Corporate and Professional Updates on 20th May 2019

Direct Tax Updates:

• Income-tax authorities do not want to let go the revenue dues owed by shell companies that have been deregistered by the MCA. CBDT to file the restoration application with the National Company Law Tribunal (NCLT). MCA will support their stand.

Indirect Tax Updates:

• Gujrat High Court in the matter of Neuvera Wellness Ventures Pvt Ltd Vs State of Gujarat orders release of goods being perishable on furnishing security by way of bond under GST.
• Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR). The Bengal wing of AAR made the ruling while hearing a case relating to Senco Gold, a supplier of jewellery. The firm also operates a network of franchisee-operated stores.
• Explaining the case, Harpreet Singh, partner at KPMG, said the applicant raised tax invoices on the franchisee for the supply of jewellery and for providing of franchisee support services. Correspondingly, the franchisee also raised tax invoices on the applicant for supply of old jewellery received from customers.

More read : vat is which type of tax

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 licences in M&As
• BoB looks to rationalise 800-900 branches
• Pre-monsoon rainfall deficit drops to 22 per cent
• Reliance Capital protests ratings 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 100 per cent 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 FY20, 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 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:

• Deposit odf TDS /TCS for the month of April for purchase of property is 30^th May 2019.
• TDS return for March Quarter By all Deductors is 31^st May 2019.

Quote of the day:

• Passion should meet your professional life, and I’m a living, breathing testament to that.

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 https://carajput.com for any query you can write tosingh@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: singh@carajput.com  or call at – 9555555480.