Corporate and Professional Updates on 10th July 2019

Indirect Tax updates:

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  • Centre will now pay the input tax credit (ITC) refunds of state taxes, thereby reducing transaction time and costs, and manual interface in claim processing. The central government has been authorised to pay the amount of refund towards state taxes the taxpayers,” according to the 2019-20 budget.
  • Central Board of Indirect Taxes and Customs through its Press Release has issued 12 Clarifications regarding Annual Returns and Reconciliation Statement. It is a welcome step by the government to clarify most of the issues for the benefit of Stakeholders, including the process to be followed by the assessee and the CBIC.

RBI Updates:

  • The financial system’s liquidity is in “huge” surplus and the Union Budget’s announcements related to non-banking financial companies (NBFCs) are adequate to take care of the liquidity needs of the sector, Reserve Bank of India (RBI) Governor Shaktikanta Das.
  • “Overall, the system liquidity is in huge surplus since June 1. We have also announced a liquidity back stock for banks to implement the NBFC package announced by the FM in the Budget. We have also decided to frontload the FALLCR, which will infuse additional liquidity’ in a press conference after chairing the customary post-Budget board meeting of the central bank.
  • The government is planning another round of overhaul of the foreign direct investment (FDI) policy with changes across sectors including insurance, contract manufacturing, digital media, and information utilities, besides single-brand retail trade, in line with the Budget announcements. The insurance sector could be opened up to 74 per cent FDI under the approval route to bring parity with the banking sector, according to proposals under consideration. The current 49 per cent foreign investment limit through the automatic route in insurance is likely to be maintained. “Banking is a more sensitive sector compared to insurance. 

Other Updates:

  • Exports fall for first time in nine months amid trade tensions
  • Shriram Transport looking to raise up to₹10,000 crore through NCDs
  • Sun Pharma Surges 3.6% After Morgan Stanley Double Upgrade
  • IRDAI may Relax Rules for Pension Plans & Ulips, Make Surrenders Easy
  • Aditya Birla Fashion acquires 51% stake in Finesse International for ₹60 crore
  • Securitisation Market Records 50% Growth in Q1
  • India’s steel exports fall 34% to 6.36 MT in 2018-19
  • Govt may issue sovereign bonds in phases, first lot to be of $3-4 billion
  • Manipal Hospitals set to buy Medanta for ₹6,000 crore
  • MFs differ with banks over DHFL resolution, may opt for the DRT route
  • Customers forgotten in rush for electric vehicles, says TVS Motor chairman
  • Exports contract 9.71% in June; trade deficit narrows to $15.28 b
  • Sun Pharma launches capsules for lipid disorder treatment in US
  • NCLAT order on Essar Steel has rewritten IBC rules: Lenders
  • Ashok Leyland temporarily shuts Pantnagar plant
  • IndiGo secures credit facility worth ₹2,577 crore amidst promoters dispute
  • NIIF may invest $100 million in Multiples PE’s third fund
  • Ambuja looks to expand cement capacities with buys in RMCs, aggregates
  • BHEL, CONCOR tie up for rail-based logistics terminal at Haridwar
  • Reckitt Benckiser and Apollo Hospitals tie up to launch ‘Arogya Rakshak’
  • ‘Amazon Prime Video, ZEE5 in talks for a platform deal’
  • Govt diverting around Rs 17,000 crore from petrol and diesel cess kitty
  • Investors flee debt funds as credit quality slumps to lowest in 16 months
  • USFDA completes Chennai facility audit with zero observations: Natco Pharma
  • Sales improve 16% in the first quarter: Tata Steel
  • NTPC raises ₹4,300 cr through bonds
  • Sensex Rises 160 Points on Infy Surge, Macro Data
  • Hero Electric eyes South India for new plant
  • Real estate developers at risk as stress in credit market dries up funding
  • Cotton Greaves increases stake in electric two-wheeler maker Ampere

Key Due Dates:

  • 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service  recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one  financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  •  13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF return filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
  • 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

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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