{"id":5546,"date":"2019-02-01T23:35:56","date_gmt":"2019-02-01T18:05:56","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5546"},"modified":"2021-08-18T13:23:18","modified_gmt":"2021-08-18T07:53:18","slug":"corporate-and-professional-updates-on-1st-feb-2019","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-feb-2019\/","title":{"rendered":"Corporate and Professional updates on 1st Feb 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-6a05b800a1c24\" 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-6a05b800a1c24\"  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-1st-feb-2019\/#Direct_Tax_updates\" title=\"Direct Tax updates:\">Direct Tax updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-feb-2019\/#Indirect_Tax_Updates\" title=\"Indirect Tax Updates:\">Indirect Tax Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-1st-feb-2019\/#FAQs_on_GST\" title=\"FAQ\u2019s on GST:\">FAQ\u2019s on GST:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Direct_Tax_updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Direct Tax updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"\" src=\"https:\/\/us.123rf.com\/450wm\/grapestock\/grapestock1511\/grapestock151100024\/48141832-blue-compass-pen-and-pin-on-graph-paper-success-concept.jpg?ver=6\" alt=\"Image result for Direct Tax Hd pics\" width=\"707\" height=\"470\" \/><\/p>\n<ul>\n<li style=\"text-align: justify;\">The Central Board of Direct Taxes\u00a0 has come up with a new scheme of \u00a0verification for issuing e-notices to taxpayers. It will also process the documents of information related to the taxpayers\u2019, and make all the data available to the assessing officer.<\/li>\n<li style=\"text-align: justify;\">The notice should be served by delivering a copy by e-mail or by placing a copy in the registered account on the portal, followed by intimation of SMS.<\/li>\n<li style=\"text-align: justify;\">The scheme would ensure \u201cno person shall be required to appear in person or through authorised representative before the designated authority at the communication centre in connection with any proceedings.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Indirect_Tax_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">Indirect Tax Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/blog.saginfotech.com\/wp-content\/uploads\/2016\/12\/sgst-igst-cgst-full-form.jpg\" alt=\"Image result for Indirect Tax Hd Pics\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><span style=\"text-decoration: underline;\">In Budget\u2019s Reference<\/span><span style=\"text-decoration: underline;\">:<\/span><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li>The Enhanced Revenue from<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a> would definitely help govt. to reduce pressure on the fiscal deficit in the current financial year when the ministry is expecting a shortfall of about Rs 50,000 crore in Centre.<\/li>\n<li>The <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST (goods and services tax)<\/a> in January has crossed Rs 1 trillion, the finance ministry informed by social media. This is the third instance of GST revenue crossing the trillion mark in the 2018-19 financial year, the first two being in April and October 2018.<\/li>\n<li>The positive trend in the data has been considered in projecting the revised estimate of GST revenue for 2018-19 and the Budget estimate for 2019-20. Enhanced revenue from GST would help the Centre red\u00aduce pressure on the fiscal deficit in the current financial year when the min\u00adistry is expecting a shortfall of about Rs 50,000 crore in central GST.<\/li>\n<li>The GST collection in Jan\u00aduary stands at Rs 1 trillion, the total collection in April 2018 to January 2019 would be close to Rs 9.7 trillion. To meet the annual budgeted expectation of nearly Rs 12.5 trillion from GST till April 2019, the government needs to collect Rs 2.8 trillion in two months.<\/li>\n<li>The average monthly collection of Rs 97,100 crore in ten months, the required revenue strike rate for the next two months would be Rs 1.4 trillion, 44 per cent higher than the monthly average.\u00a0Instead to imminent shortfall, experts were hopeful due to increased revenue in January. The increased GST collection is overwhelming and quite positive for the economy.\u201d<\/li>\n<li>The Centre\u2019s revenues, the CGST collection till November 2018 stands at Rs 2.97 trillion according to data maintained by the Controller General of Accounts (CGA). Adding Rs 43,851 crore collected as CGST in December 2018 as per the press release and assuming Rs 50,000 crore of CGST collection in January the CGST accumulated in 10 months would touch Rs 3.9 trillion.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"FAQs_on_GST\"><\/span><span style=\"color: #ff0000;\"><strong><em><span style=\"text-decoration: underline;\">FAQ\u2019s on GST:<\/span><\/em><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">QUES.<\/span><\/em><\/strong> Whether Banks are required to capture the details of ATMs in registration certificate as a \u2018place of business\u2019?<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">ANS.<\/span><\/em><\/strong> No. Banks are not required to provide the details of ATMs while applying for registration. For the purposes of registration, ATM on its own does not constitute a place of business, as defined in the CGST Act, 2017.<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">QUES.<\/span><\/em><\/strong> As per RBI guidelines, Banks can use third party ATMs, Business Correspondents (BC), Customer Service Points (CSP) or third party warehouses. Are Banks required to include these third party places also in their <a href=\"https:\/\/carajput.com\/gst\/gst-registration.php\">GST registration<\/a>?<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">ANS.<\/span><\/em><\/strong> No. Third party places are neither places of business nor fixed establishments from where Banks ordinarily carry on their business. These are independent service providers to the Bank which are subject to GST. Thus, these places are not required to be declared as place of business by the Bank.<\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Other Updates:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Oil India gets SEBI exemption from buyback norms.<\/li>\n<li>NCLT allows Govt to add 19 new names in PNB scam.<\/li>\n<li>Airtel loses 5.7 cr Mobile Customers in Dec 2018.<\/li>\n<li>Ola losses narrow to Rs 2,842 Crore for FY18.<\/li>\n<li>Sale in SE Asia business will improve Tata Steel&#8217;s leverage profile.<\/li>\n<li>India&#8217;s Core Sector Growth falls to 18-month low of 2.6% in December.<\/li>\n<li>Govt refuses to extend February 1 deadline for new e-commerce FDI rules.<\/li>\n<li>Unemployment rate at four-decade high of 6.1% in 2017-18.<\/li>\n<li>RBI removes BoI, BoM, OBC from Prompt Corrective Action framework.<\/li>\n<li>IRDAI asks insurers to provide for IL&amp;FS exposure, wants mis-selling curbed.<\/li>\n<li>Domestic mining firms to gain as International Iron oyre prices surge.<\/li>\n<li>CPI inflation for Industrial workers rises to 5.24% in December.<\/li>\n<li>Higher cost, lower realisation pull Vedanta\u2019s net down 21%.<\/li>\n<li>NMDC net up 78% at \u20b91,577 Cr.<\/li>\n<li>Lower logistics cost to help boost Exports by 5-8%.<\/li>\n<li>Escorts chalks out \u20b9400-cr CapEx for expansion.<\/li>\n<li>GDP Growth rate for 2017-18 revised upwards to 7.2%.<\/li>\n<li>China appeals to US to accept its technology progress.<\/li>\n<li>HERO MotoCorp quarterly Profit slips on higher expenses.<\/li>\n<li>Bharti Airtel Q3 net Profit falls 71.8% to\u20b92 Crore.<\/li>\n<li>Bank of India, Bank of Maharashtra out of RBI&#8217;s corrective action list.<\/li>\n<li>Govt approves 4 Lakh Houses under PMAY.<\/li>\n<li>Govt floats tender to tie up 2.5 GW PPAs with stranded plants.<\/li>\n<li>Power Grid Corp Q3 Profit rises 14.2% to Rs 2,368 Crore.<\/li>\n<li>Central bank Gold buying at highest level since 1970s.<\/li>\n<li>Limited awareness among SMEs restricts growth of online lending platforms.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Key Due Dates:<\/span><\/em><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Due Date for Payment of <a href=\"https:\/\/carajput.com\/tds.php\">TDS &amp; TCS<\/a> Deducted\/Collected in the month of January is 7<sup>th<\/sup> February 2019.<\/li>\n<li>Due Date for TDS Return for the month of January is 10<sup>th<\/sup> January 2019.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><em><span style=\"text-decoration: underline;\">Quote of the Day:<\/span><\/em><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><em><span style=\"color: #ff0000;\">\u201cYou have to perform at a consistently higher level than others. That\u2019s the mark of a true professional. Professionalism has nothing to do with getting paid for your services.\u201d<\/span><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Direct Tax updates: The Central Board of Direct Taxes\u00a0 has come up with a new scheme of \u00a0verification for issuing e-notices to taxpayers. It will also process the documents of information related to the taxpayers\u2019, and make all the data available to the assessing officer. The notice should be served by delivering a copy by &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[5950,893],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5546"}],"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=5546"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5546\/revisions"}],"predecessor-version":[{"id":16144,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5546\/revisions\/16144"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}