Corporate and Professional Updates on 4th April 2019

Corporate and Professional Updates on 4th April 2019

Direct Tax Updates:

• India and US will be signing an information-sharing agreement before the end of the fiscal year. Companies headquartered in the US but having operations and taxability in India now need not file country-by-country (CbC) reports in India, according to a pact signed between India’s tax department and the US
• In a press release, the Central Board of Direct Taxes (CBDT) has clarified that for such international companies, filing CbC reports in the US would be  These would then be shared with the Indian tax authority, the CBDT, under an information-sharing agreement which will be signed between the countries before the end of the fiscal year. This will reduce the compliance burden on firms. The deadline for furnishing the CbC report was earlier extended.

Indirect Tax updates:

• If any invoices have been skipped to be entered, you can simply enter them in respective columns, along with the current month’s invoices, entering the original Invoice dates.
• Amendments in B2B: These can be done thru Table No. 9A of GSTR-1. You need to select the year FY 2017-18, enter the invoice number, and make appropriate amendments after clicking on ‘Amend Invoice’, under tab ‘Uploaded by Taxpayer’
• An Amendments in Exports: These can be done thru Table No. 9A of GSTR-1. You need to select the year FY 2017-18, enter the invoice number, and make appropriate amendments after clicking on ‘Amend Invoice’, under the tab ‘Uploaded by Taxpayer’
• Amendments in B2C Large: These can be done thru Table No. 9A of GSTR-1. You need to select the year FY 2017-18, enter the invoice number, and make appropriate amendments after clicking on ‘Amend Invoice’, under the tab ‘Uploaded by Taxpayer’
• A Amendments in B2C Small: These can be done thru Table No. 10 of GSTR-1. You need to select the year FY 2017-18, enter the relevant month and Original Place of Supply (POS), and make appropriate amendments after clicking on ‘Amend Details’

Other Updates:

• Banks can now refer defaulters to NCLT.
• BlackRock begins its biggest organizational overhaul in years.
• Britain to seek further delay to Brexit: Theresa May.
• SC order on RBI circular negative for banks may defer debt resolution.
• Rel Jio transfers fiber and tower infrastructure to InvITs.
• The tea board fixes ₹98/kg as the green leaf price for April.
• NTPC’s installed capacity at 55,126 MW.
• MG Motor India is in talks with payment gateways.
• EU drags India to WTO over import duties on ICT products.
• Security Exchange Board of India issues circular on the appointment of administrators.
• Insolvency law’s objective is a reorganization of defaulting firms, not the recovery of dues.
• Titan increases stake in CaratLane with Rs 99.99 cr investment.
• Shapoorji Pallonji Infra sells 194 MW solar portfolios to Spring Energy.
• Aurobindo Pharma, Lupin recall drugs in US market.

Key Due Dates:

• 10-04-2019 – GSTR 8 for E-Commerce operators for the m/o March 2019.
• 10-04-2019 – Filing GSTR-7 (for assessee who is required to deduct TDS under GST) for the m/o March 2019.
• 11-04-2019 – GSTR-1 for the month of March 2019 for taxpayers with Annual Aggregate turnover More than 1.50 Crore.
• 13-04-2019 – GSTR-6 for Input Service Distributor.
• 18-04-2019 – Quarterly return for taxpayers opting for Composition Scheme(GSTR-4)
• 20-04-2019 – GSTR-3B for the m/o March 2019.
• 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
• 14-04-2019 – Issue of TDS Certificate for tax deducted under section 194-IA/194-IB in m/o Feb’19.
• 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
• 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.