Corporate and Professional Updates on 11th March 2019

Indirect Tax Updates:

• Indian businesses that paid most of their goods and services tax liability using input tax credit or reported a significant variation in turnover are being queried by taxmen, a move that has irked industry and prompted it to petition the authorities against such tactics.
• Tax officials have sent emails seeking information from businesses that paid over 95% of their dues using input tax credit to ascertain the key factors responsible for subdued GST collections.
• These queries relate to a large variation in turnover reported, negative growth in central GST liability and a wide divergence in input tax credit between GSTR 2A and GSTR3B.
• In some centers, businesses have been even asked to furnish tax payment challans. GSTR 2A and GSTR3B are return forms. The first includes all information related to purchases, the second is a simplified return form aimed at making life easier for filers. GST was rolled out on July 1, 2017.

Other Updates:

• Finance Ministry eyeing part of non-core asset sale proceeds of CPSEs as dividend.
• China, US reached consensus on exchange rate issues.
• Govt amends SEZ rules in three critical areas.
• IDBI Bank considering renewal of term for current MD.
• Savings of millions of armymen now junk due to IL&FS.
• FinMin may borrow 60% from market for H1.
• PNB: Agencies to probe who helped Nirav set up UK.
• Anil Ambani’s Reliance Capital looks beyond Nippon Life for AMC stake.
• Naresh Goyal to shed stake to 17% in Jet bailout plan; lenders to hold 30%.
• India seeks Saudi investment in strategic oil storage to resurrect refinery.
• Govt scraps 6th, 7th rounds of coal mine auction; sale of 19 blocks on hold.
• Magma Fincorp expects to close FY19 with 20% growth in disbursals.
• CBDT allows offshore fund managers to operate from India.
• EPF transfer on job change to become automated from next fiscal.
• ‘Access to formal credit increases income of farmers’.
• Suven Life inks pact to buy assets of Rising Pharma units.
• DLF to launch over Rs 3,000 cr QIP by June.
• India targets Saudi investment in building strategic oil reserve.
• US, China have reached consensus on many vital issues.
• FPIs invest over 2,700 crore in five sessions on global cues.
• Essar Steel, Binani insolvency resolutions get official clean chit top body says no contradiction.
• CII releases roadmap for 8% growth in coming years.
• India-SICA talks to take place soon to help promote bilateral trade and investments.
• High value cars, jewellery to become cheaper as TCS to be excluded in computing GST.
• Irdai panel suggests host of steps for speedy settlement of insurance claims.
• IRDAI issues norms on conflict of interest.

Key Due Dates:

• 10th March 2019- Monthly GST-TDS/TCS payment in form GSTR-7 for the month of February 2019 under GST.
• 11th March 2019- GST Filing of returns by registered person with aggregate turnover more than 1.50 crores (GSTR-1) for February 2019.
• 15th March 2019- Due date for forth and last installment/ entire amount of advance tax for Assessee having presumptive basis income,
• 20th March 2019 – GST monthly return for the month of February 2019 (GSTR-3B)
• 15th March 2019- Due date for PF and ESIC payment.
• 25th March 2019- Due date for filing monthly return of PF.
• 30th March 2019- Challan cum statement for TDS u/s 194 IA for immovable property and 194 IB for rent payment for February 2019.
• 31st March 2019 – PT payment for the month of February 2019.
• 31st March 2019 – Due date for filing of GSTR 3B and 1 from July 2017 to September 2018 without late fees.
• 31st March 2019 – Due date for filing of ITC 4 under GST for claiming Input tax credit on goods sent for job works for the period July 2017 to December 2018.
• 31st March 2019 – Due date for Annual return under PT from April to March 2019.
• 31st March 2019 – Last date for linking Aadhar with PAN.

Quote of the Day:

“Professionalism: It’s NOT the job you do it’s HOW you DO the job.”