Corporate and Professional Updates on 30th August 2019

Direct Tax Updates:

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  • CBDT issues Clarification in respect of filling-up of the ITR wrt Directors, Foreign assets and NRIs.

Indirect Tax Updates:

  • CBIC extends the officer interface facility to resolve GST invoice mismatches for shipping bills filed up to July 31, 2019.

RBI Updates:

  • The slowdown in the Indian economy could be cyclical, with deep structural problems requiring urgent reforms, according to the Annual Report of the Reserve Bank of India (RBI), released on Thursday. The macroeconomic environment remains. “Unsettled and financial markets are experiencing considerable flux” as the financial year 2019-20 progresses. While consumption drives the demand in India, “phases of sustained high growth in the economy are usually triggered by investment upturns and vice versa”.
  • Reviving consumption demand and private investment has assumed the highest priority in 2019-20. This may involve strengthening the banking and non-banking sectors, a big push for spending on infrastructure and implementation of much needed structural reforms in the areas of labour laws, taxation, and other legal reforms, which will also enhance ease of doing business in pursuit of fulfilling the vision of India becoming a $ 5 trillion economy by 2024-25

Other Updates:

  • NBFC funding to commercial sector plunges 20%: RBI
  • Govt.  to announce two big steps to boost industry
  • Bank fraud touches Rs 71,543 crore in 2018-19: RBI
  • Stimulus package “too little, too late”: Fitch
  • Wipro expands its partnership with Google Cloud
  • Client securities: Sebi extends deadline by a month to implement new provisions
  • Banks contain gross NPAs at 9.1% in FY19: RBI
  • Currency in circulation increases 17% in FY19 to Rs 21.1 trillion: RBI
  • Coal India gets jittery over 100% FDI, commercial mining in sector
  • ONGC plans to borrow $2 billion through overseas debt programme
  • Foreign players to get nod for offshore G-secs: RBI annual report
  • Tiger Global, WestBridge Capital lead $42 million funding round in Vedantu
  • ADB willing to lend over $12 billion to India over the next three years
  • Ambani: India will be leader in adopting technologies of 4th industrial revolution
  • Essel to sell solar power assets to Adani Green Energy for ₹1,300 cr
  • Despite mild inflation, crops expected to get better prices
  • JM Financial’s PE arm invests ₹45 cr in Mumbai-based Innovcare Lifesciences
  • Mutual funds continue to cut exposure to debt of NBFCs
  • MG Motor ties up with Delta Electronics for setting up charging stations
  • RBI’s FY19 profit rises over three-fold at Rs1.76 trillion
  • Adani Green to pick up 205MW of solar assets from Essel for ₹1300 crore
  • Reliance Jio market share may jump to 45%: India Ratings
  • RBI to soon issue new salary norms for private, foreign bank heads
  • Tata Projects executes 41.42-km transmission line in Thailand
  • RBI plays down deepening slowdown as just ‘cyclical downswing’
  • Microfinance industry grew by 42.9 per cent in Q1 of FY20
  • Sensex tanks 383 points on F&O expiry; Nifty ends below 11,000
  • Gold crosses record Rs 40,000-mark as recession fears seep in Auto sales to decline sharply across segments this fiscal
  • Retail FDI norms to increase exports

Key Due Dates:

  •  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.
  • 31 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 November: 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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This update has generic information that is given on the basis of "as is" and does not warranty it in any kind, nor does it imply, express or intend to aim a specific situation. The information given here might not be understood and shouldn't be considered as a particular opinion or advice. This write up shouldn't also be replaced for any service or professional advice and it also shouldn't be relied upon or used it acted as grounds for any action or decision that might affect your business or you. It is also distinctly clarified that this update has no intentions to be a form of advertisement or invitation or solicitation to generate any client-advisor relationship.

The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. All efforts and measures have been taken to assure the accuracy and correctness of the information presented in this update but cannot be guaranteed in any manner. We are not obligated to any responsibility or liability to any one for any damage or loss incurred by going with the information given in this update.

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