Corporate and Professional Updates on 21st May 2019

Indirect Tax Updates:

  • The amendment to Section 17 (5) of the Central Goods and Services Tax (CGST) Act deals with blocked credit. “Section 17 (5) of the CGST Act and the respective state Acts have led to a paradoxical situation by denying credits as the objective of the GST is free flow of credits when the output is in the course or furtherance of business,” said Abhishek A Rastogi, partner at law firm Khaitan & Co, who filed the writ petition on behalf of real estate companies.
  • “The impugned provisions are against the objectives of GST and have accordingly been challenged on the grounds of arbitrariness and vagueness.” Tax experts said the phrase ‘on his own account’ in the GST law will need to be interpreted differently if one were to take input tax credit. Input tax credit refers to a mechanism under the GST framework wherein the tax a company pays when it purchases raw materials or other services can be passed on to the buyer when the goods or services are sold.

RBI Updates:

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  • The Reserve Bank of Indiawill take a relook at its supervision structure for banks, finance companies and other entities regulated by the central bank. It will initiate a discussion with its board of directors on a proposal to overhaul the crucial job of supervision so that the regulator is better equipped in picking up early warning signs. This may involve consolidating the different supervisory activities under a separate division or head, creating a pool of officials for better analysis of the continuous flow of data from banks and finance companies, and involving specialists.

SEBI Updates:

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  • The Securities and Exchange Board of India on Monday came out with a discussion paper highlighting proposals for allowing a start-up listed on the Innovators Growth Platform (IGP) to trade under the regular category of the main board. According to the proposals, the company should have listed on the IGP for a year and have a minimum of 200 shareholders for making the shift. The company, or any of its promoters, promoter group or directors, should not have been debarred from accessing the capital market or been a willful defaulter.
  • Minimum promoters’ contribution should be 20 per cent of the total capital. In case of a shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions or insurance companies can step in, subject to a maximum of 10 per cent of the total capital. This capital shall be locked in for three years from the date on which trading approval on the main board is granted, and any excess over and above the 20 per cent of promoter’s holding shall be locked-in for one year. The lock-in would not apply for companies listed on the IGP for three years or more.

Other Updates:

  • Aluminium body cautions govt about China
  • WTO warns trade weakness to continue in Q2
  • Australian election results bode well for Adani
  • India adopts new standards for measuring units
  • Irdai proposes to increase 3rd-party insurance premium
  • MNC boardrooms open doors to Indian women leaders
  • Power sector’s outstanding regulatory assets at Rs76,963 cr
  • Full blow trade war will push world towards recession: Morgan Stanley
  • Auditor exits mount at listed SMEs as scrutiny increases after IL&FS crisis
  • Torrent Pharma reports Q4 net loss of Rs 152 crore, cites drug recall
  • Lakshmi Vilas rejects Religare Finance’s disclosure, threatens action
  • US seeks to join Japan-India consultations on IT product tariffs
  • Tata Motors profit dips 47 % in Q4
  • WTO quarterly trade growth indicator still at nine-year low
  • HPCL Q4 net profit jumps 70% on inventory gains
  • Gold imports rise 54% to $ 3.97 billion in April
  • Ford to cut about 10% of global salaried workforce
  • ICICI Bank to buy stake in BSE subsidiary INX for ₹31 crore
  • BPCL Q4 net profit rises 16% to ₹3,125 cr; revenue up 10% at ₹83,942 cr
  • JLR posts 1st profit in four quarters despite China woes
  • Adani Green Energy’s 8.75 crore shares to be offered for sale on Tuesday
  • Bitcoin roars back from ‘flash crash’ to breach $8,000 once more
  • Bank credit to infra sector grows 18.5% in FY19: RBI data
  • TRAI says up to government to take a call on Huawei issue
  • ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Company tells NCLAT
  • Dr Reddy’s to spend $300 million on R&D in FY 20
  • Rupee records biggest gain in 2 months after exit poll results
  • Gold loses sheen, falls Rs 150 on lacklustre demand
  • Investor wealth soars Rs 5.33 lakh cr as exit polls predict return of NDA govt.

Key Due Dates:

  • Deposit odf TDS /TCS for the month of April for purchase of property is 30th May 2019.
  • TDS return for March Quarter By all Deductors is 31st May 2019.

Quote of the day:

  • Being your own person and standing for what you believe is a critical aspect of a good professional life.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 20th May 2019

Direct Tax Updates:

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  • Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the MCA. CBDT to file the restoration application with the National Company Law Tribunal (NCLT). MCA will support their stand.

Indirect Tax Updates:

  • Gujrat High Court in the matter of Neuvera Wellness Ventures Pvt Ltd Vs State of Gujarat orders release of goods being perishable on furnishing security by way of bond under GST.
  • Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR). The Bengal wing of AAR made the ruling while hearing a case relating to Senco Gold, a supplier of jewellery. The firm also operates a network of franchisee-operated stores.
  • Explaining the case, Harpreet Singh, partner at KPMG, said the applicant raised tax invoices on the franchisee for the supply of jewellery and for providing of franchisee support services. Correspondingly, the franchisee also raised tax invoices on the applicant for supply of old jewellery received from customers. 

Other Updates: 

  • MCA sees Rs 2.8 lakh cr recovery from IBC-led RP
  • IOC to examine US sanction’s impact on CPCL plans
  • India may witness slowdown as oil imports decline
  • DoT to soon settle merger/transfer of licences in M&As
  • BoB looks to rationalise 800-900 branches
  • Pre-monsoon rainfall deficit drops to 22 per cent
  • Reliance Capital protests ratings downgrade
  • India reports trade deficit with 11 RCEP members in FY 2018-19
  • OPEC members meet to assess oil market after US sanctions on Iran
  • NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
  • Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
  • ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
  • CBDT allows AMCs to directly manage offshore funds out of India
  • NBFC crisis to top agenda of new govt
  • Jet employee group offers to invest $700 million
  • AgMA Energy plans to launch India-specific agri products
  • No interest in taking control of IndiGo: Rakesh Gangwal
  • Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
  • ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
  • TCS eyes double-digit growth in FY20, says COO Subramaniam
  • Dr Reddy’s Laboratories serves a bitter medicine in March quarter
  • Life insurance industry to focus on millennials, digital-human interface
  • IMFA posts loss of Rs 74 cr in January-March qtr
  • Power producers seek removal of double taxation on imported coal
  • Japan’s Orix to acquire wind assets of IL&FS
  • GST Council may consider national bench of AAAR next month
  • AstraZeneca moves US court against Aurobindo

Key Due Dates:

  • Deposit odf TDS /TCS for the month of April for purchase of property is 30th May 2019.
  • TDS return for March Quarter By all Deductors is 31st May 2019.

Quote of the day:

  • Passion should meet your professional life, and I’m a living, breathing testament to that.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 17th May 2019

Indirect Tax Updates:

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  • CBIC has come out with another set of frequently asked questions (FAQs) to clear the air on GST on real estate If you’ve got an occupancy certificate (OC) for your house before April 1 this year, the payment of pending dues would draw 12% GST rate and the builder will be able to avail of input tax credit.
  • Most real estate developers have opted for 12% GST rate for housing units in ongoing projects as it allows them to retain their profit margin due to availability of input tax credit (ITC), analysts said. Selling houses at 5% GST without any ITC would force builders to hike prices as blocked ITC becomes part of cost which could turn away buyers in the already-subdued market.
  • GST anti-profiteering framework may remain in place for another two years as the country eyes more changes to GST structure. Aimed at protecting consumer interest under GST, it was initially meant to be in place for two years.

RBI Updates:

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  • The Reserve Bank of India’s three-year vision for payments and settlements systems will offer huge opportunities for technology-enabled disruptions in finance, say fintech players. “While the pursuit towards a ‘less cash’ society continues, accompanied by the ambition to have a less-card India as well, the endeavour is to serve segments of the population which are hitherto untouched by the payment systems,” the sector regulator outlined in its ‘Vision Document on the Payments and Settlements Systems for 2019-2021’. 

Other Updates:

  • SoftBank eyeing a pie in Mukesh Ambani’s most valuable asset.
  • RBI okays HDFC proposal for stake in Bandhan Bank.
  • US to ensure steady oil supply for India.
  • Cos may get more time to meet new disclosure rules.
  • HC rules taxman can seek interest on GST liability.
  • Essar can’t discriminate between creditors.
  • RBI’s second 3-year dollar-rupee swap auction to a grand success.
  • ITC takes Hotel Leela to NCLT over ‘oppression’ in JM ARC, Brookfield deals.
  • RBI to buy Rs 25,000 crore of bonds in two instalments via OMO in May.
  • Saudi, Iraq and UAE may fill in Iran gap as US ends sanctions waiver
  • Tata Global Beverages to acquire Dhunseri’s packet tea biz for Rs 101 cr.
  • Micro finance sector to grow up to 22% in FY20.
  • Pharma exports increase 11% to $19.2 billion
  • Jindal Steel completes first-ever rail order ahead of schedule
  • Nagarjuna Oil case: NCLT dismisses Haldia Petrochem plea to appoint new valuer.
  • Sterlite Tech Q4 net profit up 47% to Rs 165.17 cr.
  • RBI too joins global peers in raising gold bullion reserves
  • Non-filers of GST returns to be barred from generating e way bills from June 21
  • Rupee falls by 24 paise on strong dollar demand
  • Sensex rallies 490 points; Nifty reclaims 11,700-mark
  • Self-assessed GST return permitted.

Key Due Dates:

  • GSTR-3B for the month of April 2019 is 20th May 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 16th May 2019

Indirect Tax Updates:

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  • CBIC comes out with another set of Frequently Asked Questions (FAQs) to clear the air on GST on Real Estate. If you’ve got an Occupancy Certificate (OC) for your house before April 1 this year, the payment of Pending Dues would draw 12% GST rate and the builder will be able to avail of input tax credit.
  • The Central Board of Indirect Taxes and Customs (CBIC) has come out with another set of frequently asked questions (FAQs) to clear the air on GST on real estate. Earlier, the GST Council had decided that with effect from April 1, builders of all under-construction houses would have two options — either pay 12 per cent GST with input tax credit or 5 per cent GST without input tax credit. While there is no GST on completed residential projects, an OC needs to be given.
  • GST Anti-Profiteering Body may get fresh lease of life :: India’s Anti-Profiteering Framework may remain in place for another 2 years as the country eyes more changes to the GST structure. Aimed at protecting consumer interest under GST, it was initially meant to be in place for two years.

Other Updates:

  • NCLT admits Bharti Airtel petition on Rs 112-crore dues
  • Tata Motors may drop small diesel cars from portfolio
  • Auditors have questions to answer, says govt
  • ONGC gets green nod for Rs 240 cr project in Assam
  • India, UK in talks to build aircraft carrier : Report
  • Lupin, Zydus Pharma recall products in the US
  • Sebi may be asked to relax 75% promoter stake norm for PSBs
  • Govt to give financial aid to minority investors filing class action suits
  • Sebi’s co-location order delays announcement of NSE’s FY19 results
  • Govt sees little scope for Jet Airways revival as bidders stay away: Report
  • Vodafone Idea promoters contribute Rs 17,920 crore to rights issue
  • Infibeam sacks auditor for sharing unpublished price-sensitive information
  • IndiGrid to buy ₹11,500-cr electricity transmission assets from Sterlite Power
  • Anti-dumping duty imposed on saccharin imports from Indonesia
  • L&T MBDA, Tata Power defence proposals get SEZ board approval
  • Dangerous to let viable cos close down: IBBI chief
  • DHFL to raise up to Rs 2,000 cr
  • India for ADB-led mechanism for channeling funds from rich to developing nations.
  • Ambuja Cements’ volumes, realisation disappoint
  • Netherlands got $12.8-b Indian FDI in 2017, 2nd biggest after Singapore
  • Review safeguard duties on solar cell imports, Japan tells India.

Key Due Dates:

  • GSTR-3B for the month of April 2019 is 20th May 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 15th May 2019

Direct Tax Updates:

Image result for hd Pics On Direct tax
  • The income tax department Tuesday deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax and GAAR.
  • The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31, 2020 — meaning that all income tax audit reports need not include details on GST and General Anti-Avoidance Rules (GAAR) till March 2020. Business entities having a turnover of more than Rs 1 crore (or Rs 2 crore if they have opted for presumptive taxation) and professionals with gross receipts of more than Rs 50 lakh have to comply with the tax audit requirements.
  • The due date for its filing is September 30 and if the taxpayer is covered by transfer pricing provisions, the due date is November 30. The Central Board of Direct Taxes (CBDT) in an order issued Tuesday, said the Board has received representations that implementation of reporting requirements under clause 30C (pertaining to GAAR) and clause 44 (pertaining to GST compliance) of the Form No 3CD may be deferred further. “The matter has been examined and it has been decided by the Board that the reporting under clause 30C and clause 44 of the Tax Audit Report shall be kept in abeyance till March 31, 2020.

RBI Updates:

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  • Inflation forecasts lie at the heart of any central bank’s monetary policy decisionmaking. In India, the Reserve Bank of India (RBI) adopted the flexible inflation target (FIT) framework in June 2016 and a predetermined 4% inflation rate which made inflation forecasts critical in helping it decide whether to cut or hike rates. In recent years though, RBI has overestimated the threat of inflation.
  • The accuracy of RBI’s inflation forecasts compare favourably with other central banks’, according to an RBI study. However, a study conducted by Janak Raj and others of RBI argues that the forecasts have been largely unbiased, barring two major episodes of deviation driven by unexpected food price movements. In the study, the authors compare inflation forecast data with actual inflation.

Other Updates:

  • Oil imports from Iran down 57% y/y in April: Trade
  • US commerce secy warns India against retaliatory tariffs
  • Airtel to merge VSAT ops with Hughes India unit
  • NCLT begins bankruptcy process for RCom
  • Essar shareholder seeks ban on Mittal’s bid
  • India IT & biz market to reach $14.3 bn by 2020
  • Wipro builds blockchain digital currency in Thailand
  • Kerosene subsidy bill builds up 21% to Rs 5,800 cr in FY19; LPG jumps 49.4%
  • Alembic Pharma forms JV to enter a difficult $100 bn Chinese market
  • Zee stake sale at advanced stage, progressing steadily.
  • BSE Q4 net profit drops 16.46 pc to Rs 51.86 crore
  • RBI’s holding company model for banks will help contain NPAs, says Charan Singh
  • IMF chief Christine Lagarde says US-China tensions ‘threat’ to world
  • Rupee slips to 69.43 against US dollar
  • Multifold increase in investments in B2B startups
  • NBCC offers just Rs 20 crore to operational creditors.
  • TRAI pulls up DTH, cable operators for not compliying with new tariff
  • DCM Shriram reports nearly six-fold jump in Q4 net profit at Rs 293 cr
  • Patanjali gets time till May 7 for filing resolution plan
  • Ambuja Cements’ volumes, realisation disappoint
  • Netherlands got $12.8-b Indian FDI in 2017, 2nd biggest after Singapore
  • Review safeguard duties on solar cell imports, Japan tells India.

Key Due Dates:

  • GSTR-3B for the month of April 2019 is 20th May 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 14th May 2019

Indirect Tax Updates:

Image result for hd pics on Indirect tax
  • The Goods and Services Tax (GST) Council has added flexibility into the way a company can utilize the available input tax credit. Any company would now be eligible to use credit available against paid integrated GST (IGST) to set off tax liabilities of state GST (SGST) and central GST (CGST) in any proportion and in any order, the GST Council said in a circular sent to field formations on Tuesday. Previously, the order of using the IGST credit was kept flexible — it was the company’s choice to set off CGST or SGST first — in a notification dated March 29. However, it was not clear whether a company would be able to use IGST credit to set off SGST liability and CGST liability partially at the same time. It was construed that if a company chooses to set off SGST liability first, it would have to exhaust the entire SGST liability before using the IGST credit to set off CGST liability.

RBI Updates:

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  • The beginning of the financial year 2019-20 saw a bit of rising inflationary pressures, but the rate of price rise was still below the average of the Reserve Bank of India’s (RBI’s) mandate of 2-6 per cent.
  • Experts are divided whether the monetary policy committee (MPC) of the RBI will cut the policy rate in June. The retail price inflation rose to a six-month high of 2.92 per cent in April, pushed up by costlier food items. However, food inflation was still 1.1 per cent in the month against 0.3 per cent in the previous month. It was in March that food inflation broke the five-month trend of deflation. This may augur well for farmers who faced rural distress.
  • Inflation in urban areas rose to 4.64 per cent in April from 3.47 per cent in the previous month, which may not go down well with the middle class, if the trend persists. Much of the inflation in food items is generally attributed to the government’s recent move to give higher minimum support price (MSP) to farmers.

Other Updates:

  • Disclose exposure to IL&FS, RBI tells banks
  • Customer plaints against banks surge 25% in FY18
  • RBI sells entire stake in NHB, Nabard to govt
  • FinMin may raise cap on 59-minute loans to Rs 3-5 cr
  • CBI’s Look Out Circulars against Bhushan steel boss
  • SFIO quizzes Deloitte ex-CEO over alleged audit lapses in books of IL&FS
  • No change in Bharti Infratel’s Q4 net amid merger with Indus Towers
  • ONGC arm delays plan to invest in Iran gas field after US sanctions
  • Jalan panel on RBI’s capital size to submit report by June
  • Approach SBI, Jet tells UK entrepreneur who evinced interest in buying the airline
  • Data on jobs, GDP being analysed with a new set of proxies: CEA
  • Govt procures 55.17 lakh tons of wheat so far this year
  • Forensic auditors indicate IGIDR used data shared by MCX to develop an ‘algo-trading strategy’
  • VRS package may save Rs 1,080 cr in annual salary tab: MTNL chief
  • Voda Idea rights issue receives bids for 1109 crore shares: NSE data
  • Nasdaq hits record, S&P nears all-time high on upbeat earnings
  • Delhi HC allows Alembic, Natco to export Bayer drug for specific purposes
  • SBI gets board approval to raise up to $2.5 billion in bonds.
  • RBI deputy governor B P Kanungo bats for capital account liberalization.
  • Maruti signals tough road, gives weakest growth forecast in the past 5 yrs.
  • Major lapses in Deloitte audit of IL&FS Financial Services, says SFIO.
  • Insolvency process: NCLT asks bank officials to appear in Sterling SEZ.
  • Ruchi Soya case: Lenders to meet on Friday to consider Patanjali’s offer.
  • US official insists on zero oil imports from Iran.
  • ‘High fuel prices may have led to a slowdown in auto sales’.
  • India sets a record foodgrains target of 291 million tonnes.
  • Wendt India’s PAT up 10% in FY19.
  • Hind Copper approves raising up to Rs 1,400 cr through QIP.
  • Glenmark gets nod to market nasal spray as OTC product in Russia.
  •  Microsoft edges toward $1 trillion valuation on results beat.

Key Due Dates:

  • GSTR-3B for the month of April 2019 is 20th May 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 13th May 2019

Direct Tax Updates:

Image result for hd Pics On Direct tax
  • ITR-3 (Excel Utilities) has been issued by CBDT on 10/05/2019 for assessment year 2019-20 (i.e. for financial year 2018-19) Now Tax audit can be done by Chartered Accountants for Individual & HUF.
  • Managerial remuneration: Where a company made provision for payment of managerial remuneration to assessee, same created an obligation on assessee to bear tax liability on salary.
  • The Income Tax Department will now share information such as reported turnover and gross income declared with the Goods and Services Tax Network to check tax evasion. The I-T Department and GSTN will enter an agreement on the modalities of information sharing. The Central Board of Direct Taxes has said the agreement will include provisions for confidentiality, a mechanism for safe preservation of data and timelines for furnishing information.

Indirect tax Updates:

Image result for hd pics on Indirect tax
  • Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers.
  • GST payable on freight charges recovered from customers without issuance of consignment note. Case Name: In re Siemens Limited.
  • Gujarat High Court in the matter of Octagon Communications Pvt Ltd Vs Union of India allows filing of GSTR-3B without payment of GST.
  • Input Tax credit is admissible even if Consideration is paid through Book Adjustments. In re Senco Gold Ltd GST AAR West Bangal.

Other Updates:

  • Piramal Group plans to buy operational renewable power projects of Mytrah
  • NBFC crisis imminent, says Corp Affairs Secy
  • RBI study finds why there’s a dip in bank deposits
  • Positive sentiment continues for manufacturing sector in Q4, capacity utilisation up at 80%: FICCI survey
  • NCLT dismisses ICICI Bank’s plea to initiate insolvency proceedings against Era Infrastructure
  • FPIs press exit button, pull out Rs 3,207 crore from markets in May
  • DMart Q4 net profit rises 21.4% at Rs 203 crore but margins remain weak
  • PNB Housing Finance reports net profit of Rs 379.7 cr in Q4FY19; up 51%
  • Apple’s wait bears fruit with sub-continent’s biggest store in Mumbai
  • Reliance entry to digitise 5 million kirana stores by 2023: report
  • SRF to sell engineering plastics business to DSM India for ₹320 crore
  • PC Jeweller gets board’s nod for export division demerger
  • Tata group’s perfume brand Skinn eyes Rs 500-crore turnover by 2023
  • Vedanta’s benign March quarter results bring no solace for investors
  • Accor in talks to invest up to $50 million in Treebo Hotels
  • NCLAT dismisses insolvency plea against SpiceJet
  • Unilever considers $1 billion bid for skincare brand Drunk Elephant
  • Govt to set up panel under DGFT to look at steel availability for engineering exporters
  • Moody’s India probing IL&FS AAA rating by ICRA executives after whistle-blower complaint
  • US-China talks break up with no deal after Trump hikes tariffs on $200 billion in Chinese imports
  • Dalmia Bharat Q4 profit jumps over 2-fold to Rs 264 cr
  • Jaypee Infratech insolvency: Lenders ask NBCC to withdraw some conditions
  • COAI approaches DoT to stop sale of mobile signal boosters on e-commerce sites.

Key Due Dates:

  • GSTR-3B for the month of April 2019 is 20th May 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 11th May 2019

Direct Tax Updates:

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  • CBDT vide order dated 30th April 2019 stated that  Income Tax dept. to share ITR data with GSTN to detect tax evasion by business persons. The move aims at curbing tax evasion by the businesses by cross-checking data between their GST returns and ITR.
  • India has notified the inter-governmental agreement with the US for exchange of country-by-country reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion.
  • The Income Tax Department will now share information such as reported turnover and gross income declared with the Goods and Services Tax Network to check tax evasion. The I-T Department and GSTN will enter an agreement on the modalities of information sharing. The Central Board of Direct Taxes has said the agreement will include provisions for confidentiality, a mechanism for safe preservation of data and timelines for furnishing information.

Indirect Tax Updates:

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  • Gujarat High Court in the matter of Octagon Communications Pvt Ltd Vs Union of India allows filing of GSTR-3B without payment of GST.
  • Input Tax credit is admissible even if Consideration is paid through Book Adjustments. In re Senco Gold Ltd GST AAR West Bangal.

Other Updates:

  • FinMin may raise cap on 59-minute loans to Rs 3-5 cr
  • CBI’s Look Out Circulars against Bhushan steel boss
  • ISB to set up repository to store all public data
  • Companies get more time to submit ACTIVE form
  • Auditors have questions to answer, says govt
  • ONGC gets green nod for Rs 240 cr project in Assam
  • India, UK in talks to build aircraft carrier : Report
  • Lupin, Zydus Pharma recall products in the US
  • Sebi may be asked to relax 75% promoter stake norm for PSBs
  • Govt to give financial aid to minority investors filing class action suits
  • Sebi’s co-location order delays announcement of NSE’s FY19 results
  • Govt sees little scope for Jet Airways revival as bidders stay away: Report
  • Vodafone Idea promoters contribute Rs 17,920 crore to rights issue
  • Infibeam sacks auditor for sharing unpublished price-sensitive information
  • IndiGrid to buy ₹11,500-cr electricity transmission assets from Sterlite Power
  • Ipca Labs inks pact to acquire Ramdev Chem for Rs 108.5 cr
  • Non-filers of GST returns to be barred from generating e way bills from June 21
  • Rupee falls by 24 paise on strong dollar demand
  • Sensex rallies 490 points; Nifty reclaims 11,700-mark
  • Self-assessed GST return permitted.
  • Adani Group to invest Rs 57,594 crore to expand Mundra port
  • Ashok Leyland sales up seven per cent in April at 13,626 units
  • Hindustan Zinc’s profit down 24%
  • SBI to consider Jet staff’s billion-dollar bid after May 10
  • India has secured additional oil supplies to tide over Iran sanctions
  • SAT sets aside NSE’s 2017 order against OPG Securities in co-location case
  • TPG Growth-backed Asia Healthcare Holdings acquires Nova IVI Fertility

Key Due Dates:

  • Payment of TDS Deducted in April is 7th May 2019.
  • GSTR-1 Due Date for the month of April 2019 is 11th May 2019.
  • GSTR-3B for the month of April 2019 is 20th May 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 10th May 2019

Direct Tax Updates:

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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.
  • CBDT released data that after clocking steep growth of 25% in the three years to FY18, the number of taxpayers filing income-tax e-returns saw a marginal contraction in FY19. In FY19, only 6.68 crore returns were filed online, 1% lower than 6.74 crore filed in FY18.
  • Income tax department has released the software utility in excel format for filing ITR2 for FY2018-19. It is to be used by individuals having capital gains or more than one house property but not by those individuals having income from business and profession.

Indirect Tax Updates:

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  • 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 rates as the choice only lies with builders.
  • File your GST Return for the month of April 2019 before 15th of May 2019.

Other Updates:

  • Almost 1 million being evacuated as Cyclone Fani nears India
  • Samsung to make more in India, invest Rs 2,500 cr
  • PMO reviews 59-minute loan scheme, Rs 37,870 crore disbursed
  • CIL plans 530 mn tonnes of fuel for power plants in FY20
  • PNB Housing Finance to mop up $1 billion from foreign markets
  • Air traffic growth hits 5-yr low in FY19 at 11.6%; cargo at 6%
  • Amrapali’s lawyers given flats & penthouses: Forensic auditors to SC
  • Kamdhenu Ltd net profit up 43% to Rs 22 crore in FY19
  • Shapoorji Pallonji Real Estate partners with Lokhandwala Infra.
  • CLP may buy Morgan Stanley’s wind assets
  • Tesla plans to raise $2 billion from stock, bond offerings
  • Bombay Dyeing posts net profit of ₹1,253.33 crore in March quarter
  • BSE to conduct mock trading session for various segments on May 4
  • TPG’s Asia Healthcare agrees to buy Nova IVI.
  • Uncertainty makes Brexit worse than Y2K for customers, says Infosys
  • JSW group enters paints business with Rs 600-cr investment
  • PepsiCo withdraws IPR infringement case against Gujarat potato farmers
  • CIL plans 9% increase in coal allocation to power plants
  • Adani Group to invest Rs 57,594 crore to expand Mundra port
  • Ashok Leyland sales up seven per cent in April at 13,626 units.

Key Due Dates:

  • Payment of TDS Deducted in April is 7th May 2019.
  • GSTR-1 Due Date for the month of April 2019 is 11th May 2019.
  • GSTR-3B for the month of April 2019 is 20th May 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 9th May 2019

Indirect Tax Updates:

Image result for hd pics on Indirect tax
  • CBIC has issued 41 Clarifications on FAQs/ Issues relating to new GST rate structure notified for Real Estate sector applicable from 1 April 2019.
  • Goods and Services Tax 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.

RBI Updates:

Image result for hd pics on RBI
  • 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.
  • The Reserve Bank of India is working on its disclosure policy under the Right to Information Act 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. 

Other Updates:

  • Oil imports from Iran down 57% y/y in April: Trade
  • US commerce secy warns India against retaliatory tariffs
  • Airtel to merge VSAT ops with Hughes India unit
  • NCLT begins bankruptcy process for RCom
  • Essar shareholder seeks ban on Mittal’s bid
  • BSE Q4 net profit drops 16.46 pc to Rs 51.86 crore
  • RBI’s holding company model for banks will help contain NPAs, says Charan Singh
  • IMF chief Christine Lagarde says US-China tensions ‘threat’ to world
  • Rupee slips to 69.43 against US dollar
  • Multifold increase in investments in B2B startups
  • NBCC offers just Rs 20 crore to operational creditors.
  • HDFC Bank board may go for splitting stock into two later this month
  • Wockhardt Q4 net loss narrows to Rs 14.47 cr
  • Industry bodies list key issues for GST Council meet next month
  • Gujarat Gas net jumps 77% in March quarter
  • PFS reports Q4 net profits at Rs 36.76 crore
  • Liquidation process for ABG Shipyard commences
  • Medlife acquires Bengaluru-based Myra Medicines
  • NRIs can remit up to $1 mn from sale of property in India
  • Investor wealth erodes by ₹1.24 lakh cr as markets plunge
  • Finance Commission to meet RBI governor, bank officials during Mumbai visit
  • Asset quality improves but trend in slippages, provisions key of ICICI Bank.
  • UK entrepreneur says SBI allows him to bid for Jet Airways
  • Mastercard commits $1 bn investment in India in next 5 yrs; to develop India as global tech node.

Key Due Dates:

  • Payment of TDS Deducted in April is 7th May 2019.
  • GSTR-1 Due Date for the month of April 2019 is 11th May 2019.
  • GSTR-3B for the month of April 2019 is 20th May 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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