ø Government earmarks Rs 937 crore for exploration of non-CIL blocks in FY20
Ø India’s economic growth likely to remain subdued in near future, says report
Ø Samsung India’s profit declines 58 per cent, becomes $10 billion firm
Ø Over 3.38 lakh cos deregistered in last two financial years: Govt
Ø Rupee edges higher by 8 paise to USD; RBI policy meet in focus
Ø 78 pc depositors of PMC Bank can withdraw entire deposits: Govt.
Ø Public sector banks told to outline insurance JVs’ future
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👉BMW India gets clean chit from NCLAT over dominance abuse charge.
👉NCLAT held that the time spent for SARFAESI Proceedings can be excluded for computing limitation under IBC.
👉Ambit of the Insolvency and Bankruptcy Code expanded to include personal guarantors.
👉Personal insolvency framework will be the "beginning of a new learning" and the next big thing in insolvency reforms, IBBI chief M S Sahoo has said.
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Govt blocks GST e-way bill generation; move may impact 300,000 firms:
READ MORE- https://www.gststation.in/govt-blocks-gst-e-way-bill-generation-move-may-impact-300000-firms/
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GST puts in extra Rs 320 a month in your pocket; you now save this much on daily needs items:
READ MORE- https://www.gststation.in/gst-puts-in-extra-rs-320-a-month-in-your-pocket-you-now-save-this-much-on-daily-needs-items/
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STATUTORY COMPLIANCE CALENDAR
07 Dec
TDS/TCS LIABILITY DEPOSIT: Due date of depositing TDS/TCS liabilities for previous month.
EQUALIZATION LEVY DEPOSIT: Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
10 Dec
GSTR-7 RETURN FILLING DUE DATE: Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous quarter .
GSTR-8 RETURN FILLING DUE DATE: GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
11 Dec:
GSTR-1 RETURN FILLING DUE DATE: GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
13 Dec:
GSTR-6 RETURN FILLING DUE DATE: Due Date for filing return by Input Service Distributors for previous month.
15 Dec:
ADVANCE INCOME TAX DEPOSIT - FIRST INSTALLMENT Due date for First Installment of advance tax for FY 2019-20.
PROVIDENT FUND / ESI DUE DATES: Due date for payment of Provident fund and ESI contribution for the previous month.
20 Dec:
GSTR-3B RETURN FILLING DUE DATE; Due date for filling GSTR – 3B return for Previous month
GSTR-5A RETURN FILLING DUE DATE: Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
GSTR-5 RETURN FILLING DUE DATE: Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
31 Dec:
GSTR-9 RETURN FILLING DUE DATE: Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
GSTR-9A RETURN FILLING DUE DATE: Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
GSTR-9B RETURN FILLING DUE DATE: Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year .
GSTR-9C RETURN FILLING DUE DATE: Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.
BEN - 2: Return to the Registrar in respect of declaration under section 90 (Every company shall file a return of significant beneficial owners of the company and changes therein with the Registrar containing names, addresses and other details as may be prescribed within such time, in such form and manner as may be prescribed).
MGT - 7: Filing of annual return by a company.(Extended Date).
CRA - 4: Filing of Cost Audit Report with the Central Government.(Extended).
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👉🏻Govt blocks GST e-way bill generation; move may impact 300,000 firms
(Businesses of more then 300,000 firms paying GST were likely impacted, as the Govt had blocked e-way bill generation for non-compliant assessees.
CLICK ON THE LINK TO KNOW, HOW TO UNBLOCK)
👇🏻 👇🏻 👇🏻
http://bit.ly/2P5zgOe
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👉To save the auto components manufacturer Amtek Auto from liquidation, the Supreme Court ordered the committee of creditors (CoC) of debt-laden company to invite fresh bids within a month.
👉The Supreme Court directs thousands of Amrapali home buyers to pay outstanding amounts by January 31 either in installments or at one go for speedy completion of all stalled projects.
👉Mumbai-based Suraksha Realty, which is in the race with state-owned NBCC to acquire bankrupt Jaypee Infratech, is likely to offer additional cash and land to lenders, and higher delay compensation to homebuyers to make its final resolution more lucrative for financial creditors.
👉Govt to set up NCLT bench in Chennai.
👉Yes Bank approaches NCLT against Jaypee Healthcare to start insolvency process.
👉NCLT admits RBI plea seeking bankruptcy resolution for DHFL.
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BEFORE THE AUTHORITY FOR ADVANCE RULING (TELANGANA): In Re: Macro Media Digital Imaging Pvt. Ltd. MANU/AR/0088/2018
FACTS
• The Applicant is engaged in the business of manufacturing and sale of digital printed materials.
• The Applicant manufactures printed trade advertising materials like banner flex using various inputs like ink, paper etc.
ISSUE
• Whether printing of advertising material is supply of service?
OBSERVATION/RULING
• The court observed that the Applicant’s supply is a composite contract- a transaction involving both services and transfer of property in goods and the two are inseparable in the execution of the contract. It was a works contract in terms of S.2 (57) (d) of the West Bengal VAT, 2003.
• Works Contract as defined in S.2 (119) of the GST Act excludes from its ambit all such composite contracts that do not involve building, construction, and alteration etc. of any immovable property.
• Therefore, under the GST Act the applicant is making a composite supply where the service of printing is the principal supply. The goods supplied having no use other than displaying the printed matter, is ancillary to the principal supply of printing.
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