In view of declining GST collections from states threatening their finances, the Central government is gearing up to review GST. It intends to reconsider the tax structure, increase tax slabs of non-essential and lifestyle items and consider bringing more items into the GST net.

♻️ CA Final Direct Tax Case Laws for Nov 19 :

By VG Sir

https://youtu.be/ziJdG6dELuo

Central Government makes further amendments to Schedule VII of the Companies Act, 2013 which relates to Activities which may be included by companies in their Corporate Social Responsibility Policies.

Foreign portfolio investors withdrew over Rs 6,200 crore from Indian capital markets in the first two weeks of October, as global recession fears and trade war concerns weighed on sentiments.Foreign investors pulled out a net amount of Rs 4,955.2 crore from the equities and Rs 1,261.9 from the debt segment, taking the total net withdrawal to Rs 6,217.1 crore during October 1-11, as per latest depositories data.

GST: 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

📯 IDT (GST & Customs) Revision Videos for Nov 19 :

💁‍♂ By Vishal Bhattad Sir

https://www.youtube.com/playlist?list=PL01GEcXwiXulmfByJI1LCNFv8q7a8QDax

Q324 Correct Answer is (b)

Q292 Correct Answer is (c)

World Bank says that India is facing a severe Slump and cuts GDP forecast to 6%, the most among South Asian nations

Most auto companies are expected to report another dismal performance for September quarter (Q2) of 2019-20, as poor demand and steep discounts singed their earnings.

The average of the brokerages, including Kotak Securities, ICICI Securities, Prabhudas Lilladher, and Antique, estimates that net profit of top eight companies in the auto universe (including the consolidated earnings of Tata Motors) to see a 46.2 per cent year-on-year (YoY) drop for Q2FY20. This will be the sixth consecutive quarter of a double-digit decline in net profits,

Gross non-performing assets (GNPA) for public sector banks (PSBs) in the agriculture sector has exceeded Rs 1 trillion. According to Reserve Bank of India (RBI) data, the GNPA from agriculture and allied activities in these banks was Rs 1.04 trillion at end-July, against total credit of Rs 942,869 crore (about Rs 9.4 trillion).Thus, the ratio of GNPA to total credit is over 11 per cent.

UDIN is to be generated for Assignment wise and same UDIN is to be used in all documents signed under that assignment. Say for Example while signing the various certificates while doing Bank Audit, same UDIN can be used for all certificates to be signed for that particular Bank Audit Assignment.

Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan has called for the inclusion of petroleum products under GST regime.