Corporate and Professional Updates on 3rd January 2019

Income Tax Updates:

 

• It is notified by CBDT that DTAA between India-Hong Kong for avoiding double taxation and Preventing Fiscal Evasion with Respect to taxes on Income.

Indirect Tax Updates:

• In GST there would be no profiteering if Base Price of the Product is Not Changed after Reducing the Tax.
• CBIC has notified new annual GST return forms, which are required to be filed by the all the business which are registered under GST regime by June 30, 2019. Businesses has to disclose the details of sales and purchase and input tax credit (ITC) benefits accrued to them in the financial year 17-18.
• The collection of GST has reduced to 94726 crore from 97637 crore in the month of December 2018 than the previous month. The Total no. of Returns filed till December 30, 2018 is 72.44 lakh.

RBI Updates:

• The RBI’s board, in the session of new governor Shashikanta Das, has set the basic rule that would determine future payout by the central bank to the government. At its last meeting, the board is learnt to have recorded the decision that the central bank will not touch the ‘unrealised gains’ in its balance sheet for dividend distribution to its sole shareholder, the government.
• The committee for me by RBI governor Bimal Jalan, has been constructed for looking in RBI’s economic capital framework. Its findings would indicate whether RBI has surplus capital that can be distributed to the government, whether the central bank can dip into contingency reserves for payout, and to what extent RBI needs to add to its contingency reserves before arriving at the dividend number in the current financial year as well as in the future.
• The ‘economic capital’ of a central bank is calculated using mathematical models that consider the nature of risks it may have to grapple with. While some studies have pointed out that RBI’s capital level is one of the highest in the world these banks are Bank of England and US Federal Reserve.
• RBI is likely to construct a new committee that would look in the matters related to the financial inclusion and recommend ways to overcome the shortcomings. Sources said that former UIDAI chairman and Infosys co-founder Nandan Nilekani may be approached to head the proposed committee.
• RBI has notified the regulations for lending and borrowing under FEMA where the provisions are related to borrowings by authorised dealer or its branch office and lending in foreign Exchange by person resident in India.
• The Central Banks will not touch the unrealized gains in their Balance sheet for the distribution of Dividend to its shareholder it’s a decision concerned by the RBI.
• It is sets up MSME panel under EX-SEBI Chief Sh. U.K. sinha to suggest Long-term Solution for the Economic and financial Sustainability of the MSME Sector.

Other Updates:

• In first NCLT allow Govt. to reopen The Book of IL&FS.
• The Domestic Sales of TATA Motors falls by 8% to 50440 units in December.
• SEBI takes Aim at Extremist speculators with a new rule.
• FASSI is focusing on Imposition of Food Standards in 2019.
• SEBI Directs 13 Entities to disgorge over Rs. 1.6 crore unlawful gains
• The Sales of passangers Vehicle Is Decrease in the month of December huge stock remains unsold.
• There is 65% fall in sales of Voda and Idea and worst performing among Asia Pacific Stocks in 2018.
• Margin gain ahead for Pidilite on lower crude prices, and Rupee became stronger.
• Tax on Palm oil Imports is cuted by india from Asean nations.
• Cabinet Clear the merger of Dena Bank, vijaya Bank and Bank of Baroda.
• Ashok Leyland acquires 27.255 more stake in Ashley Aviation Ltd. (AAL) Now having Shareholding is 76.25% which is a huge percentage.
• Cash-Strapped Jet Airways defaults on debt payment to Banks led by SBI.
• Next GST council Meeting is to be held on 10^th of January, 2019.
• GST Council Meeting may realize the rates on Housing, for under-Construction Flats.
• Revenue of Self-driving Rental Firm Zoomcar’s up 31%.
• Syndicate Banks are about to raise issuing shares to staff up to Rs. 500 crore.
• Iran is Going to Invest about Rs. 1500 Crore to Increase the Capacity of Chennai petroleum.
• India is about to Get the data on swiss banks in 2019.
• IGST on Gold for export scrapped.
• PNB Housing raises $265 Million through ECB.

Key Due Dates:

• Due Date for payment of TDS Deducted and Collected is 7^th January 2019.
• ISD return for the month of December is 13/01/2019.