Indirect Tax Updates:
- The revenue department has allowed businesses whose GST registration has been cancelled due to non-filing of tax returns to apply for its revocation by July 22, provided they file their pending returns and pay due taxes. In a letter to field offices, the Central Board of Indirect Taxes and Customs said it is providing a “one-time opportunity” to apply for revocation of cancellation of GST registration by July 22, 2019, for those entities for whom cancellation order has been passed up to March 31, 2019.
- The CBIC said where the registration has been cancelled with effect from the date of the order, all returns due till the date of such cancellation are required to be furnished before the revocation application is filed. In cases where the registration has been cancelled with retrospective effect, the CBIC has allowed filing of revocation application, subject to the condition that all returns relating to the period from the effective date of cancellation till the date of revocation order will be filed within a period of 30 days from the date of the revocation order.
- The CBIC officers have recently cancelled a large number of registrations on account of non-compliance, including non-filing of returns. Earlier this month, the CBIC had asked its field officers to be cautious while processing application for fresh GST registration by those businesses whose earlier registration has been cancelled due to non-compliance, as it sought to crack down on tax evaders. The CBIC missive came after taxmen noticed that businesses whose registration has been cancelled continue to operate without any registration and are not applying for revocation and are instead applying for fresh registration, so as to evade taxes which were due under earlier registration.
- About 1.2 crore businesses are registered under Goods and Services Tax, which was rolled out on July 1, 2017. AMRG & Associates Partner Rajat Mohan said: “Numerous MSME sector taxpayers are expected to take benefit of this opportunity who unknowingly stepped on the wrong side of tax laws and were served with punitive cancellation orders”.
- The Reserve Bank of India has given the go-ahead for electronic mandates through both debit cards as well as netbanking in lieu of the earlier Aadhaarbased authentication, paving the way for banks and fintech companies to auto-debit recurring payments such as for home loans and mutual funds. The National Payments Corporation of India (NPCI) received the final approval from the banking regulator earlier this month and the retail payments body has asked banks to implement both the emandate measures by June 30.
- About 28% of the complaints filed by consumers with the Reserve Bank of India are in the space of digital transactions and card payments, according to data released by the central bank on Wednesday. As per the RBI’s annual report on the Banking Ombudsman Scheme for 2017-18, 22% of the complaints pertained to banks not adhering to the ‘fair practice code’, while ATM and debit card-related issues made up the second largest category at more than 15%. Together with credit card-related complaints (at 7.7%) and online banking issues (at 5.2%), the total share of complaints on digital channels almost touched 30% of the total complaints filed.
- Almost 8,500 complaints were filed on issues around internet and mobile banking. The number was more than 24,000 for issues around debit cards and ATMs and 12,000 regarding issues around credit cards. In comparison to 2017-18, ATM and debit card-related complaints were less in 2016-17 at about 12%, while problems concerning credit cards were at 6.4%. A comparative figure for internet and mobile banking-related complaints is not available for 2016-17 as the category was added only last fiscal. Explaining the nature of complaints regarding ATMs and debit cards, the RBI said that more than 60% of the issues regarding cash dispensing machines were raised around non-dispensation of cash in spite of the account being debited. With regard to credit cards, the bulk of the complaints emanated from wrong billing and the rest came from delayed reporting and other issues.
- Companies have been given more time to furnish photographs and location details of their registered offices to the corporate affairs ministry, with the deadline being extended to June 15. In February, the ministry notified a new electronic form ACTIVE-1 (Active Company Tagging Identities and Verification). It was part of larger efforts to curb shell companies, suspected to be used as conduits for illicit fund flows. The deadline for submitting the form with requisite details was April 25. It is applicable for companies incorporated on or before December 31, 2017.
- The ministry has now extended the deadline till June 15. In case of non-submission of the form within the deadline, companies concerned would have to pay a late fee of Rs 10,000, according to a notification issued on Thursday. Among other details, a company has to provide the photograph of its registered office with at least one director or key managerial personnel who is signing the form. It is also the first time that the ministry is asking for photograph as well as longitude and latitude details of registered offices of the companies.
- RBI to attract more foreign capital for nation-building.
- India’s crude oil production drops 4 per cent in FY19.
- Jet Airways stake sale process may hit SOEC hurdle.
- Tata Steel reports Q4 profit of Rs 2,431 crore.
- NBCC sweetens bid for Jaypee Infra, offers land parcels.
- Bank credit grows by 14.19%, deposits 10.60%: RBI data.
- Tata Steel board approves merger of Bamnipal Steel & Tata Steel BSL.
- RBI deputy governor B P Kanungo bats for capital account liberalization.
- Maruti signals tough road, gives weakest growth forecast in the past 5 yrs.
- Major lapses in Deloitte audit of IL&FS Financial Services, says SFIO.
- Insolvency process: NCLT asks bank officials to appear in Sterling SEZ.
- Ruchi Soya case: Lenders to meet on Friday to consider Patanjali’s offer.
- US official insists on zero oil imports from Iran.
- ‘High fuel prices may have led to a slowdown in auto sales’.
- India sets a record foodgrains target of 291 million tonnes.
- Wendt India’s PAT up 10% in FY19.
- Hind Copper approves raising up to Rs 1,400 cr through QIP.
- Glenmark gets nod to market nasal spray as OTC product in Russia.
- Microsoft edges toward $1 trillion valuation on results beat.
- SEBI move opens up REITs and InVITs to retail investors.
- Axis Bank has fixed its big bad loans but small loan risks are rising.
- Nirav Modi to appear for remand hearing via videolink from jail on Friday.
- UAE’s largest sewage treatment plant built by L&T inaugurated.
- PE/VC investments in March at all-time high of $7 billion.
- Quikr buys Sequoia-backed online marketplace Zefo.
- IFC looks to provide $43.3 million debt financing to Hero Future Energies for solar farm business.
- Shriram City Union Finance net profit grows tenfold.
- Scheme for Non-PPA units: States show interest in 1,400 MW of power.
- RBI mulls giving 60 days additional time for repayments.
- Vodafone Idea’s Rs 25,000 crore rights issue sails through.
- Higher tariff in auction for mid-term PPA auction positive for power producers.
- Vedanta gets green nod for Rs 12,000 crore project.
- Rupee dives to 6-week low as crude spikes above USD 75 per barrel.
Key Due Dates:
- 20-04-2019 – GSTR-3B for the m/o March 2019.
- 30-04-2019 – GSTR-1 for the quarter ending March 2019 for taxpayers with Annual Aggregate turnover upto than 1.50 Crore.
- 30-04-2019 – Deposit of TDS/TCS for m/o March 2019.
- 30-04-2019 – Furnishing challan-cum-statement in respect of tax deducted u/s 194-IA/194IB in month of March’19
- 30-04-2019 – Due date for uploading declarations received from recipients in Form. 15G/15H during the quarter ending March, 2019.
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