Corporate and Professional Updates on 10th July 2019

Corporate and Professional Updates on 10th July 2019

Indirect Tax updates:

  • 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

Key Other Updates:

  • 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.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 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.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B 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.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.

For query or help contact: singh@carajput.com  or call at 09811322785/4- 9555555480.

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

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