Indirect Tax Updates:
- The amendment to Section 17 (5) of the Central Goods and Services Tax (CGST) Act deals with blocked credit. “Section 17 (5) of the CGST Act and the respective state Acts have led to a paradoxical situation by denying credits as the objective of the GST is free flow of credits when the output is in the course or furtherance of business,” said Abhishek A Rastogi, partner at law firm Khaitan & Co, who filed the writ petition on behalf of real estate companies.
- “The impugned provisions are against the objectives of GST and have accordingly been challenged on the grounds of arbitrariness and vagueness.” Tax experts said the phrase ‘on his own account’ in the GST law will need to be interpreted differently if one were to take input tax credit. Input tax credit refers to a mechanism under the GST framework wherein the tax a company pays when it purchases raw materials or other services can be passed on to the buyer when the goods or services are sold.
- The Reserve Bank of Indiawill take a relook at its supervision structure for banks, finance companies and other entities regulated by the central bank. It will initiate a discussion with its board of directors on a proposal to overhaul the crucial job of supervision so that the regulator is better equipped in picking up early warning signs. This may involve consolidating the different supervisory activities under a separate division or head, creating a pool of officials for better analysis of the continuous flow of data from banks and finance companies, and involving specialists.
- The Securities and Exchange Board of India on Monday came out with a discussion paper highlighting proposals for allowing a start-up listed on the Innovators Growth Platform (IGP) to trade under the regular category of the main board. According to the proposals, the company should have listed on the IGP for a year and have a minimum of 200 shareholders for making the shift. The company, or any of its promoters, promoter group or directors, should not have been debarred from accessing the capital market or been a willful defaulter.
- Minimum promoters’ contribution should be 20 per cent of the total capital. In case of a shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions or insurance companies can step in, subject to a maximum of 10 per cent of the total capital. This capital shall be locked in for three years from the date on which trading approval on the main board is granted, and any excess over and above the 20 per cent of promoter’s holding shall be locked-in for one year. The lock-in would not apply for companies listed on the IGP for three years or more.
- Aluminium body cautions govt about China
- WTO warns trade weakness to continue in Q2
- Australian election results bode well for Adani
- India adopts new standards for measuring units
- Irdai proposes to increase 3rd-party insurance premium
- MNC boardrooms open doors to Indian women leaders
- Power sector’s outstanding regulatory assets at Rs76,963 cr
- Full blow trade war will push world towards recession: Morgan Stanley
- Auditor exits mount at listed SMEs as scrutiny increases after IL&FS crisis
- Torrent Pharma reports Q4 net loss of Rs 152 crore, cites drug recall
- Lakshmi Vilas rejects Religare Finance’s disclosure, threatens action
- US seeks to join Japan-India consultations on IT product tariffs
- Tata Motors profit dips 47 % in Q4
- WTO quarterly trade growth indicator still at nine-year low
- HPCL Q4 net profit jumps 70% on inventory gains
- Gold imports rise 54% to $ 3.97 billion in April
- Ford to cut about 10% of global salaried workforce
- ICICI Bank to buy stake in BSE subsidiary INX for ₹31 crore
- BPCL Q4 net profit rises 16% to ₹3,125 cr; revenue up 10% at ₹83,942 cr
- JLR posts 1st profit in four quarters despite China woes
- Adani Green Energy’s 8.75 crore shares to be offered for sale on Tuesday
- Bitcoin roars back from ‘flash crash’ to breach $8,000 once more
- Bank credit to infra sector grows 18.5% in FY19: RBI data
- TRAI says up to government to take a call on Huawei issue
- ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Company tells NCLAT
- Dr Reddy’s to spend $300 million on R&D in FY 20
- Rupee records biggest gain in 2 months after exit poll results
- Gold loses sheen, falls Rs 150 on lacklustre demand
- Investor wealth soars Rs 5.33 lakh cr as exit polls predict return of NDA govt.
Key Due Dates:
- Deposit odf TDS /TCS for the month of April for purchase of property is 30th May 2019.
- TDS return for March Quarter By all Deductors is 31st May 2019.
Quote of the day:
- Being your own person and standing for what you believe is a critical aspect of a good professional life.
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