Corporate and Professional Updates on 20th August 2019

Direct Tax Updates:

• Direct Tax panel suggests rate relief for Individuals in personal tax slab to benefit middle and upper-middle-class including an across the board 25% tax rate for both local and foreign companies.
• Income Tax department has initiated consultations with Sebi to explore the idea of getting details of investment returns of taxpayers. This is part of the government’s initiative to bring about ease of living for taxpayers.

Indirect Tax Updates:

• Appellants are not liable to the penalty on the wrong availment of GTA services up to the customer’s premises because it was an interpretation issue and was settled by the Apex Court in the year 2018 in the case of Ultra tech and therefore no intention to evade service tax can be imputed on the appellant.

SEBI Updates:

• Sebi has rejected the credit rating agency Icra’s consent application in the Infrastructure Leasing and Financial Services Ltd (IL&FS) case. Icra had been seeking to arrive at a settlement in the matter of raters not having given warning of the IL&FS default in September last year.

Other Updates: 

• MCA sees Rs 2.8 lakh cr recovery from IBC-led RP
• IOC to examine US sanction’s impact on CPCL plans
• India may witness slowdown as oil imports decline
• DoT to soon settle merger/transfer of licenses in M&As
• BoB looks to rationalize 800-900 branches
• Pre-monsoon rainfall deficit drops to 22 percent
• Reliance Capital protests rating downgrade
• India reports trade deficit with 11 RCEP members in FY 2018-19
• OPEC members meet to assess oil market after US sanctions on Iran
• NMDC plans to acquire a 100 percent stake in Australia’s Legacy Iron-Ore Ltd
• Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
• ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
• CBDT allows AMCs to directly manage offshore funds out of India
• NBFC crisis to top agenda of new govt
• Jet employee group offers to invest $700 million
• AgMA Energy plans to launch India-specific Agri products
• No interest in taking control of IndiGo: Rakesh Gangwal
• Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
• ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
• TCS eyes double-digit growth in says COO Subramaniam
• Dr Reddy’s Laboratories serves a bitter medicine in March quarter
• Life insurance industry to focus on millennials, digital-human interface
• IMFA posts loss of Rs 74 cr in January-March qtr
• Power producers seek the removal of double taxation on imported coal
• Japan’s Orix to acquire wind assets of IL&FS
• GST Council may consider national bench of AAAR next month
• AstraZeneca moves US court against Aurobindo

Key Due Dates:

• 31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individuals and non-corporate [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.