Examination for confirmation of enrollment of GST Practitioners to be conducted by NACIN:
READ MORE- https://www.gststation.in/examination-for-confirmation-of-enrollment-of-gst-practitioners-to-be-conducted-by-nacin/
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👉🏻GST defaulters may get arrested without FIR, anticipatory bail unlikely - SC
(Supreme Court suggested to the high courts not to grant anticipatory bail to those who default on the goods and services tax (GST)
👇🏻 👇🏻 👇🏻
http://bit.ly/2MuyGM2
👉🏻RBI releases calendar for issuance of gold bonds for first half of FY 19
(RBI announced calendar for issuance of Sovereign Gold Bonds for the first half of the current fiscal)
👇🏻 👇🏻 👇🏻
http://bit.ly/2ENosjw
👉🏻SFIO files first chargesheet in IL&FS Case
(SFIO accused BSR & Co and Deloitte Haskins & Sells and others of concealing info and falsifying accounts)
👇🏻 👇🏻 👇🏻
http://bit.ly/2KfR9ZZ
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GST: Another fake invoices racket busted, company proprietor held:
READ MORE- https://www.gststation.in/gst-another-fake-invoices-racket-busted-company-proprietor-held/
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Companies pitch for GST rate cut as Modi govt takes charge second time:
READ MORE- https://www.gststation.in/companies-pitch-for-gst-rate-cut-as-modi-govt-takes-charge-second-time/
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GST: Fiscal challenges for the new government:
READ MORE- https://www.gststation.in/gst-fiscal-challenges-for-the-new-government/
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Stay on GST interest relief for late payers:
READ MORE- https://www.gststation.in/stay-on-gst-interest-relief-for-late-payers/
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How GST fraud worth Rs 40 crore came into light at Manpasand Beverages:
READ MORE- https://www.gststation.in/how-gst-fraud-worth-rs-40-crore-came-into-light-at-manpasand-beverages/
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Benefits from lower GST rate must be passed on to home buyers: NAA:
READ MORE- https://www.gststation.in/benefits-from-lower-gst-rate-must-be-passed-on-to-home-buyers-naa/
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📒 GST UPDATE
🌴 First 100 days of Modi 2.0 could see tax cut, GST rejig and bank reforms. Finance & other ministries officials have already lined up measures for the new government to consider the pump-prime the economy.
🌴 Big business will have to start filing goods and service tax returns in the new form before others, with the authorities planning a gradual approach for all future changes in the indirect tax regime to avoid disruption.
🌴 The next meeting of the GST Council could take place in next week after the approval of from the new Finance Minister. NAA extension likely to be on agenda.
🌴 GST rates 12% and 18% may not be merged any time soon into one rate as the Revenue Department feels that it may cause a substantial annual revenue loss.
🌴 A single authority for sanctioning, processing GST refunds likely by August-19 from the current mechanism of twin refund authority of the Central and State Tax Officers for those assessees with annual turnover of over Rs.1.5 crore controlled by Centre and State in 50:50 ration.
🌴 The National Anti-Profiteering Authority dismisses profiteering allegation on supplier of construction service i.e. Shrivision Homes Pvt. Ltd. in respect of an apartment finding non-availment of any additional benefit of ITC post GST.
🌴 The National Anti-Profiteering Authority dismisses profiteering allegation on supplier of ‘affordable housing project’ i.e. Conscient Infrastructure Pvt. Ltd. after finding out that reduced 8% GST as notified vide NN 1/2018-Central Tax (Rate) was duly charged in respect of housing projects constructed and developed under Affordable Housing Scheme post 25.01.18.
🌴 Gujarat High Court issues notice to Revenue in writ filed by Sonal Products challenging order of Authority of Advance Ruling in the matter pertaining to classification of ‘papad’ passed beyond 90 days from date of receipt of application and that matter was heard by a Single member whereas the order was signed by two Members. The petitioner also argues that between the date of application and advance ruling, various other authorities had decided the matter in favour of the petitioner.
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🍎Key Highlights of Kerala Flood Cess
> Rate of cess to be charged on the Taxable Value of Supply and not on GST amount.
> Rate @ 1% on all services and goods having GST rate – 12/18/ 28%.
> Rate @ 0.25% on goods having GST rate – 3% ( gold & silver)
>Cess will not be charged for goods having GST rate of 5% or below.
>Exemption for small traders having annual turnover of less than 1.5 Crores.
>Applicable for all Intrastate supplies only i.e. not for Inter State supplies.
>Applicable for B2C supplies only i.e. to unregistered person.
>It should be shown separately in the invoice.
>Every taxable personn liable to pay the Kerala Flood Cess shall file a monthly return in Form No: KFC- A on or before the due date for filing of GSTR-3B return, specified under rule 61 of the Kerala Goods and Services Tax Rules, 2017.
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ICAI has released first edition (May 2019) of Handbook/ Guide on GST Annual Return which contains the detailed analysis of Form GSTR 9 and GSTR 9A in a comprehensive manner for each table of these forms. An attempt has been made by the ICAI to guide about each and every information sought in these forms of GST Annual Return
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👉🏻MCA begins work to bar 9 Auditors, Audit Partners 🔥
(MCA has authorised its regional unit to initiate proceedings against nine auditors and audit partners including BSR Co. and Deloitte Haskins & Sells (DHS) and bar them after they were charged with colluding with the management of IL&FS Financial Services and fraudulently falsifying its books of accounts)
👇🏻 👇🏻 👇🏻
http://bit.ly/2KeusW1
👉🏻FM Nirmala Sitharaman to present her first Union Budget on 5 July
(The new Finance Minister Nirmala Sitharaman will present her first Union Budget (for FY20) on 5 July, the government decided on Friday)
👇🏻 👇🏻 👇🏻
http://bit.ly/2wxxKvu
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🍎🍎MOST AWAITED JUDGEMENT IN GST
Input Tax credit (GST) cannot be denied to recipient for default on part of the supplier- Delhi High Court issued notice to UNION OF INDIA
Delhi HC issues notice in writ petition challenging Section 16(2)(c), second proviso to Section 16(2)(d) and proviso to Section 16(4) of Central Goods and Service Tax Act, 2017 (CGST Act); Validity of Section 43A(6) of CGST Act, which hasn’t been notified yet, is also being challenged; Petitioner’s contention is that the Department has been vested with all the powers to recover any revenue lost owing to non-payment of taxes by erring suppliers and credit cannot be denied to recipient for default on part of the supplier; Lists the matter on September 18 : Delhi HC
The matter is being heard by Division Bench comprising of Justice Dr. S. Muralidhar and Justice Asha Menon.
The Petitioner i.e. Bharti Telemedia Ltd. is engaged in providing Direct-To-Home satellite television broadcast services. Writ Petition has been filed challenging the legality and validity of Section 16(2)(c), second proviso to Section 16(2)(d) and proviso to Section 16(4) of the Central Goods and Service Tax Act, 2017. The Writ Petition also challenged the validity of Section 43A(6) of the Central Goods and Service Tax Act, 2017, which has not been notified until.
Section 16(2)(c) of CGST Act, 2017 provides for a condition wherein the recipient would only be entitled to Input Tax Credit if the tax charged in respect of such supply has been actually paid by the Supplier. The second proviso to Section 16(2)(d) provides that the recipient shall add an amount of Input Tax Credit availed, along with interest to the output tax liability if the recipient fails to pay the invoice amount to the supplier within 180 days.
Proviso to Section 16(4) extends the benefit of availment of ITC till the due date of furnishing of return under Section 39 for the month of March, 2019 in respect of certain invoices, only if the supplier for such supplies has uploaded the details of such invoices in its return under Section 37(1) for the month of March, 2019. Section 43A(6) of the CGST Act provides that the supplier and recipient shall be jointly and severally liable to pay tax or pay ITC availed in relation to outwards supplies for which the details have been furnished under sub-section (3) and (4) but returns thereof has not been furnished.
The provisions have been challenged on the following grounds:
Section 16(2)(c), proviso to Section 16(4) is violative to Article 14 of the Constitution of India;
The Department has been vested with all the powers to recover any revenue lost owing to non-payment of taxes by erring suppliers;
The credit cannot be denied to the recipient for the default on the part of supplier.
Delhi HC has issued a notice to Union of India yesterday and posted the matter on September 18, 2019.
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GST: Asking rate for FY20 now a daunting 22.7 per cent:
READ MORE- https://www.gststation.in/gst-asking-rate-for-fy20-now-a-daunting-22-7-per-cent/
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Rs 3K penalty on retail store for charging GST on discounted price:
READ MORE- https://www.gststation.in/rs-3k-penalty-on-retail-store-for-charging-gst-on-discounted-price/
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New government may give fresh tweak to GST:
READ MORE- https://www.gststation.in/new-government-may-give-fresh-tweak-to-gst/
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💡GST NEWS UPDATES 02-06-2019
First Full-Time Woman Finance Minister is no Stranger to GST
101 Suggestions to ‘Simplify GST’: Amarinder to Modi
Telangana Firms Caught Evading GST in Major Tax Scam Worth Crores
Zoho Set to Boost GST Adoptability Among Indian Businesses
Telangana High Court Refuses Relief to Sujana Chiefs
ACB Arrests Sales Tax Official for Accepting Rs 1 Lakh
Another Case of Fake GST Invoices Busted
GST Mop-Up for May Likely to Fall Short of Rs 1 Lakh Crore
No Anticipatory Bail, GST Violators can be Arrested without FIR, Clarifies SC
GSTN Providing Free Accounting, Billing Software to MSMEs
New GST Return Forms to Help Authorities Check Tax Evasion
Apex Auto Lobby Body to make a Plea to Govt to Reduce GST on Vehicles
Finance Ministry May Look at 10-year Tax Holiday on Rental Profits Earned By Builders
Budget 2019 by Modi Government to Eye 5-Point Agenda; From Income Tax, GST to Industrial Policy, Check Details
Tax Officials Move Supreme Court, Seek Clarity on ‘Power to Arrest’
Centre May Introduce E-Invoicing System Under GST: Report
GST Council Sets Up 2 Sub-Groups to Examine Legal, Technical Aspects of E-Invoice for B2B Sales
Some Petroleum Products Could be Brought under GST
A New Sub-Groups Created for Technical and Policy Issues of Generating E-Invoice on GST Portal
With New Government, Hopes of Early Inclusion of Gas, ATF Into GST Fold Brighten
Year After Flood, Kerala First State to Levy 1% Cess on GST
GST Rate Cut Boosts Housing Sales by 30%
Deshpande Urges PM to Slash GST Rates, Help Industries Add Jobs
Government Projects Sharp Rise in Non-GST Revenue in FY23
Manpasand Beverages Tanks 20% After MD, CFO Arrested for GST Fraud
Realtors May Get GST Relief on Development Rights
GST Council May Meet Next Week; NAA Extension Likely to be on Agenda
GST Standard Rates May Not Be Merged Any Time Soon
GST Council to Implement Changes in Phased Manner
Workshop on GST Begins in Capital
Red Zone & GST Issues Top Wish List of Maval, Shirur Industries
Kashmir Inc Seeks GST Exemption for Tourism Services, Handicrafts
GST, Biofuels Push on the Wish List of Oil & Gas Companies in NDA’s Second Term
First 100 days of Modi 2.0 Could See Tax Cut, GST Rejig, Bank Reform
Realtors’ GST Choice to Make Houses Dearer
Myntra Told to Pay Rs 2 Lakh for Charging GST on MRP
Hyderabad: Fake GST Invoice Racket Worth Rs 22.4 Crore Busted, 5 Entities Booked
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📝 Government has settled ₹ 18,098 crore to CGST and ₹ 14,438 crore to SGST from IGST as regular settlement. Total revenue earned by Central Govt & the State Governments after regular settlement in the month of May, 2019 is ₹ 35,909 crore for CGST and ₹ 38,900 crore for the SGST
[6/1, 9:32 PM] SN > CMA Kartik Saini: Total Gross GST revenue collected in May, 2019 is ₹ 1,00,289 crore of which CGST is ₹ 17,811 crore, SGST is ₹ 24,462 crore, IGST is ₹ 49,891 crore (including ₹ 24,875 crore collected on imports) and Cess is ₹ 8,125 crore (including ₹ 953 crore collected on imports)
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🏦 Capital Market Updates 🏦
June 03 - 09, 2019
✅ India Glycols posted good numbers for FY19 with an EPS of Rs.43. Its future looks bright. Buy for the long term.
✅ The problem with Dewan Housing Finance Corporation is liquidity, not solvency. Although the company has postponed its results due to changes in certain regulations, the stock looks attractive at rock bottom levels.
✅ Havells India Q4 PAT fell 8% to Rs.207 crore on weak demand due to the delayed summer. Going forward, its sales are likely to pick up. Accumulate.
✅ Punjab National Bank may take control of 2-3 small state-run banks as the government seeks to consolidate the debt-burdened state banking sector. Accumulate.
✅ With the sale of the Mutual Funds business, Reliance Capital’s debt will reduce by 33% (Rs.6000 crore). The company may slowly come out of the woods. Investors with a risk appetite may accumulate.
✅ Vinati Organics, whose FY19 PAT doubled, is set to repeat its stellar performance in Q1FY20. Buy.
✅ With a significant turnaround in Q4, Marksans Pharma’s future looks bright. Buy for the long term.
✅ After the recent correction in its share price, Graphite India is likely to rise by about Rs.100 within a month.
✅ With strong numbers for Q4 and FY19, Power Finance Corporation’s share price is bound to rise. Moreover, the management sounds optimistic about the company’s future.
✅ Railway infrastructure major Ircon International declared a dividend of Rs.21/share. An excellent PSU to buy.
✅ At a time when liquidity is a matter of concern for most NBFCs, Indiabulls Housing Finance is still going strong. In fact, it did not face any issues while raising funds. Buy.
✅ Buy National Peroxide. Its current price is cum dividend Rs.35. A major bounce-back is in the offing.
✅ SJVN posted a 245% jump in Q4 PAT to Rs.458.92 crore. Accumulate this Miniratna company for the long term.
✅ Defence PSU Bharat Electronics posted 10% higher income with 20% higher PAT for Q4FY19. With improving fundamentals, its future looks bright. Accumulate.
✅ With Ashok Leyland ramping up its non-truck and defence businesses, it may turn out to be an outperformer in the long term. Accumulate.
✅ Mahindra & Mahindra Financial Services is focused on tapping the rural markets. Its prospects appear bright. Buy for the long term.
✅ Excel Crop Care witnessed a turnaround in Q4 with PAT of Rs.4.73 crore. With improving fundamentals, its future looks promising. Buy.
✅ Rising volumes at the Infibeam Avenues counter suggests that something is cooking. Investors with a risk appetite may accumulate with a strict stop loss.
Thanks for reading 😀
