10th May 2K19
Economic Times
Ø Reliance acquires iconic British toy brand Hamleys
Ø India seeks greater access for farm products in China
Ø Realty firms can opt for old GST rate till May 20
Ø India urges UK to tweak tax rules for professionals
Ø Tata Motors denies reports of sale of Jaguar Land Rover
Ø RCom's bankruptcy begins; next hearing on May 30
Ø Coal India to increase auction offering by 14% in FY20
Business Standard
Ø L&T acquires additional 2% stake in Mindtree; takes total holding to 26%
Ø Sebi initiates proceedings against Icra over rating given to client
Ø Promoter stake in McLeod Russel dips as ABFL sells pledged shares
Ø HDFC puts Jet's Mumbai office space for sale to recover Rs 414 cr
Ø UP sugar mills risk Rs 500 cr loss as regulator cuts power tariffs
Business Line
Ø Maruti Suzuki cuts production by around 10% in April
Ø Sundram Fasteners Q4 standalone net up 15% to Rs109.54 cr
Ø Tata Steel to sell 19% stake in Oman mining arm
Ø Granules India Q4 profit zooms over 3-fold to Rs 64 cr
Ø Voltas consolidated net falls 27% to ₹ 141.75 cr in March quarter
Ø Asian Paints Q4 net slips to Rs 487.50 cr
Mint
Ø Oil dips as US-China trade worries outweigh supply disruptions
Ø PNB Housing Finance profit up 51% at ₹380 crore
Ø Indian Overseas Bank Q4 loss narrows to₹1,985 crore
Ø Inflows into equity mutual funds slump 61% in April
Ø US-China trade gap shrank in March to smallest since 2016
Ø MCA may refer Jet Airways to SFIO for fund diversion probe
Financial Express
Ø McDonald’s strikes out-of-court settlement with Vikram Bakshi
Ø India may export 10-11 million tonnes iron ore pallets to China this year, say traders
Ø Dubious firms in MCA-21: Govt says no impact on GDP numbers
Deccan Chronicle
Ø Gold rises for second day on positive overseas trend
Ø India Ratings downgrades Yes Bank with negative outlook
Ø Vodafone pledges entire stake in Vodafone Idea with foreign banks
Ø E-purchase of jewellery up 38 per cent this time
Economic Times
Ø US to raise duty on $200 bln worth Of Chinese imports
Ø RBI allows banks to treat IL&FS expsoure as NPAs
Ø India to add 11.5L jobs in first half of FY20: Report
Ø RBI warns of more fiscal slippages by states
Ø Saudi Aramco offers to increase oil supply to India
Ø Stability will return to telecom mkt by Q4 FY20: COAI
Business Standard
Ø India's domestic passenger market falls to 3.1% in March, says IATA
Ø Four-fold rise in total solar capacity but rooftop meets just 10% of target
Ø Lenders set to realise Rs 80,000 cr from insolvency process in FY20: ICRA
Ø SEBI allows foreign portfolio investors to invest in municipal bonds
Ø Lupin gets govt nod for more time to complete project in Indore SEZ
Business Line
Ø Vodafone’s merger with TPG Telecom blocked by Australian regulators
Ø Home buyers have no say in choice of GST rate: FinMin
Ø Titan Q4 net up 14% at Rs 348 cr
Ø McLeod Russel’s short-term rating downgraded
Ø Brigade Enterprises posts ₹72-cr profit
Ø Zee Entertainment set to announce Q4 results on May 27
Mint
Ø RBI withdraws circular that asked banks to disclose IL&FS exposure, provisions
Ø CCI approves General Atlantic's 6.5% stake buy in PNB Housing Finance
Ø SC seeks Centre's reply on Essar Power plea to surrender coal block
Ø IRCTC draft RHP likely to be filed with SEBI next month
Ø Tata Communications losses widen to ₹199 cr in Q4 FY19
Financial Express
Ø PNB-scam accused Nirav Modi denied bail by UK court for third time
Ø IndiGo awaiting approvals to enter China
Ø Chotia coal block output to reach one MTPA in near term: Vedanta
Ø Japan’s Softbank to spend $4 billion to hike stake in Yahoo
Ø China’s investment in US drops 83 per cent amid growing mistrust
Deccan Chronicle
Ø Sensex plummets 487 pts to close below 38,000-mark
Ø Crude oil futures gain 1.13 pc on firm cues
Ø Zee stake sale at advanced stage, progressing steadily: Essel Group
Ø Lupin gets more time from Govt. to complete project in Indore SEZ
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NCLT begins bankruptcy process for Reliance Communications
(RCom's committee of creditors will have to approve a new RP with a 66 percent vote after the NCLT starts the insolvency process)
👇🏻 👇🏻 👇🏻
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👉🏻CoCs must share all info on NPA accounts with bidders - IBBI
(CoC must create a favourable impression about the underlying value of the indebted firm, and encourage submission of appropriate resolution plans for reorganisation of the firm by the resolution applicants.)
👇🏻 👇🏻 👇🏻
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Finance ministry said there was growth of 19 per cent in income-tax returns electronically filed for the A.Y. 2018-19 compared to those in 2017-18.The ministry said a total of 66.8 million returns were e-filed in FY19, which included 64.9 million for AY19. On the other hand, a total 67.4 million returns were e-filed in 2017-18 (FY18), which included 54.7 million for AY18.
CBDT said that every CIT has to file 10 prosecution cases for default in the filing of return of income. Considering the Rs 60,000 crore shortfall in direct tax collection in the last fiscal.
CBDT wants all IT commissioners to ensure that each AO disposes off at least 25 domestic cases or 20 international cases during the three-month period.
Bombay High Court in the matter of Rajbhushan Omprakash Dixit Vs DCIT stated that once the Department i.e. the Assessing Officer had certain information, material, or document before him during the assessment proceeding, irrespective of the source of such information, material, or document, the Assessee cannot be blamed for non-disclosure thereof.
SEBI’s insider-trading norms have pushed up the requirement for maintenance of a digital data base for listed companies and there is a rush for compliance-related software in the market, experts told.
NCLT gets approval for appointment of 32 members. The Appointments Committee of the Cabinet (ACC) has given its nod for appointment of 32 members —14 Judicial and 18 Technical to the National Company Law Tribunal (NCLT).
The DGFT has issued a notice which laid down the procedure for Online Filing and Tracking of Quality Complaints or Trade disputes relating to International Trade for both Indian and Foreign entities.
The DGFT has issued a notice which laid down the procedure for Online Filing and Tracking of Quality Complaints or Trade disputes relating to International Trade for both Indian and Foreign entities.
ICAI to support qualified students who not able to take membership due to not completion of GMCS, have now been offered to do “virtual GMCS” where they can do GMCS online sitting at office.
Virtual office for ROC Compliance, Please contact CA Jatin Tagra, Conexus Life, Gurugram 9953140464 at B-8, South City 1 Basement opposite the plazzia Hotel, Gurgaon 122001
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CBI books GST, Customs officials for facilitating gold smuggling in paste form:
READ MORE- https://www.gststation.in/cbi-books-gst-customs-officials-for-facilitating-gold-smuggling-in-paste-form/
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Tata Sons asked to pay over Rs 1,500 crore in GST dues; past NTT Docomo payments come back to haunt:
READ MORE- https://www.gststation.in/tata-sons-asked-to-pay-over-rs-1500-crore-in-gst-dues-past-ntt-docomo-payments-come-back-to-haunt/
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Delhi High Court paves way to untangle GST knot for solar firms:
READ MORE- https://www.gststation.in/delhi-high-court-paves-way-to-untangle-gst-knot-for-solar-firms/
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Confused about GST on an under construction house? Here are all the details:
READ MORE- https://www.gststation.in/confused-about-gst-on-an-under-construction-house-here-are-all-the-details/
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GST: Government unearths Rs 49,158 crore of indirect tax evasion in FY19:
READ MORE- https://www.gststation.in/gst-government-unearths-rs-49158-crore-of-indirect-tax-evasion-in-fy19/
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CBIC has issued 41 Clarifications on FAQs/ Issues relating to new GST rate structure notified for Real Estate sector applicable w.e.f. 1 April 2019.
Goods and Services Tax (GST) regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending.
IEC holders (Importer/Exporter) can now register at ICEGATE without Digital Signature as Simplified Auto Registration for IEC holders is live on www.icegate.gov.in..
MCA Statutory Fillings Due Dates for Form MSME -1 (One-time Return as at 22.01.2019) – Due date is 30.05.2019;
LLP Form - 11 (Annual Return) - 30.05.2019;
Form INC-22A (Active) – 15.06.2019;
Form DPT -3 (One-time Return as at 31.03.2019) – 29.06.2019;
Form DIR-3 KYC (For DINs allotted in fy 2018-19)* – 30.06.2019).
RBI is likely to cut interest rates one more time in June before rising inflation pressures and elevated fiscal deficits leave little room for further accommodation in rest of the year. RBI had cut interest rate by 25 basis points each in February and April to boost economic growth.
Department for Promotion of Industry and Internal Trade (DPIIT) has begun discussions with the finance ministry on taxing shares granted by startups under their employee stock option plan only at the time of sale, as part of a package aimed at making the country a hub for startups.
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Homebuyers can’t choose between old, new GST rates, CBIC clarifies:
READ MORE- https://www.gststation.in/homebuyers-cant-choose-between-old-new-gst-rates-cbic-clarifies/
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🔑Key highlights on DPT3
1. Form DPT-3 is exempted for Government Companies and NBFC Companies.
2. NIL RETURN IS ALSO COMPULSORY
3. Audit of Financials for FY 2018-19 is not compulsory for filing Form DPT-3
4. As per Rule 16 Figures filled in Form DPT-3 should be audited one for that Auditor Certificate may be obtained
5. Difference between One time Return and Annual Return.
a. In One time Return we need to fill the amount received after 01/04/2014 and outstanding on 31/03/2019 but in Annual return, date of receipt of amount is not important, it covers every amount outstanding on 31/03/2019 whether received on or before 01/04/2014.
b. In One time return only amount outstanding is required to be filled, no detail for that amount is required but in annual return detail for the outstanding amount is required to be filled.
c. It is mandatory to bifurcate the amount of Deposit and amount exempted from Deposit in annual return, but in One time return no such bifurcation is required.
d. One time return is need to be filed on or before 29th June, 2019 and annual return on or before 30th June
6. Object clause in form will be pre-filled from last AOC-4 or in case change in object activity from latest MGT-14 filed, So please check the same before filing form if there is any difference then raise Query on MCA.
7. In point 8 of Form DPT-3, Net Worth should be calculated as per preceding audited statement for this time it will be Audited financial statement for the year ended on 31.03.2018.
8. Net Worth as per Form DPT-3 considers intangible assets but as per definition of Net Worth, Net Worth does not consider intangible assets, so there are chances that Net Worth filled in Form AOC-4 and in Form DPT-3 could be different, So Advisable to attach Clarification on that.
9. Auditor Certificate is not Compulsory but advisable to comply the words of Rule 16 even in case of NIL Return.
10. Some important examples What is deposit and what is Exempted
a. Intercorporate Deposit is Exempted one but Loan from LLP is not Exempted one it is Deposit.
b. Loan from Director’s Owned Fund is exempted but from relative of Directors is not exempted
c. Amount from HUF is also Deposit as HUF is not any Body Corporate
d. Any Trade Advance for less than 365 days is Exempted one and Trade advance for more than 365 days is Deposit
e. Share Application Money due for less than 60 days is Exempted one and for more than 60 days is Deposit
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HC stays GST proceedings filed against Abbott Health:
READ MORE- https://www.gststation.in/hc-stays-gst-proceedings-filed-against-abbott-health/
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Prime accused in Rs 1K crore GST scam nabbed in Gujarat:
READ MORE- https://www.gststation.in/prime-accused-in-rs-1k-crore-gst-scam-nabbed-in-gujarat/
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💡AUTHORITY FOR ADVANCE RULING (GST) WEST BENHAL
In Re: Ratan Projects & Engineering co. Pvt. Ltd. MANU/AR/0066/2019
DECIDED ON 28.03.2019
FACTS Applicant sends steel structures for galvanising to job worker along with zinc, nickel and oil to be consumed in galvanising (Galvanising means application of zinc coating to prevent rusting)
ISSUE whether dispatch of those consumable materials is to be treated as supply from principal to job worker if they are not returned within prescribed time.
RULING Return of galvanised goods to applicant satisfies the condition of receiving back the inputs. As goods like oil, zinc etc. Consumed in process of galvanising are inseperable from galvanised goods, and they should not be treated as supply, provided that they are entirely used up in the process of galvanising.
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Failure to file GST return in time means interest on entire gross tax liability: Telangana HC:
READ MORE- https://www.gststation.in/failure-to-file-gst-return-in-time-means-interest-on-entire-gross-tax-liability-telangana-hc/
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👉🏻GST Council extends deadline for realty firms to opt for old GST rate till May 20
(GST Council extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates)
👇🏻 👇🏻 👇🏻
http://bit.ly/2E3bWMq
👉🏻Revised procedures for e-filing of Excise & Service Tax Returns
(Revised Procedure for electronic filing of Central Excise returns and for electronic payment of Excise duty and Service tax arrears under the new portal www.cbic-gst.gov.in)
👇🏻 👇🏻 👇🏻
http://bit.ly/30b7TH5
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ITAT Pune in the matter of Ayushi Patni Vs DCIT Has decided that Date of possession of flat is date of actual purchase for claiming exemption u/s 54F of the Income Tax Act.
Central Board of Indirect Taxes and Customs (CBIC) clearly stated that Homebuyers will not have the option to choose between old and new goods and services tax (GST) rates as the choice only lies with builders.
File your GST Return for the month of April 2019 before 15th of May 2019.
MCA: Filing of STK-2 Fees is now INR 10,000/- from May 10, 2019 and filing of AOC-4 and MGT-4 are necessary now before STK-2.
MCA: Stakeholders are requested to note that Ministry is in the process of prescribing the format of annual return required to be filed by the auditors under rule 5 of the National Financial Reporting Authority Rules, 2018.
RBI is working on its disclosure policy under the Right to Information Act (RTI), and will release an updated version in a few weeks, possibly after the election results.The central bank had, on April 30, updated its disclosure policy on its website to reflect the omission of certain clauses.
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👉SEBI asks NSE & BSE, to consider placing a limit on Sectoral Weightage in Benchmark Indices. SEBI is concerned about the Financial Sector’s Increasing Weight in benchmark indices since financial stocks dropped post the loan default by IL&FS.
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DPT3 Highlights
• DPT-3 has to be filed twice
• 1st DPT-3 for amounts which are NOT deposits (exempted deposits) outstanding as on 31.3.2019 AND received on or after 1.4.2014 by 29th June 2019 where Auditor's Report is NOT mandatory.
• 2nd DPT-3 for amounts which are deposits as well as amounts which are not deposits (exempted deposits) outstanding as on 31.3.2019 by 30th June 2019 where Auditor's Report is mandatory. This would include any amount received prior to 1.4.2014 and outstanding as on 31.3.2019. This is an annual report, which is to be complied every year.
• ICAI is in process to announce the draft Auditor Report for this purpose.
• ADT-1 / GNL 2 issue regarding appointment of auditors is being worked upon by MCA and should be sorted out very soon.
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MCA update on Strike Off Rules:
💥MCA fees for Form STK-2 is increased from Rs. 5,000 to Rs. 10,000 w.e.f. 10.05.2019
💥Annual filing is made mandatory before filing STK-2
💥Statement of Accounts is to be given in Form STK- 8
