Q2 Earning may decline despite corporate tax cut and this period could be one of worst quarter for corporate earnings in recent years on account of lower sales volume

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Q320 Correct Answer is (c)

Q311 Correct Answer is (c)

*Summary of Outcomes of New notifications no 44 to 49/CT issued on 09.10.2019*

📍 GSTR1 & GSTR3B notified till March 2020 for all category of tax payer

📍Mandatory to match ITC with 2A, otherwise total unmatched credit cannot exceed 20% of ITC as available in 2A

📍 *GSTR3B now declared return from 01.07.2017* (Amended Rule 61(5)) wherever the time limit for filing GSTR-1 or GSTR-2 has been extended. Thus, the judgement of the Gujarat High Court in the case of AAP and Company has been circumvented.

📍voluntary payment of tax to be intimated vide DRC-01A and not DRC-03

📍 Annual Return for assessee below 2 crore turnover is deemed to have filed, if not filed .

RBI Rejects India Bulls Housing and Lakshmu Villas Bank Merger. If the RBI would have approved the move, this would have been the first ever incident where a non-bank lender would have merged with a bank in the country. However, the central bank's letter put end to months of speculation over the merger.

IBHFL and LVB had proposed a merger between two in a share swap deal under which LVB shareholder would get 14 shares of IBHFL for every 100 equity shares held in the bank.

Analysts have revised upwards their estimates for earnings before interest, taxes, depreciation and amortisation (EBITDA) and revenue for Reliance Jio (RJIO) after it hiked the interconnect usage charge (IUC) by 6 paise per minute. The IUC hike by RJIO, analysts say, would pave the way for the other telecom operators to adopt a similar strategy.

Analysts at Edelweiss Securities expect RJIO to resort to further hikes for higher payout towards InvIT—to fund incremental capex for its fibre-to-home (FTH) business and bring down net debt. For RJIO, they expect additional charges to drive up revenue by around 5 per cent, which would translate into nearly 10 per cent increase in EBITDA

India has moved down 10 places to Rank 68th in a Global Index that measures competitiveness, as it fared poorly in most parameters such as Infrastructure, the adoption of Information, Communication and Technology, Financial Markets, skills and Innovation

Duty-free shops at Mumbai airport eligible for GST input tax credit refund says Bombay HC. The Bombay High Court quashed a Maharashtra Sales Tax order that had refused refund of input tax credit to the duty-free shops at the Mumbai international airport.

GST Refunds Denied to MNC Back Offices

A host of back offices of multinational companies in the financial sector face a tax whammy, with GST authorities denying them refunds of amounts paid on inputs, saying the work done for parent companies can’t be considered as exports and will be counted as a service for the same entity.

Rejection orders are based on the premise that the services are provided by the local entity to its overseas affiliate company, which is the ‘same entity’ and therefore, the said services do not qualify as exports.

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1. Introduction to GST
📌https://youtu.be/68W_c9pF-NA

2. Supply under GST
📌https://youtu.be/otKPqvWO_jY

3. Levy of GST
📌https://youtu.be/wL87LlBBlMU

4. Reverse Charge Mechanism
📌 https://youtu.be/_2Mq7OOlg5A

5. Composition Scheme
📌https://youtu.be/QPDhQxBZm58

6. Time of Supply
📌https://youtu.be/gVDDHo021as

7. Value of Supply
📌https://youtu.be/-Myi2ojsyQw

8. Input Tax Credit
📌https://youtu.be/FDlcgK4qsOE

9. Job Work
📌https://youtu.be/zWJPRGA0C8E

10. Registration
📌https://youtu.be/KobzRJcc5Ro

11. Place of Supply
📌https://www.youtube.com/watch?v=gwBISjRaOds&t=12s

12. Import Export Under GST
📌https://www.youtube.com/watch?v=Qrk5XvnsQSE&t=1239s

13. Tax Invoice
📌https://www.youtube.com/watch?v=k7o0zCC1KT8

14. Accounts and Records
📌https://www.youtube.com/watch?v=GKjBG0Eng_Y&t=708s

15. Payment Of Tax
📌https://www.youtube.com/watch?v=nXBZJ-GjNI0&t=730s

16. Returns Under GST
📌https://www.youtube.com/watch?v=t5LuA7AIdkc&t=9s

17. Assesment and Audit
📌https://www.youtube.com/watch?v=WOyw6V51xw8&t=4s

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The number of crorepati taxpayers shot up 20 per cent to 97,689 during assessment year (AY) 2018-19, as per tax returns data released by the revenue department. The number such individuals having taxable income of over Rs 1 crore stood at 81,344 during AY 2017-18.

Moody’s Investors Service cut its forecast for India’s FY20 GDP growth by 40 bps to 5.8%, in what reflected a continuing trend of such downward revisions by prominent domestic and foreign agencies.

A Parliamentary panel is likely to call top Finance Ministry officials and RBI governor to brief its members about economic slowdown in the country.

The newly-constituted panel met for the first time on Thursday and decided to deliberate on a number of subjects, including role of regulators, auditors, rating agencies and other stakeholder

Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 20% of the eligible credit available in respect of invoices or debit notes, the details of which have been uploaded by the supplier.

These invoices or debit notes have to be uploaded by the suppliers in Form GSTR-1 – the return for outward supplies. Earlier, such credit could be claimed without any restrictions based only on the invoice copy after satisfying other conditions laid down under Section 16 of the CGST Act. The new rule came into effect on October 9.

Airtel and Vodafone Idea added as much as ₹16,500 crore to their combined market value on Thursday after Reliance Jio ended free voice calls.


Jio said it will charge 6p/minute for calls made to rival networks till such time regulator TRAI moves to a zero termination-charge regime.