Direct Tax

Corporate and Professional Updates on 17th May 2019

Indirect Tax Updates:

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  • CBIC has come 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.
  • Most real estate developers have opted for 12% GST rate for housing units in ongoing projects as it allows them to retain their profit margin due to availability of input tax credit (ITC), analysts said. Selling houses at 5% GST without any ITC would force builders to hike prices as blocked ITC becomes part of cost which could turn away buyers in the already-subdued market.
  • GST anti-profiteering framework may remain in place for another two years as the country eyes more changes to GST structure. Aimed at protecting consumer interest under GST, it was initially meant to be in place for two years.

RBI Updates:

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  • The Reserve Bank of India’s three-year vision for payments and settlements systems will offer huge opportunities for technology-enabled disruptions in finance, say fintech players. “While the pursuit towards a ‘less cash’ society continues, accompanied by the ambition to have a less-card India as well, the endeavour is to serve segments of the population which are hitherto untouched by the payment systems,” the sector regulator outlined in its ‘Vision Document on the Payments and Settlements Systems for 2019-2021’. 

Other Updates:

  • SoftBank eyeing a pie in Mukesh Ambani’s most valuable asset.
  • RBI okays HDFC proposal for stake in Bandhan Bank.
  • US to ensure steady oil supply for India.
  • Cos may get more time to meet new disclosure rules.
  • HC rules taxman can seek interest on GST liability.
  • Essar can’t discriminate between creditors.
  • RBI’s second 3-year dollar-rupee swap auction to a grand success.
  • ITC takes Hotel Leela to NCLT over ‘oppression’ in JM ARC, Brookfield deals.
  • RBI to buy Rs 25,000 crore of bonds in two instalments via OMO in May.
  • Saudi, Iraq and UAE may fill in Iran gap as US ends sanctions waiver
  • Tata Global Beverages to acquire Dhunseri’s packet tea biz for Rs 101 cr.
  • Micro finance sector to grow up to 22% in FY20.
  • Pharma exports increase 11% to $19.2 billion
  • Jindal Steel completes first-ever rail order ahead of schedule
  • Nagarjuna Oil case: NCLT dismisses Haldia Petrochem plea to appoint new valuer.
  • Sterlite Tech Q4 net profit up 47% to Rs 165.17 cr.
  • RBI too joins global peers in raising gold bullion reserves
  • Non-filers of GST returns to be barred from generating e way bills from June 21
  • Rupee falls by 24 paise on strong dollar demand
  • Sensex rallies 490 points; Nifty reclaims 11,700-mark
  • Self-assessed GST return permitted.

Key Due Dates:

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