Corporate and Professional Updates on 8th May 2019

Direct Tax Updates:

  • 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.

Indirect Tax Updates:

  • 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, says a report. According to S&P Global Ratings the institutional framework for Indian states is evolving, but there are structural deficits due to persistent revenue expenditure mismatch.
  • S&P Global Ratings credit analyst YeeFarnPhua in the report titled “Public Finance System Overview: Indian States” noted that the passage of the GST bill in 2017 is a major overhaul of tax structure and will help to widen the tax base and improve revenues of state governments.

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: Essel Group
  • Vedanta Q4 PAT at Rs 2,615 cr, down 34% yoy on Tuticorin plant shutdown
  • Jalan panel to hold 2 more meets before final report on RBI capital size
  • With $41-billion borrowing, ECBs hit five-year high in 18-19
  • Hindalco in consortium to promote use of aluminium cans for beverages
  • Mahindra Logistics Q4 PAT rises 14.5 per cent
  • Porsche fined 535 million euros over diesel emission cheating
  • Merck Ltd renamed as Procter & Gamble Health Ltd
  • ONGC reaffirms strong financials post HPCL takeover
  • Moderate demand dampens Q4 results for FMCG firms
  • DCB Bank expects to double balance sheet in next four years
  • Yes Bank acquires eight crore pledged shares of CG Power
  • Escorts Q4 net profit up 8% at ₹121 crore
  • Saudi Aramco said to give extra oil to Asian buyers
  • Piramal, CPPIB in tie-up for India’s 1st renewables InvIT
  • Centrum’s PE Fund invests Rs 15 cr in Ayurveda Experience, Dunzo
  • 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.

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 7th May 2019

Direct Tax Updates:

  • The finance ministry on Monday said there was growth of 19 per cent in income-tax returns (ITRs) electronically filed for the assessment year 2018-19 (AY19), compared to those in 2017-18 (AY18).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. The statement came amid some reports that the number of returns e-filed in FY19 saw a decrease on yearly basis.
  • The deadline for filing income tax returns (ITR) is July 31 for every assessment year. If you miss the deadline, you can always file a belated return by up to March 31 with penalty of the following year. If you have also missed the deadline for filing a belated return, you can’t file it after March 31.
  • Capital Gains: Though section 50C is a deeming provision and the AO is obliged to compute the capital gains by taking the valuation arrived at by the DVO in place of the actual consideration received by the assessee, the assessee is entitled to challenge the correctness of the DVO’s valuation before the CIT and the Tribunal. The DVO has to be given an opportunity of hearing.

Indirect Tax Updates:

  • All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST.
  • Delhi High Court has directed the GST Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for solar power generating systems unveiled on January 1.
  • CBIC  has informed that the IEC holders can register with the Goods and Services Tax Identification Number (GSTIN). It was said that no Digital Signature is required for the same.

Other Updates:

  • E-comm policy, data localisation figure in Indo-US meet
  • Trade war would be ‘bad for the world’
  • Bharti Airtel posts surprise Q4 profit of Rs 107 crore
  • L&T buys Rs 113 cr Mindtree shares in open mkt
  • ICICI Bank Q4 profit drops 5% to Rs 969 crore
  • Jaypee Infra lenders to mull NBCC revised bid
  • Policy to boost exports on anvil as trade deficit hits new high of $176 bn
  • State-owned discoms’ debt set to rise to pre-Uday levels of Rs 2.6 trn
  • Forgers are forcing $9-trillion global trade financing into digital age
  • Govt cannot ensure cheaper oil to India, says US commerce secretary
  • 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
  • Anand Piramal, Kris Gopalakrishnan, Accel Partners, others pouring $74 million in Mukesh Bansal’s CureFit
  • China gives modest boost to economy with RRR cut amid renewed trade tensions
  • India’s services sector output growth at 7-month low in April: PMI
  • Sensex slumps 363 pts as US-China trade talks derail
  • End-user IT spending in India to reach USD 15 bn in 2019: Report
  • Sun Pharmaceutical eyes Chinese market
  • Over 100 US cos visiting India to explore business opportunities.

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 6th May 2019

Indirect Tax Updates:

  • The Delhi High Court has directed the Goods and Services Tax Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for solar power generating systems unveiled on January 1. The court has asked the GST Council to relook at the mater in consultation with the Central Board of Indirect Taxes and Customs and the ministry of new and renewable energy. It has given the government two months to revert and scheduled the next hearing in August. “Between divergent AARs and an ad hoc basis of fixing a presumptive valuation between goods and service, the solar sector has had a chaotic induction into GST holds out hope of a quick and definitive solution to this long-standing problem of the solar industry.

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
  • CII backs FAME-II scheme despite EV makers’ red flag
  • ‘IBC helped creditors recover 195% of liquidation value’
  • ONGC cash reserves erode 98% to ₹167 crore in 1.5 years
  • Early Q4 earnings point to a slowdown in economy
  • India warns WTO about EU’s proposal for e-commerce rules
  • ThyssenKrupp sees room for EU agreement on Tata Steel deal
  • Bajaj Auto sees no slowdown in two-wheeler sales, rides ahead of competition
  • DoT asks Karnataka to align infrastructure roll out policy with RoW policy
  • India’s steel production stood at 27 million tonne in Q1 2019
  • India’s reliance on oil imports jump multi-year high of 84%
  • US-China trade deal enters endgame, positive sign for global economy
  • 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.

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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