Economic Times
Ø Centre inches closer to its divestment target
Ø FM to hold pre-Budget consultations beginning Monday
Ø NLC India to invest Rs 17,000 cr in coal blocks in Odisha
Ø Cases involving Rs 3.75L cr disposed of at IBC Ist stage
Ø China suspends planned tariffs on US goods
Ø 14K prosecutions withdrawn under Companies Act
Business Standard
Ø Airlines oppose Rs 8000-crore Tata Group-GIC stake in GMR Airports
Ø Lenders step up repossession of commercial vehicles on payment defaults
Ø Centre likely to pare stake in BEML to 26% via strategic disinvestment
Ø Stressed discoms' dues to power gencos rose 48% to Rs 81,010 cr in Oct
Business Line
Ø CAIT urges government to take action against e-commerce firms flouting FDI policy
Ø Regulation for vintage vehicles to be formalised soon
Ø Government examining foreign fund flows in infrastructure at strategic locations
Ø Hong Kong posts biggest airport passenger number fall in a decade
Mint
Ø China's BAIC raising Daimler stake to unseat Geely as top shareholder
Ø Rupeek surpasses gold loan disbursals worth ₹1,000 cr
Ø Banks’ NPAs again stoke asset quality concerns
Ø More promoters buy back pledged shares fearing loss of control
Ø BRICS’ NDB pledges $100 million to NIIF’s Fund of Funds
Financial Express
Ø National Insurance seeks Rs 6,400 crore before merger
Ø To improve ease of doing business, Govt withdraws over 14k prosecutions under Companies Act
Ø China welcomes preliminary deal in trade war it blames on US
Ø PNB under-reported bad loans by Rs 2,617 cr in FY19: RBI report
Deccan Chronicle
Ø Adani Transmission gets LoI for project in Maharashtra
Ø Forex reserves soar to touch all-time high of USD 453 billion
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CBDT has created an Exchange of Information portal on the Income-tax Department website for dissemination of information to all stakeholders.
Advance Income Tax last date is 15.12.2019 for depositing Third Instalment of Advance Tax for FY 2019-20 Please pay on time to avoid penal interest.
GST Input tax credit is admissible even if consideration is paid through book adjustment. In re Senco Gold Ltd (GST AAR West Bangal)
ICAI Announcement on Applicability of “Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements” to Statutory Auditors of Listed Entities and their Material Subsidiaries.
ICAI has decided to extend the last date for payment of Membership /COP fee for the year 2019-20 up to 31st December 2019. It has been further decided to waive off condonation fee on delay of filing of application forms related to Members, Firms and Students, if respective transaction date in application forms falls between 1st April 2019 to 31st December 2019
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👉 A bankruptcy court has admitted an insolvency resolution plea filed by Bank of against Mumbai-based Genesis Resorts, which defaulted on loans of about Rs 230 crore.
👉 Family feud at Gati may hinder share sale to Allcargo Logistics, On December 5, Allcargo bought 10.38 million, or 8.51%, shares in Gati for Rs 77.8 crore.
👉 Government agencies will soon be barred from attaching assets of an insolvent debtor undergoing bankruptcy resolution for prior offences, making such stressed assets more attractive to potential buyers, if Parliament clears proposed amendments to the insolvency law.
👉 The Centre is set to alter the insolvency code to shield new owners of bankrupt companies from criminal liabilities pertaining to the time when the entities were controlled by the outgoing promoters, three people familiar with the matter told ET.
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👉🏻NFRA indicts Deloitte over lapses in IFIN Audit
(NFRA found that Deloitte’s quality control system and processes are severely inadequate, NFRA is examining whether disciplinary proceedings need to be initiated)
👇🏻 👇🏻 👇🏻
http://bit.ly/2PIHHPB
👉🏻Promoters move high court over taxman’s power to arrest, attach accounts under GST
(Several promoters have filed a joint writ petition in the high court, challenging the validity of the GST statutory provisions related to arrest and freezing of bank accounts)
👇🏻 👇🏻 👇🏻
http://bit.ly/36vXRCR
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Key changes in IBC Amendment bill proposed for 20th Dec 2019
(1) Threshold for filing the insolvency petition for Real Estate Companies increased to 100 or 10% of total allottes whichever is maximum. Similarly also for Bond holders of a class. Result:- Homebuyers put at disadvantageous position but real estate companies or other companies are happy. Some advocates may also have less Sec 7 applications to file now.
(2) Existing licenses, permits, etc shall not be suspended provided no default in there payment is made during insolvency period. Result: - It is diluting earlier amendment u/s 31, which states that Resolution Plan is binding on all stakeholders including Govt. However SC in case of Seven Hills judgment held that IBC can’t override rights of Govt under licenses etc. Tax authorities may interpret it differently.
(3) Blanket immunity is provided from all past offences to new promoters. However past promoters shall continue to be liable for Civil & Criminal liabilities against past offences. Result:-*Win-Win situation for new promoter but courts may not give property acquired by embezzlement, money laundering and other economic crimes to new promotes/C,D. Further Financial Creditor may also not be able to recover from past promoters under new insolvency law for of personal guarantors of C.D.
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GST: I-T dept issues tax refunds of Rs 1.57 trillion, up by 27.2% in 2019:
READ MORE- https://www.gststation.in/gst-i-t-dept-issues-tax-refunds-of-rs-1-57-trillion-up-by-27-2-in-2019/
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GST: High-end phone smuggling is costing govt exchequer Rs 2,400 crore annually:
READ MORE- https://www.gststation.in/gst-high-end-phone-smuggling-is-costing-govt-exchequer-rs-2400-crore-annually/
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GST rate hike may burn a hole in your pocket; basic goods likely to get expensive:
READ MORE- https://www.gststation.in/gst-rate-hike-may-burn-a-hole-in-your-pocket-basic-goods-likely-to-get-expensive/
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From 01-04-2020 e-invoice becomes mandatory for 100 crores and above turnover, Notification number 68, 69, 70, 71, 72 CGST dated 13-12-2019
✅ E Invoice mandatorily applicable from 1st April 2020 for registered person having aggregate turnover more than Rs 100 crore.
✅ Considering the load on portal, government will come out with 10 website for E Invoicing
✅ No clarity yet , whether it will replace E Way bill or not . But I feel conceptually, it should replace E Way Bill .
✅ Notification No 68 to 72 CGST dated 13.12.2019 issued in this regards.
✅ So ERP changes utmost warranted for New Returns and E Invoice to be applicable from 1.4.2020. So plan your compliances accordingly.
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# GST: From 01-04-2020 e-invoice becomes mandatory for 100 crores and above turnover, Notification number 68, 69, 70, 71, 72 CGST dated 13-12-2019
# MCA has started registrations for Independent Directors (IDs) for maintaining a databank of IDs by IICA. Anybody can register *therein by paying a fees of INR 5,900.
# 20.12.2019 is the due date to file GSTR-3B for the month of November, 2019.
# 31-12-2019 – GSTR 9/9C– Annual Return/Reconciliation Statement for FY 17-18 having an aggregate turnover of more than Rs. 2 Cr or opted to file Annual Return.
# IT Department: 31.12.2019 Mandatory to link PAN Card-Aadhaar.
# 31.12.2019 is the due date to file income tax Return (ITR) with Late Fees of INR 5,000 for income earners exceeding INR 5,00,000.
# 31.12.2019 is the due date to file application for Sabka Vishwas Scheme, 2019 for resolution of pending Excise Duty and Service Tax.
# 31.12.2019 is the due date to file MGT-7 (Annual Return) for the year ended March 31, 2019.
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Ministry of Finance has issued a notification to give time limit till 31.01.2020 for payment of due tax by those persons who declared the income as per Income Declaration Scheme but failed to pay the amount of tax. Such persons can pay the amount with interest @ 1% pm or part thereof.
CBIC has notified invoicing with QR Code w.e.f. 01.04.2020 for registered persons with aggregate turnover exceeding INR 500 crores for all B2C supplies.
MCA: In case of filing application for DIN allotment (DIR-3), DSC of person applying for his DIN as well as DSC of atleast one existing director of the proposed company in which such person is going to be appointed is required.
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👉 The government on Sunday said more than 14,000 prosecutions have been withdrawn under the Companies Act as it undertook various steps to improve the ease of doing business in the country.
👉 The government introduced the 'Integrated Incorporation Form ( for to improve ease of doing business) -- Simplified Proforma for Incorporating Company Electronically' (SPICe) which extends eight services from three ministries through a single form.
👉 Challenges have made insolvency law stronger, says IBBI chief.