Corporate and Professional Updates on 19th August 2019

Direct Tax Updates:

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  • CBDT circular “brings in more safeguard by requiring assessing officers to procure his or her supervisor’s consent before starting on any inquiry under the angel tax provision against a start-up company which has not got DPIIT approval.

Indirect Tax Updates:

  • The last date for filing annual GST returns has been extended by three months to November 30 to help taxpayers facing technical problems in furnishing returns, said the Finance Ministry on Monday. “It is hereby informed that the last date for furnishing of annual return in the Form GSTR-9 / Form GSTR-9A and reconciliation statement in the Form GSTR-9C for the financial year 2017-18 is extended from August 31, 2019 to November 30, 2019,” the Central Board of Indirect Taxes & Customs (CBIC) said in a statement. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST).
  • It consists of details regarding the outward and inward supplies made or received under different tax heads. Taxpayers couldn’t file annual return for the period July 1, 2017 to March 31, 2018 because of “certain technical problems”, said the CBIC. GSTR-9C is filed by those whose annual turnover exceeds ?2 crore. It is a statement of reconciliation between GSTR-9 and the audited annual financial statement, while GSTR-9A is the annual return to be filed those who have opted for the Composition Scheme under GST.
  • Separate GST registration can be allowed to multiple companies functioning in a “co-working space” and which provide services alone. Such companies shall upload the rental agreement with the land lord and lessee. Spacelance Office Solutions Pvt. (GST AAR Kerala)

RBI Updates:

  • RBI liberalised the Gold Monetisation Scheme (GMS), 2015, allowing depositors to directly deposit their bullion with either banks, refiners or collection and purity testing centres (CPTCs).

Other updates:

  • Sebi board mulls tighter checks on rating agencies
  • Sebi to consider easier rules for buybacks, reward for informants
  • NCLAT refuses relief to Deloitte, BSR Associates
  • COAI urges cut in USO fee to 3%, licence fee to 4%
  • Govt allows airlines to use Jet slots till end Dec
  • NCLT admits Insolvency resolution plea against HDIL
  • Economists estimate GDP growth of 5.5-5.6% in Q1 FY20 amid slowdown
  • Bharti Airtel may not buy 5G spectrum and ‘expensive’ 700 MHz airwaves
  • IL&FS board seeks NCLT nod to sell wind assets to Orix Corp for Rs 4,800 cr
  • Karnataka govt cancels NMDC lease for Donimalai mine, opts for auction
  • EY sets 18-month timeline for merger of three insurance companies
  • CG Power reports huge financial fraud
  • Dr Reddy’s gets 8 observations from USFDA for its Duvvada facility
  • Emami Agrotech plans Rs 700-cr cap-ex over next 12 months
  • Floods, landslides lay waste areca plantations on 1,900 acres
  • IndiGrid eyes power transmission assets worth Rs 8,000 cr
  • Govt cancels coal block jointly allocated to NTPC, JKSPDC
  • Compliance culture of Indian banks unsatisfactory: RBI deputy governor
  • Apple to pump in $6 billion to compete with Amazon, Netflix
  • TCS surpasses RIL to reclaim most valued firm by market capitalisation
  • Lenders may be forced to convert Rs 4,00,000 crore of their DHFL debt into equity: Union Bank
  • Jaiprakash Associates to appeal against CCI order
  • GAIL to invest Rs 45,000 crore in expansion of pipelines, city gas network
  • Rupee hits fresh 6-month low of 71.71; dives 28 paise
  • Gold touches fresh all-time high of Rs 38,770 on jewellers’ buying
  • Crude oil futures up on positive cues
  • Hyundai to put in Rs 7,000 crore

Key Due Dates:

  • 20 August: GSTR-5 RETURN FILLING DUE DATE- Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
  • 20 August: GSTR-5A RETURN FILLING DUE DATE- Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
  • 20 August: GSTR-3B RETURN FILLING DUE DATE – Due date for filling GSTR – 3B return for Previous month.
  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 31 August: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 August: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 31 August: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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