Corporate and Professional Updates on 25th May 2019

Indirect Tax Updates:

• 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:

• 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 30^th May 2019.
• TDS return for March Quarter By all Deductors is 31^st May 2019.