{"id":5720,"date":"2019-04-03T23:19:42","date_gmt":"2019-04-03T17:49:42","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=5720"},"modified":"2021-08-17T17:57:11","modified_gmt":"2021-08-17T12:27:11","slug":"corporate-and-professional-updates-on-3rd-april-2019","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-3rd-april-2019\/","title":{"rendered":"Corporate and Professional Updates on 3rd April 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-69ea965eca7e9\" 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-69ea965eca7e9\"  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-3rd-april-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-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-3rd-april-2019\/#RBI_Updates\" title=\"RBI Updates:\u00a0\">RBI Updates:\u00a0<\/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-3rd-april-2019\/#SEBI_Updates\" title=\"SEBI Updates:\">SEBI Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-3rd-april-2019\/#Other_Updates\" title=\"Other Updates:\">Other Updates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-updates-on-3rd-april-2019\/#Key_Due_dates\" title=\"Key Due dates:\">Key Due dates:<\/a><\/li><\/ul><\/nav><\/div>\n<h2><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><img decoding=\"async\" src=\"https:\/\/techflowtezpur.in\/wp-content\/uploads\/2018\/12\/gst-1.jpg\" alt=\"Related image\" \/><\/p>\n<ul>\n<li style=\"text-align: justify;\">The financial year 2018-19 ended on a happy note on the goods and services tax front. At Rs 1.06 trillion, the government has announced the\u00a0highest monthly collection from GST in March since its roll-out 21 months ago.\u00a0This is the fourth time in FY19 that the monthly GST collection has crossed the Rs 1-trillion mark, meeting the target.\u00a0With this, the total GST collected during the year has touched Rs 11.77 trillion, still nearly Rs 75,000 crore short of the initial annual expectation.<\/li>\n<li style=\"text-align: justify;\">Even so, the<a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\"> GST<\/a> mop-up, together with the direct tax collection of Rs 11.5 trillion, may somewhat ease the\u00a0government\u2019s worry about a steep tax shortfall for now. Analysts said the latest numbers would help the government move closer to the fiscal deficit target\u00a0of 3.4 per cent of the country\u2019s gross domestic product set for FY19.\u00a0\u201cThe monthly average of GST revenue during FY19 is Rs 98,114 crore, which is 9.2 per cent higher than 2017-18. These figures indicate that the revenue\u00a0growth has been picking up in recent months, despite various rate rationalisation measures..<\/li>\n<li style=\"text-align: justify;\">The total GST collections in March were up 16 per cent from the corresponding period last year. Of that, the central GST (CGST) stood at Rs 20,353 crore,\u00a0while state GST (SGST), and integrated GST (IGST) were pegged at Rs 27,520 crore and Rs 50,418 crore, respectively.\u00a0The collection from cess was Rs 8,286 crore.\u00a0chart \u201cThe major reasons for the growth could be reconciliations by businesses of outward and inward supplies, intelligent data analytics, related tax\u00a0leakage detections, and consequent GST payment by businesses.<\/li>\n<li style=\"text-align: justify;\">The CGST for the financial year adds up to Rs 4.6 trillion, against the revised target of Rs 5.04 trillion, leading to a shortfall of nearly Rs 45,000\u00a0crore. However, the amount collected as GST compensation cess which is left unutilised and is yet to be distributed to states is likely to be adequate\u00a0enough to meet the shortfall, finance ministry officials said. This amount, they said, has helped the central government meet its revised GST target. The\u00a0compensation cess is distributed among the states every two months, beginning May. The unutilised cess stands at around Rs 40,000 crore for the fiscal.<\/li>\n<\/ul>\n<h2 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><strong><em><span style=\"text-decoration: underline;\">\u00a0<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/images.livemint.com\/rf\/Image-621x414\/LiveMint\/Period2\/2017\/02\/02\/Photos\/Opinion\/reservebank-kUL--621x414@LiveMint.jpg\" alt=\"Image result for RBI HD pics\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/rbi-consulting.php\">Reserve Bank of India (RBI)<\/a> has made life a little easier for banks by tweaking the rule on bad-loan divergence disclosures.\u00a0Banks\u2019 disclosure of divergences, mandated by the RBI, aims at improving the transparency in asset classification and preventing under-reporting of bad\u00a0loans. The central bank on Monday appears to have diluted the rule a bit without compromising the intent.\u00a0\u201cSome banks, on account of low or negative net profit, are required to disclose small divergences, which is contrary to the regulatory intent that only\u00a0material divergences be disclosed.<\/li>\n<li>It told banks to disclose divergences when the additional provisioning for bad loans assessed by the RBI exceeds 10% of the reported profit before\u00a0\u00a0provisions and contingencies for the reference period, instead of the earlier rule of 15% of the published net profits after tax.<\/li>\n<li>There was no change in the second condition: That additional gross NPAs identified by RBI exceed 15% of the published incremental gross NPAs for the\u00a0reference period.\u00a0\u201cThis is clearly in line with substance over form. Some of the state-run banks were needed to report even minor non-material differences, primarily because\u00a0they were making losses or hardly making profit on account of large provisioning pressure. This could have led to conflicting signals to the market.<\/li>\n<\/ul>\n<h2 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_Updates\"><\/span><strong><em><span style=\"text-decoration: underline;\">SEBI Updates:<\/span><\/em><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><img decoding=\"async\" src=\"https:\/\/www.thehindu.com\/business\/Industry\/q6o8yh\/article26044225.ece\/ALTERNATES\/LANDSCAPE_615\/TH21SEBI\" alt=\"Related image\" \/><\/p>\n<ul style=\"text-align: justify;\">\n<li>The <a href=\"https:\/\/carajput.com\/sebi-consulting.php\">Securities and Exchange Board of India<\/a> has proposed a self-regulatory body for distributors and advisors of mutual funds products.\u00a0The regulator said the distributors of mutual fund products and investment advisers are becoming important players in the market and growing in number.\u00a0\u00a0There are about 1.24 lakh distributors of mutual fund products as on February 28, 2019 and 1,136 investment advisers registered with SEBI as on March 19,\u00a02019.\u00a0\u201cTherefore, their direct supervision by SEBI would be challenging. Hence, some form of a first-level regulator is required to have an oversight on them.<\/li>\n<li>SEBI has stated in a discussion paper on Monday seeking public comments by April 21, 2019. \u201cFurther, the same may be extended to such other\u00a0intermediaries or other market participants as may be notified by SEBI from time to time.\u201d\u00a0The regulator has sought feedback on whether there should be single or different SROs for different classes of regulatees and on enhancing the net worth\u00a0of SROs from the existing? 1 crore. At present, asset management companies are responsible for the conduct of the distributors empanelled by it. But, there\u00a0are diverse practices in the industry regarding the relationships between the asset management company and the distributor. Besides, a distributor is\u00a0empanelled with multiple asset management companies<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>Legal fraternity divided over SC order on NPA circular<\/li>\n<li>&#8216;Precarious&#8217; global rebound expected in late 2019: IMF<\/li>\n<li>Jet grounds 15 more planes over non-payment of dues<\/li>\n<li>Banks can now refer defaulters to NCLT: Bankers<\/li>\n<li>BlackRock begins its biggest organisational overhaul in years<\/li>\n<li>Britain to seek further delay to Brexit: Theresa May<\/li>\n<li>SC order on RBI circular negative for banks, may defer debt resolution<\/li>\n<li>Rel Jio transfers fibre and tower infrastructure to InvITs<\/li>\n<li>Manufacturing growth slips to six-month low in March: PMI<\/li>\n<li>RBI to introduce new seven-year and 20-yr bonds on April 5<\/li>\n<li>S&amp;P Global Ratings revises outlook on Tata Steel to positive from stable<\/li>\n<li>Paytm Money receives Sebi approval to start stock broking services.<\/li>\n<li>Infosys says Kiran Mazumdar-Shaw sold 1,600 Shares without pre-clearance.<\/li>\n<li>Naresh Goyal agrees to step down as Chairman of Jet Airways.<\/li>\n<li>Iran buys Indian sugar to ease its oil-money headache.<\/li>\n<li>LG India aims for 30% Growth in commercial ACs this year.<\/li>\n<li>NIIF, CDC &amp; Eversource Capital to invest $330 mn in Ayana.<\/li>\n<li>Lupin launches chronic angina treatment drug in the US.<\/li>\n<li>Future Group to bring 7-Eleven Stores to India.<\/li>\n<li>Cabinet clears \u20b910,000 Crore FAME II scheme.<\/li>\n<li>RBI constitutes task force under Usha Thorat on offshore rupee markets.<\/li>\n<li>REC Board approves borrowing limit hike,\u20b911 Per Share Interim Dividend.<\/li>\n<li>J&amp;J allowed resuming Baby Talc Production.<\/li>\n<li>Fraud-hit PNB ranks highest in implementation of &#8216;Reforms Agenda&#8217; in 2018.<\/li>\n<\/ul>\n<h2 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><\/h2>\n<ul style=\"text-align: justify;\">\n<li>ITC in respect of the invoices issued during 2017-18\u00a0 \u00a0may be availed till the due date of GSTR 3B for the month of March 2019.<\/li>\n<li>The Due Date of GSTR-3B for the month of March 2019 is 20<sup>th<\/sup> April 2019.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Indirect Tax Updates: The financial year 2018-19 ended on a happy note on the goods and services tax front. At Rs 1.06 trillion, the government has announced the\u00a0highest monthly collection from GST in March since its roll-out 21 months ago.\u00a0This is the fourth time in FY19 that the monthly GST collection has crossed the Rs &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150,172,9,4],"tags":[7429,7426,541,7424,7418],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5720"}],"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=5720"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5720\/revisions"}],"predecessor-version":[{"id":16111,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/5720\/revisions\/16111"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=5720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=5720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=5720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}