Corporate and Professional Updates on 10th April 2019

Direct Tax:

• Income Tax Department will initiate the recovery of tax along with a penalty from approximately 65,000 assessees who deposited Rs.10 lakh or more in their bank account during demonetization but did not file a return for the AY 2017-18. These 65,000 plus is part of nearly 3 lakh non-filers with large deposit.
• ITR disclosure requirements have been rising in recent years as the income-tax dept has been using technology extensively to track tax evasion and process returns. But this year, the number of changes made to the ITR forms notified for AY 2019-20 is probably the highest in recent times.

Indirect tax updates:

• Warehouses is about to bring under the GST net is likely to have a major impact on players in the organized sector who take warehouses on rent as part of their collateral management business. It means they have to pay now 18 percent GST on the rent they pay for the warehouses in which their collateral commodities are stored.
• Revenue dept has asked tax officials to scrutinize the mismatch in turnover towards services between ITR and service tax returns for 2015-16 and 2016-17. Stated that there was a considerable gap of Rs 12 lakh crore between the turnover on account of services as per the ITR/TDS data and the value of services declared in the service tax returns for 2015-16.
• GST department has given service providers with a turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay 6 percent GST.

Other Updates:

• The government meets the FY19 fiscal deficit goal of 3.4%.
• India to grow at 7.3% in 2019 and 7.5% in 2020.
• Tatas take over Usha Martin’s steel business.
• Current economic atmosphere ‘a delicate moment.
• PSEs to stay PSUs even with below 51% govt stake.
• BSNL collects record Rs 6,500 crore in revenue.
• SBI reduces MCLR, home loan rates from April 10.
• Direct tax collection may fall short of Rs 50,000 cr in FY’19.
• US criticises India’s data localisation norms, draft e-commerce policy.
• Trump warns EU of $11-bn tariffs over its subsidies to Boeing rival Airbus.
• NCLAT may ask Arcelor to deposit the Essar bid amount of Rs 42,000 cr on Apr 23.
• New hydropower policy could be the last chance for the revival of the neglected sector.
• CAI trims cotton crop size to 321 lakh bales, lowest since 2009-10
• I-T Dept looking at IBC resolution cases for possible tax violations.
• Ramco Systems bags new order in Australia, New Zealand.
• Mahindra & Mahindra eyes 50% of tractor revenues from overseas.
• Opto Circuits enters into a one-time settlement with Yes Bank.
• Power producer’s outstanding dues on discoms spike 20% to nearly ₹41K cr in Jan.
• Vodafone Idea expects Indus Tower stake sale in 3-4 months for ₹5500 crores.
• Polycab ₹1346 crore IPO subscribed over 50 times on the last day.
• Panacea Biotec’s lenders approve a one-time settlement of outstanding dues.
• Standard Chartered to pay $1.1 billion for sanctions violations.
• Fitch affirms ‘BBB-‘ rating to Exim Bank, stable outlook.
• ‘No deal’ Brexit risks severe economic shock, IMF warns.
• India highest recipient of remittances at USD 79 billion in 2018.
• India probes dumping of ‘aluminum, zinc-coated flat products’ from China, Vietnam, Korea.
• Gold falls Rs 235 on muted demand.
• Overhauled oil policy to apply from the 4th bid round.
• Rupee snaps 3-day losing streak; rises 37 paise to 69.30 vs USD.
• Ford may merge India biz in the new Mahindra JV.

Key Due Dates:

• 13-04-2019 – GSTR-1 for the month of March 2019 for taxpayers with Annual Aggregate turnover More than 1.50 Crore.
• 13-04-2019 – GSTR-6 for Input Service Distributor.
• 18-04-2019 – Quarterly return for taxpayers opting for Composition Scheme(GSTR-4)
• 20-04-2019 – GSTR-3B for the m/o March 2019.
• 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
• 14-04-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o Feb’19.
• 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
• 30-04-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of March’19
• 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.

Quote of the Day:

“The most unprofessional people are the ones that try to be professional.”