28th January 2K20
Ø Eyeing leadership position in EV segment: Tata Motors
Ø Govt. in no position to bail out banks: Abhijit Banerjee
Ø Franklin Templeton MF sidepockets exposure to Voda
Ø NTPC may not conclude THDCIL, NEEPCO deal soon
Ø Gold imports dip 6.77 per cent during April-Dec 2019
Ø Oil industry torn between Thunberg & Trump
Ø Smaller towns driving demand for regional content, OTT viewership growth
Ø TCS plans consolidation of business units to boost revenue growth
Ø Govt. likely to allow Indian companies list their equity shares overseas
Ø RIL's partnership with Saudi Aramco not a retreat from energy biz: Report
Ø Govt's fiscal woes likely to climb as gross spending to rise by 20%: Report
Ø Easier FDI norms coming for ‘most favoured nations’
Ø ‘Biggest challenge in any sector is poor customer demand’
Ø Force Motors plans ₹600-cr capex to develop 2 new models
Ø MG Motor India eyes 30% production hike for Hector SUV
Ø Signs of recovery: Cargo handling at ports gains momentum
Ø Oil slumps as fears grow over impact of China’s coronavirus
Ø Tax department gets a ₹10,000 cr windfall from pact with MNCs
Ø FPIs pour in ₹1,624 cr in Jan so far as US-China trade deal boosts sentiment
Ø Half a dozen global firms are in talks for billion-dollar deals: Hiranandani
Ø UK to use high tariff threat to raise pressure in trade negotiations
Ø Assessing current economic situation major challenge: RBI
Ø Warehousing sector to add 40 million sq ft space across top 8 cities this year: Report
Ø India, Brazil sign 15 accords across range of sectors to better ties
Ø India may raise import duties on more than 50 items this week
Ø India's rice exports fall sharply over Iran's payment delay
Ø I-T refunds of Rs 1.7L cr to hurt FY20 direct tax mop-up
Ø SEBI takes steps to avoid rerun of IndiGo feud
Ø HDFC Q3 profit jumps 4 times to Rs 8,372 cr
Ø IndiGo Q3 profit zooms over 2-fold to Rs 496 crore
Ø Don't allow zero-duty palm oil from Nepal: Trade body
Ø Maruti hikes prices of select models by up to 4.7%
Ø SEBI panel proposes overhaul of norms governing related party transactions
Ø PFC lists $750 million bonds at NSE IFSC; increases foreign borrowing
Ø Dr Reddy's posts Rs 570-cr net loss due to heavy impairment charge
Ø Govt. to sell 100% stake in Air India; sets March 17 as deadline for bids
Ø Income mismatch probe: 5,000 companies under tax department lens
Ø Qatar rejects India’s request for renegotiating existing LNG contracts
Ø Four per cent rise recorded in tea production in 2019
Ø Net direct tax collection posts a shortfall of 5.4%
Ø Tata Projects bags multiple orders worth ₹6,000 crore from BPCL, HPCL Rajasthan
Ø IndiGrid InvIT looking to buy four transmission assets for ₹7,000 crore
Ø Vodafone, Airtel in the red as PIL against non-payment of AGR dues moved in SC
Ø Dewan Housing Finance withdraws draft resolution plan
Ø Furniture imports may face restrictions to boost domestic manufacturing
Ø Bengaluru airport investing ₹13,000 crore on infrastructure expansion
Ø Urban cooperative banks reported nearly 1,000 frauds in five years: RBI
Ø SEBI, NHB issue notice to DHFL over non-compliance of guidelines
Ø India & Brazil agree to resolve Sugar subsidies issue bilaterally
Ø Bank of Baroda says fresh NPA accretion nearly peaked
Ø Employees of PSU banks threaten to go on two-day strike from January 31
Ø India needs to re-examine long-term gas pricing with Qatar: Pradhan
Ø Nestle buys Allergan business to expand in medical nutrition
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Action point regarding GST notices
It is observed from last few days there are series of notices from the department in which it is instructed by the department to pay the excess ITC along with interest .
In the first instance all these notice are without DIN ( Document Identification Number ) and department has itself declare that any communication from the department without DIN has no relevancy .
Assessee need to check ,whether he is in fault in respect to the matter as specified in the notice and should do the necessary rectification .
Notices in respect to Rule 36(4) in which it is asked to reverse the excess credit taken .It is pertinent to note here that the applicability of relevant section is from 9th October 2019 and as such any the difference between the ITC taken in 3 B and as appearing in 2A can not be more than 20 percent . For a return which is filed after 9 th October 2019 ,it has its applicability irrespective of the fact that the tax period is of period before 9 th October 2019
From 1st Jan the same limit is 10 percent .
It is advisable to make it a point to rectify any error of excess credit sue moto ,else one has to pay interest @18 percent.
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👉 A functionality has been enabled in the e-filing login of the taxpayers whose business turnover exceeds Rs.50 crores to provide the prescribed mode of electronic acceptance of payment made available to the customers Refer Notification | [Refer Circular] https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/notification_105_2019.pdf
https://www.incometaxindiaefiling.gov.in/eFiling/Portal/StaticPDF_News/circular_32_2019.pdf
👉 Committee for Capacity Building of Members in Practice, ICAI is organising 6 CPE hours Training Programme on Auditors engagement in Procurement post review for World Bank Funded projects to be held on 31st January, 2020 at New Delhi. https://www.icai.org/event.html?event=5098
👉 GSTR 1 (T.O. upto 1.5 Crore) Quarterly 31st January
👉 GSTR 9 (T.O. more than 2 Crore) Annually (FY 2017-18) 31st January
👉 GSTR 9A (T.O. more than 2 Crore) Annually (FY 2017-18) 31st January
👉 GSTR 9C (T.O. more than 2 Crore) Annually (FY 2017-18) 31st January
https://blog.saginfotech.com/gst-due-dates-e-filing-of-tax-return
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Tax collections in the current fiscal may fall short of targets by as much as Rs 2 lakh crore on faltering economy, leaving a very little room for Finance Minister for offering any meaningful reduction in personal income tax rates. corporate tax collections are likely to miss FY2020 targets by as much as Rs 1.5 lakh crore while indirect taxes may fall short by about Rs 50,000 crore on drop in GST in a sluggish economy.
India plans to increase import duties on more than 50 items including electronics, electrical goods, chemicals and handicrafts, targeting about $56 billion worth of imports from China and elsewhere.
GST department has come out with an important circular for exporters. To identify fake exporters or fake refund by exporters as well as to assist genuine exporters, it says that exporters can suo moto file details as prescribed in the circular, such as :-
Details of Directors / Partners /
Proprietor
Turnover
GST Liability
ITC availed
Refund Claimed
Summary of e way bill generated
Bank details. Once the above information has been filed, department will conduct verification of such exporters within 14 days of filing
If such verification is not done within 14 days, the exporters can mail the matter to Commissioner at the email id provided in the circular. Commissioner will then get verification completed within 7 days.
The circular also says that if refund application is pending for more than one month, such exporters can register their grievances at www.cbic.gov.in/issue. ( Ref: Circular no 131 DT 23rd Jan 2020).
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👉🏻5000 Companies under scanner over mismatch between Income Tax and GST filings
(Around 5,000 companies have come under the scanner of tax authorities due to alleged discrepancies between their Goods and Services Tax (GST) filings and Income Tax (I-T) returns)
👇🏻 👇🏻 👇🏻
http://bit.ly/3aMT5Uz
👉🏻Govt blocks Rs 40,000 Cr GST claims on returns mismatch
(CBIC has frozen tax credits of around Rs 40,000 crore as the returns did not match, exposing alleged fraud by close to 2,000 entities)
👇🏻 👇🏻 👇🏻
http://bit.ly/36xS9A2
👉🏻Analysis of Rule 86A - Blocking of ITC
(Analysis of Rule 86A - Blocking of ITC by CA. Bhavesh Mittal)
👇🏻 👇🏻 👇🏻
http://bit.ly/30ZkpKE
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👉 EPC lenders move NCLT against Mauritian bidder - In November 2019, the Mumbai bench of the NCLT approved a resolution plan by Mauritius-based Royale Partners for EPC Constructions to revive the company that was previously known as Essar Projects India. The foreign investor had offered to put in around Rs 900 crore to revive the company, which owed more than Rs 7,700 crore to its financial and operational creditors.
👉 It's time for govt to rethink the investor-State dispute regime - As per reports, the finance ministry has mooted a 40-page draft proposal that envisages the appointment of mediators and the setting up of fast-track courts to resolve disputes with foreign investors. While the proposal is being reviewed, it certainly would be a welcome step in rethinking the investor-State dispute regime.
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OECD chief Angela Gurria said the international body's plan to help solve digital tax problems has got support of 137 countries and new rules must be put in place to stop evasion worth hundreds of billions of dollars.
Gujrat High Court in the matter of Mohit Minerals Pvt Ltd decided that Under GST, an importer is not liable to pay tax under Reverse Charge Basis on Ocean Freight if the import has been made on CIF basis.
Sebi is planning to set up a data lake project for improving surveillance to monitor and analyse social media posts to keep a tab on possible market manipulations. The regulator is in the process of acquiring the technology and has already floated tenders for the same.
RBI bought Rs 10,000 crore of three long-term securities while selling a same amount of three short-term bonds. The RBI had announced to simultaneous purchase and sale of government securities (G-Secs) under open market operations (OMOs) for Rs 10,000 crore each.
Madras High Court has held that acceptance of Corporate Insolvency Resolution Plan under Section 31 of the Insolvency and Bankruptcy code, 2016 cannot be a ground for quashing the prosecution initiated under Section 138 of the Negotiable Instruments Act, 1881 against the Corporate Debtor and its officials.
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👉🏻Tax Invasion is a Social Injustice to fellow citizens - CJI
(Chief Justice of India has said that the Tax Invasion is a Social Injustice to follow citizens and arbitrary or excessive tax is also results in injustice to tax payers)
👇🏻 👇🏻 👇🏻
http://bit.ly/2RPQYGK
👉🏻GST authorities to block GST Credit of over 1,000 Taxpayers
(GST authorities to block input tax credit of about 1,000 taxpayers who have allegedly claimed more credit than they were eligible for)
👇🏻 👇🏻 👇🏻
http://bit.ly/38HDfc1
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👉 Creditor take Gurgaon realty firm into NCLT - The Delhi Bench of National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution proceedings (CIRP) against a Lotus Green Group Company, the Gurgaon based Bright Buildtech Pvt. Ltd.
👉 30 days for appeal file u/s 61(2) count from the date of issuance of certified copy-Damodar Valley Corporation Vs. Divya Jyoti Sponge Iron Pvt. Ltd. & Ors. -NCLAT
NCLAT held that in terms of the Section 61(2) provision, if we count from the date of issuance of certified copy i.e. 28th August, 2019, we find that the appeal has been filed beyond 30 days of the said order. This Appellate Tribunal is empowered to condone delay for a period not exceeding 15 days after expiry of the aforesaid period of 30 days, if it is satisfied that there is sufficient cause for not filing such appeal. Even if it is accepted that there was a sufficient cause in not preferring the appeal during period of vacation i.e. 2nd October, 2019 to 13th October, 2019, the delay having exceeded more than 15 days beyond 30 days, we hold that this appeal under Section 61 is not maintainable being barred by limitation.
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Professional Information
👉 31.01.2020 is LAST DATE to pay ICAI membership & COP Fees for FY 2019-20 for all CAs.
👉 31.01.2020 is the due date to file TDS Return (24Q, 26Q, 27Q) for Q3 of F.Y. 2019-20.
👉 GST 31.01.2020 is the due date to file GSTR-9/9C for F.Y. 2017-18.
👉 31.01.2020 is the due date to file GSTR-1 (turnover upto INR 1.50 crores) for Q3 (2019-20).
👉 The CCBMP Committee has taken up Various Initiatives for the Benefit of Members of ICAI
In this regard, an Exclusive Portal https://cmpbenefits.icai.org/ has been Launched
Some Key Initiatives
Tally.ERP 9 Gold Edition (Multi-User version)
Group Term Insurance
Antivirus Software : “Quick Heal Total Security”
Health Insurance
Professional Indemnity Insurance
Motor Vehicle Insurance
Personal Accident Insurance
Householder’s Insurance
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👉 NCLAT sets aside insolvency proceedings against Raheja Developers- Earlier, on August 20 last year, the Delhi-based principal bench of the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against the company over the plea filed by one of its flat buyers citing delay in the project and appointed an interim resolution professional.
👉 Uttam Galva Steel on Tuesday challenged Deutsche Bank's application at the National Company Law Tribunal (NCLT) for the recovery of $20 million (Rs 142 crore). The Singapore branch of Deutsche Bank had given a $20 million credit facility to Uttam Galva on May 2, 2013. Uttam Galva has raised two contentions opposing the petition — one that the debt was time-barred and the other that the loan agreement was not stamped. Since the document is not stamped in Maharashtra, Deutsche's claim cannot be enforced, argued Khaitan Legal Associates, the law firm representing Uttam Galva at the NCLT.
👉 NHPC's Rs 165-crore bid for Jal Power's 120 MW Rangit project gets lenders' nod - "NHPC Ltd has been declared as the Successful Resolution Applicant by the Committee of Creditors (CoC) of Jal Power Corporation Limited (120 MW Rangit Stage IV HE Project) subject to approval of Resolution Plan by the Hon'ble National Company Law Tribunal, Hyderabad Bench,"
Thanks for reading