Corporate Snippets on Dec 20
Ø Debt in emerging markets hit a record $55 trillion: World Bank report
Ø RBI announces OMO on Dec 23 to bridge liquidity gap
Ø MPC members waited to see full impact of rate cuts
Ø Investment in real estate up 9% at Rs. 44k cr in 2019
Ø Expedite decision on fresh EOIs: NCLT to Jet lenders
Ø UTI AMC files papers for IPO with SEBI
Ø Piramal Ent. raises Rs 1,750 crore from CPDQ
Ø Vedanta banks on Jamkhani block in Odisha to enhance its coal security
Ø High consumption at rock-bottom tariffs killing telcos: Sunil Mittal
Ø IL&FS Group gets court's approval for sale of its education business
Ø NTPC snubs foreign emissions tech for plant, shuts out GE from $2-bn orders
Ø Govt. plans to implement all four labour codes in one go, likely in 2020
Ø At pre-Budget meet, India Inc seeks a single corporate tax rate of 15% over three years
Ø Poor demand, weak prices hit farm exports in April-October
Ø US wants India to lower its tariffs
Ø Air passenger traffic to drop to 6-year low in 2020: ICRA
Ø LivFin raises $5 m in equity funding from Germany’s DEG
Ø Brigade Group expects 25% growth amid cyclical slowdown
Ø Essar verdict may drive more investments into distressed assets space
Ø Tata Motors unveils electric Nexon SUV, launch in Jan 2020
Ø Goldman Sachs invests $15 million in ZestMoney
Ø German footwear brand BIRKENSTOCK enters India
Ø Industrialists suggest measures to finance minister to reverse economic downturn
Ø Govt. may face another hit on fiscal deficit front; pending GST compensation likely to double
Ø L&T Technology Services opens design centre in United States
Ø Room for strong growth for microfinance in India, says KPMG report
Ø Rupee settles 6 paise down at 71.03 against US dollar
Ø SENSEX, Nifty rally to fresh record highs
Ø Monetary Policy Committee minutes hint at rate cut in February
Ø DPIIT optimistic of India breaking into top 50 in 'Ease of Doing Biz' ranking soon
Ø Tata Sons’ conversion into private firm illegal: NCLAT
Ø Infosys prefers settlements outside the law in US
Ø NCLAT restores Cyrus Mistry as Tata Sons Chairman
Ø PNB loses UK High Court appeal in $ 45-mn deceit claim
Ø RBI defends its nod for Kochhar's sacking from ICICI
Ø CRISIL report predicts FY20 to be good for farmers.
Ø Ericsson wants RCom's refund plea rejected
Ø FMCG stares at low growth of 9-10% in 2019 as rural demand loses steam
Ø Sugar production falls 35% to 4.5 million tonnes due to delayed crushing
Ø Non-life insurers post 13% rise in Nov premium to Rs 14,592 cr: IRDAI
Ø RIL biggest wealth creator during 2014-19, added Rs 5.6 trillion: Study
Ø Pharma sector likely to grow at 10-12% during FY19-22, outlook stable: ICRA
Ø IndianOil INDMAX refining technology licensed to European company NIS
Ø NMDC secures Rohne coal block in Jharkhand
Ø December wheat stocks hit 7-year high on poor offtake; may pose storage challenge
Ø Prince Pipes garners Rs 150 crore from 8 anchor investors
Ø ‘Indian economy is facing a Great Slowdown’
Ø Kerala plantation workers set to receive wage hike of ₹52/day
Ø Value of M&As halves to $37 billion in 2019
Ø Allianz-Shapoorji Pallonji JV acquires WaveRock Complex for $250 million
Ø Rossari Biotech files ₹700-crore IPO papers with SEBI
Ø India must lower tariffs on US products, says White House adviser
Ø Uncertainty over legal tussle may hurt investor confidence
Ø Life insurers bat for 100 per cent foreign investment in sector via automatic route
Ø Government imposes restrictions on import of gold, silver
Ø India to be world’s fastest-growing coal consumer by 2024
Ø FMCG players stare at low growth of 9-10% this year
Ø Duty-free import of gold, silver restricted
Ø Infosys to pay USD 800,000 to settle case with California Attorney General
Ø India emerges third in global research output
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👉🏻CBDT notifies Revised Form No. 10DA – Section 80JJAA Report
(CBDT has notified revised FORM NO. 10DA (Report under section 80JJAA of the Income-tax Act, 1961) under rule 19AB of Income Tax Rules vide Notification No. 104/2019 dated 18/12/2019)
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http://bit.ly/35ChzwG
👉🏻Minimum CRS score decreases in latest Express Entry draw of Canada
(The Government of Canada issued 3,200 invitations to apply for Canadian Permanent Residence to Express Entry candidates in a draw held December 19)
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http://bit.ly/2Z7GPID
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GST: Ex-CEA Subramanian against tax cuts, says no space for fiscal expansion:
READ MORE- https://www.gststation.in/gst-ex-cea-subramanian-against-tax-cuts-says-no-space-for-fiscal-expansion/
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👉 Most Tata group company stocks ended up on Thursday, a day after an NCLAT ruling reinstated Cyrus Mistry as chairman of the group holding company, Tata Sons.
👉 Tata Sons has started including Mistry's name as Director on the boards of the holding co & 3 listed group cos.
👉 Among the issues on which the Tata Group could challenge the NCLAT ruling reinstating Cyrus Mistry as executive chairman of Tata Sons is the original amount invested by Shapoorji Pallonji Group in the country’s largest conglomerate,
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Budget: Economists urge GST, income tax changes to push growth:
READ MORE- https://www.gststation.in/budget-economists-urge-gst-income-tax-changes-to-push-growth/
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👉🏻FinMin asks tax officials to identify evaders through data analytics
(Finance Ministry held a review meeting with tax officials directing them to make special efforts to identify and book tax evaders through data analytics and information sharing)
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http://bit.ly/2sT1oMR
👉🏻IBC process helps creditors recover Rs 1.6 trn, revives 160 companies
(The Insolvency and Bankruptcy Code (IBC) has helped rescue 160 companies and its creditors have got back 44 per cent of their claim amounting to 1.6 lakh crore)
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http://bit.ly/38Wmv1H
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Central Board of Direct Taxes (CBDT) has extended the applicability of Circular no. 7 of 2018 and authorized the Commissioners of Income-tax to admit belated applications in Form No. 9A and Form No. 10 for Assessment Year 2017-18 as well.
CBDT has extended the due date for payment of TDS under Section 194M during September 2019 and October 2019 from 31-10-2019 and 30-11-2019 respectively to 31-12-2019.
Audit Report in Form 10DA u/s 80JJAA of IT Act revised to show proper details of deduction in respect of new employees. Notification 104/2019-IT of 18.12.19.
CBIC has mandated Quick Response (QR) code on e-invoicing, whose aggregate turnover in a financial year exceeds five hundred crore rupees.
Goods and Services Tax compensation requirement of nine major states could be as much as Rs 70,000 crore in fiscal 2020, ratings firm ICRAhas estimated. This would put significant pressure on the central government’s accounts which are already under stress from the cut in corporate tax rate and other stimulus measures.
Dewan Housing Finance Corporation (DHFL) is said to have received total claims of about Rs 1.2 lakh crore from creditors after the Reserve Bank of India (RBI) referred the indebted nonbanking finance company (NBFC) for debt resolution.
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Due Date for filing of GSTR 3B is extended to 23th December 2019
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GST Council waives off late fees for GSTR 1 filers and extend the due date of GSTR-9 & GSTR-9C of FY17-18:
READ MORE- https://www.gststation.in/gst-council-waives-off-late-fees-for-gstr-1-filers-and-extend-the-due-date-of-gstr-9-gstr-9c-of-fy17-18/
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GST Highlights of 38th GST Council Meeting: Due date for filing GSTR 9 and GSTR 9C for 2017-18 has been extended from 31.12.2019 to 31.01.2020.
Late fees Waived for all tax-payers who have filed GSTR-1, if all returns are filed by 10th Jan 2020.
The Central GST collection fell short of the Budget Estimate by nearly 40 percent during the April-November period of 2019-20, according to government data.
No GST rate hike was discussed in the GST Council meeting. Council decides to levy 28 percent on all lotteries. Land lease GST rates to be effective from January 1, 2020. Levy of penalty relaxed for non-filing of GSTR-1 from July 2017.
GST Council has agreed to rationalise GST rates on woven and non-woven bags to 18 percent with effect from March 1, 2020.
The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices not uploaded.
Login time for the website is increased from 15min to 45 minutes. Attachment size limit has been increased from 5MB to 10 MB for uploading e- proceedings supporting. Aligned with the move for making assessment online.
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👉Exempt upfront amount payable for long term lease on industrial/financial infrastructure plots by an entity having 20% or more ownership of Central or State Government). Applicable from January 1, 2020.
👉Uniform rate of 28% for lotteries.
At present, lotteries run by state governments attract 12% GST while those authorised by them and sold outside the state are taxed at 28%.
👉Standard procedure for officers to be issued in respect of action to be taken in cases of non-filing of GSTR-3B.
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GST Council’s decisions regarding Law and Procedure related changes
(GST Council recommended - Grievance Redressal Committees , Due Date for GSTR 9 & 9C extended to 31/01/2020, Waiver of late fee, E-way Bill blocking, ITC restriction, Standard Operating Procedure for tax officers)
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http://bit.ly/2EtVpRk
👉🏻FinMin may develop app to file GST Returns, set up facilitation centres
(FinMin is considering setting up facilitation centres and developing an app to help traders and small businesses file their GST returns)
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http://bit.ly/34uqGhG
👉🏻PNB loses UK High Court appeal in USD 45-million deceit claim
(PNB International Ltd had claimed that it had been misled and defrauded by the actions of the defendants following the granting of loans amounting to USD 45 million to companies in the US and India controlled by the individual defendants.)
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https://bit.ly/2M7NcXc
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👉 The National Company Law Appellate Tribunal (NCLAT) delved into Tata Sons' board meeting records and legal documents, like the Articles of Association, to question the rationale for the removal of Cyrus Mistry as executive chairman.
👉 Shares of Tata Group companies had a knee-jerk reaction to an NCLAT order that on Wednesday restored Cyrus Mistry as Executive Chairman of Tata Sons. The appellate authority declared Mistry’s removal from other Tata companies as illegal.
👉 NCLAT expunges remarks against Cyrus Mistry in NCLT order.