Corporate Snippets on Dec 13
Ø US offers China tariff rate cut; announcement "imminent"
Ø Infosys faces another lawsuit in US
Ø NFRA flags concerns about auditing standards
Ø Boost investment in infra to propel growth: Azim Premji
Ø India's economy to grow at 4.3% in Q4 2019: Nomura
Ø Govt. may impose anti-dumping duty on 5 countries
Ø Disinvestment of Air India essential for sector: IATA
Ø Industrial output contracts by 3.8% in October; November CPI at 5.54%
Ø India's fuel demand grows 10.5% in November, hits near two-year high
Ø Biocon and Equillium Inc. expand license agreement for itolizumab
Ø HPCL most vulnerable to falling refining margins; RIL best placed
Ø TRAI looking at setting floor price to ensure viability of telcos
Ø S&P flags growth risk that may lead to India debt downgrade
Ø Hero MotoCorp gears up to drive in around ten BS VI models by February
Ø L&T Construction bags order worth Rs 2,500 crore
Ø Tech Mahindra wins ₹500 crore Smart City project in Pune
Ø Power output and GDP growth may not be interlinked
Ø Maruti raises output target on hopes of a nascent recovery
Ø Bharat Bond ETF opens for subscription, aims to raise up to ₹15,000 crore
Ø ICRA maintains negative year-end outlook for telecom industry
Ø Future Retail looks to raise up to $400 million
Ø Cholamandalam to raise ₹1,000 crore via QIP
Ø Telcos penalised Rs 3.2 crore for call drop in 12 months; maximum on Vodafone Idea
Ø US Senators proposes bill to clamp down on World Bank lending to China
Ø Non-telecom PSUs to file review plea in SC over AGR dues
Ø Quality control at Deloitte ‘severely inadequate, ineffective’: NFRA
Ø Ujjivan Small Finance Bank rises nearly 60 per cent on debut
Ø Panel to suggest ways to cut losses in non-life biz
Ø More brokerages may have used clients’ funds
Ø L&T Finance plans to raise Rs 500 crore
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Advance Tax: 15.12.2019 is last date for depositing Third Installment of Advance Tax for FY 2019-20 Please pay on time to avoid penal interest.
GST: GST authorities have stumbled upon instances of online sales reported by several firms that sell goods on e-commerce portals like Amazon and Flipkart being much lower than such sales computed from the tax collected at source (TCS) data furnished by the marketplaces.
GST Council may raise the base rate to 9-10 percent from five percent. The GST Council will reportedly discuss the option of moving 243 items to the 18 percent slab and scrapping the 12 percent slab. If this fructifies, there will be three GST slabs: five percent, 18 percent and 28 percent.
ICAI has issued an announcement on applicability of ‘Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements’ issued by ICAI on 30 November 2018 to statutory auditors of listed entities and their material subsidiaries.
ICAI has clarified that statutory auditors of listed entities and their material subsidiaries are required to comply with SEBI Circular dated 18 October 2019 regarding “Resignation of statutory auditors from listed entities and their material subsidiaries” which prescribes various conditions to be satisfied by listed entities, their material subsidiaries and their statutory auditors. The announcement will come into force from immediate effect
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👉 The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed an order passed by NCLT to make the Ministry of Corporate Affairs a party to all applications filed under the Insolvency and Bankruptcy Code as well as the Companies Act.
👉 The Insolvency and Bankruptcy Board of India (IBBI) has tightened norms governing resolution professionals wherein restrictions will also be in place for their relatives from taking up employment after completion of a resolution process. Insolvency resolution professionals would be barred from having employment when they are in possession of authorisation to take up work under the insolvency law.
👉 The insolvency regulator has notified rules that will give promoters and other stakeholder 90 days after the commencement of insolvency proceedings to re-take control of the company through agreements with creditors.
👉 A parliamentary panel has taken note of "multi-year pattern of high vacancies and lack of human resources" at various entities under the corporate affairs ministry and has called for addressing the issues at the structural level.
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GST Annual Returns for FY 2017-18
Government has made some changes in the forms of Annual Return (GSTR-9) and the Reconciliation Statement (GSTR-9C) vide Notification No. 56/2019 dated 14.11.2019.
These changes do not impact the current tools required for preparation and filing of GSTR-9 and GSTR-9A for the financial year 2017-18. For GSTR-9C, some changes are required in the offline tool and online which is under development and is likely to made available by 14th December, 2019.
https://www.gst.gov.in/newsandupdates/read/335
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52,720 Integrated GST refund claims pending for more than one year: Thakur:
READ MORE- https://www.gststation.in/52720-integrated-gst-refund-claims-pending-for-more-than-one-year-thakur/
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GST anti-profiteering watchdog NAA imposes Rs 90-crore fine on Nestle:
READ MORE- https://www.gststation.in/gst-anti-profiteering-watchdog-naa-imposes-rs-90-crore-fine-on-nestle/
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👉🏻New Express Entry draw issues 3,200 invitations to apply for Canadian PR
(A new draw from the federal Express Entry pool on December 11 produced 3,200 invitations to apply for Canadian PR (permanent residence)
👇🏻 👇🏻 👇🏻
http://bit.ly/2rBRVcA
👉🏻Auditors get 90 days to file NFRA-2 form
(With December 9 as the date on which form NFRA-2 was published on the Web site, auditors will have time till March 9 to file the form)
👇🏻 👇🏻 👇🏻
http://bit.ly/2PcYz1Z
👉🏻Cabinet approves Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019
(The amendments aim to remove certain difficulties being faced during insolvency resolution process to realise the objects of the code and to further ease doing of business)
👇🏻 👇🏻 👇🏻
http://bit.ly/2t2LmjE
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Higher GST rate on mobiles, fabrics likely to boost revenue collection:
READ MORE- https://www.gststation.in/higher-gst-rate-on-mobiles-fabrics-likely-to-boost-revenue-collection/
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Gujarat’s pre-GST era revenue arrears double in five years, says CAG report:
READ MORE-https://www.gststation.in/gujarats-pre-gst-era-revenue-arrears-double-in-five-years-says-cag-report/
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👉 The Ministry of Corporate Affairs (MCA) has opposed Novopan Industries’ application to the National Company Law Tribunal (NCLT), seeking approval for the GVK Group company’s offer for its minority shareholders to exit their investment.
👉 Suraksha Realty, one of the two bidders for insolvent developer Jaypee Infratech has raised objections to the Interim resolution professional (IRP) and the Committee of Creditors (CoC) of the beleaguered company for putting both the bids of NBCC and Suraksha on vote simultaneously instead of the highest one.
👉 The cumulative share of operational creditors in companies admitted under Insolvency and Bankruptcy Code (IBC) has reduced to 48 per cent at the end of Q2 from 50 per cent in Q1 of FY20. Correspondingly, the share of financial creditors has risen from 40 per cent to 43 per cent in the same period, data from the Insolvency and Bankruptcy Board of India (IBBI) showed.
👉 Personal insolvency framework will be the "beginning of a new learning" and the next big thing in insolvency reforms.