Corporate and Professional Updates on 27th August 2019

Direct Tax Updates:

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  • LTCG from penny stocks cannot be treated as bogus if documentation is in order and no fault found by Assessing Officer. Chandra Prakash Jhunjhunwala Vs DCIT (ITAT Kolkata)

Indirect Tax Updates:

  • The last date for filing annual GST returns has been extended by three months to November 30 to help taxpayers facing technical problems in furnishing returns, said the Finance Ministry on Monday. “It is hereby informed that the last date for furnishing of annual return in the Form GSTR-9 / Form GSTR-9A and reconciliation statement in the Form GSTR-9C for the financial year 2017-18 is extended from August 31, 2019 to November 30, 2019,” the Central Board of Indirect Taxes & Customs (CBIC) said in a statement. 
  • GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. Taxpayers couldn’t file annual return for the period July 1, 2017 to March 31, 2018 because of “certain technical problems”, said the CBIC. GSTR-9C is filed by those whose annual turnover exceeds? 2 crore. It is a statement of reconciliation between GSTR-9 and the audited annual financial statement, while GSTR-9A is the annual return to be filed those who have opted for the Composition Scheme under GST.
  • GST Council will hold its 37th meeting on September 20 in Goa, but is unlikely to consider any rate reduction. Many sectors are clamouring for a rate reduction. They range from automobile to cement to biscuit. Now, if it is done for one sector, it can open floodgates. We should not forget the revenue situation.

Other Updates:

  • RBI accepts Jalan panel report, approves Rs 1.76 lakh crore surplus transfer to govt
  • India offers 7 oil, gas blocks for bidding under OALP-IV
  • India to import more from US after solving differences
  • No impact of US-China trade war on India: CEA
  • Maruti view at CNG to fill space vacated by diesel cars
  • Last date to file GST annual returns extended
  • Govt to soon consider relaxing FDI norms in single brand, digital media
  • EPFO to launch e-inspection system for companies to simplify process
  • Bank of Baroda wants to buy Rs 6000 cr of securitised NBFC loans in Q2
  • ED probes new IL&FS Financial Services investment in Chennai Super Kings
  • Apple’s $44 billion valuation drop shows growing cost of reliance on China
  • Tata, Adani, Essar file bids to build captive berths at Paradip port
  • 5% duty mooted on Malaysian palm oil imports
  • Jet crisis: Lenders extend deadline for EoIs to August 31
  • Lupin’s South African arm inks pact with Creso Pharma
  • L&T bags ‘significant’ order from NTPC
  • Titagarh Wagons to move out from French arm Arbel Fauvet Rail
  • BPCL to invest up to Rs1,700 crore in building floating LNG terminal in AP
  • RBI employees for consensus on Jalan panel report
  • PE investments, exits in auto parts sector dry up
  • OMCs not to resume fuel supply to Air India without written commitment
  • India to import more from US, commerce ministers to talk to reduce trade deficit
  • India biggest potential thermal coal market for Australia, says report
  • India’s GDP to grow at 6 per cent in April-June, says Ficci report
  • NCDRC directs Unitech to refund over Rs 1 crore to two home buyers
  • Gold hits fresh all-time high of Rs 39,670; silver soars Rs 1,450
  • Sensex soars 793 points on FPI surcharge rollback; Nifty reclaims 11,000
  • Steel consumption set for slowest growth in 3 years

Key Due Dates:

  • For Taking ITC for FY 2018-19 the last date is 20.10.2019, the due date of filing 3B for September 2019 Month.
  • The due date for filing a non-audit Income Tax return is 31.08.2019
  • The due date for  audit assessee and tax audit assessee is 30.09.2019
  • Implementation of new GSTR form RET 01, ANX 1 and ANX 2 staring from 1.10.2019
  • The advance tax payment date is 15.09.2019.
  • Preparation of Balance of all companies is by 1st week of September 2019 Since UDIN is to be generated while singing Balance sheet by Auditor.
  •  31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
  • 31 November: GSTR-9 RETURN FILLING DUE DATE – Annual Return to be filed by Regular Taxpayers filing GSTR 1, GSTR 2, and GSTR 3. It needs to be filed electronically on the GST portal directly or through a facilitation center.
  • 31 November: GSTR-9A RETURN FILLING DUE DATE – Taxable Persons paying tax under Section 10 of CGST Act, the composition scheme, are required to submit their annual returns in Form GSTR 9A.
  • 30 November: GSTR-9B RETURN FILLING DUE DATE- Annual Return to be filed by e-commerce operators who have filed GSTR 8 during the financial year.
  • 31 August: GSTR-9C RETURN FILLING DUE DATE- Taxpayers whose annual turnover exceeds INR 2 crores in a Financial Year are required to get their accounts audited by a practicing Chartered Accountant or Cost Accountant before filing returns in Form GSTR 9C.

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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