CA Rohit Jaiswal

Monday, 21 October 2019

21 October 2019 News and Updates

21th October 2K19

Economic Times

Ø Britain, European Union reach Brexit deal

Ø Adani Enterprises sets up new arm for metro rail biz

Ø DHFL reports Q2 net loss of Rs 242 crore

Ø Adani partners Adnoc, BASF for $4 bn chemical venture

Ø IL&FS completes wind power units sale to Orix

Ø J&J agrees to pay about $117 mn to settle mesh probe

Business Standard

Ø Govt asks PSBs to look for alternative resolution mechanism outside IBC

Ø Cipla acquires anti-infective drug Elores from Venus Remedies

Ø RBI's subsidiary DICGC to revamp 50-year-old deposit insurance scheme

Ø Steel prices fell to three year low; industry awaits demand pick up

Ø TVS Motor profit rises 21% YoY in September quarter at Rs 255 crore

Business Line

Ø India will soon become a gas trading hub, says Pradhan

Ø FMCG performance in rural India worst in 7 years: Nielsen

Ø Bhushan Power case: ED to move apex court against NCLAT order

Ø PVR Q2 net profit soars 35 per cent

Ø Zee Entertainment profit up 6.9%

Mint

Ø Consumption in rural India hits a 7-year low

Ø IMF chief Georgieva calls for reversing tariffs threatening global growth

Ø Piyush Goyal warns action against e-commerce companies if found guilty

Ø Indiabulls Housing Finance offers to pre-pay NCDs

Ø India rallies 51 nations to reject US memo on special treatment

Financial Express

Ø BREXIT deal sealed: India likely to benefit but Indian firms in UK must watch

Ø China appeals to Washington for quick end to trade war

Ø Govt probing Flipkart,Amazon for alleged discount sales

Ø Rupa bets on modern retail for Rs 2000 crore topline by FY22

Ø DMF funds for mineral-rich states grossly underutilised

Deccan Chronicle

Ø Rupee pares initial losses; settle 11 paise up at 71.43 against USD

Ø Average MF ticket size, exposure per borrower continue to go up

Ø Sensex rallies 453 points to close above 39,000-mark; Nifty tops 11,550

Ø Real estate market sentiment decline to 2016 note ban levels

=============>

MCA: Now company which is inactive for non filing of KYC and Directors were also disqualified can appoint the Directors to remove the Deadlock.

GST: CBIC extends Last date for filing of CMP-08 for Composition Taxpayers to 22nd Oct, 2019

Case Study: Penny Stock - Mumbai Tribunal deletes addition on account of capital gain on the allegation of Bogus LTCG in Penny Stock in the case of Viayrattan Balkrishan Mittal vs. DCIT (ITAT Mumbai

Digital payment mandatory for big traders from November 1, Finance Minister Sitharaman announced. 1st NOVEMBER ONWARDS , DIGITAL PAYMENT IS MUST

ICAI: *Overseas Campus Placement* - 12th to 14th December, 2019 - Revised Schedule - (16-10-2019)

https://www.icai.org/new_post.html?post_id=16033&c_id=240

=============>

MCA has recently issued Companies (Incorporation) Eighth Amendment Rules, 2019 on 16 th October, 2019. As per Notification mentioned above there is amendment in Rule 25A i.e. Active Company Tagging Identities and Verification (ACTIVE).

1. Whether DIR-12 can be file for cessation of Director?

Yes even status of Company is inactive. Company is allowed to file DIR-12 for cessation of Director.

2. Due to any reason all the directors are disqualified u/s 164. Whether Company can get appointment of one director from backend.

Yes as per latest amendment, even if all the directors are disqualified and status of company is inactive. ROC can appoint one director from backend.

3. In question No.2. Whether DIR-12 can be file for appointment of Second Director?

Yes, once one directors appointed by ROC from backend. DIR-12 can be file for appointment of another director even status of company is inactive.

4. Where DIN of all or any of the directors are deactivated, whether DIR-12 can be file by Company for appointment of new Director.

Yes as per latest amendment, even DIN of all or any of Directors are deactivated still Company can file DIR-12 with Roc for appointment of new Director.

5. Due to any reason any directors are disqualified u/s 164 and minimum no. of directors reduces below minimum limit. Whether Company can file DIR-12 for appointment of new Director.

Yes as per latest amendment, Company can file e-form DIR-12 for appointment of new director in above condition even status of Company is inactive.

=============>

GST: Govt likely to extend 2-year debate moratorium for textile units:

The government plans to extend the two-year moratorium for debt repayments by textile units struggling because of goods and services tax (GST) refund delay, said sources in the textiles ministry.

READ MORE-https://www.gststation.in/gst-govt-likely-to-extend-2-year-debate-moratorium-for-textile-units/

=============>

GST applies on membership fees, Rotary Club of Mumbai told:

READ MORE-*https://www.gststation.in/gst-applies-on-membership-fees-rotary-club-of-mumbai-told/

=============>

MSME Form-I (Filling half yearly return with the registrar in respect of outstanding payments to MSME due date 31st October, 2019)

E- assessment scheme 2019 was introduced to eliminatethe interface between the A. O and the assesse. Main feature of scheme were notified by CBDT vide Notification No. 61 and 62 /2019 dated 12/09/2019.

Reserve Bank of India has decided to operationalise ' unified departments for supervision and regulation' with effect from November 1, 2019 , in a bid to strengthen its oversight of commercial banks, urban co-operative banks (UCBs) and non-banking financial companies (NBFCs).

Income tax payers rose to 84.5 million in the 2018-19 assessment year, a jump of 13.8% from the previous year in line with double-digit growth in tax receipts and the number of returns filed.

=============>

👉🏻SEBI lays down stricter norms for Statutory Auditors

(SEBI put in place stricter norms for auditors, including prompt disclosures about reasons for their resignation and requirement to approach chairman of audit committee directly in case of any concerns with management of the firm concerned)

👇🏻 👇🏻 👇🏻

http://bit.ly/2BvRmCF

👉🏻New GST return forms may force firms to change ERP systems

(GST returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems)

👇🏻 👇🏻 👇🏻

http://bit.ly/2BuMv4C

*👉🏻Govt brings commodity option trading, settlement at par with equities*

(Govt has brought commodity options trading and settlement on a par with equities, paving the way for new norms for farmers and small and medium enterprises to step up hedging)

👇🏻 👇🏻 👇🏻

http://bit.ly/2VXVhS9

=============>

New GST return forms may force firms to change ERP systems:

READ MORE-https://www.gststation.in/new-gst-return-forms-may-force-firms-to-change-erp-systems/

=============>

GST collection dips sharply in Maharashtra, Haryana; deficit worries mount:

READ MORE-*https://www.gststation.in/gst-collection-dips-sharply-in-maharashtra-haryana-deficit-worries-mount/

=============>

DPIIT seeks data on sellers, GST from Amazon, Flipkart:

READ MORE-https://www.gststation.in/dpiit-seeks-data-on-sellers-gst-from-amazon-flipkart/

=============>

👉The new GST returns from April 2020 that mandate providing more details may require companies to amend their Enterprise Resource Planning (ERP) systems.The new return systems would require a lot of details such as purchases from unregistered dealers, bill of entry-wise import details and bill of entry-wise purchases from SEZs.

👉The Sovereign Gold Bond Scheme 2019-20 - Series VI tranche of government's sovereign gold bond scheme opens for subscription today.It will close on October 25, 2019. RBI has fixed the price of sovereign gold bonds at 3,835 per gram of gold.

👉The Supreme Court bench starts hearing the batch of appeals challenging the NCLAT's decision in Essar Steel insolvency resolution, one of the most crucial insolvency matters of the country.

👉Income Tax relief hinges on govt’s revenue position. International agencies and the RBI have pronounced their verdict on India’s economic growth estimates for the fiscal year ending March 2020. They have unanimously cut the growth forecast by up to 1.5 percentage points.

👉Finance Minister says that the ongoing trade wars and protectionism have generated uncertainties and will ultimately impact the flow of capital, goods and services.

=============>

GST Council, on September 29, 2019, has approved the introduction of ‘E-invoicing’ or ‘electronic invoicing’ for business to business (B2B) transactions from January 1, 2020. Once implemented, it can help arrest tax evasion as it enables pre-populating of GST returns with the e-invoice details. Return filing will also become simpler with reconciliation becoming easier.

CBIC seeks to make the filing of annual return under Section 44(1) of CGST Act for F.Y. 2017-18 and 2018-19 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.

=============>

.
Income tax department has selected 58,322 cases for scrutiny, under the first phase, under the e-Assessment Scheme 2019 for income tax returns (ITR) filed for FY18 or assessment year (AY) 2018-19. The e-notices were served before 30 September 2019.

Sebi is planning to further tighten rules for participatory notes (P-notes), offshore derivative instruments issued by brokers to foreign investors not registered in the country, said people with knowledge of the matter. The capital markets regulator has found instances where foreign brokers have issued P-notes against Indian derivative contracts to overseas clients, who don’t own the underlying local shares.

Lenders to the crippled mortgage lender Dewan Housing Finance (DHFL) are hopeful of passing a resolution plan successfully at the earliest even as mutual funds are not yet on the same page with the bankers' plan.

NCLT not barred from entertaining IBC Application even if notice issued in winding up plea by High Court: Madras High Court.

MSME Form-I (Filling half yearly return with the registrar in respect of outstanding payments to MSME due date 31st October, 2019)

=============>

.
👉NCLAT gives go ahead to NCLT Mumbai to decide on Adani Ports' bid for Dighi Port.

👉Soon, a single homebuyer or just a few of them won’t be able to file insolvency application against their real estate developer. In a significant move, the government is planning to amend the Insolvency and Bankruptcy Code (IBC) to stipulate that the number of homebuyers required to file an insolvency case must be at least 100 or they must collectively account for a minimum of 5% of the outstanding debt of the realty developer, whichever is lower. However, they will continue to enjoy the status of financial creditors.

👉SEBI is widely expected to enhance the minimum investment limit for Portfolio management services (PMS) from Rs 25 lakh to Rs 50 lakh at its forthcoming board meeting in November.

👉India’s exports contracted 6.57% in September as shipments of petroleum, engineering, gems & jewellery and chemicals fell. Imports declined 13.85% to a three-year low of $36.89 billion, indicating weak domestic demand in a slowing economy.

=============>

.
Income Tax Department has selected 58,322 cases for scrutiny, under the first phase, under the e-Assessment Scheme 2019 for income tax returns (ITR) filed for FY18 or assessment year (AY) 2018-19. The e-notices were served before 30 September 2019.

MSME Form-I (Filling half yearly return with the registrar in respect of outstanding payments to MSME due date 31st October, 2019)

=============>

.
Chhattisgarh HC allows assessee-company’s writ, quashes re-assessment proceedings for AY 2009-10, as “no notice was served to the petitioner-assessee u/s. 148(1) and service of notice to the (‘CA’) of the petitioner Company is not service at all. [TS-236-HC-2018(CHAT)]

ITAT Delhi decision: No addition of purchase creditors under section 68; family settlement does not fall within the confines of section 56; assessee cannot be worse off in set aside proceeding u/s 254 as in u/s 143(3) of the act; World Institution Development Programme v. ITO(Exemption)(ITA No. 08/D/19) (Dated 17/09/2019)

"Reserve Bank of India has decided to operationalise 'unified departments for supervision and regulation' with effect from November 1, 2019, in a bid to strengthen its oversight of commercial banks, urban co-operative banks (UCBs) and non-banking financial companies (NBFCs).

*Differences between Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi) may delay or possibly even scupper resolution plans of defaulting firms such as DHFL, experts and industry insiders have warned. While the RBI’s word is binding on banks, mutual funds, who are also prominent lenders to many firms, are regulated by Sebi. The market regulator’s views on certain aspects of the resolution proposed by banks are different from that of RBI and the clash may lead to delays as various lenders try and work out a common ground on the best way to rescue a defaulting firm.

MCA: last date for filing DIR-3 KYC for Financial year 2018-19 has expired on 14th October 2019. The process of deactivating the non-compliant DINs is in progress and will be completed shortly. Please note that the form DIR-3 KYC and web service DIR-3 KYC will not be available for filing during the pendency of this activity.

=============>

◆Jio has alleged that incumbent operators are earning undue interconnect usage charges by offering mobile numbers as helpline numbers to companies, which are used just as virtual numbers for routing calls to call centres. Jio said this process changes the nature of the call from 'mobile to wireline' to 'mobile to mobile', causing losses of hundreds of crores to Jio.

◆Reliance Industries can become the first Indian company to hit $200 billion in market value in two years, Bank of America Merrill Lynch (BofAML) said on Wednesday. This would come on the back of its fixed broadband business and new commerce venture, it said. "We think the market is giving little credit to these initiatives given limited visibility," BofAML added.

◆Finance Minister Nirmala Sitharaman said on Tuesday that India will not sacrifice its economic strength and strategic interests due to US sanctions. "We value the strong partnership with US, but we should equally be allowed to be a strong economy," she said. Reliance Industries resumed purchasing Venezuelan crude this month after a four-month pause due to US sanctions.

◆Finance Minister Nirmala Sitharaman has said that state-run banks had the "worst phase" under the combination of former PM Manmohan Singh and RBI Governor Raghuram Rajan. "It was in Rajan's time...that loans were given just based on phone calls from crony leaders," she said. Banks are still dependent on government's capital infusion to "get out of that mire," Sitharaman added.

=============>

Differences between Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi) may delay or possibly even scupper resolution plans of defaulting firms such as DHFL, experts and industry insiders have warned. While the RBI’s word is binding on banks, mutual funds, who are also prominent lenders to many firms, are regulated by Sebi. The market regulator’s views on certain aspects of the resolution proposed by banks are different from that of RBI and the clash may lead to delays as various lenders try and work out a common ground on the best way to rescue a defaulting firm.

=============>

.
Sebi is planning to further tighten rules for participatory notes (P-notes), offshore derivative instruments issued by brokers to foreign investors not registered in the country, said people with knowledge of the matter. The capital markets regulator has found instances where foreign brokers have issued P-notes against Indian derivative contracts to overseas clients, who don’t own the underlying local shares.

=============>

.
👉Government asks businesses with turnover exceeding Rs 50 crore to mandatorily provide electronic modes of payment from November 1. To this end, a new provision, namely Section 269SU, has been inserted in the Income-tax Act. Another provision, Section 10A, has been added to Payment and Settlement Systems Act. The provision prohibits banks and payment system providers from imposing any charge on transactions through electronic modes of payments specified in Section 269SU of the Income-tax Act.

👉Auditors of listed companies will have to issue a limited review or audit report if they resign within 45 days from the end of a quarter, market regulator SEBI, said on Friday.

👉Companies that are under the adjudication proceedings before the NCLT have been directed to inform the Directorate General of Foreign Trade (DGFT) about their outstanding export obligations and liabilities.

👉Many companies could face a stress on their working after a GST regulation may lead to hundreds of crores stuck in input tax credit claims. A government regulation that disallows companies to take input tax credit if vendor invoices are not uploaded on the GST network is creating problems for the companies.

👉The Goa government coughed up Rs 3.26 crore for hosting a day-long meeting of the 37th GST Council chaired by Union Finance Minister Nirmala Sitharaman held last month in a star resort .

👉The forex reserves had increased by a higher $4.24 billion to a new high of $437.83 billion in the previous reporting week.

=============>

.
Landmark Judgment: Benefit u/s 11(2) cannot be denied just because Assessee has filed Form No. 10 belatedly- Madras HIgh Court. Shri Chandraprabhuji Maharas vs DCIT.

CBIC has issued a notification to mandate that FORM GSTR-3B from Oct 2019 to March 2020 to be furnished electronically till the 20th day of next month as per the new return system.

MCA: Now company which is inactive for non filing of KYC and Directors were also disqualified, Now they can appoint the Directors to remove the Deadlock. http://www.mca.gov.in/Ministry/pdf/CompIncEighthAmndtRules_18102019.pdf

Supreme Court said it would first hear the appeal of Jaypee Group against the NCLAT order that barred it from participating in the auction of its debt-ridden group firm, Jaypee Infratech Ltd (JIL).

=============>

.
GST return filing: Businesses need to do this differently while filing GSTR-3B for September:

READ MORE- https://www.gststation.in/gst-return-filing-businesses-need-to-do-this-differently-while-filing-gstr-3b-for-september/

Thanks for reading 🙏

Thursday, 17 October 2019

17 October 2019 News and Updates

17 October 2019 News

Economic Times

Ø Overseas investors increase Asian bond buying

Ø Economies should engage in combined action plan: IMF

Ø US warns China about untrackable ships carrying Iran oil

Ø Slowdown in credit linked to growing risk aversion: SBI

Ø RIL can hit $200b m-cap in 24 months, says BofA-ML

Ø Trump says won't sign trade deal until he meets with Xi

Ø PMC Bank assures to protect depositors interest
Ø Sep trade deficit narrows slightly to $10.86 billion
Ø Global growth in 2019 to be lowest in a decade: IMF
Ø EU, UK negotiators closing in on a draft Brexit deal
Ø 1/3 large firms not to switch to new tax regime: Crisil
Ø Saudi Aramco interested in buying govt's stake in BPCL
Ø Jain Irrigation cut to ‘selective default’ by S&P

Business Standard

Ø India's fuel demand dips to lowest in over two years in Sept: Govt data

Ø ICRA revises rating outlook for one-third of wind, solar portfolio

Ø India cannot sacrifice economic strength to comply with US sanctions: FM

Ø PNB Housing to raise up to Rs 10,000 cr by issuing bonds in tranches

Ø Declining domestic copper grades compel China to look overseas: Fitch
Ø Wipro Q2 net profit jumps 35.1% YoY to Rs 2,552.6 crore
Ø September exports repeat decline, contract by 6.5% to reach 3-month low
Ø Air India stake sale: Buyer to get only Rs 10,000 crore of airline debt
Ø Promoters sell 22% stake in Bajaj Consumer Care for Rs 700 crore
Ø Essar Steel CoC defends lower pay out to Standard Chartered Bank

Business Line

Ø IMF cuts India's growth forecast to 6.1 per cent
Ø Essel in talks to sell six road assets to NIIF
Ø MCX net doubles on higher volume, gold price rise
Ø CleverTap raises $35 million from Sequoia, Tiger Global
Ø Berger Paints to acquire 95.53 per cent in waterproofing co STPL for Rs 167.5 cr
Ø Sajjan Jindal repays ₹1,200-cr loan to release pledged shares

Ø Fundamentals of economy ‘very very strong’: CEA

Ø Lending to small units fell in Q1, says MSME report

Ø Bharat Electronics signs MoU with TEL for ammunition business

Ø JSW Paints to enter western markets by year end

Ø India halved its poverty rate since 1990s: World Bank

Ø ACC net up 45% on higher realisation

Mint

Ø RBI governor assesses liquidity situation, calls for quicker transmission
Ø India retains tag of world's fastest growing economy alongside China: IMF
Ø Subhash Chandra scrambles to retain Zee reins amid VTB’s stake sale talks
Ø Karnataka Bank Q2 net down 5.3% to Rs106 cr as bad loans go up

Ø Reliance Jio alleges fraud by incumbent telcos to earn IUC revenue

Ø Mindtree catches up with Street’s expectations in Q2

Ø VTB Group acquires rights to sell 10.71% stake in ZEEL to recover loan

Ø Road ministry issues draft norms to set up vehicle scrapping facility

Ø Sell our assets and start repayment to PMC: HDIL promoters ask probe agencies

Financial Express

Ø RBI extends restrictions over two Maharastra based cooperative banks

Ø Coal shortage has impacted aluminium production: Nalco

Ø Important for India to keep fiscal deficit in check: IMF chief economist Gita Gopinath

Ø DHFL crisis: Lenders hope Mutual Funds also join resolution plan soon
Ø China sees ‘no difference’ with US on trade deal
Ø India on track to achieve 175 GW of renewable energy by 2022: RK Singh
Ø India does not have any trade dispute with US, says Piyush Goyal

Deccan Chronicle

Ø Cabinet to consider splitting GAIL; pipeline business not to be sold before 2022
Ø Maruti reports Rs 154 crore investment in CSR initiatives last fiscal
Ø Total to buy Adani Gas stake via open offer

Ø Adani Wilmar eyes Rs 36,000 cr from consumer business in 5 years

Ø Rupee pares initial losses; settle 11 paise up at 71.43 against USD

Ø Yesterday, Sensex spurts 292 points; auto, metal stocks drive rally. Today, Sensex rises for 4th straight session, up 93 points

Ø Oil prices edge higher as OPEC hints at deeper output cuts

.
================>
.

Gujarat High Court has granted interim relief in the case of interest liability on gross tax payable by restraining the department from coercive action for non-payment of interest amount.

Central Board of Indirect Taxes and Customs has launched a revamped and streamlined program to attract investments into India and strengthen Make in India through manufacture and other operations under the bond scheme, under Customs Act, 1962.

SEBI has issued a Master circular on Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of terrorism (CFT) / Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed thereunder.

RBI governor came under pressure at the bank’s board meeting last week, with two external directors questioning how a string of frauds that have surfaced since 2018 remained undetected for years. The two board members referred to the losses suffered by Punjab National Bank, which bankrolled jeweller Nirav Modi and his uncle Mehul Choksi; the multiple irregularities in IL&FS, which came to light after the firm defaulted on payment obligations; and the recent failure of Punjab & Maharashtra Coop (PMC) Bank — 70% of whose loan book was cornered by Mumbai-based realtor HDIL.

.
================>
.

Parle Biscuits profit up in FY19, months after seeking GST rate cut amid slowdown:

READ MORE- https://www.gststation.in/parle-biscuits-profit-up-in-fy19-months-after-seeking-gst-rate-cut-amid-slowdown/

.
================>
.
E-invoicing, a game-changer for GST:

READ MORE- https://www.gststation.in/e-invoicing-a-game-changer-for-gst/

.
================>
.
FORM MSME-1 Furnishing return with ROC

All companies getting service from MSME enterprises must file MSME 1 & 2 each year. Failure to file the form attracts a penalty of Rs.25000.

Every specified company shall file a return as per MSME-1, extended by 31st October 2019 for the period from April to September and by 30th April 2020 for the period from October to March.

Procedure

1. Firstly identify your MSME registered suppliers and ask for their registration certificate.

2. If there are any such suppliers who are Registered under MSME Act and if the payments to them are due for more than 45 days from the date of acceptance of the goods and services, then details of such suppliers shall be furnished in Form MSME-1.

Details to be furnished in MSME-1:

1. Name of supplier

2. PAN of supplier

3. Amount due against the supplies of goods or services

4. Date from which the amount is due

5. Reason of delay in payment of the amount due

CONSEQUENCES FOR NON- FILING

If any company fails to file MSME-1 on or before 31.10.2019 or knowingly furnishes any information or statistics which is incorrect or incomplete in any material respect, the company shall be punishable with fine which may extend to twenty-five thousand rupees and every officer of the company who is in default, shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than twenty-five thousand rupees but which may extend to three lakh rupees, or with both.

Applicability

1. If you get supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers exceed forty five (45) days from the date of acceptance or the date of deemed acceptance of the goods or services as per the provisions of section 9 of the Micro, Small and Medium Enterprises Development Act,2006.

2. Ignore it, If you not get any supplies of goods or services from micro and small enterprises and whose payments to micro and small enterprise suppliers not exceed forty five (45) days from the date of acceptance.

.
================>
.
Rs 450-crore GST fraud detected:

READ MORE- https://www.gststation.in/rs-450-crore-gst-fraud-detected/

.
================>
.
Horse owner must pay 18% GST on racing prize:

READ MORE- https://www.gststation.in/horse-owner-must-pay-18-gst-on-racing-prize/

.
================>
.
RBI imposes Rs 3 crore penalty on SBM Bank:

READ MORE- http://www.ibcguide.com/rbi-imposes-rs-3-crore-penalty-on-sbm-bank/

.
================>
.

Chhattisgarh HC allows assessee-company’s writ, quashes re-assessment proceedings for AY 2009-10, as “no notice was served to the petitioner-assessee u/s. 148(1) and service of notice to the (‘CA’) of the petitioner Company is not service at all. [TS-236-HC-2018(CHAT)]

Reserve Bank of India has decided to operationalise 'unified departments for supervision and regulation' with effect from November 1, 2019, in a bid to strengthen its oversight of commercial banks, urban co-operative banks (UCBs) and non-banking financial companies (NBFCs).

.
================>
.
👉🏻Income-tax officials give thumbs down to faceless assessment program

(The scheme is being implemented in a hurry without considering the concerns of the majority of the stakeholders, according to the letter dated Oct 3)

👇🏻 👇🏻 👇🏻

http://bit.ly/35xCCB3

👉🏻DIN Deactivated due to non-filing of DIR-3 KYC - MCA

( DINs which have not complied with the requirement of filing DIR-3 KYC have since been marked as ‘Deactivated due to non-filing of DIR-3 KYC - MCA)

👇🏻 👇🏻 👇🏻

http://bit.ly/2IWhGK6

Thanks for reading

Tuesday, 15 October 2019

15 October 2019 News and Updates

🧾15th October 2K19

Economic Times

Ø Govt mulls raising Rs 1 lakh threshold for invoking IBC

Ø YES Bank sells 6.56% stake in Fortis Healthcare

Ø Digital technologies to create $1 tn value by 2025: EY

Ø Total, RIL may not bid for BPCL; BP wants to see offer

Ø Adani Transmission acquires arm of REC Transmission

Business Standard

Ø HUL Q2 net up 21% YoY to Rs 1,848 cr; to give Rs 11/sh as interim dividend

Ø Moody's downgrades Indiabulls to B2 on fund raising challenge, governance

Ø RBI hikes cash withdrawal limit for PMC depositors to Rs 40,000

Ø Indian pharma companies spread businesses to avoid regulatory ire

Ø Assets worth Rs 3,830 cr seized, identified in PMC Bank case: ED

Business Line

Ø Reliance to swap diesel for Venezuelan crude oil

Ø Ratan Tata to invest in EV start-up Tork Motors

Ø Consumer inflation inches up close to 4% in September on costlier food items

Ø Granules India to exit from China jt venture

Ø L&T puts two thermal power units into operation in MP, UP

Mint

Ø Lenders approve JSW Energy’s resolution plan for Ind-Barath’s 700 MW power plant

Ø Rural demand remains a concern for Wipro Consumer Care and Lighting

Ø New resolution professional of Videocon seeks EoIs for 13 companies under IBC

Ø BSE to suspend trading in Manpasand Beverages, Binani Industries, 14 others

Financial Express

Ø Indian economy structurally, fundamentally strong: MoS Finance

Ø India to see $118 billion investment in oil, gas sector in next few years, says Dharmendra Pradhan

Ø WTO gives final approval to US retaliation in Airbus case

Ø RBI imposes Rs 1 crore fine on Lakshmi Vilas Bank, Rs 75 lakh on Syndicate Bank for violating norms

Deccan Chronicle

Ø Traders' body seeks govt audit into business models of Amazon, Flipkart

Ø Rupee drops 21 paise to 3-week low on fading US-China deal optimism

Ø Sensex pares gains, ends 87 points higher; Nifty closes at 11,330

Ø SBI re-enters top-10 most valued firms list; replaces Bajaj Finance

===========>

🛒The main features of The Consumer Protection Act, 2019 are as follows:-

1. District forum is renamed as District Commission

2. The Opposite Party needs to deposit 50% of the amount ordered by District Commission before filing appeal before State Commission, earlier the ceiling was of maximum of Rs. 25,000/-, which has been removed.

3. The limitation period for filing of appeal to State Commission is increased from 30 days to 45 days, while retaining power to condone the delay.

4. State Commission shall have a minimum of 1 President and 4 Members

5. The original pecuniary jurisdiction of District Commission shall be uptil Rs. 1 Crore, State Commission from 1 Cr – 10 Cr. And NCDRC to be more than Rs. 10 crore

6. Now complainant can also institute the complaint within the territorial jurisdiction of the Commission where the complainant resides or personally works for gain besides what was provided earlier

7. Section 49(2) and 59(2) of the new act gives power to the State Commission and NCDRC respectively to declare any terms of contract, which is unfair to any consumer, to be null and void.

8. A second appeal to NCDRC has been provided U/s 51(3) if there is a substantial question of law involved in the matter

9. Power of revision can still be exercised by NCDRC U/s 58(1)(b) and by State commission under 47(1)(b) of the Act.

10. Power of review has been conferred to District Commission, State Commission and NCDRC U/s 40, 50 and 60 of the Act respectively

11. NCDRC can hear appeals against the order of Central Authority by virtue of Section 58 of the Act

12. Period of limitation in filing of complaint remains 2 years with a provision for condonation of delay power U/s 69 of the Act

13. Section 70 provides for administrative control of State Commission over District Commission and that of NCDRC over State Commission. It inter alia provides for investigation into any allegations against the President and members of a State Commission / District Commission and submitting inquiry report to the State Government concerned along with copy endorsed to the Central Government for necessary action

14. Section 71 confers power of execution as provided Under Order XXI, The Code of Civil Procedure, 1908 with such limitation as provided in the section

15. Mediation is given statutory status by way of introduction of Section 74 in the new Act

16. A product liability action may be brought by a complainant against a product manufacturer or a product service provider or a product seller, as the case may be, for any harm caused to him on account of a defective product.

17. Chapter III of the Act provides for creation of Central Authority to regulate matters relating to violation of rights of consumers, unfair trade practices and false or misleading advertisements which are prejudicial to the interests of public and consumers and to promote, protect and enforce the rights of consumers as a class

18. The Central Authority shall have an Investigation Wing headed by a Director General for the purpose of conducting inquiry or investigation under this Act as may be directed by the Central Authority

19. The Act of 2019 has come into effect w.e.f. 9.8.19 and old Act of 1986 stands repealed, subject to section 1(3) of the New Act.

20. Rules regarding appointment, conditions of service etc. of the Members are to be notified soon.

The list is not exhaustive and the above is just a bird's eye view only of the new Act. For more / exact details kindly refer to the notification dated 9.8.19 notifying the Act./

===========>

MCA Update

Please note that the last date for filing DIR-3 KYC for Financial year 2018-19 has expired on 14th October 2019. The process of deactivating the non-compliant DINs is in progress and will be completed shortly. Please note that the form DIR-3 KYC and web service DIR-3 KYC will not be available for filing during the pendency of this activity. Filing of DIR-3 KYC and DIR-3 KYC WEB can be made after completion of the scheduled activity, as above, when the form & service are re-deployed on the portal after payment of applicable fees. Stakeholders may kindly note and plan accordingly.

===========>

1 lakh crore per year toll collection in next 5 years: Nitin Gadkari:

READ MORE-*https://www.gststation.in/1-lakh-crore-per-year-toll-collection-in-next-5-years-nitin-gadkari/

===========>

CBDT has launched the faceless assessment in the Income Tax Department by inaugurating the Nationale-Assessment Centre (NeAC). Under e-Assessment scheme 2019,

Income Tax New enhanced monetary limits for filing departmental appeal are applicable for pending appeals also : ITAT DELHI BENCH 'ACIT VS Bulland Buildtech (P.) Ltd

Directorate of Revenue Intelligence (DRI) move followed a Supreme Court stay on a Gujarat High Court order favouring the exporters. The high court had quashed a revenue department notification allowing DRI to penalise exporters for allegedly not following “pre-import condition” and availing wrongful Goods and Services Tax (GST) exemptions.

GST : In a major overhaul of how input credit is availed by businesses, the Government has proposed in case where there is a mismatch or details have not been uploaded by the suppliers, input tax claim will not exceed 20 per cent of the eligible credit available in respect of invoices or debit notes uploaded by the suppliers.

MCA has made further amendments to Schedule VII of the Companies Act, 2013 and extended the scope of establishment & contributions to incubators in Corporate Social Responsibility (CSR) Activities under Section 135 of the Companies Act, 2013.

===========>

✳CBIC Updates:-

▶CBIC has issued a new circular, circular no. 121/2019regarding to Clarification related to supply of grant of alcoholic liquor license.

▶CBIC has issued a new circular, circular no. 120/2019regarding to Clarification on the effective date of explanation inserted in notification No. 11/2017- CTR dated 28.06.2017, Sr. No. 3(vi).

▶CBIC has issued a new circular, circular no. 119/2019regarding to Clarification regarding taxability of supply of securities under Securities Lending Scheme, 1997.

▶CBIC has issued a new circular, circular no. 118/2019regarding to Clarification regarding determination of place of supply in case of software/design services related to Electronics Semi-conductor and Design Manufacturing (ESDM) industry.

▶CBIC has issued a new circular, circular no. 117/2019regarding to Clarification on applicability of GST exemption to the DG Shipping approved maritime courses conducted by Maritime Training Institutes of India.

▶CBIC has issued a new circular, circular no. 116/2019regarding to Levy of GST on the service of display of name or placing of name plates of the donor in the premises of charitable organisations receiving donation or gifts by individual donors.

▶CBIC has issued a new circular, circular no. 115/2019regarding to Clarification on issue of GST on Airport levies.

▶CBIC has issued a new circular, circular no. 114/2019regarding to Clarification on scope of support services to exploration, mining or drilling of petroleum crude or natural gas or both.

▶CBIC has issued a new circular, circular no. 113/2019regarding to Clarification regarding GST rates & classification (goods) Circular–reg.

✳SEBI Updates:-

▶RBI has issued a new notification regarding to Acts, Rules Regulations General Orders Guidelines Master Circulars Framework for issue of Depository Receipts.

✳DIRECT TAX CASE LAW:-

▶PCIT vs. Pat Commodity Services Pvt. Ltd (Bombay High Court)

Source: ITAT Online

Bogus loss from Client Code Modification (CCM): Even if the Revenue's theory of the assessee having enabled the clients to claim contrived losses is correct, the Revenue had to bring on record some evidence of the income earned by the assessee in the process, be it in the nature of commission or otherwise. Adding the entire amount of doubtful transactions by way of assessee's additional income is wholly impermissible. The fate of the individual investors in whose cases the Revenue could have questioned the artificial losses is not known

===========>

👉🏻Income tax dept says check your email or e-filing account as e-assessment begins

(The income tax department has advised taxpayers to check their registered e-filing accounts and email ids as the first phase of the e-Assessment Scheme 2019 gets underway)

👇🏻 👇🏻 👇🏻

http://bit.ly/2MU1H0D

👉🏻Now Get a reprint copy of your PAN Card for just Rs 50

(You can order a reprint of your PAN card for just Rs 50 in case you have lost or damaged it, or want a copy of it.)

👇🏻 👇🏻 👇🏻

http://bit.ly/33u2dc8

===========>

ITAT allowed deduction of sum spent by 'Harish Salve' on Oxford Scholarship of students

[2019] 109 taxmann.com 396 (Delhi - Trib.)

INCOME TAX: Where assessee, a leading Advocate, paid an amount towards scholarship of two Indian students in a foreign university for creating his visibility in International arena and his social standing and same had increased lot of value in CV of assessee which had led him to be part of certain committees of repute in a foreign country, amount spent towards scholarship would be allowed as business expenditure

INCOME TAX: Where assessee recorded invoices prepared in foreign currency at rate prevailing thereon for control purposes and subsequently offsetting it whenever bills were realized by debiting foreign exchange loss or crediting foreign exchange gain to profit and loss account, net impact was that whatever cash was received was recorded in profit and loss account and, thus, foreign exchange loss incurred by assessee was to be allowed.

Thanks for reading 📚

Monday, 14 October 2019

14 October 2019 News and Updates

14th October 2K19

Economic Times

Ø  World Bank cuts India's growth projection to 6%
Ø  Unexpected jolt for RIL's Rs 5,050-cr IBC win
Ø  ISRO spectrum demand may hit 5G rollout: Experts
Ø  Cooperative sector needs self regulation: Goyal
Ø  Rs 25 lakh cr will be spent for rural infra: Modi
Ø  $60 bn investment coming in gas infra: Pradhan
Ø  Govt to cut stake below 51% yet retain control of CPSEs

Business Standard

Ø  CCI to conduct study on telecom sector amid changing market dynamics
Ø  Consumer discounts unsustainable, will go down post October: Maruti Suzuki
Ø  Essar leads India Inc deleveraging; pays off Rs 1.4 trillion: Prashant Ruia
Ø  Eight of top 10 most-valued companies add Rs 80,943 cr in m-cap, RIL leads
Ø  Future Retail to buy group co's infrastructure assets in Rs 4,000-cr deal

Business Line

Ø  Insolvency Law Committee plans to meet on October 15 to discuss new reforms for IBC
Ø  IHMCL, GSTN to sign MoU to link FASTag with GST e-way bill system on October 14
Ø  We need to improve the tight credit situation: NITI-Aayog VC
Ø  ED move to attach Bhushan Power asset vindicates our stand: JSW Steel
Ø  Coal mine auctions: Ministry will allow mines with less than 3 bidders to go under hammer

Mint

Ø  Rural slowdown may weigh on HUL’s growth in second quarter
Ø  IRCTC to make stock market debut today
Ø  Passenger vehicle exports expand 4% over April-September, Hyundai Motor leads
Ø  DLF sells 376 completed flats worth ₹700 cr in Gurugram housing project
Ø  Brexit divorce talks between UK and EU go down to the wire
Ø  Mukesh Ambani, Sunil Mittal to skip India’s largest mobile expo amid IUC battle

Financial Express

Ø  Bangladesh, Nepal likely ahead of India as growth in South Asia to slow down in 2019, says World Bank
Ø  Remittances under LRS hit new high in August; April-July amount outpaces FPI inflows
Ø  RBI exercising forbearance on MSME lending as small business loans are in trouble, says Raghuram Rajan
Ø  DMart profit rises 48% on better margins, higher revenue

Deccan Chronicle

Ø  Industrial production slips by 1.1 per cent in August
Ø  No of crorepati taxpayers up 20 pc to 97,689 in AY 2018-19: CBDT data
Ø  Daimler recalls hundreds of thousands of Mercedes-Benz diesel vehicles
.
========>
.

👉The country’s primary anti-smuggling intelligence agency has begun resending notices to exporters for availing GST exemptions where exports preceded imports.

👉The Indian Highways Management Company Ltd (IHMCL) and Goods and Services Tax Network (GSTN) will sign a memorandum of understanding on Monday for integration of FASTag with GST e-way bill system. FASTag is a simple to use, reloadable tag which enables automatic deduction of toll charges and lets vehicle pass through toll plaza without stopping for cash transaction.

👉IRCTC will make its grand debut on October 14 after its Initial Public Offering (IPO) received the highest ever subscription among PSUs. The final issue price is fixed at Rs 320 per share, the higher end of the IPO price band.

👉Gross non-performing assets (GNPA) for public sector banks (PSBs) in the agriculture sector exceeds Rs 1 trillion.

👉Razorpay (Payment Gateway) aims to work closely with RBI on the new regulations for payment gateways and other policy-level issues. RBI might bring payment gateways and payment aggregators under its direct supervision, according to a discussion paper released by the central bank last month.

👉NCLT initiates insolvency proceedings against Nirav Modi's entity Firestar Diamond International (FDIPL).

Saturday, 12 October 2019

12 October 2019 Updates

FM Nirmala Sitharaman seeks tax experts’ inputs to correct GST flaws:

READ MORE- https://www.gststation.in/fm-nirmala-sitharaman-seeks-tax-experts-inputs-to-correct-gst-flaws/
.
==========>
.
Employees must be registered online within 10 days from their date of joining. Thereafter employees can not be registered. (Normally registration of the employees is done while preparing e-Challan that is after the closure of wage period. Now it's to be done from the date of joining of the employee or else system will not accept the employee done with back date).

Monthly ESI Contribution can not be paid after 42 days from the due date. (No clarity as to how to pay ESI Contribution for back period)

Employee whose per day salary is Rs. 176/- or less need not to pay Employee's contribution and the same will be paid by Govt. However, Employer will have to pay their share of contribution. (Part time employees might get benefit of the same).

Employee will have to collect their Biometric ESI Permanent Card from nearest Branch Office. (Earlier Employer used to issue it).

.
==========>
.
GSTR-1 & GSTR-3B notified till March 2020 for all category of tax payer. Mandatory to match ITC with 2A, otherwise total unmatched credit cannot exceed 20% of ITC as available in 2A. GSTR-3B now declared return from 01.07.2017 (Amended Rule 61(5)

GSTR 1 Due Dates for quarterly filers forthe Quarter July, August, September, 2019 - 31.10.2019.

.
==========>
.

👉In view of declining GST collections from states threatening their finances, the Central government is gearing up to review GST. It intends to reconsider the tax structure, increase tax slabs of non-essential and lifestyle items and consider bringing more items into the GST net.

👉Reserve Bank of India overhauls the daily reporting system at cooperative banks after the collapse of Punjab and Maharashtra Bank following the uncovering of Rs.4000 crore fraud at the Mumbai based cooperative bank.

👉Altico Captial and Dubai’s Mashreq Bank have approached RBI, accusing HDFC Bank of violating regulatory provisions by debiting part of the funds the company had raised through external commercial borrowing (ECB) and parked at the Indian bank.

👉As per the CBDT, the number of taxpayers disclosing gross total income over Rs 1 crore rose 19.1 per cent year-on-year to 1.67 lakh in assessment year (AY) 2018-19. Seven individuals paid tax exceeding Rs 100 crore but less than Rs 500 crore in AY2018-19 (about Rs 151 crore), as against four individuals (tax paid Rs 166 crore) in the same category in the preceding year.

👉PMLA Court orders attachment of Bhushan Power & Steel's Odisha plant worth Rs 4,025 crore.

.
==========>
.
Auto players a worried lot, ask govt to slash GST rate to 18%:

READ MORE- https://www.gststation.in/auto-players-a-worried-lot-ask-govt-to-slash-gst-rate-to-18/
.
==========>
.
Type of Refunds and Time period to Apply💥
________________________________________

👉🏻 As per Section 54 following types of refund is allowed:

• Refund of IGST paid on export of goods and services.

• Refund of IGST paid on sale to SEZ unit and SEZ developer.

• Refund of Excess tax, interest or any other amount paid.

• Refund of any balance in electronic Cash ledger after payment in accordance with the provision of section 49(6).

• Refund of tax paid on inward supply of goods or services by United Nations Organisation or any Multilateral Financial institution or other notified organisations.

👉🏻 Refund of Unutilised input tax credit in case of export of goods or services.-

• No refund if goods subject to export duty.

• No refund if supplier avail drawback in respect of central tax or claim refund of IGST paid.

• Refund of Unutilised input tax credit in case of supply to SEZ unit or SEZ developer.

• Refund of Unutilised input tax credit in case of inverted duty structure.

• Refund of Tax paid on advance but invoice has not been issued and refund voucher has been issued.

• Refund of tax paid under the wrong head of tax, then refund can be claimed of the tax wrongly paid u/s 77 of CGST act.

• Refund of balance amount of advance tax deposited by a casual taxable person or a non-resident taxable person.

• Refund of tax paid by the supplier on supply of goods regarded as deemed export.

• Refund of tax on inward supply paid by the recipient of goods regarded as deemed export.

•Refund of IGST paid on supply of goods to tourist leaving India.

• Refund on Account of Assessment/Provisional Assessment/Appeal/Any other order.

👉🏻 Time period to Claim the refund:

• In case of refund as mentioned in point no. 5 of above, refund can be apply with in 6 months from the last day of quarter in which such supply was received.

• In any other case refund can be applied with in 2 year from the relevant date. Relevant date is different in every case which is mentioned in Explanation 2 to section 54, which are as follows:

• For Export of goods by ship or aircraft, date on which ship or aircraft leaves India.

• For Export of goods by land, date on which such goods pass the frontier.

•For Export of goods by post, date of dispatch by the post office.

• For Deemed export, date on which related return furnished.

•For Export of service, date of receipt of amount, where service has been completed or date of invoice, where amount received in advance.

•For refund of Unutilised input tax credit u/s 54(3), the end of the financial year in which such claim for refund arises.

•For refund due to any order, the date of communication of order.

•For refund claimed by recipient, date of receipt of goods or services.

•For tax paid provisionally, date of adjustment of tax after final assessment

•For any other refund, date of payment of tax

Thanks for reading.

Friday, 11 October 2019

11 October 2019 News and Updates

11th October 2K19

Economic Times

Ø  ECB minutes show deep rift over policy as Draghi era closes
Ø  Ind-Ra pares India’s FY20 GDP forecast to 6.1%
Ø  US, China resume high-level talks to end trade war
Ø  India jumps to 7th spot in Brand Finance Nation ranking
Ø  IL&FS to sell 13 prime properties across three cities
Ø  Revival plan under govt's active consideration: BSNL
Ø  Venture investments up 69% at $16.4 bn in Q2

Business Standard

Ø  TCS Q2 net up 1.8% at Rs 8,042 cr; announces special dividend of Rs 40/sh
Ø  Telcos to get Rs 13,000-crore revenue boost for inter-connect user charges
Ø  Indian miners reject govt plan to link coal index to foreign prices: Report
Ø  64% farmers don't prefer cash transfer for fertilisers: NITI Aayog study
Ø  Vodafone Idea needs fresh round of equity infusion by 2021, say lenders

Business Line

Ø  Moody's cuts India's growth forecast to 5.8 per cent for FY20
Ø  DBT in fertiliser sales saved govt $1.54 billion: MSC
Ø  India’s engineering exports to China up 58% in Aug
Ø  Welspun India expects to be debt-free in five years
Ø  Gem, jewellery export dips 6% in September
Ø  Tata Steel sales down 4% in Sept quarter

Mint

Ø  Tata Motors global wholesales down 27% in Sept at 89,912 units
Ø  OPEC chief says deeper oil cut an option amid weaker 2020 outlook
Ø  Sebi comes out with framework for issuance of depository receipts
Ø  Half a dozen public sector banks cut lending rates by up to 0.25%

Financial Express

Ø  Strengthening cooperation in trade facilitation to help reduce trade gap with India: China
Ø  World Bank says 2019 Asia-Pacific growth to slow to 5.8% on trade tensions
Ø  ‘FDI rule violation’: Flipkart, Amazon top executives meet DPIIT officials
Ø  Online food delivery may touch $12.53 billion by 2023

Deccan Chronicle

Ø  Haldiram emerges sole bidder to buy insolvency-bound Kwality for Rs 130 crore
Ø  Piramal dispels rumours about financial business, files complaint with Sebi
Ø  Miners reject national coal index proposal
Ø  Larsen & Toubro Infotech faces racial bias suit in US
.
========>
.
GST fraud unearthed; arrest made in fake invoices scam worth over Rs 100 crore:

READ MORE- https://www.gststation.in/gst-fraud-unearthed-arrest-made-in-fake-invoices-scam-worth-over-rs-100-crore/
.
========>
.
Govt constitutes panel to suggest measures to augment GST revenue:

READ MORE- https://www.gststation.in/govt-constitutes-panel-to-suggest-measures-to-augment-gst-revenue/
.
========>
.
Solar thermal players eye 10 per cent growth after GST rate cut:

READ MORE- https://www.gststation.in/solar-thermal-players-eye-10-per-cent-growth-after-gst-rate-cut/
.
========>
.
#Due Date: 11 October: GSTR-1 Return by registered person with aggregate turnover more than 1.50 crores

#Two Persons arrested for involving in fake invoices racket & fraudulently availing Input Tax Credit
http://pib.nic.in/PressReleaseIframePage.aspx?PRID=1587513&RegID=3&LID=1

.
========>
.
👉 Gst important amendments/ notifications issued on 09-10-19 :-

1. Business enterprise having aggregate turnover upto Rs 1.50 Cr shall furnish GSTR 1 return upto 31st Jan 2020 ( for Quarter Oct - Dec 2019) and by 30th April 2020 ( for Quarter Jan - March 2020)

2. For rest of Business enterprise, the last date of furnishing monthly GSTR 1 return shall be 11th of the succeeding month.

3. GSTR 3B shall be regarded as return filed under GST. Till this ammendment was done, GSTR 3B was not a monthly return but a summary return. But the govt has ammended the law from 1st July 2017 and made GSTR 3B as a regular monthly Return. Thus the judgement of Gujrat High Court, which allowed business enterprise to claim ITC upto filing of Annual return, has been negated.

4. Business enterprise will now be able to claim ITC on invoice or debit note which are not appearing in their GSTR 2A subject to conditions that it shall not exceed 20% of the total eligible ITC as appearing in their GSTR 2A.
This is a major change GST and now every business enterprise has to constantly keep eye on GSTR 2A for taking ITC.

5. Gstr 1, 3B, 7 dates prescribed for J&K State for July/ Aug 19.

6. Person cannot issue tax invoice during the period of suspension. Format of DRC 01A prescribed.

7. Annual return made optional for 2017-18,18-19.
.
========>
.
Organisation for Economic Co-operation and Development (OECD) has proposed to expand government rights to tax multinationals, especially big internet firms, by releasing a methodology for such taxation.

Income Tax AO has no power to presume that money found in possession of a person belongs to third person. [2019] 109 taxmann.com 388 (Patna). HIGH COURT OF PATNADharmraj Prasad Bibhuti v. ITAT Patna.

GSTR-1 & GSTR-3B notified till March 2020 for all category of tax payer. Mandatory to match ITC with 2A, otherwise total unmatched credit cannot exceed 20% of ITC as available in 2A. GSTR-3B now declared return from 01.07.2017 (Amended Rule 61(5)

GST: Voluntary payment of tax to be intimated vide DRC-01A and not DRC-03. Annual Return for assessee below 2 crore turnover is deemed to have filed, if not filed .

MCA has notified an update regarding the Form NDH-4 (Form for filing an application for a declaration as Nidhi Company and for updating status by Nidhi's) which was notified through Nidhi (Amendment) Rules 2019 dated 1st July 2019 shall be available for filing w.e.f 11th October 2019

.
========>
.
👉Centre beguns the biggest review of GST including a possible rejig of rates along with scrutiny of the slabs in order to boost collections and plug leakage. A 12-member committee of state and central government officials has been assigned with the task to improve GST collections and administration.

👉Delhi High Court has held that a winding up order passed by a Company Judge is not irrevocable and the proceedings can be later transferred to NCLT under IBC if the same is in the interest of the company and the creditors.

👉Following RBI Cutting Repo Rate Last Month, Public Sector Banks Cut Lending Rates by upto 0.25%.

👉Haldiram has emerged as the sole bidder for acquiring loss-making Kwality Dairy with a bid worth Rs 130 crore after global private equity giant KKR & Co. dragged the company to bankruptcy court.

👉In major relief to duty free shops, the Bombay High Court has ruled that GST cannot be levied on products sold at the duty free shops in Mumbai airport.

👉SEBI has put in place a framework for domestic companies to raise capital by issue of Depository Receipts (DRs). The move, which follows a budget announcement in this regard, will allow listed Indian companies to issue either equity, or debt, to investors on the overseas stock exchanges.

👉Credit Saison India, the domestic subsidiary of Japanese financial services leader Credit Saison, receives NBFC licence from the RBI ,and will begin operations by month-end.

Thursday, 10 October 2019

10 October 2019 News and Updates

🧾10th October 2K19

Economic Times

Ø  Reliance to resume Venezuela oil loadings
Ø  RBI rejects Indiabulls, Lakshmi Vilas merger
Ø  FM Sitharaman to meet CEOs of PSU banks on Oct 14
Ø  Jio users to be charged for voice calls for the first time
Ø  Airtel raises $750 million via perpetual bonds
Ø  US Fed increasingly divided on way ahead

Business Standard

Ø  RBI denies Bank of Maharashtra proposal for setting off Rs 7,360 cr losses
Ø  Mutual Fund investors look to exit market as equity inflows see 27% dip
Ø  Delhi HC asks Ranbaxy, Fortis' garnishees to deposit Rs 6,000 crore
Ø  Raymond sells 20 acre plot to real estate firm VRSA for Rs 700 crore
Ø  Power Ministry asks state to expedite reforms, advises to stick to PPAs

Business Line

Ø  India slips 10 places to 68th on global competitiveness index; Singapore on top
Ø  Global value chains can help developing countries improve growth outcomes: World Bank
Ø  Ashoka Buildcon bags Rs 314 cr project in Kerala
Ø  Glenmark’s generic drug to treat multiple sclerosis gets tentative nod from USFDA
Ø  Coal India hopeful of shrugging off rain impact, meet annual production target

Mint

Ø  Japan's PMDA issues GMP certification to Lupin's unit-2 Mandideep facility
Ø  Johnson & Johnson unit ordered to pay $8 billion over anti-psychotic drug
Ø  LIC says social media messages baseless, policyholders' money safe
Ø  Bharti Airtel raises $750 mn from overseas investors
Ø  Air India may raise loans against ₹2,500 crore GoI guarantee

Financial Express

Ø  NHB exposure in Dewan Housing Finance at Rs 24.35 billion
Ø  Trade wars lose US its competitiveness top spot: WEF report
Ø  Niti Aayog wants govt to buy 60,000 buses under a larger JNNURM
Ø  SBI lowers rates on non-repo-linked loans by 10 bps

Deccan Chronicle

Ø  Small ship is next big thing for $150 bn LNG biz
Ø  Banks cut lending, deposit rates
Ø  Sensex, Nifty snap losing streak ahead of earnings season
Ø  Rupee pares losses on hope of US-China trade deal; closes 5 paise down
.
========>
.
⚠️GST UPDATE:

Top picks for the Day

Notification No. 49/2019 - Central Tax issued today (09-10-2019) has made some important changes by making amendments in CGST Rules, as summarised below:

1. ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-1, shall not exceed 20% of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers in GSTR-1. As a result of this amendment, regular matching of ITC with the details available in GSTR-2A will become necessary. Follow-up with non-compliant suppliers to be done on a regular basis now.

2. Amendment in Rule 61(5) has been made with retrospective effect from 01-07-2017 by making GSTR-3B as the return specified under Section 39, wherever the time limit for filing GSTR-1 or GSTR-2 has been extended. Thus, the judgement of the Gujarat High Court in the case of AAP and Company has been circumvented.

.
========>
.
CBIC has issued various CGST Notifications

👉🏻Notification No. 44/2019-Central Tax, Dated 09-10-2019
(Due date of GSTR-3B for October, 2019 to March, 2020)
👇🏻 👇🏻 👇🏻
https://bit.ly/35l47h5

👉🏻Notification No. 45/2019-Central Tax, Dated 09-10-2019
(Due date of GSTR-1 if aggregate turnover is up to Rs. 1.5 Cr)
👇🏻 👇🏻 👇🏻
https://bit.ly/2ok5OuE

👉🏻Notification No. 46/2019-Central Tax, Dated 09-10-2019
(Due date of GSTR-1 if aggregate turnover is exceeds Rs. 1.5 Cr)
👇🏻 👇🏻 👇🏻
https://bit.ly/2oka7WP

👉🏻Notification No. 47/2019-Central Tax, Dated 09-10-2019*
(CBIC notifies GST Annual Return voluntary if Turnover is less than Rs 2 Cr)
👇🏻 👇🏻 👇🏻
https://bit.ly/2MwGkC4

👉🏻Notification No. 48/2019-Central Tax, Dated 09-10-2019
(Extension of due date for GSTR-1, GSTR-7 and GSTR-3B for Jammu and Kashmir)
👇🏻 👇🏻 👇🏻
https://bit.ly/2osjWSk

👉🏻Notification No. 49/2019-Central Tax, Dated 09-10-2019
(CBIC notifies Restriction on ITC in case of diffrence’ GTR 3B is a Return)
👇🏻 👇🏻 👇🏻
https://bit.ly/2Ms2Yf4

.
========>
.

Income tax department has selected 58,322 cases for scrutiny, for which e-notices have been served before September 30, 2019 belonging to cases of Assessment Year 2018-19 for faceless E Assessment.

MCA Form NDH-4 (Form for filing application for declaration as Nidhi Company and for updation of status by Nidhis) will be deployed on the portal and available for filling w.e.f. 11th October 2019.

SEBI has issued a notification clarifying that mutual funds can now invest in unlisted Non-Convertible Debentures (NCDs)

.
========>
.
ℹ️Important Changes in GST w.e.f. 01-10-2019

↩️Reverse Charge

Renting of Motor Vehicle🚗

Services provided by way of renting of motor vehicle by any Individual/Firm/LLP to any Body corporate (companies), covered under reverse charge mechanism, taxable @5%. However if the service provider charges GST @12% then he can continue with Forward Charge. Then no Reverse Charge applicable.

🆓Exemptions

Warehousing (Notification No 21/2019- Central Tax (Rate)

W.e.f 01.10.2019, services provided by way of storage or warehousing of cereals, pulses, fruits, nuts & vegetables, spices, copra, sugarcane, jiggery, raw vegetable fibres such as cotton, flax, jute etc, indigo, unmanufactured tobacco, betel leaves, tendu leaves, coffee and tea are exempt from tax. Earlier this exemption was on limited items of agricultural produce and few other products.

✈️Transportation of goods by Air/Vessel(Notification No 21/2019)

The services by way of transportation of goods by an aircraft or vessel from customs station of clearance in India to a place outside India shall be exempted till 30th day of September 2020. This exemption was to end on 31.03.2019. However it has been extended for further 1 year.

🛃Exports against Supply by Nominated Agency (Notification No 17/2019)

The Central Government under Notification No 26/2018, exempted supply of gold supplied by Nominated agency to the recipient under ‘Export against Supply by Nominated Agency’ subject to certain conditions mentioned in said notification. Now it also includes “Silver and platinum” under ‘Export against Supply by Nominated agency’ Scheme, w.e.f. 01.10.2019

🎁Composition Scheme

Aerated Water (Notification No. 18/2019 and 43/2019) 💦
Any person engaged in manufacturing of aerated water shall not be eligible to levy tax under Composition Scheme, w.e.f. 01.10.2019. However if a dealer has taken registration under composition scheme of 6% tax as goods and service provider both, then he cannot even trade in aerated water.

🔗Rate Changes

Packing Material (Notification No 14/2019)
Bags of polyethylene, bulk containers of man-made fibres chargeable at the tax rate of 12%. (earlier it was 5% in some cases(tariff 63053200 and 63053300) and 18% in some cases (tariff 3923),, w.e.f. 01.10.2019

Woven and non-woven bags and sacks of polyethylene or polypropylene strips or the like, whether or not laminated, of kind use of packing of goods, shall be chargeable at the rate of 12%., w.e.f. 01.10.2019

☕ Caffeinated Beverages(Notification No 17/2019)

The taxable rate on all the caffeinated beverages increased from 18% to 28%, w.e.f 01.10.2019 (Ex- Energy Drinks such as red bull). However it is still a confusion as to which beverages are to be considered caffeinated beverages.

💎Precious or semi-precious Stone (other than diamonds) (Notification No 14/2019)

The semi-precious stones, shall be now taxable at the rate of 0.25% (earlier it was 3%). Long pending demand of the Jewellers have been fulfilled. However pearls continue to be charge d at 3% tax rate.
.
========>
.
👉Taxman asks companies and banks to value brands and logos and charge fees from subsidiaries or group company and pay 18% GST on that.

👉A host of back offices of multinational companies in the financial sector face a tax whammy, with GST authorities denying them refunds of amounts paid on inputs, saying the work done for parent companies can’t be considered as exports and will be counted as a service for the same entity.

👉Piramal Enterprises files complaint with SEBI against publishing and spreading misleading rumours about the company on blogs, social media platforms and WhatsApp.

👉RBI denied approval for amalgamation of private sector lender Lakshmi Vilas Bank with Indiabulls Housing Finance (IHF) and its entirely-owned subsidiary Indiabulls Commercial Credit Limited. The lender had sought approval for the merger from the central bank on May 7, 2019.

👉Duty-free shops at Mumbai airport eligible for GST input tax credit refund says Bombay HC. The Bombay High Court quashed a Maharashtra Sales Tax order that had refused refund of input tax credit to the duty-free shops at the Mumbai international airport.

Thanks for reading 👋

Wednesday, 9 October 2019

9 October 2019 News and Updates

9th October 2K19

Economic Times

Ø Daiichi-Ranbaxy: HC asks Soami to deposit Rs 6,000 cr
Ø White House eyes ways to limit capital flows to China
Ø World suffering 'synchronized slowdown': New IMF chief
Ø Amazon, Flipkart sales generate Rs 19,000 cr in 6 days
Ø NBFCs may see another quarter of moderating profits

Business Standard

Ø US using trade deals to shield tech giants from foreign regulations
Ø IL&FS case: CVC intervenes in Sebi's probe of credit rating agencies
Ø Sebi may liberalise norms for issuing offshore derivative instruments
Ø State Bank of India expects double-digit uptick in corporate loans

Business Line

Ø ECBs for working capital needs rise 10-fold in H1 FY20
Ø Coking coal shipments rise 15% at 12 ports in Apr-Sep
Ø Mineral exploration to help improve KIOCL’s revenue
Ø GMR Energy in talks with JSW Energy for divesting stake in GMR Kamalanga
Ø Minda to acquire Germany based lighting company Delvis Gmbh in multi-million Euro deal

Mint

Ø HKEX abandons £29.6 billion bid for LSE
Ø RBI not looking at liquidity facility for NBFCs: Dy Guv Vishwanathan
Ø Multiples PE in talks to lead investment round in Kissht
Ø Fintech start-up Shubh Loans gets NBFC licence from RBI
Ø Deutsche Bank plans about half of 18,000 job cuts outside Germany

Financial Express

Ø Supreme Court declines Oil Ministry request to stay sharing of documents on Reliance penalty
Ø US, Japan sign trade agreements on agriculture and digital export
Ø Good possibility of a trade deal with China, says Donald Trump
Ø Mobile tower installation at 60% of annual target due to permission delays: COAI

Deccan Chronicle

Ø US, Japan sign trade agreements on agriculture and digital export
Ø Foodgrain output at 140.5 million tonne in FY20 on monsoon boost
Ø Maruti cuts production for 8th straight month in September

.
========>
.

Conditions to opt for lower income tax rate @22% u/s 115BAA

Recently the government announced a reduced rate of tax @22% (plus applicable surcharge and cess), for all corporations and firms provided they will not avail any exemption/Concessions/Tax Holidays as enjoying presently. As it is an option to the corporations and not mandate, taxpayers can continue with the existing rate of tax with availment of existing tax incentives as earlier.

However, who will opt for such concessional or reduced rate of tax, they have to adhere with the conditions specified in Sec. 115BAA i.e. such Companies should not avail any exemptions/incentives under different provisions of income tax. Therefore, the total income of such company shall be computed without:

Claiming any deduction especially available for units established in special economic zones under section 10AA.

Claiming additional depreciation under section 32 and investment allowance under section 32AD towards new plant and machinery made in notified backward areas in the states of Andhra Pradesh, Bihar, Telangana, and West Bengal.

Claiming deduction under section 33AB for tea, coffee and rubber manufacturing companies.

Claiming deduction towards deposits made towards site restoration fund under section 33ABA by companies engaged in extraction or production of petroleum or natural gas or both in India.

Claiming a deduction for expenditure made for scientific research under section 35.

Claiming a deduction for the capital expenditure incurred by any specified business under section 35AD.

Claiming a deduction for the expenditure incurred on an agriculture extension project under section 35CCC or on skill development project under section 35CCD.

Claiming deduction under chapter VI-A in respect to certain incomes, which are allowed under section 80IA, 80IAB, 80IAC, 80IB and so on, except deduction under section 80JJAA.

Claiming a set-off of any loss carried forward from earlier years, if such losses were incurred in respect of the aforementioned deductions.

Claiming a deduction for depreciation under section 32, except the additional depreciation as mentioned above.

Claiming of MAT credit u/s 115 JB.

Advice on tax planning:

As it is an option and there is no timeline to opt for such lower tax rates, companies can choose to exhaust all the brought forward balances first and then opt for such reduced corporate tax rates.
.
========>
.

UDIN once generated can be revoked or cancelled with narration. If any user had searched that UDIN before revocation, an alert message will go to him about revocation of the UDIN. After revocation of the UDIN, anybody searches for that UDIN, appropriate narration indicated by Member with the date of revocation will be displayed.
.
========>
.
👉Clamping down on irregularities, SEBI on Monday barred stock broker BRH Wealth Kreators and seven entities, including three individuals, from the securities market till further directions.

👉The rupee depreciated by 14 paise to close at 71.02 against the US dollar on October 7 as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.

👉With GST compensation cess falling short, states may agree to raise rates at the lower end.

👉The NCLAT has held that the Adjudicating Authority under the Insolvency and Bankruptcy Code,2016 (IBC) i.e. NCLT has no power to straightaway order an investigation to be conducted into the affairs of a Corporate Debtor by the Serious Fraud Investigation Office (SFIO) in terms of 213 of the Companies Act, 2013.

👉The RBI directs all state level bankers' committees to find out one district each on a pilot basis to expand digital payments ecosystem.

👉NCLT calls for Metalyst Forgings rebid.

.
========>
.
Indirect tax board had removed a “controversial” circular that imposed GST on post-sale discounts by dealers, but it has done little to clear the confusion around the many issues that arose with the circular.

In June, the CBIC had issued a circular which said that dealers will have to pay 18% GST on the post-sale discount that they get from the suppliers of goods, if the supplier asks them to pass on the concessions to the end consumer.

The circular came out with different situations where GST should be paid and where it should not.

For instance, imagine that a company sells a car to a dealer for Rs 10 lakh and later gives a discount of Rs 50,000. In doing so, the firm did not put any obligation on the dealer to pass on the benefit. So, the dealer need not pay any GST on Rs 50,000. However, if the Company asks the dealer to pass on the benefit to the customer, then the dealer has to pay GST on the entire amount, including Rs 50,000.

The Confederation of Indian Industry (CII) had said This had irked industry, particularly the auto sector, which has already been reeling under the pressure of subdued demand. this circular violated the cardinal principle of GST that the tax cost is to be borne by the ultimate consumer.

This principle means that the supply of goods or service should suffer the tax only to the extent of consideration paid by the ultimate consumer,” the CII had said, demanding that this provision in the circular be changed. It said additional discounts are generally given to liquidate the old inventories or push products under weak market conditions.

.
========>
.
👉SEBI may liberalise norms for issuing Offshore Derivative Instruments (ODIs), allowing Foreign Portfolio Investors (FPIs) to issue these instruments with derivatives as underlying if they take up a separate registration specifically for ODI issuances.

👉SEBI has devised a scheme to nab those involved in insider trading, by announcing a reward of up to Rs 1 crore to informants. Under the scheme, the monetary reward will be 10 % of the amount disgorged by the wrongdoer or Rs 1 crore, whichever is lower.

👉RBI Governor Shaktikanta Das has said till the growth is revived, the RBI will continue to remain in an accommodative mode and therefore a conclusion on what is the minimum repo rate where the central bank will take a pause cannot be concluded at this stage and will again depend on the next deliberations of the MPC.

👉The economy, which has largely been subdued in the past few quarters and signs of a slowdown have cropped up, is likely to face several more risks in the near term, according to RBI.

👉Shares of J Kumar Infraprojects rallies 20% as SEBI clears firm from charges of misrepresenting books.

.
========>
.
Duty-free shops at Mumbai airport eligible for GST input tax credit refund: Bombay HC:

READ MORE- https://www.gststation.in/duty-free-shops-at-mumbai-airport-eligible-for-gst-input-tax-credit-refund-bombay-hc/

Thanks for reading

Monday, 7 October 2019

7 October 2019 News and Updates-2

7th October 2K19

Economic Times

Ø Over half of the country feels job scene is getting worse
Ø Budgetary exercise to start from October 14
Ø Renewable energy target missing by over 42%: Report
Ø Care downgrades Patanjali as acquisition raises risks
Ø Vodafone tests new network technology in UK
Ø Banks set for a profit quarter amid slow credit demand

Business Standard

Ø MCA plans to amend CA Act to remove conflict of interest in audits
Ø YES Bank plans to raise $1 billion by December through rights issue
Ø FPIs pull out Rs 3,000 crore from equities in 3 trading sessions of October
Ø Yes Bank files complaint against 'fake news', attempt to scare depositors
Ø Iran state-owned company to finish gas project after China's CNPC pulls out

Business Line

Ø Discoms’ ₹45,000-cr legacy dues to Gencos will be cleared in a year: RK Singh
Ø India starts probe into increase in Korean chemical import
Ø MRPL begins production of BS-VI diesel, petrol
Ø IVRCL Liquidator extends deadline for expression of interest, e-auction
Ø Ashok Leyland hits another rough patch

Mint

Ø GMR deleveraging hits air pocket with questions over Tata-led deal
Ø Better days ahead as govt sops to boost demand: JSW Steel
Ø Irdai moves to make sale of life covers transparent
Ø Bosch to shut plants for 10 days per month per plant in Q3FY20
Ø US growth rate may weaken, continue to play spoilsport for Indian pharma

Financial Express

Ø BPCL nationalisation act repealed in 2016; way clear for privatisation
Ø Kerala govt rolls out Rs 50,000 cr infrastructure projects to beat slowdown
Ø Only 10 pc of Indian CEOs confident about reliability of AI applications: PwC
Ø Repaying debt: Over 90 per cent of promoter stake in Zee pledged

Deccan Chronicle

Ø Auto industry facing structural issues, affordability a challenge: Toyota Kirloskar
Ø Forex reserves scale record high of USD 434.6 billion
Ø Growth reaches a trough; to start improving by Jan: Aditya Puri
.
=======>
.
Rs 700 crore GST fraud unearthed in Pune: GST commissionerate:

READ MORE- https://www.gststation.in/rs-700-crore-gst-fraud-unearthed-in-pune-gst-commissionerate/
.
=======>
.
👉The indirect tax board removes a “controversial” circular that imposed GST on post-sale discounts by dealers. In June CBIC had issued a circular which said that dealers will have to pay 18% GST on the post-sale discount that they get from the suppliers of goods, if the supplier asks them to pass on the concessions to the end consumer.

👉Leading over all states and Union Territories of the country, Chandigarh ranked first in the country in the GST collections by registering 89.67% filing of GST returns in the first six months of the current financial year, from April 1 till September 30.

👉CBDT came out with a circular prescribing guidelines on when prosecution can be initiated by the tax officers for financial offences. The circular largely eliminates the possibility of the tax officers hauling up taxpayers for petty / minor offences and aims to ensure that only the deserving cases get prosecuted.

👉The Indian consumers' confidence in the overall economic situation and the employment scenario dropped to a six-year low in September, according to RBI's latest monetary policy. Both the current situation index and the future expectations index recorded declines, the RBI said in its consumer sentiment survey report.

👉The country's top-12 major ports have recorded a marginal 1.48 percent upswing in cargo handling at 348.44 Million Tonne (MT) in the April-September period of the current financial year, according to ports' apex body .

👉India signs 3 pacts with Bangladesh, including one for importing LPG, with Prime Minister Narendra Modi saying the motto behind such initiatives is to ensure ease of living in both the countries and strengthening bilateral ties.

.
=======>
.
👉🏻MCA plans to amend CA Act to remove conflict of interest in Audits
(Govt is also looking at ways to address the gaps in the law with respect to network entities of which audit firms are part. We need to strengthen the Chartered Accountants Act)
👇🏻 👇🏻 👇🏻
http://bit.ly/30SkGO3

👉🏻Pvt Companies with debts may soon have to undergo mandatory Secretarial Audit
(Government may soon mandate private companies with outstanding debts above a certain threshold undergo a mandatory secretarial audit)
👇🏻 👇🏻 👇🏻
http://bit.ly/30WPPjr

Sunday, 6 October 2019

7 October 2019 News and Updates

7th October 2K19

Economic Times

Ø  Deloitte Haskins and Sells questions NCLT ambit
Ø  UK looted $45 tn from India in today’s value: MEA
Ø  Bharat-22 ETF: Anchors put in Rs 13,500 cr bids
Ø  India-US trade deal will happen 'pretty quickly': US
Ø  IRCTC IPO overall subscribed 112x, NII quota 354x
Ø  EOW arrests HDIL directors in PMC Bank case
Ø  BPCL sale: Moody's warns of steep downgrade

Business Standard

Ø  August economic activity worse than 2008 financial crisis, says Nomura
Ø  Govt says will shield small retailers, US calls for fair e-commerce policy
Ø  12.5% cut in natural gas price is credit negative for ONGC: Moody's
Ø  RBI relaxes ban for those looking to buy stakes of foreign firms in India
Ø  Auto, construction sectors slowdown to drag non-ferrous metals demand

Business Line

Ø  PMC Bank customers can now withdraw up to Rs 25,000
Ø  Sunil Mittal: India should allow Huawei in 5G trials
Ø  Petrol, diesel prices to come down over coming weeks: IndianOil
Ø  Shell takes 20 per cent stake in Indian solar firm Orb Energy
Ø  GMR Infra secures competition panel nod for equity investment by Tatas, GIC, others in airports

Mint

Ø  Slumping data may force Fed chief Powell to move to third rate cut
Ø  Tata Steel mulls stake sale in e-commerce JV mjunction Services: Report
Ø  Goldman faces $260 million hit from equity bets as Uber plunges
Ø  Indian Oil uses single-use plastic waste to build road

Financial Express

Ø  Singapore Deputy PM Heng Swee Keat warns of greater economic uncertainty due to US-China trade war
Ø  Bank of Baroda boosts lending to MSMEs, partners with NBFC to offer small ticket loans
Ø  Many more structural reforms in offing to propel growth: Amitabh Kant

Deccan Chronicle

Ø  Sensex slips 198 points on financial sector woes, global trade tussle
Ø  Crude oil futures fall 1.63 per cent on low demand
Ø  Rupee recovers from day's lows, settles 20 paise higher at 70.87
.
==========>
.
👉Indian stock market indices Sensex and Nifty moved higher in early trade today, led by gains in banking and IT stocks. The RBI is widely expected to cut its benchmark interest rates, or the repo rate, for the fifth time this year to boost growth. RBI likely to reduce rates for fifth time by at least 0.25% today in bid to boost ailing economy.

👉RBI clarifies that there would be no “blanket ban” on Indian companies wanting to buy stakes in overseas firms, which already have investments in India under the automatic route.

👉Deloitte Haskins and Sells challenged the constitutional validity of Section 140 (5) of the Companies Act as well as the Centre’s plea at NCLT that seeks a five-year ban on former auditors of IL&FS Financial Services (IFIN).

👉Centre plans strategic stake sales in multiple PSUs in a bid to meet disinvestment target. The government has been pushing its plans to divest its stake in many major public sector units (PSUs) to meet its disinvestment target of Rs 1.05 lakh crore for FY19.

.
==========>
.
October Due Dates

1. 07 October: Due date of depositing TDS/TCS

2. 07 October: Equalisation Levy Deposit

3. 10 October: GSTR-7 RETURN – For TDS Deductors only

4. 10 October: GSTR-8 RETURN by the e-commerce operators – For TCS Deductors only

5. 11 October: GSTR-1 RETURN

6. 13 October: GSTR-6 RETURN

7. 14 October : DIR - 3 KYC, ADT-1

8. 15 October :TCS Quarter Return

9. 15 October: Provident Fund / ESI

10. 18 October :CMP-08 (Quarter ending Sep, 2019 & for Oct, 2019 month)

11. 20 October : GSTR-5

12. 20 October: GSTR-5A

13. 20 October: GSTR- 3B

14. 29 October: AOC- 4 & AOC-4 XBRL

15. 30 October : LLP- 8

16. 31 October : TDS Quarter Return

17. 31 October: GSTR - 1 (July-Sep, 2019) for registered person with aggregate turnover up to 1.50 crores.

18. 31 October: ITR FY 2018-19

19. 31 October : MSME 1 Form

.
==========>
.
CBDT prescribes guidelines for conducting assessment through the ‘E-proceeding’ facility during FY 2019-20. Assessment framed under sections 153A, 153C, 144 & 147 shall not be mandatorily carried out through e-proceedings.

CBDT has issued a detailed circular that MAT credit will not be available to a company that opts for lower corporate tax rate of 22%. However, companies will have the option to go for the new regime after completely utilising MAT credit.

CBDT has launched a computer-generated documentation identification number (DIN) system which will be mandatory for every type of communication with the income tax department, be it a notice, a letter, an order and summon, or any other correspondence.

Government has roped in Grant Thornton to carry out forensic investigations into the fraud hit Punjab and Maharashtra Cooperative (PMC) Bank. PMC appointed the forensic auditor at the behest of the Economic Offences Wing (EOW) of the Mumbai police.

GST Vs Rajiv Malhotra: Bail Application:
Counsel for accused Harsh Sethi argued:

Accused has already deposited a sum of Rs.4.5 Cr (Under Protest);

Property worth 51 Cr (as per Govt. Approved Valuer’s Report);

Goods worth Rs.32 Cr as valued by Department already lying seized;

Further, original Sale Deed of property worth 42 Cr has been filed as security with affidavits that the same may be attached till the culmination of Investigation, regardless of the limited time period of Section 83 for provisional attachment;

Hence, revenue interest is secured by a sum of Rs.124.72 Cr. against alleged demand of Rs.56 Cr. out of which 40 crores attributed to the other accused leaving an exposure of a mere 16 crores.

Ld.CMM following his decision in GST Vs Vijay Gulati (argued by same counsel Harsh Sethi), granted Bail to the accused on the condition that he will join investigation and cooperate, as and when summoned.

.
==========>
.
👉RBI lowered its key policy rate yet again on Friday -- the fifth successive time this year that it has done so in a bid to spur slowing economic growth. With this cut, repo rate, at which it lends to the system, will now come down to 5.15 per cent.

👉RBI in its Monetary Policy Report states that there has been a modest year-on-year growth in the collection of the indirect tax. GST collections grew by 4.9 per cent (Year-On-Year) during April-September 2019,” said RBI.

👉NCLT, New Delhi has held that a ‘Sole Proprietary Concern’ is not a person within the meaning of Section 3(23) of Insolvency and Bankruptcy Code, 2016 (IBC). It was hence not entitled to initiate insolvency proceedings before the Adjudicating Authority under IBC, it held.

👉Forex reserves scale record high of $434.6 billion. The increase in reserves in the reporting week on account of foreign currency assets (FCA), a major component of the overall reserves.

👉Gold imports hit three-year low as prices jump. Lower imports by the world’s second biggest consumer could cap gains in global prices that are trading near their highest level in over six years.

Navigate

Monday, 21 October 2019

Thursday, 17 October 2019

Tuesday, 15 October 2019

Monday, 14 October 2019

Saturday, 12 October 2019

Friday, 11 October 2019

Thursday, 10 October 2019

Wednesday, 9 October 2019

Monday, 7 October 2019

Sunday, 6 October 2019