Corporate and Professional Updates on 10th June 2019

Direct Tax Updates:

• India could review the goods and services tax (GST) structure to further prune the number of items in the highest slab of 28% as it attempts to stave off a slump in demand. Some states have favoured a reduction in tax rates, worried that the slowdown may get entrenched, and have communicated their concern to the Centre. The GST Council may meet on June 20, ahead of the budget presentation on July 5, and these issues could figure in the discussions. This will be the first meeting of the council to be chaired by Nirmala Sitharaman after she took over as union finance minister in the new government. “Something needs to be done urgently — demand slowdown is quite visible,” said a senior government official with a state government that’s likely to press for a reduction in tax rates. “It could get further entrenched Jobs are getting impacted.” 

RBI Updates:

• The revised stressed asset resolution framework released by the Reserve Bank of India (RBI) on Friday is nothing but the original one with a dash of humility. The central bank has managed to keep most of the elements of the infamous 12 February 2018 circular in the new one too. There is no comeback of dispensation schemes such as strategic debt restructuring (SDR) or S4A. Bankers will continue to recognize defaulters as special mention accounts right from day one of default. Most importantly, lenders cannot escape provisioning.

Other Updates:

• Need to relook at regulation of NBFCs: RBI Governor
• BoB puts accounts worth over Rs 9k cr on block
• SIAM, CII urge govt to follow practical approach on EV
• Whistleblower sought to uncover it in 2017
• ONGC, Vedanta set to win 9 oil, gas blocks each
• G20 takes note of trade wars hurting growth
• India looks to finalise list of 5G spectrum bands for meet
• RIL-BP wins first block under OALP rounds, Oil India, Vedanta bag the most
• DHFL aims to clear all dues by the end of ‘cure period’, rescale business
• Industry blames policies, USFDA probes for 73% drop in pharma FDI
• India is the third-most appealing bond market for FIIs, says study
• GST Council may fix Rs 50 cr turnover limit for e-invoice in June 20 meet
• NITI Aayog’s electric mobility proposal irks India’s auto industry
• WTO reform should not undermine its basic principles, says Piyush Goyal
• Pre-Budget consultations: Finance Minister to meet economists, industry 
• BPCL to invest ₹6,877 crore to revamp Mumbai refinery complex
• Reliance Power records loss of ₹3,558 crore in fourth quarter
• Land request for shore-based plant: SAIL gets positive response from Odisha govt
• Coal India to hire merchant bankers for acquiring stakes in Australian coal assets
• Divided G20 admits worsening trade wars pose risk to world economy
• Delay in monsoon pushes rainfall deficiency to 45% in first 9 days of June: IMD
• Developing nations call for balanced approaches in e-commerce, proposed reforms
• Investors cheer as Adani Ports cuts related-party loans, steps up dividends
• MFs reduce exposure to shadow banks by 67,000 crore since September
• RBI’s 12 February circular makes a comeback with a dash of humility
• Free flow of data powers higher productivity, innovation but raises challenges as well, says G20
• IMF’s Lagarde urges G20 to prioritise resolving trade tensions
• G20 to wrap up digital tax by 2020 for tech giants reducing their corporate taxes
• Central Bank of India plans to raise Rs 5,000 cr this fiscal to meet Basel III norms
• Power minister positive on achieving 175 GW renewable energy target
• Govt mulls national institute for valuers.

Key Due Dates:

• The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
• The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
• The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
• Annual Return For Registered Tax Payers is 30th June 2019.