Corporate & Professional Updates on 6th Aug 2019

RBI Updates:

• RBI is likely to cut the benchmark policy rate by another .25% point this week, with growth concerns mounting across various consumption pockets and causing a protracted slide in key Mumbai stock indices.
• RBI would also focus on a liquidity framework that is a key driver for taking rate-cut benefits to borrowers.

SEBI Updates:

• SEBI with intent to streamline the issuance of SCORES Authentication for SEBI registered intermediaries had directed all listed companies and SEBI registered intermediaries to obtain SCORES user id and password.

Other Updates:

• Govt swings into action, to hold talks on super-rich tax
• Re suffers biggest fall in 6 yrs, slumps Rs 1.13
• Govt begins process to auction 27 coal mines
• FM says to take steps to improve economy “quickly”
• SBI invites bids for Videocon’s overseas oil, gas assets
• RBI imposes penalty of Rs 8.5 crore on 11 banks
• IIFL Finance to raise up to Rs 1,000 crore through bond issuance
• Credit Suisse downgrades RIL to underperform, reduces target price
• Draft guidelines for e-commerce firms talk tough on deep discounting
• Moody’s again warns YES Bank about ratings for exposure to shadow banks
• Rs 9,500-crore DIAL project to increase airport’s capacity goes to L&T
• Tata Motors cuts pick-up production at Pantnagar plant by 17% to 15K units
• Retail investors forfeit Rs 1.33 trillion since Budget; m-cap falls 10%
• Govt to take steps to improve economy “fairly quickly”: Nirmala Sitharaman
• Visaka Industries to supply its hybrid solar-roofing solution, ATUM, to Air India SATS
• Torrent Power Q1 net up 22 per cent at ₹276 cr
• Jindal Stainless Q1 profit tumbles 26%
• Shell to install solar panels at Taloja lubricant plant
• Suzuki posts 46 per cent drop in Q1 profit on slowing demand in India
• DHFL’s bondholders get three-week deadline to be on board with rescue plan
• Yuan slips beyond 7 per dollar for the first time since 2008
• Wall Street stocks tumble on worsening US-China trade war;
• Bankers agree to take steps to review lending rate transmission, says FinMin
• Jalan panel to give report on RBI’s surplus reserves this month
• Govt may impose countervailing duty on certain steel products from China, Vietnam
• UK biggest retailer Tesco axes 4,500 supermarket jobs
• Power ministry brings mechanism for stressed projects for servicing debt in first place
• SAIL extends deadline for submission of EOIs for sale of 3 units
• Bankers agree to take steps to review interest rates: FinMin
• Sensex tanks over 418 points amid Centre’s Jammu and Kashmir move
• Crude oil futures fall on global cues
• Blackstone may buy out Indiabulls Real Estate’s commercial properties.

Key Due Dates:

• STATUTORY COMPLIANCE CALENDAR FOR AUGUST 2019: 07 Augus: TDS/TCS LIABILITY DEPOSIT – Due date of depositing TDS/TCS liabilities for previous month.
• 10 August: GSTR-7 RETURN FILLING DUE DATE – Due Date for filing GSTR-7 by person liable to deduct TDS under GST for previous   quarter.
• 7 August: EQUALIZATION LEVY DEPOSIT- Equalization Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non  Residents only) exceeds Rs. 1,00,000 in one financial year for the specified and notified services.
• 10 August: GSTR-8 RETURN FILLING DUE DATE – GSTR-8 is a return to be filed by e-commerce operators who are required to deduct TCS (Tax collected at source) under GST.
• 11 August: GSTR-1 RETURN FILLING DUE DATE – GST Filing of returns by registered person with aggregate turnover more than 1.50 crores.
• 13 August:  GSTR-6 RETURN FILLING DUE DATE- Due Date for filing return by Input Service Distributors for previous month.
• 20 August: GSTR-5 RETURN FILLING DUE DATE- Due date of GSTR-5 (for Non-resident Taxable person) for the Previous month.
• 15 August:  PROVIDEND FUND / ESI DUE DATES- Due date for payment of Provident fund and ESI contribution for the previous month.
• 20 August: GSTR-5A RETURN FILLING DUE DATE- Return by person providing online information and database access or retrieval services by a person located outside India made to Non-Taxable persons in India for the previous month.
• 31 August: INCOME TAX RETURN EXTENDED- Filing income tax for individual and non-corporates [who are not subject to tax audit].
• 20 August: GSTR-3B RETURN FILLING DUE DATE – Due date for filling GSTR – 3B return for Previous month.
• 31 August: 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 August: 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 August: 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 August: 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.