Corporate and Professional updates on 30th Jan 2019

Corporate and Professional updates on 30th Jan 2019

FAQ’s on GST:

Ques. Is there a requirement to issue a ‘payment voucher’ at the time of making payment to the foreign supplier? When should the details of such transactions be reported in the GSTR returns?

Ans. Section 31(3)(g) of the CGST Act, 2017 mandates issuance of a payment voucher in such cases and the same is therefore required to be issued at the time of making payment to the foreign supplier of services. It would be reflected in the GSTR return of the tax period in which the supply takes place as per the provisions of section 13(3) of the CGST Act, 2017.

Ques. Banks deploy various equipment such as Point of Sale machines or ATMs at various locations. At times, the equipment is required to be moved between locations for the purpose of repairs, encryption, etc. Will such movement constitute a supply for the purpose of the GST law?

Ans. Procedure prescribed under Section 143 of the CGST Act, 2017 and Rule 55 of the CGST Rules, 2017 may be followed in such cases. Movement of equipment for the purpose of repairs, etc. does not constitute a supply. The equipment may be moved by the Banks to the location of the third party service providers and after repairs, the equipment may be moved to a central / regional location for the purpose of programming, encryption, reconfiguration, etc. and thereafter to that place of business from where the equipment had been sent earlier. The equipment can be moved between such locations on the basis of a ‘delivery challan’.

SEBI Updates:

• The finance ministry has directed the Securities and Exchange Board of India to submit proposed regulations to an independent committee for vetting before they are passed by the regulator’s board, two people aware of the matter said. It is not clear if the new committee will comprise external members or independent directors on the Sebi board. In either case, the finance ministry’s department of economic affairs would name the Members Name.
• All proposed regulations would need to be placed before an independent committee for vetting before they are approved by the regulator. There might be some amendment in the SEBI’s ACT.
• The composition of this independent committee and whether it will include only the independent board members. The government will need to appoint new independent members and will also need to communicate the composition of this independent committee.
• The Sebi Act prescribes that half of its directors be independent. Its board currently has eight members, including the chairman and four whole-time directors named by the government.
• SEBI has always made its regulations independently the flip side is a lack of transparency. “Sebi releases its board meeting agenda in the public domain, but the comments or deliberations of the independent committee may not be made public. The other impact could be a delay in important regulations, as a new layer of approvals comes in.

 

Other Updates:

• HDFC Q3 profit plunges 60% YoY to Rs 2,114 crore.
• Ruias’ Rs 54,389 cr offer to retain family silver hits NCLT wall.
• Axis Bank Q3 profit rises, asset quality improves.
• Timely NCLT resolutions can free Rs 67,000 cr according to report.
• BoB Q3 profit jumps 4-fold to Rs 471 crore.
• EOW seeks legal opinion on the attachment of brokers’ assets.
• Govt likely to miss FY19 share sale target by Rs 15,000 crore; FY20 target seen at Rs 1 lakh crore.
• India improves the global corruption index ranking by 3 points to 78 in 2018.
• DHFL siphoned off Rs 31,000 crore of public money, claims report.
• SBI poised to control 15% in debt-laden Jet Airways.
• Income support better option than loan waivers, says India Ratings.
• HCL Tech shows better-than-expected Q3 results, net up 19% to Rs 2,611 cr.
• Bajaj Finserv Q3 netup 16% at 851 crore.
• 8 lakh tonnes of pulses, oilseeds bought under the price support scheme.
• Gems and jewelry exporters want to import duties reduced.
• KoPT plans a 40% capacity addition at Haldia, Kolkata docks.
• Ramco Cements’ net falls 18% on cost, price pressures.
• Labour Ministry decides to allow women to work in underground coal mines.
• Accenture to sell automation software that allowed it to cut 40,000 jobs.
• Sugar millers in India to seek higher sugar price to clear dues.
• Stake sale in the South Asia business will help Tata Steel reduce debt.
• ESSAR Steel revival: NCLT rejects promoter Ruias’ settlement bid.
• Cement Manufacturers’ Association reaches wage pact with unions.
• Google, Facebook, Twitter must do more against fake news.
• The NPA recognition cycle seems peaked for PSBs.
• Gold prices hit a six-year high, seen heading to Rs 34,500.
• Jindal Stainless seeks duty cuts on raw material imports.
• Vedanta Resources to invest $1.6b in South Africa.
• BoI Q3 net loss widens to Rs 4,738 cr; NPA provisions jump two-fold.
• Economic Offences Wing (EOW) issues notice to 300 brokers after SEBI files FIR against them. The notices allege that Forward Contracts on NSEL were illegal.
• Punjab National Bank beefs up its Technology Platform and improved the processes with more checks and audit controls to ensure that there is little scope to manipulate the systems.
• MCA Form PAS-3 Revised Version (Return of Allotment) will be available from 31st January 2019 for filing purposes. Stakeholders may kindly download the latest version from the portal.
• To promote Domestic Assembling of Electric Vehicles (EVs), Govt lowers Import Duty on Parts and Components of Electric Vehicles to 10-15%. Until now, Vehicle Parts and Components imported for assembly in India attracted import duty of 15 to 30%.

Key Due Dates:

• TDS return for Purchase of Property For the month of December 2018 is 30th January 2019.
• Due Date of GSTR-1 for Quarterly Return Filler of taxable supplies is 31st January 2019.

Quote of the Day:

“I don’t put my ideas in a meeting for acceptance or rejection, I put them in the market for success or failure”

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