Succinct newsletter on Daily updates related to- GST with advance rulings and judgements Corporate law SEBI ICAI 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
THEME
Goods and Service Tax-
Notifications/Circulars/Press Releases/Advance
Rulings/Judgements | Income Tax | Corporate
Law | Reserve Bank of India | FEMA | ICAI |
MSMEs | Start-ups | Other Legal Updates |
Union Ministries’ Press Releases | Gazetted
Notifications | New Bills/Acts | News related to
Economy & Finance
3rd August,2019
[Saturday]
No-32

2. =============================================
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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3. August 3,
2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
1
GST UPDATES
LEGAL UPDATES- COURT JUDGEMENTS/ADVACE RULINGS
Sr.No. Source Court/AAR
JUDGEMENT
1 [2019] 108
taxmann.com 15
(Gujarat)
Shabnam Petrofils (P.)
Ltd.
v.
Union of India
R/SPECIAL CIVIL
APPLICATION NOS.
16213, 20626 OF 2018,
JULY 17, 2019
HIGH COURT
OF GUJARAT
There being no express provision in section 54(3)
empowering Central Government to provide for
lapsing of unutilised ITC, petitioners have a vested
right to unutilised ITC accumulated on account of
rate of tax on inputs being higher than rate of tax on
output supplies (inverted rate structure) hence all
Registered persons have a right to claim refund of
unutilized ITC accumulated on account of inverted
duty structure.
Notification dated 26.07.2018 bearing No.20/2018
and Circular dated 24.08.2018 bearing Circular
No.56/30/2018-GST to the extent it provides that
the input tax credit lying unutilized in balance, after
payment of tax for and upto the month of July, 2018,
on the inward supplies received upto the 31st day of
July, 2018, shall lapse, are hereby quashed and set
aside and are hereby declared as untra vires and
beyond the scope of section 54(3)(ii) of the CGST
Act, as section 54(3)(ii) of the CGST Act does not
empower to issue such notifications and
consequently, it is held that the petitioners and
members of the petitioners are entitled for the
credit and it be granted to them.

4. August 3,
2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
2
2 [2019] 107
taxmann.com 145
(Punjab & Haryana)
Parexel International
Services India (P.) Ltd.
v.
Union of India*
CWP 11537 OF 2019
MAY 3, 2019
HIGH COURT
OF PUNJAB
AND
HARYANA
Where Competent Authority had rejected refund
claim of assessee and thereafter issued a show
cause notice on assessee for payment of tax along
with interest and penalty and assessee filed
preliminary objections to show cause notice, but no
response had been received till date, said authority
was directed to take a decision on preliminary
objections by passing a speaking order
GST NEWS
 Central GST Delhi North Commissionerate has busted a racket of issuance of
fake invoices without actual supply of goods and services & found to be
operating 19 fake firms created to facilitate fraudulent Input Tax Credit (ITC),
thus defrauding the Exchequer. Prima facie fraudulent ITC of about Rs 25
crores has been detected to have been passed on using invoices involving an
amount of Rs 137 crores.
[Read here for more details]
 GST & Indirect Taxes Committee of ICAI is organizing Two Days National
Conference on GST Kamarajar Arangam, Teynampet, Chennai on 23rd and
24th August 2019 hosted by SIRC of ICAI
[More details here]
ICAI UPDATES
 ICAI issued Position Paper on Regulation of Accountancy Profession and
Oversight Mechanism in India (Updated as on June 2019).
[Read here]

5. August 3,
2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
3
CORPORATE LAW UPDATES
 Ministry of Corporate Affairs inviting applications for filling up of uploaded one Post
of Secretary, NFRA on deputation basis.
[Full details here]
UPDATES FROM SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
 SEBI issued circular streamlining issuance of SCORES Authentication for SEBI registered
intermediaries with reference to Circular No. CIR/OIAE/1/2014 dated December 18, 2014.
where-in SEBI had directed all listed companies and SEBI registered intermediaries (excluding
Stock Brokers and Depository Participants) to send their details
SEBI launched a centralized web based complaints redress system ‘SCORES’ in June 2011. The
purpose of SCORES is to provide a platform for aggrieved investors, whose grievances, pertaining
to securities market, remain unresolved by the concerned listed company or registered
intermediary after a direct approach. SCORES also provides a platform, overseen by SEBI through
which the investors can approach the concerned listed company or SEBI registered intermediary
in an endeavour towards speedy redressal of grievances of investors in the securities market. It
would, however, be advisable that investors may initially take up their grievances for redressal
with the concerned listed company or registered intermediary, who are required to have
designated persons/officials for handling issues relating to compliance and redressal of investor
grievances.
[Get Circular here]
START-UPS
 No updates on this today.
MSME UPDATES
 No updates on this today.

6. August 3,
2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
4
RBI UPDATES
 RBI clarified that banks shall not charge foreclosure charges/ pre-payment penalties
on any floating rate term loan sanctioned, for purposes other than business, to
individual borrowers with or without co-obligant(s).
[Press release here]
 The Monetary Policy Committee (MPC) will meet during August 5 to 7, 2019 for the
Third Bi-monthly Monetary Policy Statement for 2019-20.
[Press Release here]
 Master Direction - Reserve Bank of India (‘Fit and Proper’ Criteria for Elected
Directors on the Boards of Public Sector banks) Directions, 2019
[Copy of directions here]
INCOME TAX UPDATES
 Task Force for drafting a New Direct Tax Legislation-Extension of time for
submitting final report, report will be submitted on or before August 16, 2019.
[Officer Order here]
LEGAL UPDATES- COURT JUDGEMENTS
Sr.No. Source Court Matter
1 [2019] 107 taxmann.com
215 (Delhi)
Best Cybercity (India) (P.)
Ltd. Vs ITO
HIGH
COURT OF
DELHI
No reassessment to invoke sec. 69
as sum was duly returned due to
non-materialisation of deal to
develop IT Park

7. August 3,
2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
5
NEW ACTS/BILLS
 Parliament passes the Consumer Protection Bill, 2019- COPY HERE
 Parliament passes the Unlawful Activities (Prevention) Amendment Bill, 2019
[COPY HERE]
 Rajya Sabha Passes the Code on Wages Bill, 2019- COPY HERE
FEW IMPORTANT NEWS UPDATES
{Source- Business Standard & Press Information Bureau)
 Vice President inaugurated the Insolvency Research Foundation (IRF)
 Sovereign Gold Bonds 2019-20 (Series III) to be open for the period August 05 - 09,
2019; Issue Price to be Rs 3,499 per gram
 The Income Tax Department conducted Search and Seizure operation on
29.07.2019 on a prominent group involved in Real Estate Development, covering
more than 40 premises across Mumbai and Pune- Details here
 NHAI holds road show for third phase of Toll-Operate-Transfer project, nine
streches of 566 kms to be monetised
 Housing finance companies get Rs 10,000-crore liquidity infusion from
Government.
 With 26 Bills passed, Parliament session on way to being 'most productive'
 Rajiv Kumar, finance ministry insider expected to push for reforms
 RBI Governor asks private banks to pass on rate cut benefits faster
 Banks should not charge for deposit of cash at branch, ATMs: RBI
 RBI to issue cash management bills of Rs 25,000 crore on August 6

8. August 3,
2019
PRADEEP GOYAL, FELLOW MEMBER OF ICAI [MAIL: PRADEEP@PGAA.IN, MOBILE: +91-
9811777103] [FOR EDUCATION & INFORMATION PURPOSE ONLY]
6
RENUNCIATION
“THOUGH ALL THE INFORMATION ASSIMILATED IN THIS DOCUMENT IS TAKEN FROM AUTHENTIC
SOURCES, I DON’T MAKE ANY WARRANTIES ABOUT THE COMPLETENESS, RELIABILITY AND ACCURACY
OF THE INFORMATION CONTAINED IN THIS DOCUMENT. ANY ACTION YOU TAKE UPON THE
INFORMATION IN THIS DOCUMENT, IS STRICTLY AT YOUR OWN RISK AND I WILL NOT BE LIABLE FOR
ANY LOSSES OR DAMAGES IN CONNECTION WITH THE USE OF THIS DOCUMENT”- PRADEEP GOYAL
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