Corporate and Professional Updates on 13th June 2019

RBI Updates:

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  • The Reserve Bank of India (RBI)-appointed committee to review the economic capital framework of the central bank failed to arrive at a consensus during a meeting held here on Wednesday, leading to a delay in finalising its report, a top official said. The six-member committee headed by former RBI governor Bimal Jalan decided to meet once again before submitting its report by the end of this month. “There may be differences of opinion (among the panel members), but that’s being discussed,” an official aware of the development said, requesting anonymity.
  • The RBI has maintained the view that it needs to have a stronger balance sheet to deal with a possible crisis and external shocks. Capital transfer from the RBI to the government also assumes importance in the wake of dwindling tax collections and the government’s desire to keep the fiscal deficit at 3.4 per cent of GDP in the Budget, the same level as was pegged in interim Budget for FY20. 

SEBI Updates:

  • The Securities and Exchange Board of India (SEBI) against an order by the National Company Law Tribunal (NCLT), which had held that the laws of Insolvency and Bankruptcy Code (IBC) would reign over the markets regulator’s laws. The top court, while agreeing to hear the case, asked that the present status quo be maintained in the case.  The case dates back to 2015, when the SEBI had held that HBN Dairies & Allied Limited had illegally collected close to Rs 1,136 crore from various shareholders under unauthorised ‘Collective Investment Schemes’. The SEBI orders were upheld by the Securities Appellate Tribunal (SAT), following which in 2017, the markets regulator ordered attachment of immovable properties of HBN Dairies in order to sell them off and recover money to pay off the investors. 
  • The NCLT bench also held that since an insolvency petition was admitted against the company and a moratorium had kicked in, SEBI would not be able to sell the assets of the company to recover any money. The NCLT order was later affirmed by the National Company Law Appellate Tribunal. The NCLAT, however, held that SEBI was free to take action against the individuals at the helm of affairs of the company including the directors and other shareholders.  

Other Updates:

  • RIL, HDFC among Indian cos on Forbes Global 2000 list
  • India Inc revenue growth hits six-quarter low in Q4
  • RBI to pump in Rs 12,500 crore liquidity on June 20
  • Auditors weigh quitting cos with dodgy a/c policies
  • Infra sector seeks more capital and tax rebates
  • NCLT adjourns hearing on Jet Airways to June 20
  • Govt may roll over Rs 62,000 cr in fuel, fertiliser subsidies to FY21
  • Telecom panel tells Trai to review recommendations on 5G spectrum sale
  • Walmart is expected to pump in $1.2 billion to fund Flipkart’s operations
  • Agri input companies post single-digit growth in Q4 on weak Rabi season
  • Adani Australia receives final clearance for Carmichael coal mine
  • Bharat Dynamics bags Rs 1,188 cr contract from Indian Navy
  • NMDC resumes mining at Chhattisgarh
  • ‘New RBI circular a breather to power sector, but fails to address core issues’
  • Debt default bogey forces SEBI to tighten screws on rating firms
  • Jain Irrigation says not defaulted on debt obligation
  • India-Taiwan JV 22KYMCO to export electric scooters from India
  • Real estate index gains the most as sales volume picks up pace
  • N Chandrasekaran hints at more collaboration among Tata group firms
  • NHAI invites bids for TOT projects worth₹4,995 crore
  • Debit cards continue digital payment dominance
  • India cannot stay immune to global impact of the trade war: HSBC’s Quinn
  • Piramal-Bain likely to lower maiden India fund target to $750 mn
  • Spectrum Auction: DoT asks TRAI to lower reserve price
  • Oil prices soar after fresh tanker attacks
  • Govt reduces ESI contribution rate to 4 per cent, industry to save Rs 5000 crore annually
  • Niti Aayog’s Governing Council to meet on June 15
  • UN panel lauds India’s digital initiatives for economic inclusion
  • USFDA points out data integrity lapses at Aurobindo Pharma unit
  • Govt finds 22 violations by Deloitte and BSR, sees ‘organised crime’
  • Ficci for increasing FDI cap in insurance to 74 per cent
  • Grant Thornton, affiliates not to take up non-attest work from listed audit clients
  • Rupee skids 16 paise to 69.50 vs USD as oil prices shoot up

Key Due Dates:

  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 12th June 2019

Direct Tax Updates:

  • Govt dismisses from service, 12 Senior Income Tax Officers (IRSs), including one of the Joint Commissioner, on charges of corruption and professional misconduct, sexual harassment etc.

Indirect Tax Updates:

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  • The Finance Ministry said Tuesday the new monthly GST return filing system will be rolled out from October. The rollout is three months behind the schedule. The ministry was originally targeting a July rollout of the new return system as mandated by the GST Council last year. The existing monthly summary returns GSTR-3B shall be completely phased out from January 2020 when the new form ‘GST RET-01’ is set to replace it, the ministry said while announcing the roadmap for ‘Transition plan to the new GST Return’. Elaborating on the system, the Finance Ministry said businesses will be able to use the new return filing system.
  • GST ANX-1 (outward supply details) shall be made compulsory and Form GSTR-1 would be replaced by Form GST ANX-1″, the ministry said. Large taxpayers (with aggregate annual turnover over Rs 5 crore in the previous financial year) would upload their monthly Form GST ANX-1 from October 2019 onwards. For October and November, 2019, large taxpayers would continue to file GSTR-3B on monthly basis. They would file their first Form GST RET-01 for the month of December, 2019 by January 20, 2020, the ministry said. However, small taxpayers (with aggregate annual turnover in the previous financial year up to Rs 5 crore would file their first compulsory quarterly Form GST ANX-1 in January 2020 for the quarter October to December, 2019.

SEBI Updates:

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  • SEBI proposes a mechanism to formalise the process of receiving info., to protect & award such whistle-blowers who expose insider trading violations. The total amount of monetary reward, under certain conditions, could be 10% of the monies collected but shall not exceed Rs 1 crore.

RBI Updates:

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  • RBI announces that commercial banks need to offer holders of basic savings bank deposit (BSBD) accounts, a minimum of 4 withdrawals in a month, including ATM withdrawals. The rules will come into force from 1 July.
  • the Reserve Bank of India (RBI) and the markets, all one needs to do is follow the ebb and flow of liquidity. Over the past two years, the anger towards the central bank has increased and has pushed it to take a relook at the way it approaches liquidity. In short, an overhaul of the liquidity framework was demanded. The result is that an internal group made of RBI staff will come up with a new framework by mid-July. The task is to simplify liquidity management by spelling out the why, how and what of liquidity. When the central bank’s staff begins to hammer out a new framework, they should keep in mind that more communication is good communication.
  • The main demand of markets is that RBI spell out a liquidity stance along with its monetary policy stance. A contrasting stance on policy and liquidity has muddled the message of the central bank to the markets, and the economy has paid the price for it in the past. What RBI needs is to spell out its intentions with liquidity, and target not just the price of money but the quantum as well. It would also not hurt to expand the toolkit to include high-quality corporate bonds as collateral for repo operations.

Other Updates:

  • CII chief Vikram Kirloskar calls for tax cut on equities
  • Fund transfers via RTGS, NEFT to cost less from July 1
  • RBI’s norms to give more headroom to lenders: Report
  • Govt defends growth data, says followed global practices
  • RIL, BP to develop deepest gas find in KG-D6 block
  • Bring down corporate tax to 18 pc sans exemptions: CII
  • Excess RBI capital must be used to recap PSBs: Report
  • At Rs 40,000 cr, DoT seeks 6% rise in budget to boost rural connectivity
  • Crisis-hit DHFL makes Rs 962 cr payment towards non-convertible debentures
  • EU anti-trust authority blocks Thyssenkrupp-Tata steel merger plan
  • UK unemployment rate at 3.8%, lowest in 45 yrs despite Brexit, slow growth
  • Blackstone buys majority stake in Aadhar Housing Finance for Rs 2,200 crore
  • New labour legislation to merge 44 laws under 4 groups
  • Govt looking at tariff, non-tariff measures to reduce steel imports
  • India’s GDP growth overestimated by 2.5%, says former CEA Arvind Subramanian
  • Yes Bank reduces stake in Fortis Healthcare by two per cent
  • JSW Steel’s crude steel output grows 4% at 14.53 LT in May
  • BHEL bags Rs 440 cr order from NPCIL
  • MFs reduce exposure to shadow banks by₹67,000 crore since September
  • BoB puts Bhushan Power, 66 others accounts on block as NCLT process gets delayed
  • Investors cheer as Adani Ports cuts related-party loans, steps up dividends
  • WTO reform process should not undermine its basic principles: Piyush Goyal
  • Moody’s places Yes Bank’s ratings under review for downgrade
  • RBI’s bad loan norms to give more room to lenders to resolve big ticket NPAs
  • Reliance to develop deepest gas discovery in KG-D6 block by 2022 jointly with BP
  • Dip in tax revenue from revised estimate sharpest in 15 years
  • Anil Ambani says Reliance-ADAG has serviced debt over Rs 35,000 crore
  • Rupee recovers 21 paise against US dollar
  • Auto component industry seeks stable road map for EV transition
  • Moody’s puts Yes Bank under rating review
  • Auto cos seek support as sales see sharpest decline in 18 yrs
  • Indiabulls denies fund diversion charges

Key Due Dates:

  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 11th June 2019

Indirect Tax:

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  • The GST Council, which will meet on June 20, will take a final decision on the turnover threshold for issuance of e-invoice for B2B sales after consultation with states.
  • State governments clearly rely heavily on their own revenue raising capabilities. However, a state’s ability to raise revenue varies sharply across India, shows a new study, authored by Sacchidananda Mukherjee, associate professor at the National Institute of Public Finance and Policy (NIPFP). Mukherjee shows that, in addition to the size of the economy, a state’s tax base— the amount a government can raise through taxes—depends heavily on the structural composition of the economy.
  • For instance, the tax base is lower in states that have a larger share of manufacturing and mining or industrial firms, vis-à-vis states where agriculture is more important. And, in states where services are more important than agriculture, the tax base is higher. To show this, Mukherjee analyzes valueadded tax (VAT) data for states between 2001 and 2016, when VAT was the most important source of revenue for states. Mukherjee also reveals that tax efficiency— that is, how effectively a state can tax its tax base—has a dynamic relationship with income levels. Tax efficiency initially increases with percapita income of states, before reaching a plateau, following which any further rise in per capita income is associated with a fall in tax efficiency.

RBI Updates:

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  • RBI has eased the rules for classifying borrowers as defaulters. Promoters struggling to repay their loans now have 30 days before banks classify them as defaulters and the ‘one-day default’ rule has been done away with. However, banks need to act fast to find a resolution else they would have to make increasingly larger provisions.
  • The Reserve Bank of India (RBI) on Monday said commercial banks need to offer holders of basic savings bank deposit (BSBD) accounts, a minimum of four withdrawals in a month, including automatic teller machine (ATM) withdrawals. The rules will come into force from 1 July. In its earlier direction on 10 August 2012, the central bank had said while there will be no limit on the number of deposits that can be made in a BSBD account each month, account holders will be allowed up to four withdrawals in a month, including ATM withdrawals.
  • The BSBD account was designed as a savings account that will offer certain minimum facilities, free of charge, to the holders. Such accounts are primarily aimed at enhancing financial inclusion among the economically weaker sections. There is no need for a minimum balance even at the time of opening the account and a customer is provided with an ATM-cum-debit card without any fees. Deposit and withdrawal services are free of cost. Also, the bank cannot levy charges for non-operation or activation of an inoperative account.

SEBI Updates:

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  • SEBI issued show-cause notices to five Asset Management Companies (AMC) on charges of the use of price-sensitive information and an alleged breach of insider trading regulations. Among the list : SBI Fund Management, ING Mutual Fund (now Birla Sunlife) and BNP Paribas.
  • The Securities and Exchange Board of India has proposed rules that will allow employees to expose fraud and wrongdoing in a company and get a reward for it. “Since company employees are likely to be acquainted with the devilry of the management or the promoters, certain routes need to be established through which such irregularities may be exposed,” Sebi said in a discussion paper on Monday seeking public comments by July 1. “Simultaneously, companies also need to ensure that there is an easy and a smooth route to raise such concerns or else the workforce could also become silent perpetrators, when the issues become public.” The regulator said it faces several challenges while investigating insider trading cases as direct evidence is not easily available. Most of the time its circumstantial evidence which is available. Sebi proposed to set up a dedicated reporting window where any person who observes an unethical behavior or suspects violation of insider trading rules can report.
  • The regulator said it will provide adequate safeguards against victimisation of the informant. “The confidentiality regarding the identity of the informant and information provided shall be protected through the OIP and shall be maintained throughout as well as during any proceeding initiated by Sebi except where the evidence of the informant is required during such proceedings,” Sebi said. The original information may be shared with other regulators and law enforcement authority within or outside India at Sebi’s discretion. The information provided by the informant under this policy would be exempted from disclosure.

Other Updates:

  • Need to relook at regulation of NBFCs: RBI Governor
  • BoB puts accounts worth over Rs 9k cr on block
  • SIAM, CII urge govt to follow practical approach on EV
  • Whistleblower sought to uncover it in 2017
  • ONGC, Vedanta set to win 9 oil, gas blocks each
  • G20 takes note of trade wars hurting growth
  • India looks to finalise list of 5G spectrum bands for meet
  • RIL-BP wins first block under OALP rounds, Oil India, Vedanta bag the most
  • DHFL aims to clear all dues by the end of ‘cure period’, rescale business
  • Industry blames policies, USFDA probes for 73% drop in pharma FDI
  • India is the third-most appealing bond market for FIIs, says study
  • GST Council may fix Rs 50 cr turnover limit for e-invoice in June 20 meet
  • NITI Aayog’s electric mobility proposal irks India’s auto industry
  • WTO reform should not undermine its basic principles, says Piyush Goyal
  • Pre-Budget consultations: Finance Minister to meet economists, industry
  • BPCL to invest ₹6,877 crore to revamp Mumbai refinery complex
  • Reliance Power records loss of ₹3,558 crore in fourth quarter
  • Land request for shore-based plant: SAIL gets positive response from Odisha govt
  • Coal India to hire merchant bankers for acquiring stakes in Australian coal assets
  • Divided G20 admits worsening trade wars pose risk to world economy
  • Delay in monsoon pushes rainfall deficiency to 45% in first 9 days of June: IMD
  • Developing nations call for balanced approaches in e-commerce, proposed reforms
  • Investors cheer as Adani Ports cuts related-party loans, steps up dividends
  • MFs reduce exposure to shadow banks by ₹67,000 crore since September
  • RBI’s 12 February circular makes a comeback with a dash of humility
  • Free flow of data powers higher productivity, innovation but raises challenges as well, says G20
  • IMF’s Lagarde urges G20 to prioritise resolving trade tensions
  • G20 to wrap up digital tax by 2020 for tech giants reducing their corporate taxes
  • Central Bank of India plans to raise Rs 5,000 cr this fiscal to meet Basel III norms
  • Power minister positive on achieving 175 GW renewable energy target
  • Govt mulls national institute for valuers

Case Law:

  • Income Tax Notice u/s 148 issued to a dead person instead of legal heir was not valid. Case Name : Sri Aemala Venkateswara Rao Vs ITO.

Key Due Dates:

  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 10th June 2019

Direct Tax Updates:

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  • India could review the goods and services tax (GST) structure to further prune the number of items in the highest slab of 28% as it attempts to stave off a slump in demand. Some states have favoured a reduction in tax rates, worried that the slowdown may get entrenched, and have communicated their concern to the Centre. The GST Council may meet on June 20, ahead of the budget presentation on July 5, and these issues could figure in the discussions. This will be the first meeting of the council to be chaired by Nirmala Sitharaman after she took over as union finance minister in the new government. “Something needs to be done urgently — demand slowdown is quite visible,” said a senior government official with a state government that’s likely to press for a reduction in tax rates. “It could get further entrenched Jobs are getting impacted.” 

RBI Updates:

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  • The revised stressed asset resolution framework released by the Reserve Bank of India (RBI) on Friday is nothing but the original one with a dash of humility. The central bank has managed to keep most of the elements of the infamous 12 February 2018 circular in the new one too. There is no comeback of dispensation schemes such as strategic debt restructuring (SDR) or S4A. Bankers will continue to recognize defaulters as special mention accounts right from day one of default. Most importantly, lenders cannot escape provisioning.

Other Updates:

  • Need to relook at regulation of NBFCs: RBI Governor
  • BoB puts accounts worth over Rs 9k cr on block
  • SIAM, CII urge govt to follow practical approach on EV
  • Whistleblower sought to uncover it in 2017
  • ONGC, Vedanta set to win 9 oil, gas blocks each
  • G20 takes note of trade wars hurting growth
  • India looks to finalise list of 5G spectrum bands for meet
  • RIL-BP wins first block under OALP rounds, Oil India, Vedanta bag the most
  • DHFL aims to clear all dues by the end of ‘cure period’, rescale business
  • Industry blames policies, USFDA probes for 73% drop in pharma FDI
  • India is the third-most appealing bond market for FIIs, says study
  • GST Council may fix Rs 50 cr turnover limit for e-invoice in June 20 meet
  • NITI Aayog’s electric mobility proposal irks India’s auto industry
  • WTO reform should not undermine its basic principles, says Piyush Goyal
  • Pre-Budget consultations: Finance Minister to meet economists, industry 
  • BPCL to invest ₹6,877 crore to revamp Mumbai refinery complex
  • Reliance Power records loss of ₹3,558 crore in fourth quarter
  • Land request for shore-based plant: SAIL gets positive response from Odisha govt
  • Coal India to hire merchant bankers for acquiring stakes in Australian coal assets
  • Divided G20 admits worsening trade wars pose risk to world economy
  • Delay in monsoon pushes rainfall deficiency to 45% in first 9 days of June: IMD
  • Developing nations call for balanced approaches in e-commerce, proposed reforms
  • Investors cheer as Adani Ports cuts related-party loans, steps up dividends
  • MFs reduce exposure to shadow banks by 67,000 crore since September
  • RBI’s 12 February circular makes a comeback with a dash of humility
  • Free flow of data powers higher productivity, innovation but raises challenges as well, says G20
  • IMF’s Lagarde urges G20 to prioritise resolving trade tensions
  • G20 to wrap up digital tax by 2020 for tech giants reducing their corporate taxes
  • Central Bank of India plans to raise Rs 5,000 cr this fiscal to meet Basel III norms
  • Power minister positive on achieving 175 GW renewable energy target
  • Govt mulls national institute for valuers.

Key Due Dates:

  • The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 8th June 2019

Indirect Tax Updates:

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  • The amendment to Section 17 (5) of the Central Goods and Services Tax (CGST) Act deals with blocked credit. “Section 17 (5) of the CGST Act and the respective state Acts have led to a paradoxical situation by denying credits as the objective of the GST is free flow of credits when the output is in the course or furtherance of business,” said Abhishek A Rastogi, partner at law firm Khaitan & Co, who filed the writ petition on behalf of real estate companies.
  • “The impugned provisions are against the objectives of GST and have accordingly been challenged on the grounds of arbitrariness and vagueness.” Tax experts said the phrase ‘on his own account’ in the GST law will need to be interpreted differently if one were to take input tax credit. Input tax credit refers to a mechanism under the GST framework wherein the tax a company pays when it purchases raw materials or other services can be passed on to the buyer when the goods or services are sold.

SEBI Updates:

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  • The Securities and Exchange Board of India on Monday came out with a discussion paper highlighting proposals for allowing a start-up listed on the Innovators Growth Platform (IGP) to trade under the regular category of the main board. According to the proposals, the company should have listed on the IGP for a year and have a minimum of 200 shareholders for making the shift. The company, or any of its promoters, promoter group or directors, should not have been debarred from accessing the capital market or been a willful defaulter.
  • Minimum promoters’ contribution should be 20 per cent of the total capital. In case of a shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions or insurance companies can step in, subject to a maximum of 10 per cent of the total capital. This capital shall be locked in for three years from the date on which trading approval on the main board is granted, and any excess over and above the 20 per cent of promoter’s holding shall be locked-in for one year. The lock-in would not apply for companies listed on the IGP for three years or more.

Other Updates:

  • Aluminium body cautions govt about China
  • WTO warns trade weakness to continue in Q2
  • Australian election results bode well for Adani
  • India adopts new standards for measuring units
  • Irdai proposes to increase 3rd-party insurance premium
  • MNC boardrooms open doors to Indian women leaders
  • Power sector’s outstanding regulatory assets at Rs76,963 cr
  • Full blow trade war will push world towards recession: Morgan Stanley
  • Auditor exits mount at listed SMEs as scrutiny increases after IL&FS crisis
  • Torrent Pharma reports Q4 net loss of Rs 152 crore, cites drug recall
  • Lakshmi Vilas rejects Religare Finance’s disclosure, threatens action
  • US seeks to join Japan-India consultations on IT product tariffs
  • Tata Motors profit dips 47 % in Q4
  • WTO quarterly trade growth indicator still at nine-year low
  • HPCL Q4 net profit jumps 70% on inventory gains
  • Gold imports rise 54% to $ 3.97 billion in April
  • Ford to cut about 10% of global salaried workforce
  • ICICI Bank to buy stake in BSE subsidiary INX for ₹31 crore
  • BPCL Q4 net profit rises 16% to ₹3,125 cr; revenue up 10% at ₹83,942 cr
  • JLR posts 1st profit in four quarters despite China woes
  • Adani Green Energy’s 8.75 crore shares to be offered for sale on Tuesday
  • Bitcoin roars back from ‘flash crash’ to breach $8,000 once more
  • Bank credit to infra sector grows 18.5% in FY19: RBI data
  • TRAI says up to government to take a call on Huawei issue
  • ArcelorMittal to pay Rs 42,000 crore for Essar Steel takeover: Company tells NCLAT
  • Dr Reddy’s to spend $300 million on R&D in FY 20
  • Rupee records biggest gain in 2 months after exit poll results
  • Gold loses sheen, falls Rs 150 on lacklustre demand
  • Investor wealth soars Rs 5.33 lakh cr as exit polls predict return of NDA govt.

Key Due Dates:

  • The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 7th June 2019

Direct Tax Updates:

  • Income tax Due date for filing returns for Financial year 2018-2019 is 31 July 2019.So, Provide all required Documents for filling your Income tax Return AY 19-20 as soon As  possible. penalty of Rs 5,000 will be charged for returns filed after due date but before 31st December. If returns are filed after 31st December, a penalty of Rs 10,000 shall apply. However, penalty will be Rs 1,000 for those with income upto Rs 5 Lakhs.
  • CBDT releases draft notification proposing new audit report for Trust/Institution. Notification F No 370142/6/2019-TPL, dated 21-05-2019. stakeholders are requested to provide inputs on draft Form no. 10B electronically.
  • CBDTs Notification 36/2019”, dated 12th April, 2019 the format of TDS Statement in Form No. 24Q, Annexure-II has been revised. The Notification shall come into force w.e.f. 12th May’ 2019. The Form 16 and 24Q have been amended to make them more elaborative.

RBI Updates:

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  • The repo rate, at which the RBI lends to banks, was cut to 5.75% from 6%, the lowest it’s been since 2010. The cash reserve ratio and statutory liquidity ratio remained unchanged. An ET poll of 28 analysts and economists had predicted a quarter point cut. The Reserve Bank of India lowered interest rates for the third time in succession — to a nine-year low—and shifted its monetary stance to ‘accommodative’ from ‘neutral’ to help revive the economy, which has slowed the most in five years. The shift in stance implies that more cuts are on the way as long as prices remain in check but industry and investors were disappointed by the absence of a special liquidity window for struggling nonbanking finance companies (NBFCs). Stocks and bond prices fell.
  • The Reserve Bank of India will constitute an internal working group to review its liquidity management framework to simplify the current framework and bring more clarity in the objectives and quantitative measures on banking liquidity. “While on the whole the current liquidity management framework has worked well, it has also become somewhat complex. An assessment of liquidity position by different market participants has varied markedly and is not always in sync with the actual systemic liquidity position in the economy.

Other Updates:

  • Airtel, Voda Idea lose 30 mn users in March, Jio gains
  • Evaluating Jet Airways opportunity, says Hinduja Group
  • NCLAT reserves order on ArcelorMittal
  • PNB may take control of 2-3 small state-run banks
  • Indian millennials optimistic about economic outlook
  • Tech Mahindra inks defence contract worth Rs 300 cr
  • HPCL to borrow Rs 8K cr in FY20 to fund expansion
  • Co-location: NSE moves Securities Appellate Tribunal against Sebi rulings
  • ICRA downgrades long-term rating for IDFC First Bank from AA+ to AA
  • High-level committee submit strategies on reducing import: Oil ministry
  • RBI to establish supervisory body to strengthen regulation of banks & NBFCs
  • Corporation Bank plans to trim slippages by 50% to Rs 4000 crore in FY20
  •  EPFO looks to pull back NBFC investments to avert default risk
  • Govt turns the heat on directors in fight against shell companies
  • Small trucks see growth, bucking industry slowdown
  • Solar-powered water pump launched for farming sector
  • Reliance beats Indian Oil Corporation to become biggest Indian company
  • Vedanta bags two copper blocks in Maharashtra
  • India’s thermal coal output seen growing 4.3% annually till 2028: Report
  • 68% Indians feel job market has improved in last 5 years: Survey
  • India among top 20 countries in the Artificial Intelligence readiness ranking
  • IL&FS initiates claim process for 70 group entities
  • Sebi permits mutual funds to participate in commodity derivatives
  • Crompton Greaves Consumer Electricals Q4 net up 36% at Rs 140.54 crore
  • India projected to grow at 7.1% in FY’20: UN report
  • New Indian government faces crucial foreign policy decisions, say US experts
  • US-China trade war gradually destabilising world economy
  •  46 pc ultra high net worth Indians to increase investment in private equity: Survey
  • L&T market capitalisation to touch Rs 3 lakh crore in five years: AM Naik
  • Oil rises on US-Iran tensions, but trade war concerns weigh.

Key Due Dates:

  • The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 6th June 2019

Direct Tax Updates:

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  • The cuts are being sought by both the direct and indirect tax departments. Direct tax officials are going to ask for a cut in their collection target by Rs 60,000-70,000 crore or 4.3-5.1 per cent of the figure in the interim Budget for 2019-20, for overall yearly growth of 15 per cent. If approved, the direct tax collection target would be revised at close to Rs 13 trillion, from Rs 13.8 trillion in the interim Budget. As for indirect taxes, the central goods and services tax (CGST) growth target might be cut by Rs 70,000-80,000 crore in the full Budget or 11.5-13 per cent of the interim Budget if one assumes a realistic growth of 17-20 per cent against the previous year’s actual collection. The growth will be 35 per cent if the target is not changed.
  • The CGST target collection for 2018-19 was also lowered by Rs 1 trillion in the interim Budget presentation this year (when that financial year was still not over). However, it still fell short by over Rs 40,000 crore. The gross actual total (direct plus indirect) tax collection in 2018-19 fell short by Rs 1.7 trillion or 7.5 per cent of the Revised Estimates for the year, given in the interim Budget. That, coupled with the slip in economic growth, makes the target for 2019-20 given in the interim Budget highly unrealistic, contend officials.

RBI Updates:

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  • The Reserve Bank of India is unlikely to announce special sectoral exceptions in its new circular on stressed assets, contrary to demands of power, sugar, shipping and textile industries. The banking regulator may also seek resolution plans for stressed assets to be approved by 90% lenders in a consortium, as against 100% in the previous notification that Supreme Court had quashed. Industries have sought base at 66%, in line with provisions of the Insolvency and Bankruptcy Code.
  • RBI is also expected to raise the timeline for a project to be categorised as stressed from one-day default in the previous circular to 30 days of default. The new circular will probably be issued in the next 15-20 days as the regulator has started informal consultations with the finance ministry. The circular is likely to provide certain relaxations on timelines vis-à-vis the February 12, 2018 notification, 

Other Updates:

  • Crisil slashes DHFL CP rating to ‘default’
  • RBI may ease up on timelines for stressed assets
  • No iron ore scarcity in country post 2020: PMAI
  • Prasad to expedite telecom connectivity programs
  • FDI in services sector up 37 pc to $9.15 bn in 2018-19
  • IL&FS fire could singe many audit cos in India
  • Services sector activity growth slips to 12-month low
  • Tech Mahindra to reduce greenhouse gas emissions
  • US-China trade war, fragile prices hurt metal sector performance
  • Gadkari promises Rs 15 trillion highway spending, revival of IL&FS projects
  • Fitch downgrades ICICI Bank rating from BBB- to BB+ amid banking distress
  • DHFL-exposed MF schemes suffer 30-50% drop in NAVs, Icra data shows
  • ACC, Ambuja steadily losing market share on reluctance to diversify
  • Heavy Industry Dept invites EoI for 5,000 electric buses
  • Govt to consider fixing nutrient-based subsidy rate for urea
  • Govt may announce infusion of ₹4,000 cr in PSU non-life firms in Budget
  • NTPC may set up solar power project without signing a power purchase pact
  • JSW Steel to increase capacity of Vijayanagar plant after 2020
  • Coal India lines up ₹ 10,000 cr capex to boost output
  • Government sets the ball rolling to create more jobs and attract investments
  • World trade seen having worst year since 2009 as spat worsens
  • Resolving trade tensions ‘immediate priority’ for G20, says IMF’s Lagarde
  • Liquid funds may have to invest a fixed portion of assets in govt securities
  • Wipro to acquire US-based ITI for around₹312 crore
  • Govt underpaid food subsidy bill by ₹69,394 crore in FY19
  • Dighi Port chairman Vijay Kalantri under the scanner, Bank of Baroda declares him as ‘wilful defaulter’
  • International Finance Corporation bets on insurance market, backs this startup
  • IMF slightly lowers China’s 2019 GDP growth forecast to 6.2%
  • US decision to withdraw GSP benefits violates global trade rules: Experts
  • Rs 11.79 lakh cr Indian tobacco sector employs 4.5 cr people: Study
  • Nirmala Sitharaman to attend G-20 Finance Ministers’ meeting in Japan
  • Manipal Group to have 51 per cent stake in Cigna TTK
  • IRDAI hikes car premium by 12 per centCrisil slashes DHFL CP rating to ‘default’
  • RBI may ease up on timelines for stressed assets
  • No iron ore scarcity in country post 2020: PMAI
  • Prasad to expedite telecom connectivity programs
  • FDI in services sector up 37 pc to $9.15 bn in 2018-19
  • IL&FS fire could singe many audit cos in India
  • Services sector activity growth slips to 12-month low
  • Tech Mahindra to reduce greenhouse gas emissions
  • US-China trade war, fragile prices hurt metal sector performance
  • Gadkari promises Rs 15 trillion highway spending, revival of IL&FS projects
  • Fitch downgrades ICICI Bank rating from BBB- to BB+ amid banking distress
  • DHFL-exposed MF schemes suffer 30-50% drop in NAVs, Icra data shows
  • ACC, Ambuja steadily losing market share on reluctance to diversify
  • Heavy Industry Dept invites EoI for 5,000 electric buses
  • Govt to consider fixing nutrient-based subsidy rate for urea
  • Govt may announce infusion of ₹4,000 cr in PSU non-life firms in Budget
  • NTPC may set up solar power project without signing a power purchase pact
  • JSW Steel to increase capacity of Vijayanagar plant after 2020
  • Coal India lines up ₹ 10,000 cr capex to boost output
  • Government sets the ball rolling to create more jobs and attract investments
  • World trade seen having worst year since 2009 as spat worsens
  • Resolving trade tensions ‘immediate priority’ for G20, says IMF’s Lagarde
  • Liquid funds may have to invest a fixed portion of assets in govt securities
  • Wipro to acquire US-based ITI for around₹312 crore
  • Govt underpaid food subsidy bill by ₹69,394 crore in FY19
  • Dighi Port chairman Vijay Kalantri under the scanner, Bank of Baroda declares him as ‘wilful defaulter’
  • International Finance Corporation bets on insurance market, backs this startup
  • IMF slightly lowers China’s 2019 GDP growth forecast to 6.2%
  • US decision to withdraw GSP benefits violates global trade rules: Experts
  • Rs 11.79 lakh cr Indian tobacco sector employs 4.5 cr people: Study
  • Nirmala Sitharaman to attend G-20 Finance Ministers’ meeting in Japan
  • Manipal Group to have 51 per cent stake in Cigna TTK
  • IRDAI hikes car premium by 12 per cent

Key Due Dates:

  • The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.s

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Corporate and Professional Updates 4th June 2019

Indirect Tax Updates:

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  • Gujrat High Court in the matter of Neuvera Wellness Ventures Pvt Ltd Vs State of Gujarat orders release of goods being perishable on furnishing security by way of bond under GST.
  • Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR). The Bengal wing of AAR made the ruling while hearing a case relating to Senco Gold, a supplier of jewellery. The firm also operates a network of franchisee-operated stores.
  • Explaining the case, Harpreet Singh, partner at KPMG, said the applicant raised tax invoices on the franchisee for the supply of jewellery and for providing of franchisee support services. Correspondingly, the franchisee also raised tax invoices on the applicant for supply of old jewellery received from customers. 

RBI Updates:

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  • The Reserve Bank of Indiawill take a relook at its supervision structure for banks, finance companies and other entities regulated by the central bank. It will initiate a discussion with its board of directors on a proposal to overhaul the crucial job of supervision so that the regulator is better equipped in picking up early warning signs. This may involve consolidating the different supervisory activities under a separate division or head, creating a pool of officials for better analysis of the continuous flow of data from banks and finance companies, and involving specialists.

SEBI Updates:

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  • The Securities and Exchange Board of India on Monday came out with a discussion paper highlighting proposals for allowing a start-up listed on the Innovators Growth Platform (IGP) to trade under the regular category of the main board. According to the proposals, the company should have listed on the IGP for a year and have a minimum of 200 shareholders for making the shift. The company, or any of its promoters, promoter group or directors, should not have been debarred from accessing the capital market or been a willful defaulter.
  • Minimum promoters’ contribution should be 20 per cent of the total capital. In case of a shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks, public financial institutions or insurance companies can step in, subject to a maximum of 10 per cent of the total capital. This capital shall be locked in for three years from the date on which trading approval on the main board is granted, and any excess over and above the 20 per cent of promoter’s holding shall be locked-in for one year. The lock-in would not apply for companies listed on the IGP for three years or more.

Other Updates:

  • FinMin starts groundwork for fresh bank consolidation
  • India’s economy big worry for Modi: FICCI
  • Airtel submits Rs 644 crore bank guarantee for merger
  • IndiGo Q4 profit jumps 5-fold to Rs 590 crore
  • Provide names of big loan defaulters: CIC to RBI
  • Radio City to acquire 40 Big FM stations for Rs 1,050 cr
  • Arcelor, Resurgent said to mull joint bid for Essar plant
  • China’s planned curbs on aluminium scrap imports nettles Indian players
  • India Inc Q4 revenue growth slumps to six-quarter low of 10.7%
  • Indian Hotels to go on global expansion spree, may opt to buy out firms
  • Avendus Future acquires stake in Bikaji Foods for Rs 40 crore
  • Lupin’s Goa plant may face regulatory action, says USFDA after inspection
  • BHEL Q4 results: Net profit jumps 50 per cent at ₹682.7 crore
  • Colgate-Palmolive Q4 net up 4.7% to Rs 197.50 cr
  • Inventory write-off drags Natco Pharma’s net down 60%
  • Pension scheme provisioning pushes Oil India into red
  • PIL against the operations of the Paytm Post Paid Wallet filed in Delhi HC
  • Zee Entertainment Enterprises Q4 net profit up 26.8% to ₹292.53 crore
  • Kerala to levy 1% flood cess from 1 June
  • Govt proposes WTO-compliant schemes to boost Make in India
  • Zee stake sale to be completed by July, says Punit Goenka
  • GDP growth in Q4 likely to moderate to 6.1-5.9%, may lead RBI to cut rates: SBI report
  • Bid for BPSL: Lenders move NCLAT for quick approval to JSW Steel’s plan
  • Ingen resolution plan for Orchid Pharma rejected again
  • India Inc revenue growth in Q4 hits six-quarter low of 10.7 pc
  • Confident of timely payment of salary for May: BSNL chief
  • Amid recovery in greenback Rupee settles with 2 paise gain against USD
  • Emami’s net sales up 5 per cent at Rs 635 crore
  • Care Ratings expects power generation to grow
  • Sun Pharma Q4 profit halves to Rs 636 crore
  • Lookout notice issued against DHFL promoters 
  • Airtel Africa may raise $1 billion from stake sale
  • World Bank to invest $35 mn in Manapurram Finance
  • Tech Mahindra & MKI collaborate for Japanese market
  • Welspun in talks to own slum rehabilitation projects, loaned by Dewan Housing Finance Ltd
  • RBI extends timing for fund transfer through RTGS till 6 pm from Jun 1: RBI
  • GMR Warora Energy on verge of defaulting on over Rs 3,000-crore loans
  • Adani offers lenders Rs 500 cr upfront in fresh bid for Jaypee Infratech
  • Tata Steel can withstand 20% drop in EBITDA over next 2 years: S&P Global
  • Steel may grow by 6-8 pc in FY20 amid concerns over dumping from China
  • FDI inflows record first decline in six years this fiscal
  • Pfizer Q4 net up 4.74 per cent to Rs 109.47 crore
  • IT Dept trains officers to detect tax evasion in shell Cos
  • Hind Copper consolidated Q4 net up 16% to Rs 40 cr
  • Mphasis Q4 net profit up 11.9 per cent to Rs 266 crpre
  • NMDC net profit grows 31% to₹1,453 cr in Q4
  • Gail to list Gail Gas, plans ₹54,000 crore capex in 2-3 years
  • Tata Consultancy Services listed among top 50 US companies for diversity
  • Bank ETF launch likely By Dec, to help funds mop-up, cut govt stake in banks
  • IRB Infrastructure Q4 net profit dips 13% to₹208 crore
  • SBI looks to raise up to ₹18,000 cr via QIP
  • NCLT asks Sebi to conclude probe into ITC, LIC allegations against Leela
  • Lakshmi Vilas Bank Q4 net loss narrows to Rs 264 crore
  • India can attract 1.5-2 per cent FDI to GDP ratio: Nomura
  • DLF transfers Rs 330 crore land to JV with GIC for settlement of dues
  • Rupee slips 18 paise against dollar on high dollar demand
  • Sensex, Nifty clock fresh closing highs on fund inflows
  • NCLAT gives 4 weeks to Bakshi to settle dispute with HUDCO
  • PNB narrows Q4 loss to Rs 4,750 crore.

Key Due Dates:

  • The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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Corporate and Professional Updates on 1st June 2019

Direct Tax Updates:

Image result for hd pics on direct tax
  • Delhi High Court restrained the Income Tax Department from taking any action against VVIP chopper deal scam accused Gautam Khaitan against whom a black money case has been lodged. Court said Khaitan, an advocate by profession, has made out a “good prima facie” case for grant of interim relief and grave prejudice would be caused to him if the authorities are not restrained at this stage from proceeding further. 
  • CBDT do not want to let go the Revenue Dues owed by Shell Companies that have been deregistered by the MCA. But the task is easier said than done, as it would mean the restoration of over 4,000 companies identified by the CBDT. The CBDT has been holding talks with the MCA over this.

Indirect Tax Updates:

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  • The new option has been introduced wherein the consignment of one e-way bill has to be moved in multiple vehicles, after moving to transshipment place.
  • Different high courts in the country have given stay orders on several fiats of the National Anti-profiteering Authority (NAA) for the GST, casting doubts on the legal tenability of the way the nearly one-and-half-a-year-old set-up operates and passes orders on alleged cases of profiteering by businesses.A review by FE revealed that at least five firms have got reliefs from the high courts, in what allowed them to defer coughing up an aggregate amount of Rs 430 crore. 

RBI Updates:

Image result for rbi pics
  • Government is open to providing more powers to the RBI to direct lenders to take action on stressed assets. There is a growing view in the government that there has to be some regulatory supervision over debt resolution by the RBI.
  • RBI has asked NBFCs with asset size of more than Rs.5,000 crore to appoint a chief risk officer (CRO) with clearly specified role and responsibilities, in view of the increasing role in direct credit intermediation of these companies. The RBI directive comes in the backdrop of the IL&FS imbroglio and its ripple impact on NBFCs.
  • RBI wants NBFCs with assets of more than 5,000 Crore must appoint a Chief Risk Officer (CRO). It said that with the increasing role of NBFCs in direct credit intermediation, there is a need for NBFCs to Augment Risk Management Practices.
  • RBI Appointed Committee headed by Aadhaar architect Nandan Nilekani submits its suggestions on Promoting Digital Payments to RBI Governor Shaktikanta Das. The 5-member team was formed in January this year to consult with various stakeholders of the payments ecosystem and deliberate on solutions to further strengthen the industry

Other Updates:

  • MCA sees Rs 2.8 lakh cr recovery from IBC-led RP.
  • IOC to examine US sanction’s impact on CPCL plans
  • India may witness slowdown as oil imports decline
  • DoT to soon settle merger/transfer of licences in M&As
  • BoB looks to rationalise 800-900 branches
  • Pre-monsoon rainfall deficit drops to 22 per cent
  • Reliance Capital protests ratings downgrade
  • India reports trade deficit with 11 RCEP members in FY 2018-19
  • OPEC members meet to assess oil market after US sanctions on Iran
  • NMDC plans to acquire 100 per cent stake in Australia’s Legacy Iron-Ore Ltd
  • Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
  • ICICI-Videocon loan case: Kochhar contests bonus clawback, ESOP termination
  • NBFC crisis to top agenda of new govt.
  • Jet employee group offers to invest $700 million
  • AgMA Energy plans to launch India-specific agri products
  • No interest in taking control of IndiGo: Rakesh Gangwal
  • Dredging Corporation of India wins annual contracts from Cochin and Paradip port trusts
  • ONGC, GIP, Tripura govt eye to buy out IL&FS’s 26% stake in OTPC
  • TCS eyes double-digit growth in FY20, says COO Subramaniam
  • Dr Reddy’s Laboratories serves a bitter medicine in March quarter
  • RBI’s vision document on payment systems to spur digital economy: Fintech firms
  • Life insurance industry to focus on millennials, digital-human interface
  • IMFA posts loss of Rs 74 cr in January-March qtr
  • Power producers seek removal of double taxation on imported coal
  • RBI to boost card payments with 34% increase in PoS terminals by end of 2021
  • Japan’s Orix to acquire wind assets of IL&FS
  • GST Council may consider national bench of AAAR next month
  • FPIs withdraw Rs 6,399 crore in May so far
  • AstraZeneca moves US court against Aurobindo
  • RBI releases ‘Vision 2021’ for payment systems for ‘cash-lite’ society

Key Due Dates:

  • The Due Date of GSTR-1  For the Month Of May is 10th June 2019.
  • The Due Date of GSTR-3b For the Month Of May is 20th June 2019.
  • The Due Dates for the Deposit of TDS/TCS for the Purchase of Property 30th June 2019.\
  • Annual Return For Registered Tax Payers is 30th June 2019.

Disclaimer:

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Before making any decision do consult your professional /tax advisor for their misrepresentation or interpretation of act or rules author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. The author is a Chartered Accountant and the Chief Gardener & Founder Director of Rajput Jain & Associate, a leading Tax & Investment planning Advisor Service provider. His Blog can be found at http://carajput.com for any query you can write toinfo@carajput.com. Hope the information will assist you in your professional endeavors. For query or help contact: info@carajput.com  or call at 09811322785/4- 9555555480.

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