Corporate and Professional Updates on 8th May 2019

Direct Tax Updates:

• CBDT said that every CIT has to file 10 prosecution cases for default in the filing of return of income. Considering the Rs 60,000 crore shortfall in direct tax collection in the last fiscal.
• CBDT wants all IT commissioners to ensure that each AO disposes off at least 25 domestic cases or 20 international cases during the three-month period.

Indirect Tax Updates:

• Goods and Services Tax (GST) regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending, says a report. According to S&P Global Ratings the institutional framework for Indian states is evolving, but there are structural deficits due to persistent revenue expenditure mismatch.
• S&P Global Ratings credit analyst YeeFarnPhua in the report titled “Public Finance System Overview: Indian States” noted that the passage of the GST bill in 2017 is a major overhaul of tax structure and will help to widen the tax base and improve revenues of state governments.

Other Updates:

• Oil imports from Iran down 57% y/y in April: Trade
• US commerce secy warns India against retaliatory tariffs
• Airtel to merge VSAT ops with Hughes India unit
• NCLT begins bankruptcy process for RCom
• Essar shareholder seeks ban on Mittal’s bid
• India IT & biz market to reach $14.3 bn by 2020
• Wipro builds blockchain digital currency in Thailand
• Kerosene subsidy bill builds up 21% to Rs 5,800 cr in FY19; LPG jumps 49.4%
• Alembic Pharma forms JV to enter a difficult $100 bn Chinese market
• Zee stake sale at advanced stage, progressing steadily: Essel Group
• Vedanta Q4 PAT at Rs 2,615 cr, down 34% yoy on Tuticorin plant shutdown
• Jalan panel to hold 2 more meets before final report on RBI capital size
• With $41-billion borrowing, ECBs hit five-year high in 18-19
• Hindalco in consortium to promote use of aluminium cans for beverages
• Mahindra Logistics Q4 PAT rises 14.5 per cent
• Porsche fined 535 million euros over diesel emission cheating
• Merck Ltd renamed as Procter & Gamble Health Ltd
• ONGC reaffirms strong financials post HPCL takeover
• Moderate demand dampens Q4 results for FMCG firms
• DCB Bank expects to double balance sheet in next four years
• Yes Bank acquires eight crore pledged shares of CG Power
• Escorts Q4 net profit up 8% at ₹121 crore
• Saudi Aramco said to give extra oil to Asian buyers
• Piramal, CPPIB in tie-up for India’s 1st renewables InvIT
• Centrum’s PE Fund invests Rs 15 cr in Ayurveda Experience, Dunzo
• BSE Q4 net profit drops 16.46 pc to Rs 51.86 crore
• RBI’s holding company model for banks will help contain NPAs, says Charan Singh
• IMF chief Christine Lagarde says US-China tensions ‘threat’ to world
• Rupee slips to 69.43 against US dollar
• Multifold increase in investments in B2B startups
• NBCC offers just Rs 20 crore to operational creditors.

Key Due Dates:

• TDS & TCS Rate chart for FY 2024-25

• 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.