Corporate Snippets on May 11
Ø India's top five IT firms added 25% fewer people in FY210
Ø E-commerce orders gradually scaling back: Industry
Ø Credit guarantee scheme for banks needed: Subbarao
Ø Restructuring laid the path for M&As: Cognizant CEO
Ø 25% startups in serious trouble if COVID-19 persists
Ø IRDAI extends grace period for life insurance policies
Ø Wadhawans' bail plea rejected, sent to judicial custody
Ø Reliance fixes May 14 as record date for rights issue of Rs 53,125 crore
Ø India may set 10% beneficial ownership cap for FDI flowing from 7 countries
Ø Calls for debt monetisation gain traction as Covid-19 cripples economy
Ø 401 infrastructure projects show cost overrun of Rs 4.06 trillion: Report
Ø Big ticket infra projects to boost steel demand despite slowdown: RINL CMD
Ø FM to review credit flow by PSBs on May 11
Ø India’s coal production to clock record 700 million tonnes in FY21: Coal Secretary
Ø Rashtriya Chemicals & Fertilisers records 35 per cent hike in sale of ‘Suphala’ fertilisers
Ø Dr Reddy’s recalls 1,752 bottles of heartburn drug in the US
Ø HDFC AMC Q4 net profit down 9 % on lower income
Ø Adani Transmission net profit down 60% to ₹59 crore on write-off over finance sunk cost
Ø Govt. set to announce fiscal package, Rs. 20,000-crore shot for migrants
Ø Govt. ropes in Zydus Cadila to mass produce ELISA antibody test kits
Ø Gulf banks can absorb $36 billion in new credit losses, S&P says
Ø Infosys reopens offices in a staggered manner
Ø FPIs invest ₹15,958 crore in first week of May
Ø Calls for debt monetisation gain traction as COVID-19 cripples economy
Ø Maiden round-the-clock renewable energy auction gets tariff of Rs 2.90/unit
Ø Not offering emergency loans through YONO platform: SBI
Ø India’s coal production to clock record 700 million tonnes in FY21: Anil Jain
Ø India's fuel demand crashes nearly 50% in April
Ø US economy lost a staggering 20.5 million jobs, historic unemployment rate in April
Ø US to temporarily ban work-based visas including H-1B
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🏛️ Landmark and combined judgement passed by Delhi High Court in the case of 4 assessees🏛️
📕 TRAN-1 can be filed upto 30th June 2020.📕
👁️Important points of order are...👁️
1️⃣Court ordered that as per Limitation Act, taxpayers cannot be denied from filing TRAN-1 upto 3 years from the appointed date under GST i.e. 01.07.2017.
👉🏼 *Since 3 years would end on 30.06.2020*, therefore court directed the department to allow all the petitioners to file their TRAN-1 latest by 30.6.2020.
2️⃣ The interesting point in the order is that the court not only allowed the petitioners to file their TRAN-1, but also allowed all other assessees (who may not have been able to file earlier) to file their TRAN-1 latest by 30.06.2020.
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Bharti Airtel allowed to rectify its mistake done in GSTR-3B of FY 2017-18 and claim refund of Rs. 923 Crores : Delhi High Court
"While a common man was busy in preparing reconcilation of their mistakes and trying to adjust it in succeeding months, Bharti Airtel got clearance to rectify its mistake in the same month's return."
Summary:
Bharti Airtel, despite of having sufficient ITC in hand, discharged its liability in GSTR-3B by paying cash of Rs.923 Crores in the FY 2017-18 by mistake. Delhi High Court allowed the petitioner to rectify its GSTR-3B mistake now and claim refund of cash paid of *Rs. 923 Crores.
This judgement has been passed by over-ruling the central govt circular in which govt restricted the taxpayers to rectify and revise their mistakes of GSTR-3B in the same month and advised to adjust the same in succeeding months.
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