Corporate and Professional Updates on 25th May 2019

Indirect Tax Updates:

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  • GST was implemented  with effect from 1/7/17 i.e. after the completion of 3 months from commencement of F.Y. 17-18, Due to above the F.Y. 17-18 was a mix of accounting policies/procedures/compliances for two different Tax Mechanism periods: 1-4-17 to 30-3-17 (pre GST period) 1-7-17 to 31-3-18.

RBI Updates:

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  • The Reserve Bank of India on Friday eased norms for foreign portfolio investors (FPI) buying debt assets under a special window amid expectations that overseas funds would increase allocations to Mumbai after the ruling combine’s return to power with a bigger majority.
  • RBI removed a mandatory investment cap, exempting investors from bringing in at least a fourth of the limits purchased through the Voluntary Retention Route (VRR) within one month. “The requirement to invest at least 25% of the Committed Portfolio Size within one month of allotment has been removed,” RBI said Friday, a day after the ruling party won a stronger mandate to run the federal government for the next five years. 

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
  • 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 of 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.

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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