Corporate and Professional Updates on 24th July 2019
Page Contents
Direct tax Updates:
Income tax department has begun scrutiny of the data of traders registered with GST network as also with municipal corporations in Madhya Pradesh and Chhattisgarh. The department has also written to municipal corporations to introduce a column for PAN in the application form for getting a shop and establishment licences.
Pre-filled Income Tax Return (ITR) Forms are of great help for the assessees as they need not enter all the information in each and every place of the form. Pre-filled Income Tax Return (ITR) Forms have made e-filing of Income Tax Return 2019-20 easier than before, as assessees need not enter all the information.
Income Tax Assessing Officer couldn’t pass assessment order without considering claim raised by assessee in ITR: HIGH COURT OF KARNATAKA. Deepak Dhanaraj v. ITO Bengaluru
Income Tax Return filing due date for the A.Y. 2019-20 has been extended to 31.08.2019, Vide F No. 225/157/2019/ITA.II dated 23-07-2019.
Indirect Tax Updates:
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.
GST Department- Competent Authority lodged a first information report (FIR) against assesse under provisions of Code of Criminal Procedure, 1973 (Cr. P C) for offences punishable under sections 420, 467, 468, 471, 34 and 120-B of Indian Penal Code (IPC).
Total number of entities filing GST returns has seen steady declined in the last four months for which data is available. Between February and May this year, the number of entities filing GST return has declined by almost 8 lakh, which is nearly 10% of the total GST return filed in the country.
Central GST Commissionerate arrested two traders for allegedly floating over 50 shell companies to fraudulently to avail IGST refunds after GST council recently issued guidelines to curb refund related frauds. Two availed IGST refund by showing export of textile goods over Rs 350 crore and collected IGST refund of over Rs 50 crore.
Ques.Is a “Bill of Supply” to be issued by a bank for exempt services like interest on loans and advances, inter-se sale or purchase of foreign currency amongst banks?
ANS.As per clause (c) of sub-section (3) of section 31 of the CGST Act, 2017 read with Rule 49 of the CGST Rules, 2017, there is a requirement for issuance of bill of supply for supply of exempt services by Banks. It may be noted, however, that there is no need to issue a separate bill of supply in case any invoice or document has already been issued in accordance with the provisions of any other law. Further, in view of the provisions contained in sub-rule (5) of rule 54 of the CGST Rules, 2017, banks may issue any other document in lieu of bill of supply.
Ques.Where a Bank takes a separate registration for a separate business vertical, say for Bullion business, whether the requirement for reversal of 50 percent will also apply to bullion purchased by the Bank?
ANS.In terms of Section 2(94) read with Section 25(4)&(5) of the CGST Act, 2017, a person required to obtain more than one registration within a State or more than one State shall be treated as a distinct person for each such registration. Section 17(4) of the CGST Act, 2017 is applicable qua each registration and not for the Bank as a whole, provided each of the business verticals is separately registered. Therefore, a bank engaged in trading in bullion may not opt for 50 percent reversal in respect of its purchases of bullion, where it is separately registered as a business vertical.
RBI is examining the priority sector lending norms for promoting export credit, Commerce and Industry Minister Piyush Goyal said. Certain enabling guidelines are under consideration and when issued, those are expected to release additional Rs 35,000-68,000 crore export credit under priority sector.
RBI is examining the priority sector lending norms for promoting export credit, Commerce and Industry Minister Piyush Goyal said. Certain enabling guidelines are under consideration and when issued, those are expected to release additional Rs 35,000-68,000 crore export credit under priority sector.
The Reserve Bank of India under Governor Shaktikanta Das has come up with a medium-term strategy framework aimed at fostering confidence in the internal and external value of the rupee and contributing to macroeconomic stability and regulating markets and institutions under its ambit to ensure financial system stability and consumer protection.
The RBI is also aiming at strengthening the external communication framework to convey its roles and functions. The core purpose of this initiative is “to foster monetary and financial stability conducive to sustainable economic growth and to ensure the development of an efficient and inclusive financial system.” The mission is “to promote the economic and financial wellbeing of the people of India in terms of price and financial stability; fair and universal access to financial services; and a robust, dynamic and responsive financial intermediation infrastructure.” The RBI said these core purposes and values remain valid while a need was felt to have a mediumterm dynamic vision statement.
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
RIL denies Oberoi Hotels stake buy report; says, no plan to buy EIH shares from ITC
Investments in Kisan Vikas Patra to now double in 9 years 5 months: FinMin
Capex revival 12-18 months away, says Larsen and Toubro
Rupee settles almost flat at 68.94 against US dollar
Sensex, Nifty end lower for 4th day; bank, auto stocks drag
IndusInd Bank plans to raise up to Rs 20,000 cr by issuing bonds
Crude oil up 0.28 per cent on upbeat global cues
Supreme Court cancels Amrapali registration, asks NBCC to complete projects
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- 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
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