Corporate and Professional Updates on 2nd September 2019

Direct Tax Updates:

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  • CBDT notified creation of a five-member special cell to address grievances of startups with relation to angel tax and other tax-related issues. An order issued by the CBDT said that the ‘startup cell’ will be headed by the member (Income Tax and Computerisation) of the board.

Indirect Tax Updates:

  • GST Notification No. 38/2019-Central Tax dated 31.08.2019 issued waiving requirement to furnish declaration in FORM ITC-04 for the period July, 2017-March 2018 and FY 2018-19.
  • GST Notification No. 40/2019- Central Tax dated 31.08.2019 issued to extend the last date for furnishing GSTR-7 for the month of July, 2019 to 20.09.2019 in J&K and specified 58 flood affected districts of 7 States.
  • GST Notification No. 41/2019- Central Tax dated 31.08.2019 issued to waive the late fees for the month of July, 2019 for FORM GSTR-1 and GSTR-6 to be filed by taxpayers in J&K and 58 flood affected districts across 7 States provided the said returns are furnished by 20.09.2019.

Other Updates:

  • FinMin starts groundwork for fresh bank consolidation
  • India’s economy big worry for Modi: FICCI
  • Airtel submits Rs 644 crore bank guarantee for merger
  • IndiGo Q4 profit jumps 5-fold to Rs 590 crore
  • Provide names of big loan defaulters: CIC to RBI
  • Radio City to acquire 40 Big FM stations for Rs 1,050 cr
  • Arcelor, Resurgent said to mull joint bid for Essar plant
  • China’s planned curbs on aluminium scrap imports nettles Indian players
  • India Inc Q4 revenue growth slumps to six-quarter low of 10.7%
  • Indian Hotels to go on global expansion spree, may opt to buy out firms
  • Avendus Future acquires stake in Bikaji Foods for Rs 40 crore
  • Lupin’s Goa plant may face regulatory action, says USFDA after inspection
  • BHEL Q4 results: Net profit jumps 50 per cent at ₹682.7 crore
  • Colgate-Palmolive Q4 net up 4.7% to Rs 197.50 cr
  • Inventory write-off drags Natco Pharma’s net down 60%
  • Pension scheme provisioning pushes Oil India into red
  • PIL against the operations of the Paytm Post Paid Wallet filed in Delhi HC
  • Zee Entertainment Enterprises Q4 net profit up 26.8% to ₹292.53 crore
  • Kerala to levy 1% flood cess from 1 June
  • Govt proposes WTO-compliant schemes to boost Make in India
  • Zee stake sale to be completed by July, says Punit Goenka
  • GDP growth in Q4 likely to moderate to 6.1-5.9%, may lead RBI to cut rates: SBI report
  • Bid for BPSL: Lenders move NCLAT for quick approval to JSW Steel’s plan
  • Ingen resolution plan for Orchid Pharma rejected again
  • India Inc revenue growth in Q4 hits six-quarter low of 10.7 pc
  • Confident of timely payment of salary for May: BSNL chief
  • Amid recovery in greenback Rupee settles with 2 paise gain against USD
  • Emami’s net sales up 5 per cent at Rs 635 crore
  • Care Ratings expects power generation to grow
  • Sun Pharma Q4 profit halves to Rs 636 crore
  • Lookout notice issued against DHFL promoters 
  • Airtel Africa may raise $1 billion from stake sale
  • World Bank to invest $35 mn in Manapurram Finance
  • Tech Mahindra & MKI collaborate for Japanese market
  • Welspun in talks to own slum rehabilitation projects, loaned by Dewan Housing Finance Ltd
  • RBI extends timing for fund transfer through RTGS till 6 pm from Jun 1: RBI
  • GMR Warora Energy on verge of defaulting on over Rs 3,000-crore loans
  • Adani offers lenders Rs 500 cr upfront in fresh bid for Jaypee Infratech
  • Tata Steel can withstand 20% drop in EBITDA over next 2 years: S&P Global
  • Steel may grow by 6-8 pc in FY20 amid concerns over dumping from China
  • FDI inflows record first decline in six years this fiscal
  • Pfizer Q4 net up 4.74 per cent to Rs 109.47 crore
  • IT Dept trains officers to detect tax evasion in shell Cos
  • Hind Copper consolidated Q4 net up 16% to Rs 40 cr
  • Mphasis Q4 net profit up 11.9 per cent to Rs 266 crpre
  • NMDC net profit grows 31% to₹1,453 cr in Q4
  • Gail to list Gail Gas, plans ₹54,000 crore capex in 2-3 years
  • Tata Consultancy Services listed among top 50 US companies for diversity
  • Bank ETF launch likely By Dec, to help funds mop-up, cut govt stake in banks
  • IRB Infrastructure Q4 net profit dips 13% to₹208 crore
  • SBI looks to raise up to ₹18,000 cr via QIP
  • NCLT asks Sebi to conclude probe into ITC, LIC allegations against Leela
  • Lakshmi Vilas Bank Q4 net loss narrows to Rs 264 crore
  • India can attract 1.5-2 per cent FDI to GDP ratio: Nomura
  • DLF transfers Rs 330 crore land to JV with GIC for settlement of dues
  • Rupee slips 18 paise against dollar on high dollar demand
  • Sensex, Nifty clock fresh closing highs on fund inflows
  • NCLAT gives 4 weeks to Bakshi to settle dispute with HUDCO
  • PNB narrows Q4 loss to Rs 4,750 crore.

Key Due Dates:

  • The Due Date of TDS for the Month of August is 7th September 2019.
  • The Due Date of GSTR-1 for the Monthly Fillers for the Month Of August is 10th September 2019.
  • The Due Date of GSTR-3B for the Month of August 2019 is 20th September 2019.


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 for any query you can write Hope the information will assist you in your professional endeavors. For query or help contact:  or call at 09811322785/4- 9555555480.

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