Corporate and Professional Updates on 6th May 2019

Corporate and Professional Updates on 6th May 2019

Indirect Tax Updates:

• The Delhi High Court has directed the Goods and Services Tax Council to review the tax structure for solar power projects. The decision was in response to a writ filed by the Solar Power Development Association, which had challenged the latest tax formulation for solar power generating systems unveiled on January 1.
• The court has asked the GST Council to relook at the matter in consultation with the Central Board of Indirect Taxes and Customs and the ministry of new and renewable energy.
• It has given the government two months to revert and scheduled the next hearing in August. “Between divergent AARs and an ad hoc basis of fixing a presumptive valuation between goods and service, the solar sector has had a chaotic induction into GST holds out hope of a quick and definitive solution to this long-standing problem of the solar industry.

Other Updates:

• NCLT admits Bharti Airtel petition on Rs 112-crore dues
• Tata Motors may drop small diesel cars from portfolio
• Auditors have questions to answer, says govt
• ONGC gets green nod for Rs 240 cr project in Assam
• India, UK in talks to build aircraft carrier: Report
• Lupin, Zydus Pharma recall products in the US
• Sebi may be asked to relax the 75% promoter stake norm for PSBs
• Govt to give financial aid to minority investors filing class-action suits
• Sebi’s co-location order delays announcement of NSE’s FY19 results
• Govt sees little scope for Jet Airways revival as bidders stay away: Report
• Vodafone Idea promoters contribute Rs 17,920 crore to the rights issue
• Infibeam sacks auditor for sharing unpublished price-sensitive information
• IndiGrid to buy ₹11,500-cr electricity transmission assets from Sterlite Power
• The anti-dumping duty imposed on saccharin imports from Indonesia
• L&T MBDA, Tata Power defense proposals get SEZ board approval
• CII backs FAME-II scheme despite EV makers’ red flag
• ‘IBC helped creditors recover 195% of liquidation value’
• ONGC cash reserves erode 98% to ₹167 crores in 1.5 years
• Early Q4 earnings point to a slowdown in the economy
• India warns WTO about EU’s proposal for e-commerce rules
• ThyssenKrupp sees room for EU agreement on Tata Steel deal
• Bajaj Auto sees no slowdown in two-wheeler sales, rides ahead of the competition
• DoT asks Karnataka to align infrastructure roll-out policy with RoW policy
• India’s steel production stood at 27 million tonnes in Q1 2019
• India’s reliance on oil imports jump multi-year high of 84%
• US-China trade deal enters endgame, a positive sign for the global economy
• Dangerous to let viable cos close down: IBBI chief
• DHFL to raise up to Rs 2,000 cr
• India for ADB-led mechanism for channeling funds from rich to developing nations.

Key Due Dates:

• Payment of TDS Deducted in April is 7th May 2019.
• GSTR-1 Due Date for the month of April 2019 is 11th May 2019.
• GSTR-3B for the month of April 2019 is 20th May 2019.

• More updates: INCOME TAX UPDATE 18 NOVEMBER 2015

  More updates: INCOME TAX UPDATE 14 NOVEMBER, 2015