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.”

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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