Corporate and Professional Updates on 9th May 2019

Indirect Tax Updates:

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  • 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:

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  • 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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Legal Disclaimer:
This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. All efforts and measures have been taken to assure the accuracy and correctness of the information presented in this update but cannot be guaranteed in any manner. We are not obligated to any responsibility or liability to any one for any damage or loss incurred by going with the information given in this update.

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