Corporate Snippets on Dec 10
Ø YES Bank may say no Canadian billionaire's $1.2 billion offer
Ø Economy may soon get another booster dose
Ø CGST falls short of budget estimate by 40% in Apr-Nov
Ø Bank of Baroda to sell up to 1.04 crore UTI AMC shares in IPO
Ø Goldman raises oil forecast on OPEC output cuts
Ø Ships Recycling Bill sails through in Rajya Sabha
Ø Additional 2% export benefits to end Dec 31
Ø Aluminium firms seek cut in input duties as production costs, imports swell
Ø Tea Board considering new export cess to fund promotion and marketing
Ø Mutual Funds' asset base hits Rs 27 trn, bank, PSU funds top allocation
Ø NSE asks investors to be careful in executing PoA with stock brokers
Ø Tata Steel asks LGBTQ+ employees to declare partners, avail HR benefits
Ø Investors lay siege to SEBI office, demand Karvy-like action against BMA Wealth
Ø No threat of job losses in auto sector: Minister tells RS
Ø PSU officers associations oppose BPCL disinvestment
Ø Sterling and Wilson Solar begins construction of 200 MW Solar Project in Australia
Ø Equity inflows into mutual funds dip to 41-month low
Ø HDFC to acquire remaining stake in education loan subsidiary for ₹395 crore
Ø Currency in circulation rises to ₹21 lakh cr as on March 2019: Govt
Ø India to witness 7% rise in job creation in Oct-Mar: Report
Ø Stride Ventures marks first close of ₹500 crore venture debt fund
Ø Farm wages growth fell to a four-quarter low in Q3 FY 20
Ø Japan upgrades 3Q GDP as consumer, business strength absorbs hit from trade
Ø WTO faces deepest existential crisis ahead of its silver jubilee
Ø GST Council may use cess route to boost revenue
Ø Glitches at BSE, NSE cause trouble for investors in OFS
Ø Coffee Day’s tech park sale stalls over Yes Bank nod
Ø Banks begin fact check on pledged securities
Ø SENSEX rises 42 points; bank, auto stocks shine
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SECTION 40A(3) OF THE INCOME-TAX ACT, 1961 - BUSINESS DISALLOWANCE
Cash payment exceeding prescribed limit made to farmers for purchase of agricultural produce and entered in books of account cannot be disallowed under section 40A(3) for failure of assessee to produce farmers/list of farmers - Krishnasa Bhute v. Income Tax Officer, Ward-2(1) Davanger - [2019] (Bangalore - Trib.)
◆With the aim to catch manipulators, SEBI has started scanning matrimonial websites to look for profiles of suspected persons to find links with family members in front-running cases. It has checked the profile of a trader, Vaibhav Dhadda, who was barred for front-running in funds of Fidelity Group, and had used the alias Avi. SEBI also barred two other people.
◆Bharti Telecom is looking for government's permission to invest ₹4,900 cr in Singapore-based Singtel and other foreign entities, that would make it a foreign entity. The DoT is reportedly expected to approve this investment this month and the infusion will increase Singtel's shareholding in Bharti Telecom to over 50%. The move will take overseas ownership in Bharti Telecom to over 85%.
◆People will now be able to purchase seized liquor at a 25% cheaper rate than the actual price after the Delhi government gave a nod to sell such liquor. Until now, seized liquor was destroyed after completing legal formalities. As per estimates, over 2.5 lakh bottles of liquor are seized by excise department every year.
◆A panel set up to increase GST collections is considering slab restructuring by increasing the 5% rate to 6%, the Business Standard newspaper reported. The move can result in additional revenues of ₹1,000 crore per month, it added. Essential commodities like basic clothing, footwear and food items are covered under the 5% slab.
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States plan political battle over delayed allocation of GST compensation:
READ MORE- https://www.gststation.in/states-plan-political-battle-over-delayed-allocation-of-gst-compensation/
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GST Return Re-Set option is now enabled at GST Portal where GST Return Submitted but not filed.
Hope it will give few relief to Taxpayers to correct Return if error find before finally submission
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Orders Passed by High Court Contrary to Section 67 of CGST Act, 2017 shall not be given effect to by the Authorities: Supreme Court [Read Judgment]
Read more at: https://www.taxscan.in/orders-passed-high-court-contrary-section-67-cgst-act-2017-authorities-supreme-court/40528/
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LAST DATE FOR SUBMITTING GSTR 1 FOR registered persons filing monthly returns for the month of Nov 2019 is 11th Dec 2019.
Central government will keep its "compact" to give state their share of the goods and services tax (GST) though the cess collected has been inadequate, said Finance Minister. Sitharaman's statement comes after Kerala last week threatened to take the central government to Supreme Court over delay in the payment of compensation to states.
GST Authoritieshave Issued the Removal of Difficulties Order so as to extend the last date for filing of appeals before the GST Appellate Tribunal against orders of Appellate Authority on account of non-constitution of benches of the Appellate Tribunal.
Sebi said it will entertain only those complaints, where an investor discloses his identity and provides supporting documents to substantiate an allegation. Sebi in a statement said, it will not take any action on complaints, where it is not able to reach back to the complainants.
Insurance Regulatory and Development Authority of India (Irdai) is looking to allow banks to remain promoters of insurance companies. Under consideration is a proposal to allow banks to hold more than 10% in one or more insurance companies if they give up management control.
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Overwhelming feedback by taxpayers towards ease of filing new GST returns, says CBIC:
READ MORE-https://www.gststation.in/overwhelming-feedback-by-taxpayers-towards-ease-of-filing-new-gst-returns-says-cbic/
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Central GST collection falls short of budget estimate by 40% during Apr-Nov:
READ MORE- https://www.gststation.in/central-gst-collection-falls-short-of-budget-estimate-by-40-during-apr-nov/
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GST Council will likely increase the existing cess on so-called luxury/demerit goods and also impose such levies on a clutch of other items. The idea is to ensure that the steps taken to boost GST revenue don’t hit consumption and ruffle too many feathers in political circles.
Petitioner can not escape liability where GSTR-1 filed but GSTR 3B not filed. Held by Madhya Pradesh High Court in Kabeer Reality (P.) Ltd. On 21-11-19 That filing of GSTR-1 but non filing of 3B has twin impact . One tax does not go to the government and recipient is able to enjoy ITC.
Where liability has been determined by assessee himself by filing GSTR-1 there is no requirement to issue show cause notice u/s 73 or intimate about recovery proceedings u/s 78. Straightway recovery u/s 79 can be initiated.
12% Concessional GST Rate not applicable on works contract provided to Govt. entity undertaken for business use.Case Name : In re Sealwel Corporation Private Limited (GST AAR Andhra Pradesh) Appeal Number : Advance Ruling No. AAR 03/AP/GST/2019 Courts : AAR Andhra Pradesh (57) Advance Rulings (1147)
Supreme Court has ordered an interim stay on the National Company Law Appellate Tribunal’s (NCLAT’s) ruling on the resolution of debt-ridden Orchid Pharma.
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The Tribunal has held that once Service Tax has been collected but no paid to the Govt though Service was undisputedly not a taxable service yet Service Provider is liable to pay Service Tax to the Government with interest. Executive Engineer Vs CCE 2019(31)GSTL 102 Tri.
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States plan political battle over delayed allocation of GST compensation:
READ MORE- https://www.gststation.in/states-plan-political-battle-over-delayed-allocation-of-gst-compensation/
