{"id":5517,"date":"2019-01-25T14:00:08","date_gmt":"2019-01-25T08:30:08","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5517"},"modified":"2021-12-08T16:04:17","modified_gmt":"2021-12-08T10:34:17","slug":"corporate-and-professional-updates-on-25th-january-2019","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/","title":{"rendered":"Corporate and Professional Updates on 25th January 2019"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a7099e63a407\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a7099e63a407\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#Corporate_and_Professional_Updates_on_25th_January_2019\" title=\"Corporate and Professional Updates on 25th January 2019\">Corporate and Professional Updates on 25th January 2019<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#Indirect_Tax\" title=\"Indirect Tax:\">Indirect Tax:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#FAQ_on_GST\" title=\"FAQ on GST:\">FAQ on GST:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#RBI_Updates\" title=\"RBI Updates:\">RBI Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#Policy_Paper\" title=\"Policy Paper:\">Policy Paper:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#NPCIs_role_in_the_payment_system\" title=\"NPCI\u2019s role in the payment system:\">NPCI\u2019s role in the payment system:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#Other_Updates\" title=\"Other Updates:\">Other Updates:<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#Key_Due_Dates\" title=\"Key Due Dates:\">Key Due Dates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#They_copied_my_product_they_copied_my_strategies_yet_they_failed_miserably_in_the_business_because_they_couldnt_copy_my_professionalism\" title=\"They copied my product, they copied my strategies yet they failed miserably in the business, because they couldn&#8217;t copy my professionalism\">They copied my product, they copied my strategies yet they failed miserably in the business, because they couldn&#8217;t copy my professionalism<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_THIRD_WEEK\" title=\"More updates: CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK\">More updates: CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-25th-january-2019\/#More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_SECOND_WEEK\" title=\"More updates: CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER SECOND WEEK\">More updates: CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER SECOND WEEK<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/knnindia.co.in\/uploads\/newsfiles\/GST-Revenue-1-10-18.jpg\" alt=\"Related image\" width=\"849\" height=\"584\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Corporate_and_Professional_Updates_on_25th_January_2019\"><\/span>Corporate and Professional Updates on 25th January 2019<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Indirect_Tax\"><\/span><a href=\"https:\/\/www.caindelhiindia.com\/blog\/popular-faq-on-direct-indirect-tax-corporate-regulatory-matters\/\"><strong><em><span style=\"text-decoration: underline;\">Indirect Tax:<\/span><\/em><\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"text-align: justify;\">The government\u2019s decision to create a national <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">Goods and Services Tax<\/a> Appellate Tribunal to adjudicate disputes is on the way. It will help in faster resolution and also bring uniformity in the redressal of GST disputes.<\/li>\n<li style=\"text-align: justify;\">The tribunal will act as a forum for second appeal and decide cases where there are divergent orders by the authority for advance rulings at the state level. This will reduce the burden on high courts that have a huge pendency of cases.<\/li>\n<li style=\"text-align: justify;\">Industry has been demanding the creation of a centralised authority for advance ruling. And the GST Council has seen merit in this demand. So, amendments needed to the GST Act should be done swiftly to remove any tax uncertainty for businesses. Appeals against contradictory rulings by the Authority for Advance Rulings should be disposed of quickly.<\/li>\n<li style=\"text-align: justify;\">The GST Council should make the tax rules simple for their transparent, consistent interpretation. Fewer and lower rates will minimise classification disputes, reduce the burden on the judiciary and boost <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST<\/a> collections, as well as direct tax collections.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"FAQ_on_GST\"><\/span><strong><em><span style=\"text-decoration: underline;\">FAQ on GST<\/span>:<\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><strong><em>Ques.<\/em><\/strong> Are services supplied by a Bank to its branch \/ head-office outside India, which are neither intermediary services nor services to account holders, taxable under GST?<\/p>\n<p style=\"text-align: justify;\"><strong><em>ANS.<\/em><\/strong> GST is a destination based consumption tax. Such services provided by a Bank or the branch of a foreign Bank in India to its offshore branch \/ head-office, which are neither intermediary services nor services to account holders, are inter-State supply of services between distinct establishments (as per section 7(5)(a) read with Explanation to section 8 of the IGST Act, 2017), and will be taxable in India, as the location of the supplier is in India and the place of supply is outside India. Such services will not be treated as exports in view of the sub-clause (v) of section 2(6) of the IGST Act, 2017 read with Explanation 1 to section 8 of the IGST Act, 2017.<\/p>\n<p style=\"text-align: justify;\"><strong><em>Ques.<\/em><\/strong> Is the Nominated Bank, receiving gold on consignment basis, required to pay IGST on import of gold from the overseas supplier?<\/p>\n<p style=\"text-align: justify;\"><strong><em>ANS.<\/em><\/strong> The dispatch of gold by the principal from a place outside India to the Bank in India is deemed to be a supply in terms of para 3 of Schedule I to the CGST Act, 2017. Accordingly, IGST will be payable on such import of gold by the Nominated Bank at the time of clearance of gold by the Customs.<\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"RBI_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">RBI Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/www.livemint.com\/rf\/Image-621x414\/LiveMint\/Period2\/2018\/03\/10\/Photos\/Processed\/rbi-kZFF--621x414@LiveMint.jpg\" alt=\"Related image\" width=\"501\" height=\"334\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India<\/a> issued a policy paper on retail payment systems that proposes to ease norms for the entry of new players in a bid to boost competition and innovation.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Policy_Paper\"><\/span><em><span style=\"text-decoration: underline;\">Policy Paper:<\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>RBI, in its monetary policy announced that it would publish a policy paper on retail payment systems. The paper throws light on the concerns of increasing concentration of a single operator for retail payments. It also discusses the need for competition and innovation and the resultant impact on economic efficiency and financial stability.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><em><span style=\"text-decoration: underline;\">Recommend:<\/span><\/em><\/p>\n<ul style=\"text-align: justify;\">\n<li>The policy paper proposes an open and keep-on-tap window for making applications to all payment systems. It also seeks to review entry-point norms for payment operators.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"NPCIs_role_in_the_payment_system\"><\/span><em><span style=\"text-decoration: underline;\">NPCI\u2019s role in the payment system:<\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>RBI and the Indian Banks\u2019 Association. It has a diversified shareholding with 56 banks and a 51% stake held by public sector banks. NPCI operates retail payment systems such as National Financial Switch, Immediate Payment Service, and Unified Payments Interface including Bharat Interface for Money, National Unified USSD Platform and RuPay. It processes nearly 48% of transactions by volume, aggregating 15% in terms of value. RBI manages and operates the National Electronic Funds Transfer system and the Electronic Clearing Service.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Other_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Other Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Kocchar got Rs 64 cr bribe through her husband, reveals CBI.<\/li>\n<li>SBI defers sale of Essar Steel loans to February 11.<\/li>\n<li>Bharti Infratel settles tower exits for Rs 3,800 Crore.<\/li>\n<li>Piyush Goyal to meet heads of PSU banks on Monday.<\/li>\n<li>PNB&#8217;s $45 million fraud claim dismissed by English court.<\/li>\n<li>Tata Motors to bid adieu to Nano from April 2020.<\/li>\n<li>Ravneet Gill to take over from Rana Kapoor as YES Bank&#8217;s MD &amp; CEO.<\/li>\n<li>Etihad wants to end exclusivity for Jet Privilege as part of rescue deal.<\/li>\n<li>Oil rises after US threat of sanctions on Venezuelan crude exports.<\/li>\n<li>Steel industry&#8217;s capital expenditure to rise to Rs 75,000 cr, says study.<\/li>\n<li>Domestic crude output down 4.3% in December.<\/li>\n<li>Sops for agriculture to top Govt. priority list.<\/li>\n<li>R Power net down 32.5% to 189 cr in December quarter.<\/li>\n<li>Coal India reports 8% increase in supplies to power sector.<\/li>\n<li>Wheat production may cross record 100 mt in 2018-19.<\/li>\n<li>Supreme Court to hear Vedanta&#8217;s plea to reopen Sterlite plant on 29 January.<\/li>\n<li>Global business leaders raise concerns over e-commerce policy changes in India.<\/li>\n<li>Ultra Tech December quarter consolidated net falls 14% on higher fuel, input costs.<\/li>\n<li>CBI files FIR against Kochhar&#8217;s, Dhoot over the Videocon loan issue.<\/li>\n<li>MSCI may reduce India&#8217;s weight in the Emerging Market index.<\/li>\n<li>Irdai to pick systemically important insurers.<\/li>\n<li>Arcelor Mittal, Ruias\u2019 ding-dong battle for Essar Steel continues.<\/li>\n<li>Investment through P-notes rises to Rs 79,513 cr till December-end.<\/li>\n<li>Cabinet clears $400-m standby swap facility for SAARC nations.<\/li>\n<li>NMPT targets 44 mt of cargo handling in 2018-19.<\/li>\n<li>HAL to outsource ALH to domestic private sector companies.<\/li>\n<\/ul>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Key_Due_Dates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Key Due Dates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li><a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS return<\/a> for Purchase of Property For the month of December 2018 is 30th January 2019.<\/li>\n<li>The due Date of GSTR-1 for the Quarterly Return Filler of taxable supplies is 31st January 2019.<\/li>\n<\/ul>\n<p><strong><span style=\"text-decoration: underline;\">Quote of the Day:<\/span><\/strong><\/p>\n<h4><span class=\"ez-toc-section\" id=\"They_copied_my_product_they_copied_my_strategies_yet_they_failed_miserably_in_the_business_because_they_couldnt_copy_my_professionalism\"><\/span>They copied my product, they copied my strategies yet they failed miserably in the business, because they couldn&#8217;t copy my professionalism<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_THIRD_WEEK\"><\/span><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/professional-update-for-the-month-of-october\/\"><em>More updates: CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER THIRD WEEK<\/em><\/a><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"More_updates_CORPORATE_TAX_UPDATE_FOR_THE_MONTH_OF_OCTOBER_SECOND_WEEK\"><\/span><em><span style=\"color: #0000ff;\"><strong><a style=\"color: #0000ff;\" href=\"https:\/\/carajput.com\/blog\/corporate-tax-update-for-the-month-of-october-forth-week\/\">More updates: CORPORATE TAX UPDATE FOR THE MONTH OF OCTOBER SECOND WEEK<\/a><\/strong><\/span><\/em><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Corporate and Professional Updates on 25th January 2019 Indirect Tax: The government\u2019s decision to create a national Goods and Services Tax Appellate Tribunal to adjudicate disputes is on the way. It will help in faster resolution and also bring uniformity in the redressal of GST disputes. The tribunal will act as a forum for &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172,1,15],"tags":[6373,6393,6378,6384,6380,442,6374,558,6377,6376,6385,6394,6389],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5517"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=5517"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5517\/revisions"}],"predecessor-version":[{"id":19600,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5517\/revisions\/19600"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}