Corporate and Professional Updates on 1st July 2019

Indirect Tax:

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  • Finance Ministry said the additional discount given by a company to a dealer in certain cases will be liable to GST. Where the discount is linked to specific activities to be done by the dealer such as advertisement, exhibition, etc, it would qualify as a supply by the dealer to the company and the dealer would have to pay GST.
  • The due date for filing GSTR-9, GSTR-9A, and GSTR-9C for the FY 2017-18 has been extended by two months, till 31 August 2019. For non-filing of GST returns, E-way bills to be blocked from 21-08-2019 now for not filing returns two consecutive tax periods.
  • The new system for raising all the tax invoices on the GST portal has received in-principle approval for implementation from 1 January 2020 in the 35th meeting of GST Council. This applies to only B2B invoicing. By this system, no separate e-way bill will be required in case of e-invoice. Returns to be framed from these e-invoices. A phased implementation is being worked out.
  • Aadhaar-enabled GST Registration introduced: GST Council has given a go-ahead to a new system for verification of taxpayers registering themselves under GST. Aadhaar number shall be linked to the GSTIN while generation.

Points to be considered while Submitting DPT-3:

  • Some points for Form DPT 3:
  • This form is applicable on all companies except :-
  • a government company
  • a banking company
  • a non-banking financial company registered with the Reserve Bank of India
  • a housing finance company registered with the National Housing Bank established under the National Housing Bank Act, 1987.

However, insurance companies are registered with IRDA, so the obligation to file DPT-3 is

also applicable on them.

The e-form DPT-3 is a dynamic form which works on the basis of radio button selected

by the user.

FAQ’s on DPT-3

Ques. What are the due dates of filing Forms DPT-3?

Ans. In case of one time return: 29th June, 2019 and in case of annual return: 30th June, 2019

Ques.  In which cases auditor’s certificate is mandatory to be attached?

Ans. Auditor’s certificate is mandatory only in the case when a return of deposit is filed, i.e.

when the radio button two or four is selected.

Ques.  What are the amounts which have to be entered in the forms?

Ans. In case of one time return: Consolidated amount received on or after 1st April, 2014 and outstanding as on 31st March, 2019.

In case of annual return: Amount outstanding as on 31st March, 2019 received at any time.

Ques. What to do if the object clause prefilled is not matching with the object of the company?

Ans. This is due to the reason that the objects clause is not in sync with the MGT-7 and it is picked on the basis of the CIN of the company.

As per the discussion, stakeholders are advised not to raise tickets in this regard and ignore what is being prefilled.

Ques. If the company does not have any outstanding amount as on 31st March, 2019, is the e-Form DPT-3 required to be filed?

Ans.No, company does not have to file any return.

Ques. Is the interest along with the principal amount of the loan to be reported?

Ans.If the interest amount is outstanding as on 31st March, 2019, then yes it also has to

reported as a consolidated figure with the principal amount under the respective head.

Ques. Which date Company need to mention in Column No. 7 “Date of

last closing of accounts”

Ans. The date will be 31st March, 2019.

DIR KYC date will be extended and method of doing KYC will be updated as under:-

1. If all details of Director are same as on MCA portal,  then web-based KYC verification.

2. if email / mobile number is required to be updated_ then DIR-3 KYC based verification.

2. if any other info to be updated,  then first file DIR-6 and then DIR-3 KYC based verification.

Other Updates:

  • NCLT admits Jet Airways into bankruptcy process
  • DBS revises India GDP forecast for FY20 down to 6.8 pc
  • New industrial policy to be announced soon: Prez
  • MPC members voted for cut but flagged risks to inflation
  • Adding 78,000 petrol pumps is uneconomical: Crisil
  • China asks India to take an independent call on Huawei
  • 30 new judges appointed in NCLT courts across India
  • Moody’s downgrades Tata Motors with negative outlook on JLR worries
  • EPFO halts investment in private sector bonds due to NBFC crisis
  • Worst growth for India’s corporate bonds in over 10 years fuels concern
  • Mining’s share of India’s GDP fell to 1.53% in FY18 from 1.93% in FY13
  • Govt. identifies 5,106 risky exporters who fraudulently claimed GST refunds
  • FSSAI plans to expand notified entry points for food imports
  • Recovery of bad debt from steel companies to dip
  • GAIL hires LNG carrier from Mitsui
  • Jaypee Infratech resolution plan: Creditors await NCLAT hearing
  • Cairn Oil & Gas shortlists Lloyd’s Register for developing OALP-1 blocks
  • NHPC ties up 2,500-MW thermal power
  • Govt to push campaign against black money at faster pace: President Kovind
  • Credit, deposit growth loses momentum: RBI data
  • L&T to get three board positions at Mindtree
  • Oil jumps 3% to $63 as Iran shoots down US drone in Gulf
  • Retail, FMCG to add 2.76 lakh new jobs in April-September FY20
  • Bajaj Holdings buys majority stake in MSL as Maharashtra government exits joint venture
  • Nearly one-fourth of India Inc posted losses in FY19
  • Government starts crackdown on dummy firms
  • Intertrust acquires tech solutions provider Viteos for $330 million
  • Centre, states need to pursue labour law reforms: SBI report
  • Forex trading platform for retail participants ready for rollout on Aug 5
  • Sensex soars 489 points as dovish Fed lifts global markets
  • Gold crosses Rs 34,000-mark, at 5-year high in global market

Key Due Dates:

  • 07-07-2019 – Deposit of TDS/TCS for the month of June 2019.
  • 07-07-2019 -Equalisation levy deposit which is withheld at the time of payment by the service  recipient where the annual payment made to one service provider exceeds Rs.1,00,000 in one  financial year for the specified and notified services.
  • 10-07-2019 – GSTR 8 for E-Commerce Companies for the m/o June 2019.
  • 10-07-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o June 2019.
  • 10-07-2019 – Issue of TDS Certificate for salary for the financial year 2018-19.
  • 11-07-2019 – GSTR-1 for the month of June 2019 for taxpayers with Annual Aggregate turnover more than 1.50 Crore.
  •  13-07-2019 – GSTR-6 for Input Service Distributor.
  • 14-07-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o           May’19.
  • 15-07- 2019 – Quarterly statement of TCS for the quarter ending 30 June, 2019.
  • 15-07-2019- ESI/PF Payment for m/o June 2019.
  • 15-07-2019- FLA Report it is required to be submitted directly by all Indian Companies which have received  FDI or made FDI abroad for m/o June 2019.
  • 18-07-2019- GSTR-4 Quarterly return for taxpayers opting for composition scheme.
  • 20-07-2019 – GSTR-3B for the m/o June 2019.
  • 20-07-2019 – GSTR-5 for the m/o June 2019.
  • 20-07-2019 – GSTR-5A for the m/o June 2019.
  • 25-07-2019-  EPF return filing for the month of June 2019.
  • 30 -07-2019 -Quarterly TCS certificate in respect of tax collected by any person for the quarter ending June 30, 2019.
  • 30-07-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in     month of June’19.
  • 31-07-19 – GSTR-1 for June Quarter applicable for taxpayers with Annual Aggregate turnover upto Rs. 1.50/- Crore.
  • 31-07- 2019 – Quarterly statement of TDS for the quarter ending 30 June, 2019.
  • 31-07- 2019 – Income Tax return for the F.Y 2018-19 (A.Y 2019-20) for all assessee other than (a) corporate-assessee or (b) non-corporate assessee (whose books of account are required to be audited) or (c) working partner of a firm whose accounts are required to be audited or (d) an assessee who is required to furnish a report u/s 92E.
  • 31-07-2019- Payment of Professional Tax and Shop and Establishments taxes.
  • 31-07-2019- Form 67 Due date for claimimg Foreign Tax Credit,upload statement of Foreign income offered for tax for previous year 2018-19 and of Foreign tax deducted or paid on such incomes.

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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