10 December 2019 News and Updates

Corporate Snippets on Dec 10

Ø YES Bank may say no Canadian billionaire's $1.2 billion offer

Ø Economy may soon get another booster dose

Ø CGST falls short of budget estimate by 40% in Apr-Nov

Ø Bank of Baroda to sell up to 1.04 crore UTI AMC shares in IPO

Ø Goldman raises oil forecast on OPEC output cuts

Ø Ships Recycling Bill sails through in Rajya Sabha

Ø Additional 2% export benefits to end Dec 31

Ø Aluminium firms seek cut in input duties as production costs, imports swell

Ø Tea Board considering new export cess to fund promotion and marketing

Ø Mutual Funds' asset base hits Rs 27 trn, bank, PSU funds top allocation

Ø NSE asks investors to be careful in executing PoA with stock brokers

Ø Tata Steel asks LGBTQ+ employees to declare partners, avail HR benefits

Ø Investors lay siege to SEBI office, demand Karvy-like action against BMA Wealth

Ø No threat of job losses in auto sector: Minister tells RS

Ø PSU officers associations oppose BPCL disinvestment

Ø Sterling and Wilson Solar begins construction of 200 MW Solar Project in Australia

Ø Equity inflows into mutual funds dip to 41-month low

Ø HDFC to acquire remaining stake in education loan subsidiary for ₹395 crore

Ø Currency in circulation rises to ₹21 lakh cr as on March 2019: Govt

Ø India to witness 7% rise in job creation in Oct-Mar: Report

Ø Stride Ventures marks first close of ₹500 crore venture debt fund

Ø Farm wages growth fell to a four-quarter low in Q3 FY 20

Ø Japan upgrades 3Q GDP as consumer, business strength absorbs hit from trade

Ø WTO faces deepest existential crisis ahead of its silver jubilee

Ø GST Council may use cess route to boost revenue

Ø Glitches at BSE, NSE cause trouble for investors in OFS

Ø Coffee Day’s tech park sale stalls over Yes Bank nod

Ø Banks begin fact check on pledged securities

Ø SENSEX rises 42 points; bank, auto stocks shine

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SECTION 40A(3) OF THE INCOME-TAX ACT, 1961 - BUSINESS DISALLOWANCE

 

Cash payment exceeding prescribed limit made to farmers for purchase of agricultural produce and entered in books of account cannot be disallowed under section 40A(3) for failure of assessee to produce farmers/list of farmers - Krishnasa Bhute v. Income Tax Officer, Ward-2(1) Davanger - [2019] (Bangalore - Trib.)

◆With the aim to catch manipulators, SEBI has started scanning matrimonial websites to look for profiles of suspected persons to find links with family members in front-running cases. It has checked the profile of a trader, Vaibhav Dhadda, who was barred for front-running in funds of Fidelity Group, and had used the alias Avi. SEBI also barred two other people. 

◆Bharti Telecom is looking for government's permission to invest ₹4,900 cr in Singapore-based Singtel and other foreign entities, that would make it a foreign entity. The DoT is reportedly expected to approve this investment this month and the infusion will increase Singtel's shareholding in Bharti Telecom to over 50%. The move will take overseas ownership in Bharti Telecom to over 85%. 

◆People will now be able to purchase seized liquor at a 25% cheaper rate than the actual price after the Delhi government gave a nod to sell such liquor. Until now, seized liquor was destroyed after completing legal formalities. As per estimates, over 2.5 lakh bottles of liquor are seized by excise department every year. 

◆A panel set up to increase GST collections is considering slab restructuring by increasing the 5% rate to 6%, the Business Standard newspaper reported. The move can result in additional revenues of ₹1,000 crore per month, it added. Essential commodities like basic clothing, footwear and food items are covered under the 5% slab.

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States plan political battle over delayed allocation of GST compensation:

READ MORE- https://www.gststation.in/states-plan-political-battle-over-delayed-allocation-of-gst-compensation/

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GST Return Re-Set option is now enabled at GST Portal where GST Return Submitted but not filed.

Hope it will give few relief to Taxpayers to correct Return if error find before finally submission

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Orders Passed by High Court Contrary to Section 67 of CGST Act, 2017 shall not be given effect to by the Authorities: Supreme Court [Read Judgment]

Read more at: https://www.taxscan.in/orders-passed-high-court-contrary-section-67-cgst-act-2017-authorities-supreme-court/40528/

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LAST DATE FOR SUBMITTING GSTR 1 FOR registered persons filing monthly returns for the month of Nov 2019 is 11th Dec 2019. 

Central government will keep its "compact" to give state their share of the goods and services tax (GST) though the cess collected has been inadequate, said Finance Minister. Sitharaman's statement comes after Kerala last week threatened to take the central government to Supreme Court over delay in the payment of compensation to states. 

GST Authoritieshave Issued the Removal of Difficulties Order so as to extend the last date for filing of appeals before the GST Appellate Tribunal against orders of Appellate Authority on account of non-constitution of benches of the Appellate Tribunal.

Sebi said it will entertain only those complaints, where an investor discloses his identity and provides supporting documents to substantiate an allegation. Sebi in a statement said, it will not take any action on complaints, where it is not able to reach back to the complainants. 

Insurance Regulatory and Development Authority of India (Irdai) is looking to allow banks to remain promoters of insurance companies. Under consideration is a proposal to allow banks to hold more than 10% in one or more insurance companies if they give up management control.

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Overwhelming feedback by taxpayers towards ease of filing new GST returns, says CBIC:

READ MORE-https://www.gststation.in/overwhelming-feedback-by-taxpayers-towards-ease-of-filing-new-gst-returns-says-cbic/

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Central GST collection falls short of budget estimate by 40% during Apr-Nov:

READ MORE- https://www.gststation.in/central-gst-collection-falls-short-of-budget-estimate-by-40-during-apr-nov/

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GST Council will likely increase the existing cess on so-called luxury/demerit goods and also impose such levies on a clutch of other items. The idea is to ensure that the steps taken to boost GST revenue don’t hit consumption and ruffle too many feathers in political circles.

Petitioner can not escape liability where GSTR-1 filed but GSTR 3B not filed. Held by Madhya Pradesh High Court in Kabeer Reality (P.) Ltd. On 21-11-19 That filing of GSTR-1 but non filing of 3B has twin impact . One tax does not go to the government and recipient is able to enjoy ITC.

Where liability has been determined by assessee himself by filing GSTR-1 there is no requirement to issue show cause notice u/s 73 or intimate about recovery proceedings u/s 78. Straightway recovery u/s 79 can be initiated.

12% Concessional GST Rate not applicable on works contract provided to Govt. entity undertaken for business use.Case Name : In re Sealwel Corporation Private Limited (GST AAR Andhra Pradesh) Appeal Number : Advance Ruling No. AAR 03/AP/GST/2019 Courts : AAR Andhra Pradesh (57) Advance Rulings (1147)

Supreme Court has ordered an interim stay on the National Company Law Appellate Tribunal’s (NCLAT’s) ruling on the resolution of debt-ridden Orchid Pharma.

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The Tribunal has held that once Service Tax has been collected but no paid to the Govt though Service was undisputedly not a taxable  service yet Service Provider is liable to pay Service Tax to the Government with interest. Executive Engineer   Vs CCE 2019(31)GSTL 102 Tri.

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States plan political battle over delayed allocation of GST compensation:

READ MORE- https://www.gststation.in/states-plan-political-battle-over-delayed-allocation-of-gst-compensation/

9 Decembe 2019 News

Corporate Snippets on Dec 9

Ø India's real GDP growth in FY20 to come below 5%

Ø China exports fall in November, imports recover

Ø Maruti raises production by 4% in November

Ø Foreign borrowings jump to $3.41 billion in Oct

Ø CG Power seeks nod to borrow up to Rs. 5,000 cr

Ø FPIs turn net sellers in Indian capital markets in Dec

Ø Bharti seeks Rs. 4,900-cr FDI nod; infusion to make Airtel foreign firm

Ø 373 infrastructure projects hit by cost overruns of Rs 3.89 trn: Report

Ø Paper to capture 25% of the Rs 80,000 cr single-use plastics market by 2025

Ø NTT targets $1 billion revenue from India operations in next two years

Ø SC orders interim stay on NCLAT order on Orchid Pharma resolution process

Ø India Inc’s overseas borrowings jump over two-fold to $3.41 bn in October

Ø Government looking at deploying larger funds for startups: Piyush Goyal

Ø NTPC signs pact for ₹5,000-crore term loan with SBI

Ø New household consumer expenditure survey to begin in July

Ø Reliance’s biotech arm eyes tie-ups to enter diagnostics business

Ø Canadian pension funds eye private debt space in India

Ø Amid tariff war, China's exports to US fall 23% to $35.6 bn

Ø Welspun Group promoters buy majority stake in One Industrial

Ø Govt. plan to allow EPF-NPS portability may be junked

Ø India’s Paper industry likely to acquire 25% market share of single use plastics market by 2025

Ø Average customer unlikely to pay for outgoing calls, says Reliance Jio

Ø Financial sector fragilities taming growth

7 December 2019 Updates

3 New Functionalities on registration on GST Portal

1. Taxpayers can now see all the GSTINs mapped to same PAN across India, at the time of filing the Part A of the registration application form for new registration, on same PAN.

2. Taxpayers applying for registration as OIDAR can now give details of their authorised representative appointed in India (Name, PAN, Mail & mobile number) in Part A of the registration Form GST REG 10.

3. The validation of unique combination of same PAN, Email and Mobile number has been removed while filing registration application by already registered taxpayers. Now another registration can be taken by already registered taxpayers (Normal, Composition, Casual, TDS, TCS, GSTP) by giving same (or any) combination of PAN, Email or Mobile number.

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Effective from 16.12.2019, National Electronic Funds Transfer [NEFT] facility shall be available for all 24 Hours for all days including Holidays. There shall be 48 Settlement Cycles after every 30 Minutes. Presently, the NEFT facility is available from 8.00 AM to 7.00 PM.

Source: RBI Circular dated 06.12.2019

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1. GST- Detention of goods-

The applicant contended that the transaction between the parties was not a sale since there was no transfer of ownership of the goods to the consignee. Held, the definition of supply u/s 7 of CGST Act, 2017 is not confined to transactions of sale but includes transfer for other purposes also. Under such circumstances, the detention is not unjustified.

 2019-VIL-585-KER

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The Ld Counsel for the Appellant contends that appellants and Respondents communicated with each other about the proposal of sanctioning of loan by way of email, Whatsapp communications etc . Various WhatsApp communication is on record as Annexure A-5 & A-6 which shows that the respondent further discussed the term loan amount, which may be required to be disbursed, which reflects that the corporate debtor took services. The document submitted by the Appellants requires further investigation to prove its claim, which can't be done in summary proceedings . The Documents relied on are not sufficient to show engagement for service charge fixed, and the rate of service charge.

In the circumstances, there is nothing on record to show that the amount is due and payable. Thus, the Adjudicating Authority has rightly rejected the application filed u/s 9 of the ‘I&B’ Code.* We find no merit in this appeal. The 

appeal is accordingly dismissed — no order as to costs.

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This is to inform that ICAI has submitted its pre-budget memorandum for the year 2020 to CBDT. 

The same is available at https://resource.cdn.icai.org/57650dtc46843.pdf .

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👉 ARCs will now have to take the auction route to acquire NPAs. Total NPAs in the banking system are pegged at Rs 9.3 lakh crore.

👉 NCLT admits Bank of India's insolvency process against RNA Corp. The public sector lender had granted a loan of Rs 75 crore to RNA Corp in October 2013 and the builder defaulted on repayment of this loan in December 2014, since then the account has been classified as a non-performing asset. The bank has claimed.

👉 JSW’s plea upheld against order on Vardhman Industries. The company had preferred an appeal before NCLAT challenging certain portions of NCLT orders, and the judgment on the same has been pronounced on December 4, 2019, allowing the said appeal of JSW,

Thanks for reading

06 December 2019 Updates

Payment of Membership/COP Fees for the year 2019-20 is further extended to 31st December, 2019. - (29-11-2019)

It has been decided to extend the last date for payment of Membership /COP fee for the year 2019-20 up to 31st December 2019. It has been further decided to waive off condonation fee on delay of filing of application forms related to Members, Firms and Students, if respective transaction date in application forms falls between 1st April 2019 to 31st December 2019.

Link:-https://www.icai.org/new_post.html?post_id=16134&c_id=219

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Delhi High Court stayed the applicability of interest levied on the profiteered amount relating to the Goods & Services Tax (GST). The same petition had also challenged the composition of National Anti-profiteering Authority (NAA).

Arbitrary and illegal detention under GST not to be resorted to: Case Name: Alfa Group Vs. The Assistant State Tax Officer (Kerala High Court)

The National Informatics Center (“NIC”) has issued a New Set of FAQ on Blocking and Unblocking of EWB generation facility in EWB Portal. The FAQ's are based on the implementation of the new feature of blocking/unblocking the taxpayers from next month, as per Rule 138E of the CGST/SGST Rules, 2017, with effect from December 01, 2019.

Reserve Bank of India is set to deliver its sixth straight interest-rate cut Thursday, shrugging off a spike in inflation as it stays doggedly focused on supporting economic growth. While all 34 economists surveyed by Bloomberg News as of Wednesday expect a reduction, the majority expect a quarter-point cut, with the rest expecting reductions of 15 basis points to 50 basis points. 

DGFT Authorities have issued a trade notice to the members of trade and industry and regional authorities, to rectify the mistakes in the IEC database which requires immediate corrective action. 

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Relief for back-office firms: Govt withdraws GST circular on intermediary services:

READ MORE- https://www.gststation.in/relief-for-back-office-firms-govt-withdraws-gst-circular-on-intermediary-services/

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Construction workers demand full GST waiver; seek social security:

READ MORE-https://www.gststation.in/construction-workers-demand-full-gst-waiver-seek-social-security/

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👉 Private sector lender Yes Bank on Monday filed an insolvency petition against Jaypee Healthcare before the Allahabad bench of National Company Law Tribunal (NCLT)

👉 NCLT admits RBI plea seeking bankruptcy resolution for DHFL

 👉A dedicated bankruptcy court has accepted the resolution plan for the revival of Ricoh India, the largest player in printing and document solutions.

 👉 IBBI tightens norms for insolvency resolution professionals. Insolvency resolution professionals would be barred from having employment when they are in possession of authorisation to take up work under the insolvency law.

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Oil minister sees jet fuel, gas under GST soon to improve business climate:

READ MORE- https://www.gststation.in/oil-minister-sees-jet-fuel-gas-under-gst-soon-to-improve-business-climate/

06 December 2019 News

Corporate Snippets on Dec 6

Ø Government approves allocation of 5 coal blocks

Ø RBI set to tighten screws on co-op banks

Ø Govt. withdraws GST Circular on back office services

Ø S&P keeps Airtel rating on negative watch

Ø Payment banks can convert into small finance banks after 5 years

Ø Maha Govt. wants PMC Bank to merge with MSC Bank

Ø RBI unexpectedly hits pause on rate cut; lowers FY20 GDP forecast to 5%

Ø Base year for calculating GDP revised due to socio-economic changes: Govt

Ø Moody's downgrades Yes Bank's ratings, assigns negative outlook

Ø Nestle India prepares the ground as HUL-GSK Consumer merger nears

Ø M&M buys 36.6% in Meru for Rs 44.71 cr, to appoint majority of directors

Ø Cardekho raises $70 million in Series D funding from Chinese, European investors

Ø Oil marketing firms’ bid to encourage alternative fuels

Ø Canada Pension Plan Investment Board to invest up to $600 million in NIIF

Ø CSIR, BHEL sign pact to develop and market technologies

Ø Zydus Cadila files application for liver disease drug

Ø Saudi Aramco raises $25.6 billion in world’s biggest IPO

Ø Billionaire Lawrence Stroll seeks big stake in Aston Martin: Report

Ø Tata Motors board approves ordinary shares, warrants to Tata Sons

Ø Infra and manufacturing sectors disappointed with RBI's policy stance

Ø DHFL insolvency process starts, investors' claims sought

Ø Fitch Ratings says Indian banks to write off more loans

Ø Rajya Sabha nod to lower corporate tax rates

Ø 15th Finance Commission submits its report for 2020-21 to President

Ø No way privately-issued digital currencies can be allowed: RBI Governor Shaktikanta Das

Ø Corporate lending witnessing lack of demand: SBI

Ø NBFCs, MFIs & co-ops can now become SFBs

Ø P2P lending limit raised to Rs 50 lakh

Ø Markets end lower in a see-saw trade as RBI surprises with status quo

5 December 2019 News and Update

Corporate Snippets on Dec 5

Ø SBI to sell 8.25% stake in UTI MF via OFS

Ø SAT refuses relief to lenders in Karvy Broking case

Ø IL&FS reports Rs. 22,527 crore loss for FY19

Ø 'India's cybersecurity market to touch $3 bn by 2022'

Ø Ashok Leyland announces non-working days for Dec

Ø SEBI action against auditors not 'turf war': Ajay Tyagi

 

Ø SAT asks NSE to take a decision on Karvy's licence suspension by Friday

Ø Anil Ambani firms' CoC to discuss Bharti Airtel's offer on Thursday

Ø Govt garnered Rs. 2.03 trn revenue from Coal India in last 6 fiscals: Joshi

Ø Govt. considering options to decontrol urea, says Fertiliser Minister

Ø Tata Power-ICICI Bank JV acquires UP based Prayagraj power project

Ø Cabinet approves Fourth Code of labour laws, land monetisation

Ø SAIL records 36 per cent growth in sales during November 2019

Ø Oil marketing firms’ bid to encourage alternative fuels

Ø Indian clothing market likely to be worth $53.7 billion in 2020

Ø Sembcorp to buy out Gayatri Energy’s stake in India venture

 

Ø US, China move closer to trade deal despite harsh rhetoric

Ø Bharat Bond ETF cleared, paves way for retail funds in corporate debt

Ø *Ujjivan Small Finance Bank IPO sees highest subscription in 2019 at 170 times*

Ø Sembcorp buys out Gayatri Projects' 5.95% stake in its subsidiary for ₹406 cr

Ø FMCG sales on e-commerce sites to touch $4 billion by 2022: Nielsen

Ø OPEC nations grapple with oversupply of oil

Ø GST Council to review revenue position, compensation cess on December 18

Ø Coca-Cola’s in-house bottling arm to transfer operations in north India to franchisees

 

Ø Govt. to launch first debt exchange-traded fund

Ø India's services industry returns to growth in November on strong demand: PMI

Ø Bharti Airtel board approves raising up to USD 4 billion

Ø United Breweries steps into craft beer market

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👉🏻MCA deactivates 19,40,313 Director Identification Numbers

(deactivated 19,40,313 Director Identification Numbers (DINs) in the MCA21 Database due to the non-filing of Know Your Client  (KYC), as on 28.11.2019) 

👇🏻 👇🏻 👇🏻

http://bit.ly/2Lk7tZj

👉🏻Application Form for the Information Systems Audit (ISA) Assessment Test - ICAI

(Exam Date - 28th December, 2019. Last Date for receipt of application - 9th December 2019)

👇🏻 👇🏻 👇🏻

http://bit.ly/35XKqLJ

👉🏻MCA launches databank of independent directors

(The initiative provides a platform for the registration of existing independent directors as well as individuals aspiring to become independent directors)

👇🏻 👇🏻 👇🏻

http://bit.ly/35XPv6I

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GST: Telangana faces tax revenue shortfall of Rs 838 crore:

READ MORE- https://www.gststation.in/gst-telangana-faces-tax-revenue-shortfall-of-rs-838-crore/

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👉The government has recently appointed 28 more members in NCLT and 4 more members in NCLAT, in order to quicken the legal proceedings and reduce the pendency of cases.

👉NCLT orders liquidation for Lanco Babandh. The bankruptcy court removed the resolution professional for the Lanco group company, and appointed a liquidator from AAA Insolvency Professionals to sell off the assets.

👉NCLAT dismisses abuse of dominance charge against BMW India.

👉The Supreme Court has upheld the National Company Law Appellate Tribunal’s October 15, 2018 order disallowing encashing of bank guarantees furnished by IL&FS Group companies, offering relief to banks that have stood guarantors to the infrastructure conglomerate’s projects.

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👉🏻Delhi HC stays interest levy on profiteered amount under GST

(Delhi High Court stayed the applicability of interest levied on the profiteered amount relating to the Goods & Services Tax (GST)

👇🏻 👇🏻 👇🏻

http://bit.ly/33PSf4z

👉🏻Forensic Audit reveals LoUs worth Rs 25,000 Cr fraudulently issued in PNB fraud

(Forensic Auditor found that PNB issued 1,561 LoUs, valued at Rs 28,000 crore, to the Nirav Modi group. Of this, 1,381 LoUs worth Rs 25,000 crore were fraudulently issued) 

👇🏻 👇🏻 👇🏻

http://bit.ly/2Lqa18l

 

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Important Due Dates : 📆

07-12-2019- Due date for TDS Payment for the November month.

11-12-2019- GSTR-1 – for month of November 2019 (taxpayers with Annual Aggregate turnover above Rs. 1.5/-Crore or opted to file Monthly Return).

20-12-2019- GSTR-3B – for the month of November 2019. Pay due tax till this date.

31-12-2019- GSTR-9C – Annual Return for fy 2017-18 by registered person and for Financial Year 2018-19 to March 31, 2020.

31-12-2019- GSTR-9 – Annual Return/Statements for FY 2017-18 by all registered persons having an aggregate turnover of more than Rs.2/-Crores or opted to file Annual Return.

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Central Board of Direct Taxes (CBDT) has said that there has been a 20 per cent increase in processing of Refund returns for the current assessment year as compared to the same period in the previous year. 

GST;  2.12.19, e-way bill cant be generated by supplier, buyer or transporter if GSTR-3B of 2 consecutive months not filed by any one of them.

GST Portal: Taxpayers can now see all the GSTINs mapped to same PAN across India, at the time of filing the Part A of the registration application form for new registration, on same PAN.

GST: Taxpayers applying for registration as OIDAR can now give details of their authorised representative appointed in India (Name, PAN, Mail & mobile number) in Part A of the registration Form GST REG 10.

GST: The validation of unique combination of same PAN, Email and Mobile number has been removed while filing registration application by already registered taxpayers. Now another registration can be taken by already registered taxpayers (Normal, Composition, Casual, TDS, TCS, GSTP) by giving same (or any) combination of PAN, Email or Mobile number.

Federal indirect tax body, the Goods and Services Tax (GST) Council, will meet later this month to discuss various revenue raising measures including changes to GST rates and cess levied on select goods. 

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👉As per the data provided by National Company Law Tribunal (NCLT), total 19,771 cases were pending with NCLT benches on 30.09.2019, which include 10,860 cases under Insolvency and Bankruptcy Code (IBC), 2016.

👉Insolvency resolution professionals would be barred from having employment when they are in possession of authorisation to take up work under the insolvency law.

👉The overloaded National Company Law Tribunal is set to receive a huge chunk of resolution plans in early January as banks scramble to come up with a plan for loans worth Rs. 3 lakh crore under the June 7 circular.

👉An insolvency professional has complained to State Bank of IndiaNSE -0.10 % (SBI) about the selection criteria it is using to appoint resolution professionals (RPs) for companies undergoing bankruptcy.

Thanks for reading

4 December 2019 News and Updates

Corporate Snippets on Dec 4

Ø India's growth likely reached a trough: Goldman Sachs

Ø S&P reaffirms India’s sovereign rating at BBB

Ø Jaypee Infra: NBCC, Suraksha Realty place final bids

Ø RBI MPC starts deliberations on monetary policy

Ø Global uncertainty could push 7 mn in India to poverty

Ø Standard Life to sell 2.23% stake in HDFC AMC

Ø White House considered kicking Huawei out of US banking system: Sources

 

Ø Japan preparing $120 billion stimulus package to bolster fragile economy

Ø SAT asks NSDL to hold back remaining stocks of Karvy Broking clients

Ø Statistical Commission to discuss junked consumer spending report on Dec 4

Ø State-run banks lent Rs. 4.14 trn to NBFCs, housing financiers in one year

Ø Advent, Temasek divest stakes in Crompton Greaves worth Rs. 1,275 cr

Ø Govt. mulls easing foreign control rule to aid Air India sale

Ø Coal India output falls 4% in November

Ø Sugar mills’ production falls 54% to 18.85 lakh tonnes till Nov 30

Ø Transasia to acquire facility in Brazil to sell diagnostic products locally

Ø JSW Steel expects Rs. 600 crore TMT bar supply to metro projects

Ø Mudra NPAs at 2.86% in FY19, says Anurag Thakur

 

Ø 10,860 cases under IBC pending before NCLT at end of September: Govt.

Ø 51 absconders who left country defrauded over ₹17,900 cr; CBI probing: Govt

Ø 92,700 BSNL, MTNL employees opt for voluntary retirement

Ø IT department issues ₹1.46 trillion in refunds till November end

Ø Eris Lifesciences buys anti-diabetes novel drug Zomelis in India for $13 million

Ø Income Tax dept. reports 23% growth in refunds till Nov 28

Ø Disinvestment: Govt plans offer for sales route in six CPSEs, including Coal India

Ø Company directors may be on govt’s watch list; 19 lakh Directors already axed so far

Ø Sitharaman to meet state FMs today: Steps to boost GST revenue on agenda

 

Ø Reliance Infra invokes RPower's 10.19 cr pledged shares

Ø Donald Trump sees no deadline for a China trade deal

Ø Thomas Cook gets brand right for India, Sri Lanka

Ø Rupee settles flat at 71.66 against US dollar

Ø SENSEX slips over 126 points; metal stocks drag

03 December 2019 News and Updates

Corporate Snippets on Dec 3

Ø All telco operators hiked their tarriff to more than 2.5 times. Jio to increase its tarrifs tentatively by 40% from 6 December 2019

Ø Karvy case: 90% investors get back their securities

Ø CRISIL slashes FY20 growth forecast to 5.1 per cent

Ø Government launches Independent Directors' databank

Ø Gross direct tax collection rises by 5% till Nov: FM

Ø $14 bn loans to builders under severe stress: Report

Ø Steel industry margins set to shrink: India Ratings

Ø United Spirits proposes merger with Pioneer Distilleries

 

Ø Telecom tariff hike expected to benefit sector, boost its financials

Ø Govt. moves Taxation Bill in Lok Sabha seeking changes in income tax law

Ø Net surplus revenue decreased 66% to Rs 1,666 cr in 2017-18: CAG report

Ø Ashok Leyland M&HCV sales decline 55% in November; bus sales up 196%

Ø Tata Motors bags orders for over 2,300 buses from various state Govts.

Ø Corporate tax cut will make India a global manufacturing hub: FM

Ø No proposal to reduce taxes on petrol, diesel: Central Government

Ø LG Electronics India posts ₹1,534-crore profit in FY19

Ø India Inc delivered weak performance during Q2 FY20: ICRA

Ø Cadila Healthcare gets board nod for amalgamation

 

Ø Kia Motors becomes India's fourth largest vehicle manufacturer after two months

Ø SAMHI Hotels gets SEBI's go ahead for ₹1,800-2,000 crore IPO

Ø Jaypee Infra case: Suraksha may offer more cash & land to lenders

Ø Railways operating ratio in 2017-18 was 98.44%, worst in 10 years: CAG

Ø Yes Bank files insolvency petition against Jaypee Healthcare

Ø Foreign investors bring cheer to Indian market in November; FPI in equity at 8-month high 

Ø Government earmarks Rs 937 crore for exploration of non-CIL blocks in FY20

Ø India’s economic growth likely to remain subdued in near future, says report

Ø Samsung India’s profit declines 58 per cent, becomes $10 billion firm

 

Ø Over 3.38 lakh cos deregistered in last two financial years: Govt

Ø Rupee edges higher by 8 paise to USD; RBI policy meet in focus

Ø 78 pc depositors of PMC Bank can withdraw entire deposits: Govt.

Ø Public sector banks told to outline insurance JVs’ future

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👉BMW India gets clean chit from NCLAT over dominance abuse charge.

👉NCLAT held that the time spent for SARFAESI Proceedings can be excluded for computing limitation under IBC.

👉Ambit of the Insolvency and Bankruptcy Code expanded to include personal guarantors.

👉Personal insolvency framework will be the "beginning of a new learning" and the next big thing in insolvency reforms, IBBI chief M S Sahoo has said.

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Govt blocks GST e-way bill generation; move may impact 300,000 firms:

READ MORE- https://www.gststation.in/govt-blocks-gst-e-way-bill-generation-move-may-impact-300000-firms/

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GST puts in extra Rs 320 a month in your pocket; you now save this much on daily needs items:

READ MORE- https://www.gststation.in/gst-puts-in-extra-rs-320-a-month-in-your-pocket-you-now-save-this-much-on-daily-needs-items/

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STATUTORY COMPLIANCE CALENDAR

 

07 Dec 

 TDS/TCS LIABILITY DEPOSIT: Due date of depositing TDS/TCS liabilities for previous month.

EQUALIZATION LEVY DEPOSIT: Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.

 

10 Dec

 GSTR-7 RETURN FILLING DUE DATE: Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous quarter .

 GSTR-8 RETURN FILLING DUE DATE: GSTR-8 is a return to be filed by the e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.

 

11 Dec:

   GSTR-1 RETURN FILLING DUE DATE: GST Filing of returns by registered person with aggregate turnover more than 1.50  crores.

13 Dec:

 GSTR-6 RETURN FILLING DUE DATE: Due Date for filing return by Input Service Distributors for previous month.

 

15 Dec:

    ADVANCE INCOME TAX DEPOSIT - FIRST INSTALLMENT Due date for First Installment of advance tax for FY 2019-20.

   PROVIDENT FUND / ESI DUE DATES: Due date for payment of Provident fund and ESI contribution for the previous month.

 

20 Dec:

  GSTR-3B RETURN FILLING DUE DATE; Due date for filling GSTR – 3B return for Previous month

   GSTR-5A RETURN FILLING DUE DATE: Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.

 GSTR-5 RETURN FILLING DUE DATE: Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.

 

31 Dec:

GSTR-9 RETURN FILLING DUE DATE: Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.

  GSTR-9A RETURN FILLING DUE DATE: Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.

  GSTR-9B RETURN FILLING DUE DATE: Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year .

  GSTR-9C RETURN FILLING DUE DATE: Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

    BEN - 2: Return to the Registrar in respect of declaration under section 90 (Every company shall file a return of significant beneficial owners of the company and changes therein with the Registrar containing names, addresses and other details as may be prescribed within such time, in such form and manner as may be prescribed).

   MGT - 7: Filing of annual return by a company.(Extended Date).

  CRA - 4: Filing of Cost Audit Report with the Central Government.(Extended).

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👉🏻Govt blocks GST e-way bill generation; move may impact 300,000 firms

(Businesses of more then 300,000 firms paying GST were likely impacted, as the Govt had blocked e-way bill generation for non-compliant assessees. 

CLICK ON THE LINK TO KNOW, HOW TO UNBLOCK)

👇🏻 👇🏻 👇🏻

http://bit.ly/2P5zgOe

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👉To save the auto components manufacturer Amtek Auto from liquidation, the Supreme Court ordered the committee of creditors (CoC) of debt-laden company to invite fresh bids within a month.

👉The Supreme Court directs thousands of Amrapali home buyers to pay outstanding amounts by January 31 either in installments or at one go for speedy completion of all stalled projects.

👉Mumbai-based Suraksha Realty, which is in the race with state-owned NBCC to acquire bankrupt Jaypee Infratech, is likely to offer additional cash and land to lenders, and higher delay compensation to homebuyers to make its final resolution more lucrative for financial creditors.

👉Govt to set up NCLT bench in Chennai.

👉Yes Bank approaches NCLT against Jaypee Healthcare to start insolvency process.         

                                                                                  

👉NCLT admits RBI plea seeking bankruptcy resolution for DHFL.       

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BEFORE THE AUTHORITY FOR ADVANCE RULING (TELANGANA): In Re: Macro Media Digital Imaging Pvt. Ltd. MANU/AR/0088/2018

FACTS

• The Applicant is engaged in the business of manufacturing and sale of digital printed materials.

• The Applicant manufactures printed trade advertising materials like banner flex using various inputs like ink, paper etc.

ISSUE

• Whether printing of advertising material is supply of service?

OBSERVATION/RULING

• The court observed that the Applicant’s supply is a composite contract- a transaction involving both services and transfer of property in goods and the two are inseparable in the execution of the contract. It was a works contract in terms of S.2 (57) (d) of the West Bengal VAT, 2003.

• Works Contract as defined in S.2 (119) of the GST Act excludes from its ambit all such composite contracts that do not involve building, construction, and alteration etc. of any immovable property.

• Therefore, under the GST Act the applicant is making a composite supply where the service of printing is the principal supply. The goods supplied having no use other than displaying the printed matter, is ancillary to the principal supply of printing.

Thanks for reading

02 December 2019 News and Updates

Corporate Snippets on Dec 2

Ø New SEBI framework to boost depository receipts

Ø FPIs net buyers for 3rd month; invest Rs 23K cr in Nov

Ø RCEP: Japan says efforts on to address India's concerns

Ø 12 companies want to shift base from China: FinMin

Ø Telcos to gain Rs 36,000 cr/month from rate hike: Cong

Ø Nissan, Renault, Mitsubishi Motors form a new venture

Ø India considers investing $1.39 trn in infrastructure to spur economy

Ø Sep quarter Debt MFs see Rs 5000-crore outflow over rating downgrades

Ø Airtel, Voda Idea and Jio to hike mobile, data tariffs by up to 40%

Ø Maruti Suzuki India sales down 1.9% in November at 150,630 units

Ø DBT increased interest cost of fertiliser firms: FAI

Ø SAIL likely to start manufacturing of speciality rails in 2 years: Official

Ø LG Electronics India posts ₹1,534-crore profit in FY19

Ø Mahindra & Mahindra total sales down 9 per cent in Nov

Ø WTO: 163 countries agree to make changes in rules governing trade dispute resolution

 

Ø GST collection recovers to ₹1.03 trillion in November

Ø Tata Motors’ November wholesales drop 25%

Ø 'India is about competencies, biz prospects; discovering new opportunities'

Ø SBI Mutual Fund writes down its entire exposure to Reliance Home Finance

Ø Funding gap slows down startups aiming for global robotics club

Ø LIC earns over Rs 14,000 crore profit from stock markets in current financial year

Ø Axis Bank more than doubles loan provisions for troubled sectors

Ø Jio boxed into corner; CII, FICCI join cause to seek relief for telcos

Ø Deadline for filing returns with NFRA extended

 

Ø Investors seek proactive steps to guard against broker default

Ø Indian car buyers becoming less price conscious: JD Power

Ø Estimates of 2020 sugar production, exports vary

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SEBI:

MANDATES ALL LISTED ENTITIES TO DISCLOSE LOAN DEFAULTS W.E.F. JANUARY 1 

SEBI mandates all listed entities to disclose to the stock exchanges, default in payment of interest/installment obligations on loans including revolving facilities like cash credit, from banks/financial institutions and unlisted debt securities, w.e.f. January 1, 2020; Highlights that this move aims at addressing the critical gap between the availability of information to investors regarding loans obtained/defaulted on by listed entities; Defining the term ‘default’ as non-payment of interest or principal amount in full on the date when the debt has become due and payable, clarifies that for revolving facilities, an entity would be considered to be in ‘default’ if the outstanding balance remains continuously in excess of the sanctioned limit/drawing power, whichever is lower, for more than 30 days; States that listed entities shall disclose any default on loans including revolving facilities from banks, which continues beyond 30 days, within 24 hours from the 30th day, and adds that in case of unlisted debt securities, disclosure shall be made within 24 hours from occurrence of default; SEBI also lays down the disclosure formats for - (i) loans including revolving facilities, and (ii) unlisted debt securities (like NCDs and NCRPS) and for each instance of default and specifies the format for quarterly disclosures to be made within 7 days from end of each quarter, in specified cases: SEBI

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Update on disciplinary action as per the Chartered Accountants Act 1949

 In all the below matters action can be taken by ICAI if reported or even suo Moto by Disciplinary Committee:

List of violations (The list is illustrative only): 

1. Director in a company without informing to the Institute, while holding Certificate of Practice.

2. Director in a company in which the member has "substantial interest" while holding Certificate of Practice and not obtained permission.

3. Acceptance of assignments of audit without communicating with previous auditor.

4. Issued different certificates for different purposes.

5. Issued / signed financial statements for the same period with different numbers.

6. Doing business in the name of spouse or children.

7. Being a sleeping partner in a business enterprise without obtaining permission from ICAI.

8. Has been in police custody for more than a night and not informed to ICAI about the fact.

9. Allowed a person /some persons to use the name, not being a practicing members.

10. Shared fee with non practicing members.

11. Accepted profits from a person who is / was not a member of ICAI.

12. Issued advertisements and solicited professional work.

13. Not informed the change in employment / address with in stipulated time to ICAI.

14. Charged fee in percentage or as a share of profit or on contingency result.

15. Holding CoP and conducting coaching classes either in individual capacity or as director and holding more than 2% of capital along with relatives(relative defined as per IT Act of 1961).

16. Carried out Tax audits being a part time practitioner.

17. Being a office bearer of ICAI, submitted wrong claim / statement of claim.

18. Carried out audit / assignment negligently.

19. Used brand name for procuring professional work.

20. Holding CoP, bounced cheques issued towards loans.

21. Utilised clients money for personal / other purposes.

22. Conducted internal audit and external audit of an enterprise for the same periods.

23. Accepted to carry out internal and external audits.

24. Violated any of the Council guidelines issued in 2008 and CA Regulations.

25. Not submitted information sought by ICAI on different occasions.

26. Not informed ICAI w.r.t professional details, change in status, address etc etc.

27. Not paid dues to Government authorities which are not disputed.

28. Working abroad but being a partner in Indian firm.

29. Holding CoP and working in an enterprise, not being a CA firm,  as a consultant

Defacto employee but dejure a member in practice.

Do evaluate yourself whether you have done any violation of above nature. Than beware

Above is shared with purpose to educate ourselves. Any one has any other points to add can send it. Just for caution. Today environment we don't know what will happen and we should not become scapegoat to system, so better to educate and be cautious.

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👉BMW India gets clean chit from NCLAT over dominance abuse charge.

👉NCLAT held that the time spent for SARFAESI Proceedings can be excluded for computing limitation under IBC.

👉Ambit of the Insolvency and Bankruptcy Code expanded to include personal guarantors.

👉Personal insolvency framework will be the "beginning of a new learning" and the next big thing in insolvency reforms, IBBI chief M S Sahoo has said.

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Income Tax Section 271B Penalty Not Leviable for Undisclosed Turnover Of the Company. Case Name : Vinay Agrawal Vs ITO (ITAT- Indore)

Finance Commission Chairman NK Singh said the Goods and Services Tax is an iconic taxation reform that will improve compliance. “GST was a far-reaching iconic reform related to sharing of resources between the Central and State governments. It is indeed a radical tax reform,” Singh said at the India Economic Forum Skoch event here.

Delhi Court convicts a Director for holding Directorship of More than 20 Companies. Under the Rule 16 of The Companies (Appointment and Qualification of Directors) Rules 2014, the accused has the responsibility being Director to forward to the Registrar copy of resignation along with the applicable fees in Form DIR-11 within 30 days of such resignation. ROC Vs Sh. Roop Kishore Madan (Tis Hazari Court, Delhi)

ICAI last date for payment of Membership /COP fee for the year 2019-20 up to 31st December 2019. It has been further decided to waive off condonation fee on delay of filing of application forms related to Members, Firms and Students, if respective transaction date in application forms falls between 1st April 2019 to 31st December 2019.

ICAI Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2019 - (25-11-2019)

 Online Application Form

 Hard Copy Application Form

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◆The US has formally requested the extradition of British tech billionaire Michael Lynch to face charges for 17 counts of securities fraud, wire fraud and conspiracy. Lynch had sold his software startup Autonomy to HP for $11.1 billion in 2011. HP is currently suing Lynch and former Autonomy CFO for allegedly inflating the value of the firm before selling it. 

◆The domestic sales of Tata Motors in the month of November declined by 25% year-on-year to 38,057 units. The automaker had domestically sold 50,470 vehicles in the same month last year. It witnessed negative year-on-year growth in sales across all categories, including the passenger vehicles sales, which fell by 39% during the month to 10,400 units.

◆The number of transactions made through the Unified Payments Interface (UPI) crossed the 1.22 billion mark in November. However, the value of such transactions during the month witnessed a decline of 1.1% to 1,89,224 crore compared to the previous month. In October, UPI transactions had for the first time crossed the 1 billion mark, with 1.15 billion transactions carried out.

◆Union Oil Minister Dharmendra Pradhan on Sunday said that the current economic slowdown is "temporary" and a result of the ongoing US-China trade war. The fall in the GDP growth is "cyclical in nature," he added. His statement comes after official data on Friday showed that India's GDP growth fell to a 6.5-year low of 4.5% in the July-September quarter.

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🍒 RBI imposes INR 1.50-cr penalty on Corporation Bank : The Reserve Bank of India (RBI) has imposed a monetary penalty of ?1.50 crore on Corporation Bank for non-compliance with certain provisions of directions issued by it on prudential norms relating to income recognition, asset classification and provisioning pertaining to advances - divergence in NPA (non-performing asset) accounts and advances, among others. The central bank also referred to non-compliance by the public sector bank with certain provisions of directions issued by it relating to prudential norms for classification, valuation and operation of investment portfolio by banks; framework to revitalise the distressed assets in the economy - rectification and restructuring; end use of funds - monitoring, discounting/rediscounting of bills by banks; and frauds classification and reporting by commercial banks and select FIs. The RBI, in a statement, said statutory inspection of the Bank with reference to its financial position as on March 31, 2017 and the Risk Assessment Report (RAR) revealed non-compliance with the above-mentioned directions issued by it. - Business line

🍒 Chanda Kochhar moves High Court against ICICI Bank over termination : Former ICICI Bank chief executive, Chanda Kochhar, has moved the Bombay High Court against her ex-employer for terminating her when the bank had accepted her request for an early retirement. Kochhar, one of India’s most prominent woman CEOs, said that Sandeep Bakshi was named her successor only after ICICI Bank had accepted her request for an early retirement.She pointed out that her retirement request was accepted by the bank in October 2018 and in February 2019, the bank issued her a termination letter. Kochhar, in her petition, has challenged the ‘purported termination’ and denial of the agreed remuneration, said two people familiar with the development. ICICI Bank didn’t respond to ET’s mailed queries.Kochhar has termed her termination “illegal, untenable, and unsustainable in law”, and has sought the court's intervention.The division bench of Justice Ranjit More and Justice MS Karnik has posted the matter for hearing on December 2.“She (Kochhar) has filed a writ petition against the bank for terminating her service without prior approval from the Reserve Bank of India (RBI) in breach of a statutory obligation,” said one of the people cited above. “The bank took this step after having accepted her request for early retirement with effect from October 4, 2018, by the board of the bank.” - Business Standard

🍒 Yes Bank Board to raise $2 billion through preferential allotment of shares : Private sector Yes Bank plans to raise about $2 billion dollar through preferential allotment of shares. “The Board of Directors … has taken note that the following investors have individually expressed their agreement/ willingness to subscribe to equity shares of the bank for an aggregate amount of $2 billion which shall be undertaken on a preferential allotment basis,” it said in a late night regulatory filing on Friday. Canadian billionaire Erwin Singh Braich or SPGP Holdings is interested in buying $1.2 billion. “Discussions with investor ongoing and expected to be concluded shortly. In the meantime the Binding Term Sheet extended till December 31,” Yes Bank said. - Business Line

🍒 Yes Bank invoked 6.5 mn shares of Reliance Infra between November 25-28 : Private sector lender Yes Bank has invoked 65 lakh pledged shares of Reliance Infrastructure's promoter between November 25 to 28, the company has said in a BSE filing. These shares, representing 2.57 per cent of the share capital of Reliance Infra, were held by one of the company's promoters Reliance Project Ventures and Management Ltd.With this, the holding of Reliance Project Ventures and Management Ltd in Reliance Infra has come down from 30.05 per cent to 27.58 per cent, as per the filing. Other promoters, including Anil Ambani, hold 6.98 per cent in RInfra. - Business Standard

🍒 Kerala govt set to get its own bank as HC allows merger of co-op lenders : The Kerala government's long pending dream of setting up its own bank, by merging the district co-operative banks, is set to become a reality with the High Court dismissing a batch of petitions filed against it. Minister for Cooperation Kadakampally Surendran said the setting up of the bank opens up a huge potential for the development of the state."I believe this indeed is a revolutionary step and will change the face of banking sector in Kerala.Kerala Bank - as the name suggests, it is Kerala's own Bank," Surendran tweeted.The court granted permission to the Kerala bank after evaluating that its intervention in the merger procedures was not needed.According to government sources, 13 district co- operative banks (DCBs) would be merged with the Kerala State Co-operative Bank for forming the proposed Kerala Bank. - Business Standard

🍒 RBL Bank to raise Rs 826 cr via preferential allotment to five investors : Private sector lender RBL Bank is raising Rs 825.79 crore in equity capital from five investors by issuing shares through preferential allotment. The investors are Bajaj Finance, East Bridge Capital Master Fund I, FEG Mauritius FPI, Ward Ferry Management-controlled hedge fund WF Asian Reconnaissance Fund, and Asia-focused stock hedge fund lshana Capital. The bank’s board has agreed to allot 24.24 million shares at Rs 340.7 a piece on a private-placement basis in accordance with the provisions of the Companies Act, 2013, and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. On July 9, RBL Bank told shareholders at its annual general meeting that it would raise equity capital not exceeding Rs 3,500 crore. As on September 30, the bank’s capital adequacy ratio had slipped from 13.7 per cent to 12.3 per cent in the same period a year ago. - Business Standard

🍒 Ujjivan SFB raises Rs 304 crore from anchor investors ahead of IPO : Private sector lender Ujjivan Small Finance Bank (USFB) has mopped up Rs 303.75 crore from anchor investors ahead of its initial public offering (IPO), which starts on December 2. The banks want to raise Rs 750 crore to bolster its Tier-I capital. It has fixed a band of Rs 36-37 per share for the IPO.The allocation of 82.1 million shares at Rs 37 apiece to 18 anchor investors has been finalised, the bank said in a statement on Saturday.The Government of Singapore, the Monetary Authority of Singapore, CX Partners Fund, Aberdeen, HDFC Life Insurance Company, Bajaj Allianz Life Insurance Company, Sundaram Mutual Fund, Goldman Sachs India, and ICICI Prudential participated in the bidding.The bank caters to the unbanked urban poor and young middle class customers.The portion of the issue, aggregating up to Rs 75 crore, has been made available for the eligible Ujjivan Financial Services (UFSL) shareholders, on a proportionate basis. The shareholders of Ujjivan Financial Services will get shares at a discount of Rs 2 per share to the final issue price.UFSL, the promoter of Ujjivan Small Finance Bank, had commenced operations as a non-banking financial company in 2005. - Business Standard

🍒 MobiKwik, Aditya Birla Health Insurance to offer affordable Cancer Protect Cover : Aditya Birla Health Insurance Co. Limited (ABHICL), has entered into a strategic alliance with MobiKwik, a fintech platform, to offer simple sachet health insurance products. An innovative Cancer Protect Cover is the first product launched under this partnership between MobiKwik and ABHICL.ABHICL and MobiKwik are looking to expand their markets, creating affordable insurance solutions for mobile-first middle-class Indian consumers who have previously never had access to insurance.This offers the most comprehensive protection from diagnosis of all major stages of cancer. The policy’s protection cover allows guaranteed cash value, guaranteed savings benefits to ensure adequate protection as well as value-added services to promote preventive care. - Business Standard

🍒 Dharamshi-Jhunjunwala Consortium: NCLT okays Ricoh revival plan : A dedicated bankruptcy court has accepted the resolution plan submitted by a consortium led by investor Kalpraj Dharamshi and Rekha Jhunjhunwala, wife of ace investor Rakesh Jhunjhunwala, for the revival of Ricoh India, the largest player in printing and document solutions. The local subsidiary of the Japanese firm had filed voluntary insolvency last year. It had drawn bids from Kotak Investment Advisors Ltd, Bengaluru-based WeP Solutions and Karvy Data Management Systems.Late Thursday, the Mumbai bench of the National Company Law Tribunal (NCLT) uploaded its order where the tribunal had approved the resolution plan submitted by the consortium led by Dharamshi and Jhunjhunwala. The company was admitted for insolvency resolution in January 2018.“The resolution plan is binding on the corporate debtor (Ricoh India) and other stakeholders so that revival of the company shall come into force with immediate effect and the ‘moratorium’ imposed…shall cease to have any effect henceforth,” said a bench of MK Shrawat and Chandra Bhan Singh, passing the order. - Business Standard

🍒 HDFC Bank’s share in outstanding credit cards comes down to 25% : HDFC Bank’s share in the number of outstanding credit cards dropped to 25% at the end of September 2019 from 30% in March 2016, as rivals SBI Card and ICICI Bank increased their share over the same period. A report compiled by Citi Research from Reserve Bank of India (RBI) data shows that the share of the SBI group in the number of credit cards stood at 18% at the end of Q2FY20, up from 15% in March 2016, while that of ICICI Bank was steady at 15%. ICICI Bank’s share had dipped to 13% in March 2018 from 15% in March 2016. It recouped share in the next two years. In terms of volume and value of transactions made using credit cards at point of sale (PoS) terminals, HDFC Bank continued to lead the market, with shares of 26.4% and 28.1%, respectively. SBI gained market share in outstanding debit cards as well between March 2016 and September 2019, increasing its share to 36% from 29%. Bank of Baroda (BoB) held on to the second spot with a 6% share. Interestingly, Paytm Payments Bank broke into the top three among debit card issuers within 16 months of its launch, gaining a 5% share by the end of March 2019 and expanding it to 6% over the next six months. - financial express

🍒 YES Bank climbs 3% after Edelweiss upgrades stock to ‘Buy’ : Shares of YES Bank advanced over 3 per cent in early trade on Friday after Edelweiss Securities upgraded the lender to ‘Buy’ with a target price of Rs 101, indicating an upside of 40 per cent from the current market price. The brokerage house perceives YES Bank as a high risk-return potential candidate as base-case holds out the bank is here to stay, braving the known and unknown challenges and a temporary lull in earnings.“At its current 0.8 times FY21E P/B, the stock factors in multiple challenges and a clear under-valuation of its liability franchise. The m-cap-to-deposit at sub-10 per cent – lowest among peers – starkly reflects the under-appreciated franchise value. Once it navigates the challenges, the revamped business model would emerge stronger, sustainable and less volatile,” Edelweiss said in a report. - Economic times

🍒 Corporate frauds trebled in first seven months of FY20: SBI : orporate frauds at the State Bank of India (SBI) trebled in the first seven months of FY20 (2019-2020) as against the whole of FY19 (2018-19). The big scams to the tune of Rs 26,757 crore between April and November this year were reported by the country's biggest mass-lender to the regulators in comparison to Rs 10,725 crore in FY19, according to data revealed in the initial public offering (IPO) document of SBI cards cited by the Economic Times.The FY18 (2017-18) fraud disclosures by the SBI were at just Rs 146 crore which makes the comparison look starker. The scam cases have increased to 48 so far in FY20 from 25 in FY 19, and 8 in FY18. The value of frauds in the SBI data is at a minimum of Rs 100 crore, the report added. - Business Today..

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GST, RERA to benefit listed real estate companies:

READ MORE- https://www.gststation.in/gst-rera-to-benefit-listed-real-estate-companies/

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GST: Govt says no proposal to reduce taxes on petrol, diesel:

READ MORE- https://www.gststation.in/gst-govt-says-no-proposal-to-reduce-taxes-on-petrol-diesel/

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⛳   No GST on Discount and Incentives of Purchase: AAR Karnataka

🌴  In a recent case the applicant M/S Kwality mobikes, the Authority for Advance Ruling in Karnataka held that the volume discount received on purchase and retail in the form of credit note without any adjustment of GST is not liable for GST.

🌴 The brief fact of the case is that the applicant is in the business of supplying motor vehicles. The applicant in its regular course of business purchases the vehicles from the authorised supplier and it charges 28% GST plus applicable cess. 

🌴 The authorised supplier allows the credit period of 30 days and also fixes sale targets to the applicant. Besides the purchase of the vehicle which is over and above the limit fixed on the regular purchase, the applicant is also eligible for a volume discount, which is paid on a monetary basis. 

🌴 The authorised supplier issues a credit note and this credit note is not affecting the purchase price or sale price and hence no effect on GST collected in the invoices. The question involved in this application is whether the volume of discount received on purchases and retail is liable for GST.

🌴 The applicant submitted that the authorised supplier is issuing a tax invoice on the supply of goods to the applicant is taking credit of the input tax charged in the invoice. 

🌴 The applicant when making more purchases is eligible for the volume discount on purchases and also the applicant when sells more than his target is eligible for the incentive and credit note is issued by the authorised supplier and no adjustment of price and GST  is done either by the applicant or the authorised supplier. Hence the amount received in the form of incentive and does not affect the sale price of the goods already sold and hence there is no liability to charge GST on the same. 

🌴 The credit note is issued as a post-sale event and which is not covered under section 15(3) of the CGST Act, 2017.

🌴 The authority comprising of members Harish Dharmia and Dr. Ravi Prasad.M.P held that the volume discount received on purchase and retail in the form of credit note without any adjustment of GST is not liable for GST. And also the amount received in the form of the credit note is actually a discount not supplied by the applicant to the authorised supplier, the applicant need not issue a tax invoice for this transaction.

Thanks for reading

30 November 2019 News and Updates

Corporate Snippets on Nov 29

Ø With $78 bn, India highest overseas remittance receiver

Ø ABB India gets NCLT nod for demerger of power biz

Ø Assocham seeks intervention on impact of AGR ruling

Ø India sets 31,696-MW solar power generation target

Ø Government trying to revive BSNL, MTNL 

Ø Karvy Stock Broking challenges Sebi order in SAT

Ø Govt appoints Deloitte as advisor for BPCL stake sale

Ø Govt. wants RBI to take over stressed assets of shadow banks: Report

Ø Essar Steel lenders may get more than Rs 42,000 cr from resolution process

Ø Examining financial irregularities by Indiabulls Group: Centre to Delhi HC

Ø Moody's sees India Inc struggling for credit in 2020 as slowdown weighs

Ø Aurobindo Pharma arm to buy certain biz assets of Profectus BioSciences

Ø More worries for govt as Q2 GDP growth likely to be below 5%

Ø Govt. seeks ₹21,000 crore as supplementary grant

Ø Tata Steel begins talks with European Works Council on job cuts

Ø BPCL gets Cabinet approval for additional equity investment in E&P arm, Mozambique LNG

Ø Deutsche Bank to complain against Bajaj Allianz’s move to annual bonds

Ø Network18 denies reports on assets sale to Times Group

Ø Fiscal slippage woes spark FII sell-off in debt markets

Ø SEBI passes settlement order against ICICI Securities

Ø Government mulls more relief for real estate sector, NBFCs

Ø Manchester City owners buy majority stake in Mumbai City FC

Ø Finance panel tenure extended; award period now till FY26

Ø Paytm in talks to raise another $1 billion funding: Sources

Ø Jaypee lenders ask NBCC to sweeten land-debt swap deal

Ø NSE plans to digitise 50% regulatory processes

Ø Supplementary demand: Capital infusion into insurers, IDBI Bank part of extra Rs 21,246 crore spend

Ø Govt. notifies WTO about intent to make gold hallmarking must

Ø Reliance Industries first Indian firm to hit Rs 10 lakh crore market valuation

Ø Use telematics to price motor policies: IRDAI

Ø Cement demand fails to pick up on multiple woes

Ø Govt. mulls absorbing Rs. 50,000 crore Air India debt

Ø  States' rising debt pose threat to India's fiscal deficit target

Ø SEBI working on related-party transaction norms: SEBI chief Tyagi

Ø No recession in Indian economy: Nirmala Sitharaman 

Ø TRAI floats paper on transparent reporting of tariffs

Ø Govt. has no plans to reduce price for 5G spectrum 

Ø Telecom sector records Rs 41k cr dip in gross revenue

Ø Plan ready for Rs 100-trn investment in infra, Rs 50-trn in Railways: Goyal

Ø Investments in equity MFs rose 35% QoQ to Rs 24,000 cr in Jul-Sep: Report

Ø BSE, NSE issue norms to list Commercial Papers, bring them under SEBI

Ø Retail boost for logistics, warehousing: Investment rises by $7 bn in 2 yrs

Ø UPI transactions in July-Sep up 183% at 2.7 bn; value jumps to Rs 4.6 trn

Ø Moody’s expects Centre’s fiscal deficit to rise to 3.7%

Ø Coal production in India up by 164.58 MT in 5 years

Ø US cuts funds for WTO Appellate Body drastically

Ø India seeks review of FTAs with ASEAN, Japan: Goyal

Ø JSW Cement to invest ₹2,875 cr to add 11 MTPA capacity

Ø Biocon, Mylan get USFDA nod for pegfilgrastim drug substance licence

Ø PMC Bank scam: Mumbai court gives nod to sell jets, yacht of Wadhawans

Ø Govt. to divest 100% stake in Air India, says aviation minister Puri

Ø Jet Airways’ creditors extend date for submission of resolution plan to 16 Dec

Ø SEBI lays guidelines for Listed REIT, InvIT on Preferential Issue

Ø Two ex-directors at ZEEL resigned over management decisions

Ø Indian Textile Industry can reach $300 Billion by 2030: CII

Ø Cabinet approves extension of jute packaging norms for foodgrains, sugar

Ø Government hikes authorised capital of FCI to Rs 10,000 crore

Ø JSW Cement defers IPO, sets new capacity target for 2023

Ø Crude steel production capacity on increase in country

Ø Rupee settles 15 paise higher at 71.35 against US dollar

Ø Sical to sell or hive off businesses to pare debt

Ø Cement demand fails to pick up on multiple woes

Ø CreditAccess to acquire Madura MFI for Rs 876 crore

Ø IndiGo director asks US Court to revoke summons

Ø Govt. got Rs 4,973 cr revenue from auctioned coal mines

Ø Airtel, Jio bid for RCom telecom assets

Ø 12.23 lakh new jobs created in Sept: ESIC payroll data

Ø Govt. moves NCLT to reopen CG Power books

Ø FM introduces Bill in Lok Sabha to cut corporate tax

Ø Saudi Aramco IPO retail subscription at $5.8 billion, says lead manager

Ø ICRA downgrades Bharti Airtel's long term rating from "AA" to "AA-"

Ø Total loan portfolio of DHFL at Rs. 95,615 crore: Govt. to Lok Sabha

Ø Foreign portfolio investors pour in $6 billion in the past two months

Ø Oil prices hold above $63 a barrel on US-China trade talks optimism

Ø Price-fixing charges: Sun Pharma in talks with US to end anti-trust probe

Ø Ind-Ra downgrades long-term issuer rating of Texmaco

Ø Novartis to buy US biotech The Medicines Co for $9.7 billion

Ø Salcomp buys Nokia's Sriperumbudur plant to make Apple chargers

Ø LVMH to buy Tiffany for $16 billion in largest-ever luxury-goods deal

Ø CG Power forays into EV bus segment

Ø PFRDA releases valuation norms for NPS pension funds

Ø Zee Entertainment board accepts Subhash Chandra's resignation as chairman

Ø BSNL, MTNL VRS scheme: Over 92,000 employees opted so for

Ø Shut down 4,774 industries in residential areas immediately: NGT

Ø 10 states unequipped to ensure food safety: FSSAI

Ø SC notice to finance ministry, others on Adani plea seeking duty parity

Ø Number of captive coal blocks slips to 11 so far from 17 in FY19

Ø Shuttl raises $18 million from SPARX Group, Toyota Tsusho Corporation

Ø PSBs collect Rs 1,996 crore in minimum balance penalty in FY’19

Ø Paytm raises USD 1 billion in fresh funding

Ø SEBI to tighten rules for brokers after Karvy debacle

Ø Gold declines Rs. 166 on weak global trend

Ø 2.75 lakh houses will be ready by 2020

Ø JV plans: SAIL awaits ArcelorMittal response

Ø CAIT levels tax avoidance allegations on ecomm cos

Ø Aurobindo Pharma aims to become debt free in 3 yrs

Ø BPCL asked to submit valuation of company in 50 days

Ø NTPC likely to issue green bonds to raise funds

Ø SEBI plans to implement data analytics project

Ø ECL Finance's NCD Tranche II oversubscribed

Ø Govt. to amend IBC to ring-fence buyers of stressed assets from prosecution

Ø Karvy group's liquidity to stay stretched over medium term: CRISIL

Ø Airtel, RIL, three others may submit bids for RCom assets on Nov 25

Ø Govt's privatisation plan may end complex cross-holding in oil PSUs

Ø RCom lenders reject resignation of Anil Ambani, 4 other directors

Ø Key WTO body may become dysfunctional from Dec 11

Ø PSUs need roadmap for growth, exports: CII report

Ø Post Brexit, India can use Ireland as window to EU: Envoy

Ø Government to consider cut in reserve price of rice

Ø USFDA red flags Torrent Pharma’s US-based plant for manufacturing violations

Ø India's PSUs should bid for international projects as consortium: Report

Ø ETFs funds account for 82% of selloff proceeds: DIPAM

Ø FPIs pour ₹17,722 crore into Indian Markets in November so far

Ø After Jet's demise, Lufthansa plans to strengthen partnerships with AI, Vistara

Ø India's gold imports dip 9% in April-October period

Ø Amar Ujala bets on healthcare; acquires majority stake in Cygnus Medicare

Ø ISPAI seeks legal view on DoT’s demand for statutory dues; says order unnecessarily imposed on USP

Ø Monetary Policy Committee to be split on rate cut decision

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# GST: New set of notifications applicable for persons having place of business in J&K for GST return filing dates and certain impacts on GST portal after making J&K and ladakh as UT.

# ICAI DISA exam link.

http://isaat.icaiexam.icai.org/dec19/instruction.aspx

# ICAI Membership Fees: Last date of payment 30th November, 2019. Use this link to pay (Annual Membership Fees (2019-2020)

https://www.icai.org/new_post.html?post_id=15946

# ROC Annual Return Filing extended due Date

-e-forms AOC-4, AOC (CFS) AOC-4 XBRL upto 30.11.2019 and 

-e-form MGT-7 upto 31.12.2019, 

by companies without levy of additional fee.

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👉🏻GST authorities unearth racket involving Rs 140 Cr tax fraud

(GST authorities have unearthed a tax racket and arrested one person for allegedly defrauding the government to the tune of about Rs 140 crore through fraudulent means) 

👇🏻 👇🏻 👇🏻

http://bit.ly/2Dj8z2S

👉🏻21 Income Tax officers accused of corruption asked to retire

(Govt has ordered compulsory retirement of 21 income tax officers in the fifth tranche of its crackdown on officials accused of corruption and other malpractices.)

👇🏻 👇🏻 👇🏻

http://bit.ly/2ONAn4V 

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👉MCA on NFRA-2 : Extension of the last date of filing of Form NFRA-2-reg: 

time limit for filing Form NFRA-2 will be 90 days from the date of deployment of this formon the website of 

National Financial Reporting Authority_

Link: http://www.mca.gov.in/Ministry/pdf/NFRA_27112019.pdf

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NCLT directs Department of Telecommunications(DoT) not to suspend Aircel’s spectrum license.

Aviva Life settles insolvency case in NCLT. Earlier this month, the NCLT had ordered to initiate insolvency proceedings against Aviva Life Insurance in a case filed by Apeejay Trust.

NCLAT has held that non-renewal of a dealership agreement after its expiry would not amount to an abuse of dominant position in terms of Section 4 of the Competition Act, 2002.

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GST e-invoicing must for businesses with Rs 100-cr turnover from April 1:

READ MORE- https://www.gststation.in/gst-e-invoicing-must-for-businesses-with-rs-100-cr-turnover-from-april-1/

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👉NCLT has ordered the liquidation of the Nagaon and Cachar paper mills after the central government refused to release Rs 98 lakh that Hindustan Paper Corporation Limited (HPCL) owed to Allow & Metals as payment for raw materials the latter supplied to the two paper mills.

👉The Bengaluru Bench of NCLT approves demerger of ABB India Ltd’s power grid business to ABB Power Products and Systems’s India Ltd.

👉Lenders to refer more cases to NCLT. They need to come up with a plan by Jan 7,failing which they would be required to make 20% provisions or refer the cases to court under IBC within 30 days, under the new RBI rule.

👉Following the recent Supreme Court ruling on Essar Steel resolution plan of ArcelorMittal, the lenders are expecting their money to start flowing in from the Lakshmi Mittal-led company next month.

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👉🏻Govt sets timeline for GST e-invoicing, trial to start January 1, 2020

(Govt. has come out with the timeline for the new e-invoicing system under GST and the limit of application for each category)

👇🏻 👇🏻 👇🏻

http://bit.ly/2OY8KWQ

👉🏻New Express Entry draw produces 3,600 invitations to apply for Canadian PR

(The Government of Canada issued 3,600 invitations to apply for Canadian permanent residence to Express Entry candidates in a new draw held Nov 27.)

Http://bit.ly/2OtgiSs  

👉🏻Vijaya Bank, Dena bank removed from second schedule of RBI Act

(RBI on November 28 said it has excluded Vijaya Bank and Dena Bank from the second schedule of the RBI Act, with effect from April 1, 2019.) 

👇🏻 👇🏻 👇🏻

http://bit.ly/2rxofgC

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Government is going to take several steps to stop GST theft and has decided to take a decisive step. The government can cancel more than 11 lakh GST registrations which have not filled GST Return 6 times or more than 6 times. In fact, the GST thieves have chosen the government for @ 10,000 crores.

Claims of GST being foolproof due to modus operandi VAT and excise regime like claiming credit without supply are also being questioned. It is also feared that the cases being caught are only 10-15% of the actual fraud. Fake billing was done through GST registration, fake invoicing was done through which input tax credit was obtained. 

Sebi will make it easier for unlisted companies looking to raise funds by selling debt securities on the stock exchange platform. The focus is on companies that have not listed their shares but want to list only their debt instruments, said two people privy to the development. Many firms have shied away from listing their debt securities as they had to comply with rules similar to equity listings on the exchanges.

MCA has ordered an investigation by serious fraud investigation office (SFIO) into affairs of Dewan Housing Finance Corp Ltd (DHFL) and five other companies, says Anurag Singh Thakur, minister of state for finance and corporate affairs.

Relaxation of additional fees and extension of last date of filing of e-Form MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013 for UT of J&K and UT of Ladakh. 

Reserve Bank of India’s efforts to support the flagging economy are turning out to be a bane for the rupee. The currency is the worst performer in emerging Asia this quarter, and analysts say that’s because the central bank is mopping up dollars gushing into local stocks and bonds.

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 Firm owner evading Rs 5.74 crore GST payment held:

READ MORE- https://www.gststation.in/firm-owner-evading-rs-5-74-crore-gst-payment-held/

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Regulatory Authority directs developer to return seven percent excess GST to homebuyer:

READ MORE- https://www.gststation.in/tamil-nadu-real-estate-regulatory-authority-directs-developer-to-return-seven-percent-excess-gst-to-homebuyer/

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Haryana registers 30.54% growth in GST collection from July to Oct:

READ MORE- https://www.gststation.in/haryana-registers-30-54-growth-in-gst-collection-from-july-to-oct/

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Tax sleuths wake up to fake invoice GST racket:

READ MORE- https://www.gststation.in/tax-sleuths-wake-up-to-fake-invoice-gst-racket/

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Income Tax collections across the country with many states faring poorly. the all-India collections made by Income Tax department (from April 1 up to Nov. 23) for financial year 2019-2020 stand at a little over Rs 5.44 lakh crore, registering an all-India growth of 0.6%.

Income Tax Addition of bogus share capital u/s 68 and bogus purchases u/s 69 cannot be made in absence of incriminating material with AO. Agson Global Pvt. Ltd Vs ACIT (ITAT Delhi).

Condonation of delay of 1754 days: If the stand of the Applicant in the Affidavit that he had no knowledge about the passing of the order is not expressly refuted by the Respondent, the question of disbelieving the stand of the Applicant cannot arise. Senior Bhosale Estate (HUF) vs. ACIT (Supreme Court), 

Maharashtra Appellate Authority for Advance Ruling (AAAR) had held in a ruling in February that back-office support services did not qualify as “export of service” and were in the nature of arranging or facilitating supply of goods or services.

States will need to be compensated for their revenue shortfall under goods and services tax (GST) even after 2022 — the sunset year for compensation under the law — because of slow revenue growth, a report commissioned by the 15th Finance Commission (FC) has noted.

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👉Mumbai bench of the NCLT approves a resolution plan for Ricoh India Ltd. that was submitted by a consortium of two investors.

👉Bombay high court has set aside an order of the NCLT, Mumbai, by which it had admitted an insolvency petition against Rolta India and had appointed an IRP.

👉DHFL becomes first financial services firm to be taken to NCLT.

👉IBBI Amends Insolvency and Bankruptcy Board of India Regulations.

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CBDT  in a clarification, said  companies opting for lower tax rate of 22 per cent will not be allowed to claim any deduction or exemption towards additional depreciation and Minimum Alternative Tax (MAT) credits against regular taxes. There is no timeline within which the option under newly inserted 115BAA in the Income Tax Act can be exercised, it added. Under Section 115BAA,

GSTR-9 and GSTR-9A for the financial year 2017-18. For GSTR-9C, some changes are required in the offline tool and online which is under development and is likely to made available by 10th December, 2019.

GST e-invoicing: 

From April 1 next year, electronic invoicing (e-invoicing) will be mandatory for businesses with a turnover of Rs 100 crore, the government said. This will help curb goods and services tax (GST) evasion and make compliance easier

Sebi allowed clearing corporations to make investments in overnight funds. Overnight funds are open-ended debt mutual fund schemes that invest in securities with a maturity of one day. However, the combined investments made by clearing corporations in liquid funds and overnight funds should not exceed a limit of 10 per cent of the total investible resources held by them. 

Industrial Relations Code tabled in Lok Sabha on turned out to be doing much less than expected to reform the country’s labour laws to improve the ease of doing business in the country or reducing the cost of labour for Indian industry to make it globally competitive. In its attempt to please all, the government seems to have lost a precious opportunity to position India as an alternative to China in manufacturing. 

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GST based bill discounting can provide immediate relief to MSMEs, says experts:

READ MORE- https://www.gststation.in/gst-based-bill-discounting-can-provide-immediate-relief-to-msmes-says-experts/

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Ekal Vidhyalaya East Delhi chapter is arranging a meeting Followed by Breakfast on Sunday 22nd December 2019  at 09:30 AM to 11AM at JP hotel & Resort, 6B, Patparganj, I.P. Extension, NH- 24, Behind CNG Petrol Pump, Delhi-110092.

Ekal Vidyalaya is a Movement involved in integrated & amp; holistic development of rural & amp; tribal India and Nepal. The main activity undertaken in this movement is to run one-teacher schools (known as Ekal Vidyalayas) all over India, in the remotest rural & tribal villages to take the education to every child. 

The overriding philosophy of Ekal Vidyalaya Movement is to take a holistic approach of social and economic development to Tribal & Rural India that is Bharat and Nepal. With the participation of numerous trusts and non-profit organizations, this movement has become the largest grassroots level non-governmental education & development movement that operates in the remote villages of India and Nepal. 

The Ekal movement aims to help eradicate illiteracy from rural and tribal India and Nepal following the philosophy of rural development based on the criteria of equality & inclusiveness across all the sections of the society.

The individual donors are from major metros cities in India and also spread across the globe in 18 countries. At present Ekal Donors are present in India, USA, Gulf, Canada, Australia, and many more countries. One donor supports one school and will get a direct access to that village thereby creating a direct link between the donor families with the village where Ekal School is operating.Apart from individual donors,

Ekal is also supported by business houses under CSR and by different charitable foundations across the globe to carry forward their objective of taking education at grass-roots. Ekal invite individual donors, Charitable Foundations, Companies for CSR and Govt. agencies to join this movement of empowering the last man in the last row. Currently Ekal running 99209 vidyalaya all over India and total beneficiaries are 2689211. 

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Hindustan Lever Limited v. R.B. Wadkar, ACIT (2004) 268 ITR 332 (Bom.)., a Division Bench has opined the followings with respect to recording of reasons which should form the unimpeachable code for the Assessing Officers:

1. The reasons are required to be read as they were recorded by the Assessing Officer;

2. No substitution or deletion is permissible;

3. No additions can be made to those reasons;

4. It is for the Assessing Officer to disclose and open his mind through reasons recorded by him,

5. It is for the Assessing Officer to reach to the conclusion as to whether there was failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for the concerned assessment year:

6. The reasons recorded should be clear and unambiguous and should not suffer from any vagueness;

7. The reasons recorded should be self explanatory and should not keep the assessee guessing for the reasons;

8. Reasons provide the link between conclusion and evidence;

9. The reasons must be based on evidence;

10. The Assessing Officer, in the event of challenge to the reasons must be able to justify the same based on material available on record;

11. He must disclose in the reasons as to which fact or material was not disclosed by the assessee fully and truly necessary for assessment of that assessment year, so as to establish the vital link between the reasons and evidence;

12. That vital link is the safeguard against arbitrary reopening of the concluded assessment;

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Capital market updates

+ Reliance Jio plans to hike tariffs, which would boost its profitability further. Reliance Industries to get re-rated soon. Buy.

+ Sequent Scientific, which posted a 58% jump in Q2 PAT, is optimistic about the current quarter as well. Accumulate.

+ HDFC Asset Management Co. is being accumulated by knowledgeable circles and is likely to contribute significantly to the next market rally. Accumulate.

+ ONGC plans to raise about $500 million via dollar bond sale to refinance part of its debt through cheaper funds. A positive for the company. Buy for the long term.

+ The Indian insurance industry is set for a big boom. Buy Reliance Nippon Life Asset Management with a one-year investment horizon.

+ State Bank of India raised Rs.3800 crore via perpetual bonds sale to fund its Tier I capital. A big positive for the bank. Buy for the long term.

+ The merger with Gruh Finance will help Bandhan Bank diversify its business. A positive for the company. An attractive buy.

+ China has terminated the 17.6% anti-dumping duty on imported pyridine originating in India. A big positive for Jubilant Life Sciences. Buy.

+ The government mulls strategic divestment in BPCL, Shipping Corporation of India, Container Corporation of India and two other unlisted companies. Accumulate these stocks for the long term.

+ Infosys claims to have complied with rules by India’s markets regulator and its internal guidelines on a whistle-blower complaint. A good time to accumulate.

+ RBI has taken over the reins of DHFL. For investors with a risk appetite, it may be a good idea to buy NCDs at throwaway prices.

+ Although Britannia Industries has decided to hold back new product launches until demand revives, it is still a good investment bet.

+ The current turbulence in the stock market offers a good opportunity to accumulate quality mid-cap stocks like Biocon, Polycab India and Container Corporation of India at attractive valuations.

+ J.K. Cement’s Q2 results (net up 60% YoY) indicate that the cement industry is headed for a boom. Accumulate.

+ Jyothy Labs expects H2FY20 to be much better than H1. A good opportunity to accumulate this share.

+ Although Bank of Baroda is struggling to resolve its stressed loan accounts, its provisions are likely to decline in view of better asset management. Accumulate.

+ Asian Infrastructure Investment Bank plans to invest $2.5 billion in India’s infrastructure industry. Sobha Ltd and Sadbhav Infrastructure Project could be major beneficiaries.

+ The Q2 results of Ester Industries indicate a continuous rise in profitability. It may be prudent to accumulate this small-cap company.

+ Shree Renuka Sugars posted a profit of Rs.2740 crore in Q2FY20 v/s a loss of Rs.433 crore in Q2FY19. The sharp turnaround in profitability indicates turning times for the sugar industry and this company in particular. Accumulate.

+ Steel pipes major APL Apollo Tubes posted sanguine results for Q2FY20 with an EPS of Rs.25 v/s Rs.11 in Q2FY19. Accumulate.

+ It may be prudent to buy Mahindra & Mahindra Financial Services on the back of improved performance and re-rating by some renowned analysts.

+ Going by its H1FY20 results, Polyplex Corporation is likely to notch an EPS of Rs.130 for FY20. The stock is likely to cross Rs.650 on a conservative P/E of 5x.

+ Vindhya Telelinks is likely to notch an EPS of Rs.225 for FY20 on a small equity of Rs.11.8 crore. The stock trades at a forward P/E of 3.7x and has the potential to double from the current level.

+ Going by its H1FY20 EPS of Rs.12.7, Refex Industries is set to notch an EPS of Rs.25-27 for FY20. Its prospects look bright. Accumulate.

+ Pitti Engineering is likely to notch an EPS of Rs.10 for FY20 once the full effects of expansion become visible. It recently received a ~Rs.500 crore order from GE India. Buy for over 50% returns in the medium term.

+ Going by its H1FY20 results, Jindal Poly Films is likely to notch a consolidated EPS of Rs.50-55 for FY20. The stock is poised to touch Rs.350.

+ Going by its Q2FY20 results, Jindal Stainless (Hisar) is likely to notch an EPS of Rs.13 for FY20. Accumulate on dips for good returns.

+ An Ahmedabad-based analyst recommends Cochin Shipyard and Monte Carlo Fashions

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Why NCLT ordered impleadment of Ministry of Corporate Affairs as a party to Insolvency and Bankruptcy cases?

Ministry of Corporate Affairs being a party would facilitate the availability of authentic record for the proper appreciation of the matters being contested before it._

Read full article at : https://dasgovernance.com/2019/11/25/why-nclt-ordered-impleadment-of-ministry-of-corporate-affairs-as-a-party-to-insolvency-and-bankruptcy-cases/

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GST system redesign neither desirable nor feasible, say tax experts:

READ MORE- https://www.gststation.in/gst-system-redesign-neither-desirable-nor-feasible-say-tax-experts/

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CAIT seeks probe into alleged avoidance of tax liability by Amazon, Flipkart:

READ MORE- https://www.gststation.in/cait-seeks-probe-into-alleged-avoidance-of-tax-liability-by-amazon-flipkart/

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👉NCLAT has held a petition filed by Pankaj Oswal alleging "oppression and mismanagement" into the affairs of Oswal Agro Mills Ltd at the NCLT as "maintainable" under the Companies Act.

👉NCLT, Principal Bench directs that Secretary, MCA, Govt. of India shall be made a party to all the cases under the IBC as well as the Company petitions before the Tribunals.

👉The Bombay High Court will decide whether an order pronounced by the NCLT is valid, if not pronounced in an Open Court.

👉NCLAT  has held that the creditor facing PMLA investigation cannot be part of Committee of Creditors.

👉The Supreme Court ruling in Essar Steel matter is a "watershed moment" for the insolvency jurisprudence and takes away excuses of parties to halt resolution process midway, according to IBBI Chairperson M S Sahoo.

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👉🏻Job Vacancies remain at historic highs in Canada

(The Canadian Federation of Independent Business latest Help Wanted Report shows that roughly 433,000 private-sector jobs went unfulfilled this past quarter) 

👇🏻 👇🏻 👇🏻

http://bit.ly/34tMvys

👉🏻Govt plans to amend IBC to provide immunity to buyers of stressed assets from prosecution

(Govt plans to amend the Insolvency and Bankruptcy Code (IBC) to provide immunity to companies taking over stressed assets from prosecution for financial crimes committed by erstwhile promoters)

👇🏻 👇🏻 👇🏻

http://bit.ly/35tE9an

👉🏻Empanelment as Internal Auditors for NTPC Limited

(NTPC Limited invites EOI from reputed Indian Chartered / Cost Accountants firms for empanelment as Internal Auditors for the financial year 2020-21, 2021-22 and 2022-23)

👇🏻 👇🏻 👇🏻

http://bit.ly/2XHzEWU

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Amarinder Singh expresses shock over delay in Rs 4,100 cr GST compensation:

READ MORE- https://www.gststation.in/amarinder-singh-expresses-shock-over-delay-in-rs-4100-cr-gst-compensation/

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DeMo, GST has destroyed my 32-year-old business:

READ MORE- https://www.gststation.in/demo-gst-has-destroyed-my-32-year-old-business/

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MSMEs in Kashmir valley struggle to file GST with no internet:

READ MORE- https://www.gststation.in/msmes-in-kashmir-valley-struggle-to-file-gst-with-no-internet/

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Falling investment, GST collection: This veteran fund manager has key suggestions for govt:

READ MORE- https://www.gststation.in/falling-investment-gst-collection-this-veteran-fund-manager-has-key-suggestions-for-govt/

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Section 167(1)(a) of Companies Act 2013 has prospective or retrospective effect?

Proviso to Section 167(1)(a) of the Act having a prospective operation would affect only those directors who are disqualified on or after 7th May 2018 insofar as vacating office of director other than the defaulting company is concerned._

Read full article at : https://dasgovernance.com/2019/11/26/section-1671a-of-companies-act-2013-has-prospective-or-retrospective-effect/

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👉NCLT gave a go-ahead to the resolution plan of Royale Partners after the Committee of Creditors accepted its Rs 900-crore bid. Royale Partners Investment Fund Limited, a Mauritius-based investor, has successfully bid for EPC Construction India Ltd under IBC.       

👉NCLT issues notices to the CEOs of Axis Bank and Standard Chartered Bank, asking them to personally appear in the contempt proceedings against them for violating the tribunal’s order.

👉Lenders take forward their resolution plan for McLeod Russel outside NCLT.

👉Delhi HC directs Bhushan Power and Steel CoC to deposit legal fee paid during CIRP.

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Notification No. 57/2019-Central Tax ,dt. 26-11-2019- Seeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the months of July, 2019 to September, 2019

Notification No. 58/2019-Central Tax ,dt. 26-11-2019- Seeks to extend the due date for furnishing of return in FORM GSTR-1 for registered persons in Jammu and Kashmir having aggregate turnover more than 1.5 crore rupees for the month of October, 2019

Notification no. 59/2019-Central Tax ,dt. 26-11-2019-Seeks to extend the due date for furnishing of return in FORM GSTR-7 for registered persons in Jammu and Kashmir for the months of July, 2019 to October, 2019

Notification No. 60/2019-Central Tax ,dt. 26-11-2019- Seeks to extend the due date for furnishing of return in FORM GSTR-3B for registered persons in Jammu and Kashmir for the months of July, 2019 to September, 2019

Notification No.61/2019-Central Tax ,dt. 26-11-2019- Seeks to extend the due date for furnishing of return in FORM GSTR-3B for registered persons in Jammu and Kashmir for the month of October, 2019

Notification No. 62/2019- Central Tax ,dt. 26-11-2019- Seeks to notify the transition plan with respect to J&K reorganization w.e.f. 31.10.2019

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1. AAR allowed applicant to withdraw its Advance Ruling application

Office Official Liquidator, In re - [2019] 111 taxmann.com 255 (AAR - KARNATAKA)

   

The applicant is an official liquidator and has sold an aircraft to the successful bidder through global e-auction. The applicant has sought an advance ruling on whether sale of the aircraft to the buyer located outside India is to be treated as ‘exports’ under GST, what is the place of supply, what is classification and GST rate on such transaction?

   

However, the Applicant later on requested to withdraw the application filed for advance ruling as the questions raised in the application were based on ‘Place of Supply’. However, sale and shipment of the aircraft was already completed.

   

The Authority for Advance Rulings allowed the applicant to withdraw its Advance Ruling application, and, hence, disposed off the said application as withdrawn

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Power to appoint a sole arbitrator by an interested person

A person having an interest in the dispute or in the outcome or decision thereof, must not only be ineligible to act as an arbitrator but must also not be eligible to appoint anyone else as an arbitrator. Naturally, the person who has an interest in the outcome or decision of the dispute must not have the power to appoint a sole arbitrator._

Read full article at : https://dasgovernance.com/2019/11/27/power-to-appoint-a-sole-arbitrator-by-an-interested-person/

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👉🏻GST authorities unearth racket involving Rs 140 Cr tax fraud

(GST authorities have unearthed a tax racket and arrested one person for allegedly defrauding the government to the tune of about Rs 140 crore through fraudulent means) 

👇🏻 👇🏻 👇🏻

http://bit.ly/2Dj8z2S

👉🏻21 Income Tax officers accused of corruption asked to retire

(Govt has ordered compulsory retirement of 21 income tax officers in the fifth tranche of its crackdown on officials accused of corruption and other malpractices.)

👇🏻 👇🏻 👇🏻

http://bit.ly/2ONAn4V 

👉🏻Appointment of Portfolio and Investment Advisor for the Investment of Surplus Funds of ICAI 

(Appointment of Portfolio and Investment Advisor for the Investment of Surplus Funds of Institute Of Chartered Accountants Of India (ICAI)

👇🏻 👇🏻 👇🏻

http://bit.ly/2QRGKGU

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👉Suzlon Energy may head to NCLT. The lenders have signed an inter-creditor agreement and have time till January 2020 to implement a resolution plan.

👉IBC is likely to undergo further changes, as sources say MCA would soon move amendments to the code, including protection for new buyers and tighter norms for home buyers in terms of taking developers to NCLT.

👉The Forum for People’s Collective Efforts (FPCE) have started a social media campaign urging the Prime Minister to not allow dilution of the IBC to protect homebuyer’s interest.  

👉Global rating agency Moody’s Investors Service in its latest report has said that the inclusion of NBFCs into the IBC is credit positive for banks because IBC provides for the orderly resolution of a stressed NBFC company.

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Latest update on penny stock from Supreme Court

Special Leave Petition filed by the assessee (titled Suman Poddar) vide SLP(C) no. 26864/2019 challenging the addition made on account of Bogus LTCG from penny stock (in this case, Cresanda Solutions) has been dismissed on 22/11/2019 by the Hon’ble Supreme Court of India.

The link to the dismissal of SLP is as under:

https://main.sci.gov.in/supremecourt/2019/39588/39588_2019_4_18_18422_Order_22-Nov-2019.pdf

Further in this case appeal titled Suman Poddar vs. ITO [ITA 841/2019, dated 17/09/2019] was dismissed by the Hon’ble Delhi HC.

Also the appeal titled Suman Poddar vs. ITO [ITA No. 1006/Del/2019, dated 25/07/2019] was dismissed by the ITAT Delhi Bench

The link to orders of Hon’ble Delhi HC and ITAT Delhi are as under: 

http://itatonline.org/archives/wp-content/uploads/Suman-Poddar-Bogus-LTCG.pdf

Thanks for reading