Corporate and Professional Updates on 23rd July 2019

Indirect tax updates:

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  • The client is a clear-cut case of defaulter who has not paid any amount he is liable for GST ( Fraud & Cheating the Department )since January 2018 and department has cancelled his number and taken action to GST holder.
  • Now the investigating Crime Branch Department has given notice to the Auditor/GSTP  about this case and crime branch is accusing that the Auditor has only uploaded all documents, monthly returns , mobile and email address and received all communications but does not have any proof of forwarding it to the client at all.
  • Their version is the Auditor is also involved in the Fraud promising to take care of everything be it any consequences of negligence or willful committing of Fraud.
  • Interestingly now the same client has taken a new GST registration number and doing business in same place by his new number.
  • The court has given a verdict in favor the client saying he never received any intimation and the Auditor is the one who is responsible for the lack of communication and penalized him .

*This is  an alert message for circulation to all Chartered Accountants and Auditors-and we advise utmost caution to all Auditors /GSTPs and take care not to upload your contact details but the client’s details only *

Other Updates:

  • Government to exit out of 23 CPSEs
  • Need to grow over 8 % to become 5-trn economy: Kant
  • GST Council may weigh GST on petroleum on July 25
  • HPCL refuses to recognise ONGC as its promoter
  • No estimate of Black Money in Swiss Banks: Sitharaman
  • Icra, Care question Grant Thornton’s report on IL&FS
  • NSE to suspend trading in eight DHFL NCDs
  • India’s edible oil imports may rise by 7.3% to record highs in FY20: Expert
  • IOC plans to invest Rs 1 trillion more in Odisha to set up petchem units
  • Jaypee Infra promoters propose to repay all lenders, complete projects
  • NTPC to seek shareholder nod to raise Rs 15K crore, hike borrowing limit
  • SC orders status quo on NCLAT verdict in Essar Steel insolvency case
  • TVS Motor’s Singpore arm invests $7 m in US credit underwriting firm
  • United Spirits Q1 net up 25.66% at Rs 181.7 cr
  • Tata Power plans ₹2,500-cr asset sale to pare debt
  • With customs duty hike, cement importers in the south in a bind
  • NCLAT stays liquidation order against Adhunik Metaliks
  • TVS Motor posts 7.22% growth in Q1 standalone revenues at Rs4,469 crore
  • Kotak Mahindra Bank Q1 net profit rises 33% on lower provisions
  • Oriental Bank of Commerce Q1 net profit at₹113 crore
  • Investments via P-notes decline to ₹81,913 crore in June
  • HDFC twins erase $6.4 billion market value
  • Housing sales down 11 per cent in Q1; demand to rise on tax sops: PropTiger
  • Bengaluru-based Jana Small Finance Bank has second highest NPAs under Mudra scheme
  • Osaka Gas, JBIC invest $100 million to take minority stake in AG&P
  • ‘IMF, World Bank should consult developing economies’ not RBI’s official view
  • India will achieve 8 pc plus growth from FY 2020-2021 onwards: NITI Aayog
  • Gold touches all-time high of Rs 35,970 per 10 gram
  • Inter-ministerial group suggests ban on cryptocurrencies in India
  • Big Four accountants may face CCI probe

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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