Corporate and professional Updates on 15th February 2019

Indirect Tax Updates:

• The Goods and Services Tax Council will focus on lowering the tax rate on under-construction properties. A ministerial panel has firmed up its recommendations in this respect, which will be placed to the federal indirect tax body.
• A ministerial panel led by Gujarat deputy chief minister Nitin Patel has favoured lowering GST on under-construction properties to 5% without credit for taxes paid on raw materials, down from an effective 12% at present with tax credits. The seven-member panel also favoured slashing the rate on affordable housing from 8% to 3%.
• Completed ones are subject to stamp duty. The proposed tax cut on under-construction properties follows several measures by the government in the interim budget FY2019-20 and by the Reserve Bank of India. The budget gave income tax relief to the middle class the RBI slashed the rate at which it lends to banks by 25 basis points to 6.25%.

Other Updates:

• Jet Airways approves lenders Rescue Deal.
• Growth likely to reach 7.5% next fiscal.
• Jobs, Tech Transfer top agenda for Indo-US.
• RCom to repay NCD holders only via NCLT.
• Govt hikes minimum selling price of sugar by Rs 2/Kg.
• DoT floats Cabinet note on Voda Idea’s FDI proposal ahead of Rs 25,000 cr rights issue.
• UK Parliament defeats May again in Brexit vote.
• RBI Governor Shaktikanta Das rules out asset quality review of NBFCs.
• Bharat 22 ETF’s additional offering subscribed over ten times.
• Expert committee suggests Rs 9,750 a month as National Minimum Wage.
• Oil at new high in CY19 on US-China trade Optimism, OPEC Output cuts.
• Nestle India Q4 Net Profit rises 9.6% to Rs 341.76 Crore; sales up 11.2%.
• India on the verge of significant data centre expansion.
• Revenues of Auto Parts cos to grow 12% over four years.
• Banks come up with rescue package for Jet.
• India, EU to jointly develop Water Technologies.
• McLeod Russel’s net profit drops 24% in Q3.
• Solar Power tariffs will be lower than 2.30/unit by 2030.
• Paytm pledges all its assets to borrow 1,400 Crore from ICICI Bank.
• Bata India sprints as margin expansion springs a surprise in Q3.
• Mahindra lost out on the SUV growth opportunity: Pawan Goenka.
• Glenmark Q3 Net Profit up 11% to Rs. 116.34 Crore.
• Petronet signs initial deal to invest, buy LNG from Tellurian.
• Ashok Leyland net drops 21 per cent at Rs 381 Crore in Q3.
• Q3 Results ONGC Profit up 65 per cent on higher realisation.
• Essar Steel NCLT reserves orders on pleas related to ArcelorMittal plan.
• Banking health Aggregate losses of 21 PSBs stood at Rs 11,605 crore in Q3.
• Doubts over Govt data prompt call for independent verifier.
• I-T releases Coffee Day shares.
• PNB to e-auction 4,000 Properties to reclaim loans.
• Larsen & Toubro infotech to acquire Germany’s Nielsen Partner for EUR 28.

Key Due Dates:

• Due Date of GSTR-3B for the month of January 2019 is 20th February 2019.