Succinct newsletter on Daily updates related to- GST with advance rulings and judgements Corporate law SEBI ICAI ICSI RBI MSMEs Income Tax with daily judgements Start-ups New Bills/Acts Various news related to profession Updates from various union ministries including replies in parliament Latest happenings in economy and finance

1. THE
NEWS
LETTER
22nd August,2019
[Thursday]
No-48

2. INDEX
UPDATES RELATED TO
 New Direct Tax Code-Ministry of Finance
 Goods & Service Tax by CBIC
 Income Tax by CBDT
 Announcement by ICAI
 Announcements by ICSI
 Corporate Laws by MCA
 Listing/Market by SEBI
 Foreign Trade Policy by DGFT
 Start-ups by Start Up India Department
 Micro, Small & Medium Enterprises
by Ministry of MSME
 Money Market/Banks by RBI
 New acts notified/Bills introduced in
parliament or Executive orders
by President
 Latest developments in Economy &
Finance world.

3. August 22, 2019 THURSDAY
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
1
 Updates related to New Direct Tax Code-Ministry of Finance
 WHY NEW DIRECT TAX CODE WILL BE A GAME CHANGER
Proposals of the task force on the Direct Tax Code to resolve income tax
disputes are significant. The idea of a negotiated settlement via mediation by
Board of commissioners is a better alternative than litigation because there are
pending court cases worth about Rs 6 trillion and the success rate of income tax
department at courts is very poor. This, together with the suggested legal
management unit that will deal with the tax litigation process under the new
income tax law, should bring down the number of litigations. Besides,
replacement of individual assessment officers by assessment units both for
individual and corporate assesses is likely to mitigate their fear of harsh
treatment and improve compliance.
 EXPLAINED: HERE IS HOW TAX COMPLIANCE COMPLEXITY IS THE CHALLENGE
AND WHY INDIA NEED A NEW DIRECT TAX CODE.
Indian businesses struggle with more than 9,000 compliances and 600+ filings,
and there have been more than 600 updates over the past year.
[Read here full report]
 THE NEW TAX CODE MUST BOOST SAGGING ECONOMIC SPIRITS AND USHER
INDIA INTO THE 21ST CENTURY
For the second time in a decade, India is attempting to reform its direct tax code.
A task force has submitted a blueprint to reform the direct tax legislation to
finance minister Nirmala Sitharaman. The report is not yet in public domain but
the broad thrust is to lower tax rates, simplify the architecture and use IT
extensively. It is welcome and we hope that it will have a greater impact than
the last effort. Direct tax legislation plays an important role in influencing
investment decisions. Getting it right will have a positive impact on India’s
economic prospects.
[TOI Report]
CLICK HERE to fill feedback/suggestion form and stay tuned to get regular
updates about New Direct Tax Code along with authentic reports | Articles |
Videos | PPTs

4. August 22, 2019 THURSDAY
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
2
 Updates related to Goods & Service Tax by CBIC
 Notification/Circular/Press release/FAQs/Portal Update/Write-up by CBIC
 CBIC issued notification no. 37/2019-Central Tax dated 21.08.2019 to extend
dates of filing GSTR 3B
[Notification here]
 Legal updates- Court/AAARA judgements/Advance Rulings
[AAARA- Appellate Authority for Advance Ruling | ARA- Advance Ruling Authority]
Sr.No. Key to find the
document
Court/ARA/AAAR Description
Ruling/
Judgement
Summary
1 [2019] 108
taxmann.com 260
(AAAR-
KARNATAKA)
Nuetech Solar
Systems (P.) Ltd., In
re
ORDER NO.
KAR/AAAR/03/2019-
20
AUGUST 16, 2019
Appellate
Authority for
Advance Ruling,
Karnataka
Advance
Ruling
Appellate Authority
being a creature of
statute is empowered
to condone a delay of
only a period of 30 days
after expiry of initial
period for filing appeal,
and to hold that
Appellate Authority
could entertain appeal
beyond extended
period would render
phrase 'not exceeding
thirty days' wholly
otiose and no principle
of interpretation would
justify such a result.

5. August 22, 2019 THURSDAY
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
3
 News/Latest Developments/Other updates
 The Big GST Hole
Why GST collections have been short of target. And why they may not pick up
any time soon.
[Business India report]
 Further extension the only solution for GST annual return & GST audit
The GST annual return & GST audit report for the first year, which is 2017-18, had
to be submitted before December 31, 2018, but saw three extensions - March 31,
2019, June 30, 2019 and finally August 31, 2019. However, looking at the recent
statistics released by the authorities it is observed that only 15 % of annual
returns and less than 1 % of the audit reports have been furnished.
[ET Report]
 How recent amendments in GST will benefit registered taxpayers?
There have been several amendments to the CGST Act, which favour the
taxpayer with better compliance. There have been updates to the sections
relating to the payment of taxes and interest, hence easing the filing of GST
returns and reducing the burden of interest. Let's analyse some of the major
amendments made and how GST-registered taxpayers will benefit from them.
[Business today report]
 Taxman to ‘vigorously pursue’ non-filers of GST
On an average, 20% of assessees do not file returns, thus impacting revenue
collections. The Central Board of Indirect Taxes & Customs (CBIC) intends to
‘vigorously pursue’ non-filers of Goods & Services Tax (GST) in a move to help
boost GST collections.
[Hindu Business Line report]
 Frequent changes complicating GST compliance: TNCCI senior president
The trade and industry, which initially hailed the rollout of the unified tax system,
now believes that the government has faulted on the implementation of the
Goods and Services Tax.
[Hindu Business Line report]

6. August 22, 2019 THURSDAY
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
4
 Updates related to Income Tax by CBDT
 Legal updates- Tribunals, High Court & Supreme Court judgements
Sr.No.
Key to find the
document
Description
Tribunal/Court Brief judgement
1 [2019] 108
taxmann.com 257
(Madras)
Tushin T. Mehta
v.
Chief
Commissioner of
Income-tax,
Chennai
WP NO. 15097 OF
2007
AUGUST 14, 2019
High Court of
Madras
Once assessee had paid reassessed tax
along with interest under sections 234A,
234B and 234C after reassessment order
was passed, assessee could claim
waiver of such interest only if case of
assessee could be brought within scope
of notification issued by Central Board
of Direct Taxes vide F. No. 400/234/95-
IT(B), dated 23-5-1996.
 News/Latest Developments/Other updates
 Income Tax Returns filing: DIAL to help 1200 taxi drivers file I-T Returns for free
at Delhi airport.
[Business Today report]
 To create a business-friendly tax framework, The Income Tax department
should leverage technology for certainty and efficiency in the issuance of
withholding tax certificates.
[Business today report]

7. August 22, 2019 THURSDAY
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
5
 Updates related to Announcement by ICAI
ICAI issued below documents-
 Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS
Practice Statement 2)
[Read here for more details]
 Implementation Guide to SA 720(Revised), "The Auditor’s Responsibilities
Relating to Other Information" issued by Auditing and Assurance Standards
Board
[Read here for more details]
 Implementation Guide to SA 570(Revised), "Going Concern" issued by Auditing
and Assurance Standards Board
[Read here for more details]
 Updates related to Announcement by ICSI
 ICSI supporting MACS Company Secretaries Conference 2019 at Malaysia
[Read here for more details]
 ICSI Announces 100% Fee Waiver Scheme for the students of Jammu & Kashmir
(UT) and Ladakh (UT)
[Read here for more details]
 Updates related to Corporate Laws by MCA
 Form BEN-2 (Significant Beneficial Owner) is likely to be revised on MCA21
Company Forms Download page w.e.f 23rd August, 2019. Stakeholders are
advised to check the latest version before filing.
 MCA issues Clarification under section 232(6) of CA 2013.
[Read here Circular No. 09/2019 dated 21.08.2019]

8. August 22, 2019 THURSDAY
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
6
 Advertisement fir Filling up Post of PS in SFIO on Deputation Basis Dated 21
August 2019.
[Read here for advertisement]
 The Central Government has made further amendments to Schedule III to the
Companies Act, 2013 vide Notification dated 11th October 2018. As per the said
notification, Division III has been inserted in respect of Financial Statements for
a Non-Banking Financial Company (NBFC) whose financial statements are drawn
up in compliance of the Companies (Indian Accounting Standards) Rules, 2015.
The changes to AoC-4 Non-XBRL form necessitated by insertion of Division III in
Schedule III of CA 2013 are under development and the revised form exclusively
for such class of companies would be made available for filing purposes soon.
Stakeholders may kindly take note and plan accordingly.
 MCA issues circular to remove doubts/ambiguities in “appointed date” and
“acquisition date” with respect to mergers/amalgamations.
[Ministry of Finance Release]
 Updates related to Listing/Market by SEBI
 Outcomes of SEBI Board Meeting held on 21st
August 2019
 Review of SEBI (Foreign Portfolio Investors) Regulations
 Norms for permitting companies listed on the Innovators Growth
Platform with an option to trade under regular category
 Review of Buy-backs
 Amendments to SEBI (Issue and Listing of Debt securities by
Municipalities) Regulations, 2015
 Amendment to SEBI (Credit Rating Agencies) Regulations, 1999
 Proposed Securities and Exchange Board of India (Prohibition of
Insider Trading) (Third Amendment) Regulations, 2019.
[Read here Press Release]

9. August 22, 2019 THURSDAY
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
7
 Updates related to Start-ups by Start Up India Department
 Maersk joins Indian logistics start-up for truckload offering
Maersk, is a Danish business conglomerate with activities in the transport,
logistics and energy sectors. Maersk has been the largest container ship and
supply vessel operator in the world since 1996
 IIT Delhi start-up, Sanfe, launches reusable sanitary pads made from banana
fibers.
[Read here for more details]
 Started in October 2018, Noida-based Synergy Teletech is delivering indigenous
100% blended bio-fuel to consumers at their doorstep.
[Full report here]
 Updates related to Micro, Small & Medium Enterprises by
Ministry of MSME
 The Khadi & Village Industries Commission(KVIC) is all set to collaborate with
upcoming fashion designers showcasing their special collection of hand-spun
and hand-woven cotton & silk Khadi fabrics at the Lakmé Fashion Week
Winter/Festive beginning from 21-25th Aug 2019
 Updates related to Money Market/Banks by RBI
 Processing of e-mandate on cards for recurring transactions.
RBI has, over the past decade, put in place various safety and security measures
for card payments, including the requirement of Additional Factor of
Authentication (AFA), especially for ‘card-not-present’ transactions. Recurring
transactions based on standing instructions given to the merchants by the
cardholders were brought within the ambit of AFA.
[Details here]

10. August 22, 2019 THURSDAY
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
8
 Real Time Gross Settlement (RTGS) System – Increase in operating hours
At present, the RTGS system is available for customer transactions from 8:00 am
to 6:00 pm and for inter-bank transactions from 8:00 am to 7:45 pm. In order to
increase the availability of the RTGS system, RBI decided to extend the
operating hours of RTGS and commence operations for customers and banks
from 7:00 am.
The RTGS time window with effect from August 26, 2019 will, therefore, be as
per this letter.
 Minutes of the Monetary Policy Committee Meeting August 5-7, 2019
[Read here]
 Updates related to Latest developments in Economy &
Finance world
 Amazon sees no slowdown yet, ready to invest more in India- Read here
 SEBI board meet: FPI framework rationalised, norms for credit rating agencies
amended. Read here
 Minutes of MPC meeting | economy needs a larger push: RBI governor
shaktikanta das. RBI on august 7 had reduced the benchmark lending rate by 35
basis points to 5.40 percent. Read here
 SEBI currently not in favour of hike in minimum public shareholding to 35%
Read here
 CG Power financial fraud: A tale of 4 entities, 2 deals & high-value loans
Read here
 Direct tax collection sees dismal growth; mid-August mop-up growth under 5%
Read here
SAVE WATER || SAVE UNIVERSE

11. =============================================
About Scribbler
PRADEEP GOYAL
 Fellow Member of the Institute of
Chartered Accountants of India.
 Associate member of Professional
Accounting Body of Certified
Practising Accountants (CPA),
Australia.
 CFA (Corporate Finance)- Columbia
Business School, USA | EMERITUS
Institute of Management, Singapore.
 Certified Goods & Service Tax
Practitioner from ICAI & Ministry of
Micro, Small & Medium Enterprises,
Government of India.
================================
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