Corporate and Professional Updates on 16th May 2019

Indirect Tax Updates:

• CBIC comes out with another set of Frequently Asked Questions (FAQs) to clear the air on GST on Real Estate. If you’ve got an Occupancy Certificate (OC) for your house before April 1 this year, the payment of Pending Dues would draw 12% GST rate and the builder will be able to avail of input tax credit.
• The Central Board of Indirect Taxes and Customs (CBIC) has come out with another set of frequently asked questions (FAQs) to clear the air on GST on real estate. Earlier, the GST Council had decided that with effect from April 1, builders of all under-construction houses would have two options — either pay 12 per cent GST with input tax credit or 5 per cent GST without input tax credit. While there is no GST on completed residential projects, an OC needs to be given.
• GST Anti-Profiteering Body may get fresh lease of life :: India’s Anti-Profiteering Framework may remain in place for another 2 years as the country eyes more changes to the GST structure. Aimed at protecting consumer interest under GST, it was initially meant to be in place for two years.

Other Updates:

• NCLT admits Bharti Airtel petition on Rs 112-crore dues
• Tata Motors may drop small diesel cars from portfolio
• Auditors have questions to answer, says govt
• ONGC gets green nod for Rs 240 cr project in Assam
• India, UK in talks to build aircraft carrier : Report
• Lupin, Zydus Pharma recall products in the US
• Sebi may be asked to relax 75% promoter stake norm for PSBs
• Govt to give financial aid to minority investors filing class action suits
• SEBI’s co-location order delays announcement of NSE’s FY19 results
• Govt sees little scope for Jet Airways revival as bidders stay away: Report
• Vodafone Idea promoters contribute Rs 17,920 crore to rights issue
• Infibeam sacks auditor for sharing unpublished price-sensitive information
• IndiGrid to buy ₹11,500-cr electricity transmission assets from Sterlite Power
• Anti-dumping duty imposed on saccharin imports from Indonesia
• L&T MBDA, Tata Power defence proposals get SEZ board approval
• Dangerous to let viable cos close down: IBBI chief
• DHFL to raise up to Rs 2,000 cr
• India for ADB-led mechanism for channeling funds from rich to developing nations.
• Ambuja Cements’ volumes, realisation disappoint
• Netherlands got $12.8-b Indian FDI in 2017, 2nd biggest after Singapore
• Review safeguard duties on solar cell imports, Japan tells India.

Key Due Dates:

• GSTR-3B for the month of April 2019 is 20th May 2019.