Corporate and Professional Updates on 25th February 2019

Indirect tax Updates:

GST updates:

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  • A new window has been enabled for claiming TDS/TCS credits. The taxpayer has the option of accepting or rejecting the TDS/TCS credits available and filing their return, after which the credits get transferred to the cash ledger and can be used for making GST payments.
  • A taxpayer can file an appeal against an order passed by an appellate authority or against an advanced ruling by an appellate authority on the GST portal. He even has the option to file an application with the appellate authority in the case of rectification of a mistake in order passed.
  • For affordable housing GST rate reduced from 8% to 1% & for other housing from 12% to 5%.
  • Definition of affordable housing: 90 sq. Meter for non-metro & 60 sq. meter. For metro area.  Cap on Cost of house to be qualified as affordable kept at Rs 45 Lakh for both non-metro and metro areas.
  • A GST registration number can be obtained without the same. New businesses who are in the process of obtaining bank accounts can simultaneously proceed with GST registration, thus saving time.
  • Claiming of ITC and amendment of B2B invoices of 17-18 are re-opened up till March 2019.
  • Users can now amend B2B invoices of FY 2017-18. The facility to amend the GSTR-1 details of FY 17-18 was closed on filing the September 2018 return. The same has been made available while filing returns for the months of January to March 2019. Input tax credit of FY 2017-18 that was omitted and hence unclaimed up till September 2018 can be claimed now up to March 2019 as well. This was a much-needed remedy for taxpayers who made errors reporting any invoice in the past, or previously missed out claiming genuine credit.
  • For composition taxpayers, there is a simpler way to reply to show cause notices(SCN) now. This is in the case of a show cause notice being issued for compulsory withdrawal from the composition scheme, and if proceedings are initiated against the composition taxpayer, he now has the option to reply to show cause notices on the portal.

E-way Bill Updates:

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  • E-way bill data can be imported for GSTR-1.
  • The E-way bill (EWB) and the GST portal has now been integrated. The same gets automatically imported for the B2B and B2C (large) invoices sections as well as the HSN-wise-summary of outward supplies section. Users only need to verify the data and proceed.

Other Updates:

  • Saudi Arabia to make India regional hub for oil supply
  • Assured return scheme for NPS subscribers proposed
  • REC needs nod from at least 50% lenders for PFC deal
  • India to be 2nd-largest 5G market in 10 yrs.
  • 3-4 more banks to come out of RBI’s PCA framework
  • Warren Buffett’s firm reports $25 bn. Q4 loss
  • May postpones vote on Brexit deal until March 12
  • SBI considers moving NCLT for insolvency proceedings against Jet Airways
  • Blackstone, Embassy to launch India’s first real estate investment trust
  • Tata Steel, JSW Steel are key beneficiaries of the rise in steel demand
  • Raymond revamps supply chain, weighs on digital tools for more efficiency
  • Bharti Airtel set to conduct trial of Nokia’s 5G-ready telecom gear
  • JNPT SEZ to bid out 300 acres to manufacturing companies
  • India’s financial condition looking up, says CII-IBA
  • Boards of companies should assert ethical conduct: CII
  • 347 infra projects show cost overruns worth over Rs 3.2 lakh cr.
  • Hindustan National Glass to raise 1,800 cr. to pare debt
  • Uber in talks to sell India food delivery business
  • KKR, Black Rock set to invest in Adnoc pipeline unit
  • Afghanistan launches new export route to India through Iran
  • Wipro shareholders approve bonus issue, increase in authorised share capital
  • Seven of top 10 Indian companies lose₹67,980 crore in m-cap, TCS worst hit
  • RIL preparing to list Reliance Retail soon
  • US-China talks Superpowers haggling over currency pact
  • Lack of big-ticket deals drive down PE/VC investments in January 2019
  • Swiggy in talks to buy Uber Eats India, deal expected to be sealed soon
  • Singapore largest FDI source, leaves Mauritius far behind
  • PNGRB rejects HPCL review petition on ATF pipeline
  • FPIs sell blue-chips take away Rs 30K cr.
  • Foreign portfolio investors pull out over Rs 1,900 cr. from debt market in Feb
  • Unregulated Deposit Ordinance bans only Ponzi schemes not regulated deposits.

Key Due Dates:

  • Due date of TDS Return for the month of January 2019 is 28th February 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 to info@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.