Draft of new GST return from unveiled

B2B invoices will have to be generated on govt portal by Sept

Change in Real Time Gross Settlement System(RTGS)

FMCG distributors face GST scrutiny for post-sale discounts

Relook GST on solar sector HC tells panel

AAR allows input tax credit by debt settlement under GST regimeGST anti-profiteering body may get fresh lease of life

No Further extension for completing KYC of Companies-MCA

Curbing black money Now get ready to pay tax on cash transactions at bank

MCA notifies new form PAS 6 for Reconciliation of share Capital Audit Report ( Half- yearly) which shall come into force from 30-09-2019

Co

High Court issues notice to Centre and Delhi govt on blocked credits under GST

Automated GST refund for exporters by June 2019

GST Evaders Can Be ArrestedSC Upholds Telangana HC Judgment

I-T dept again defers GSTGAAR reporting in tax audit report till March 2020 CBDT for more exhaustive audit report for charitable trusts

Volume 10 Issue 6 - June 2019

NewsletterSNR COMPANY

accountantS

ampChartered

The Delhi High Court has directed the Goods and Services Tax Council to review the tax structure for solar power projects The decision was in response to a writ filed by the Solar Power Development Association which had challenged the latest tax formulation for solar power generating systems unveiled on January 1 The court has asked the GST Council to relook at the matter in consultation with the Central Board of Indirect Taxes and Customs and the ministry of new and renewable energy

Highlights

For private circulation only among clients and associates Page 1 of 7

Relook GST on solar sector HC tells panel GST

For private circulation only among clients and associates Page 2 of 7

SNR COMPANY

accountantS

ampChartered

GST Evaders Can Be ArrestedSC Upholds Telangana HC Judgment

Draft of new GST return from unveiled

The Delhi High Court has issued a notice to the Centre and the Delhi government on the issue of blocked credits under the Goods amp Services Tax (GST) regime Such a mechanism is affecting hotels and malls The GST Act has a provision under Section 16 for input tax credit (ITC) which helps businesses deduct the tax paid on inputs at the time of paying tax on output thus lowering the tax paid in cash However this Section is subject to certain restrictions as laid down under Section 17 of the Act

High Court issues notice to Centre and Delhi govt on blocked credits under GST

The Supreme Court has dismissed a plea challenging Telangana High Court judgment that held that a person can be arrested by the competent authority in cases of Goods and Service Tax (GST) evasion The vacation bench of Chief Justice of India Ranjan Gogoi and Justice Aniruddha Bose dismissing the Special Leave Petition said that it is not inclined to interfere The Division bench of the Telangana High Court in April dismissed a batch of writ petitions seeking protection from arrest for alleged tax evasion

Volume 10 Issue 6 - June 2019

The Goods amp Services Tax (GST) Authority has come out with a draft of a new and simplified return form The new form is expected to be formally rolled out in July Through this exercise the authority aims to obtain feedback on the user interface and its functionalities The users can fill the template and mail the same The new GST Return will have Form GST RET-1 (Normal) Form GST RET-2 (Sahaj) and Form GST RET-3 (Sugam) on either monthly or quarterly basis along with the Annexure of Supplies (GST ANX-1) and the Annexure of Inward Supplies (GST ANX-2)

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 3 of 7

Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement an official said Under GST every person making a claim of refund on account of zero-rated supplies has two options Either he can export without payment of integrated tax under Bond LUT and claim a refund of accumulated Input Tax Credit (ITC) or he may export on payment of integrated tax and claim refund thereof

GST anti-profiteering body may get fresh lease of life

AAR allows input tax credit by debt settlement under GST regime

Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them including tax is discharged through adjustments in their books ruled an authority for advance rulings (AAR) The Bengal wing of AAR made the ruling while hearing a case relating to Semco Gold a supplier of jewellery

Automated GST refund for exporters by June 2019

Indias anti-profiteering framework may remain in place for another two years as the country eyes more changes to the goods and services tax (GST) structure Aimed at protecting consumer interest under GST it was initially meant to be in place for two years

Volume 10 Issue 6 - June 2019

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 4 of 7

The Narendra Modi government in its second term will put in place measures to further curb black money generation According to sources policymakers have started talks on the possibility of re-introducing the much-flayed instrument of the banking cash transaction tax (BCTT) to discourage cash transactions We have received suggestions on taxing cash transactions The departments concerned are examining the feasibility and effectiveness of the tax

B2B invoices will have to be generated on govt portal by Sept

Income Tax

FMCG distributors face GST scrutiny for post-sale discounts

Coca-Cola Indias bottling partner Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers said a person familiar with the matter The authorities have asked why GST was not paid on these discounts treating them as services by distributors In some cases authorities have sought sales details for the past five years from distributors

Curbing black money Now get ready to pay tax on cash transactions at bank

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September a move aimed at curbing the menace of fake invoices and evasion of GST officials said The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers committee has already been set up

Volume 10 Issue 6 - June 2019

Income Tax

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 5 of 7

CBDT for more exhaustive audit report for charitable trusts

Income Tax

I-T dept again defers GSTGAAR reporting in tax audit report till March 2020

The Central Board of Direct Taxes (CBDT) has proposed amendments to the tax audit report for charitable trusts and institutions which would require additional details from assesses in the form of status of registration under the Income Tax Act compliance to conditions for application and registration status under the Foreign Contribution Regulation Act (FCRA) 2010 among others The draft notification has been put in the public domain and stakeholders have time till June 5 to submit their views The proposed changes will extend the audit form to 8 pages from 3 pages earlier

The income tax department has deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31 2020 -- meaning that all income tax audit reports need not include details on GST and General Anti-Avoidance Rules (GAAR) till March 2020

Volume 10 Issue 6 - June 2019

Corporate Laws

MCA notifies new form PAS 6 for Reconciliation of share Capital Audit Report ( Half- yearly) which shall come into force from 30-09-2019

MCA has notified a new Form PAS ndash 6 towards Reconciliation of Share Capital Audit Report (Half-yearly) pursuant to sub-rule (8) of rule 9A Companies (Prospectus and Allotment of Securities Rules 2014 Accordingly Every unlisted public company governed by this rule shall submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules 2014 within sixty days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice

For private circulation only among clients and associates Page 6 of 7

SNR COMPANY

accountantS

ampChartered

RBI FEM

Compliance calendar for the month of June 2019

S No Particulars Frequency Due Date

1 TDS TCS Payment Remittance Monthly 07-June-2019

2 STPI Monthly Returns Monthly 10-June-2019

3 GSTR - 1 (May) Monthly 11-June-2019

4 PF Payment Monthly 15-June-2019

5 ESIC Payment Monthly 15-June-2019

6 GSTR 3B (May) Monthly 20-June-2019

7 GST Payment (May) Monthly 20-June-2019

Volume 10 Issue 6 - June 2019

Change in Real Time Gross Settlement System(RTGS)

The Reserve Bank of India has announced that from 1st June the time-window for using the Real Time Gross Settlement System (RTGS) for customer transactions will be extended from 430 pm to 6 pm

MCA has issued an advisory on its portal that the last date for filing ACTIVE (eForm INC-22A) shall expire on 15th June 2019 and no further extension for the filing of form would be provided

No Further extension for completing KYC of Companies-MCA

Income Tax

For private circulation only among clients and associates

SNR COMPANY

accountantS

ampChartered

Page 7 of 7

RBI FEMAStock Indices

Opening[ 01-May-2019]

Closing[31-May-2019]

Change ()

Sensex

Dow Jones

Gold

Nifty

FTSE

Silver

2481521

INR 3312000 10 gm

3971445

1194525

716171

INR 36430 Kg

169

-611

-326

188

-099

-303

US ($) - INR 6956 Euro (euro) - INR 7701 GBP (pound) - INR 8794

Source - Global Indices BSE NSE RBI MCX INDIA

For suggestions and feedback click here

Notes

The information contained in this newsletter is of general nature and is not intended to address the issues of any particular individual or entity Though the firm has taken due care in the preparation of this newsletter to provide accurate and timely information there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future Further the information contained herein is not intended to constitute any legal advice and the firm will not accept any responsibility towards those who rely solely on the contents of this newsletter The material provided in this newsletter is for information purpose only and it is advised to take appropriate professional advice before acting on the information contained in the newsletter

Copyright and ownership of all contents of this newsletter belong to SNR amp Company except third-party resources

Disclaimer

DelhiA-15 Second Floor Hauz Khas

New Delhi - 110016 (India)

Fax +91 011 26567540Ph +91 011 41655801 41655802

Bangalore

Bangalore Karnataka - 560010 (India)Ph +91 80 42064178

No 605 Second Floor 62nd Cross 5th Block Rajajinagar Flat No - 2A Gangotri Complex Near Geeta Society Camp Pune 411001 (India)

Ph +91 20 2543 5788

Pune

Click here to unsubscribe for newsletter

E-mail- snrsnrcompany

Contact Us

1172425

738570

INR Kg3674193

3898136

INR 10 gm3244000

2643014

Volume 10 Issue 6 - June 2019

For private circulation only among clients and associates Page 2 of 7

SNR COMPANY

accountantS

ampChartered

GST Evaders Can Be ArrestedSC Upholds Telangana HC Judgment

Draft of new GST return from unveiled

The Delhi High Court has issued a notice to the Centre and the Delhi government on the issue of blocked credits under the Goods amp Services Tax (GST) regime Such a mechanism is affecting hotels and malls The GST Act has a provision under Section 16 for input tax credit (ITC) which helps businesses deduct the tax paid on inputs at the time of paying tax on output thus lowering the tax paid in cash However this Section is subject to certain restrictions as laid down under Section 17 of the Act

High Court issues notice to Centre and Delhi govt on blocked credits under GST

The Supreme Court has dismissed a plea challenging Telangana High Court judgment that held that a person can be arrested by the competent authority in cases of Goods and Service Tax (GST) evasion The vacation bench of Chief Justice of India Ranjan Gogoi and Justice Aniruddha Bose dismissing the Special Leave Petition said that it is not inclined to interfere The Division bench of the Telangana High Court in April dismissed a batch of writ petitions seeking protection from arrest for alleged tax evasion

Volume 10 Issue 6 - June 2019

The Goods amp Services Tax (GST) Authority has come out with a draft of a new and simplified return form The new form is expected to be formally rolled out in July Through this exercise the authority aims to obtain feedback on the user interface and its functionalities The users can fill the template and mail the same The new GST Return will have Form GST RET-1 (Normal) Form GST RET-2 (Sahaj) and Form GST RET-3 (Sugam) on either monthly or quarterly basis along with the Annexure of Supplies (GST ANX-1) and the Annexure of Inward Supplies (GST ANX-2)

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 3 of 7

Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement an official said Under GST every person making a claim of refund on account of zero-rated supplies has two options Either he can export without payment of integrated tax under Bond LUT and claim a refund of accumulated Input Tax Credit (ITC) or he may export on payment of integrated tax and claim refund thereof

GST anti-profiteering body may get fresh lease of life

AAR allows input tax credit by debt settlement under GST regime

Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them including tax is discharged through adjustments in their books ruled an authority for advance rulings (AAR) The Bengal wing of AAR made the ruling while hearing a case relating to Semco Gold a supplier of jewellery

Automated GST refund for exporters by June 2019

Indias anti-profiteering framework may remain in place for another two years as the country eyes more changes to the goods and services tax (GST) structure Aimed at protecting consumer interest under GST it was initially meant to be in place for two years

Volume 10 Issue 6 - June 2019

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 4 of 7

The Narendra Modi government in its second term will put in place measures to further curb black money generation According to sources policymakers have started talks on the possibility of re-introducing the much-flayed instrument of the banking cash transaction tax (BCTT) to discourage cash transactions We have received suggestions on taxing cash transactions The departments concerned are examining the feasibility and effectiveness of the tax

B2B invoices will have to be generated on govt portal by Sept

Income Tax

FMCG distributors face GST scrutiny for post-sale discounts

Coca-Cola Indias bottling partner Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers said a person familiar with the matter The authorities have asked why GST was not paid on these discounts treating them as services by distributors In some cases authorities have sought sales details for the past five years from distributors

Curbing black money Now get ready to pay tax on cash transactions at bank

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September a move aimed at curbing the menace of fake invoices and evasion of GST officials said The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers committee has already been set up

Volume 10 Issue 6 - June 2019

Income Tax

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 5 of 7

CBDT for more exhaustive audit report for charitable trusts

Income Tax

I-T dept again defers GSTGAAR reporting in tax audit report till March 2020

The Central Board of Direct Taxes (CBDT) has proposed amendments to the tax audit report for charitable trusts and institutions which would require additional details from assesses in the form of status of registration under the Income Tax Act compliance to conditions for application and registration status under the Foreign Contribution Regulation Act (FCRA) 2010 among others The draft notification has been put in the public domain and stakeholders have time till June 5 to submit their views The proposed changes will extend the audit form to 8 pages from 3 pages earlier

The income tax department has deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31 2020 -- meaning that all income tax audit reports need not include details on GST and General Anti-Avoidance Rules (GAAR) till March 2020

Volume 10 Issue 6 - June 2019

Corporate Laws

MCA notifies new form PAS 6 for Reconciliation of share Capital Audit Report ( Half- yearly) which shall come into force from 30-09-2019

MCA has notified a new Form PAS ndash 6 towards Reconciliation of Share Capital Audit Report (Half-yearly) pursuant to sub-rule (8) of rule 9A Companies (Prospectus and Allotment of Securities Rules 2014 Accordingly Every unlisted public company governed by this rule shall submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules 2014 within sixty days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice

For private circulation only among clients and associates Page 6 of 7

SNR COMPANY

accountantS

ampChartered

RBI FEM

Compliance calendar for the month of June 2019

S No Particulars Frequency Due Date

1 TDS TCS Payment Remittance Monthly 07-June-2019

2 STPI Monthly Returns Monthly 10-June-2019

3 GSTR - 1 (May) Monthly 11-June-2019

4 PF Payment Monthly 15-June-2019

5 ESIC Payment Monthly 15-June-2019

6 GSTR 3B (May) Monthly 20-June-2019

7 GST Payment (May) Monthly 20-June-2019

Volume 10 Issue 6 - June 2019

Change in Real Time Gross Settlement System(RTGS)

The Reserve Bank of India has announced that from 1st June the time-window for using the Real Time Gross Settlement System (RTGS) for customer transactions will be extended from 430 pm to 6 pm

MCA has issued an advisory on its portal that the last date for filing ACTIVE (eForm INC-22A) shall expire on 15th June 2019 and no further extension for the filing of form would be provided

No Further extension for completing KYC of Companies-MCA

Income Tax

For private circulation only among clients and associates

SNR COMPANY

accountantS

ampChartered

Page 7 of 7

RBI FEMAStock Indices

Opening[ 01-May-2019]

Closing[31-May-2019]

Change ()

Sensex

Dow Jones

Gold

Nifty

FTSE

Silver

2481521

INR 3312000 10 gm

3971445

1194525

716171

INR 36430 Kg

169

-611

-326

188

-099

-303

US ($) - INR 6956 Euro (euro) - INR 7701 GBP (pound) - INR 8794

Source - Global Indices BSE NSE RBI MCX INDIA

For suggestions and feedback click here

Notes

The information contained in this newsletter is of general nature and is not intended to address the issues of any particular individual or entity Though the firm has taken due care in the preparation of this newsletter to provide accurate and timely information there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future Further the information contained herein is not intended to constitute any legal advice and the firm will not accept any responsibility towards those who rely solely on the contents of this newsletter The material provided in this newsletter is for information purpose only and it is advised to take appropriate professional advice before acting on the information contained in the newsletter

Copyright and ownership of all contents of this newsletter belong to SNR amp Company except third-party resources

Disclaimer

DelhiA-15 Second Floor Hauz Khas

New Delhi - 110016 (India)

Fax +91 011 26567540Ph +91 011 41655801 41655802

Bangalore

Bangalore Karnataka - 560010 (India)Ph +91 80 42064178

No 605 Second Floor 62nd Cross 5th Block Rajajinagar Flat No - 2A Gangotri Complex Near Geeta Society Camp Pune 411001 (India)

Ph +91 20 2543 5788

Pune

Click here to unsubscribe for newsletter

E-mail- snrsnrcompany

Contact Us

1172425

738570

INR Kg3674193

3898136

INR 10 gm3244000

2643014

Volume 10 Issue 6 - June 2019

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 3 of 7

Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement an official said Under GST every person making a claim of refund on account of zero-rated supplies has two options Either he can export without payment of integrated tax under Bond LUT and claim a refund of accumulated Input Tax Credit (ITC) or he may export on payment of integrated tax and claim refund thereof

GST anti-profiteering body may get fresh lease of life

AAR allows input tax credit by debt settlement under GST regime

Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them including tax is discharged through adjustments in their books ruled an authority for advance rulings (AAR) The Bengal wing of AAR made the ruling while hearing a case relating to Semco Gold a supplier of jewellery

Automated GST refund for exporters by June 2019

Indias anti-profiteering framework may remain in place for another two years as the country eyes more changes to the goods and services tax (GST) structure Aimed at protecting consumer interest under GST it was initially meant to be in place for two years

Volume 10 Issue 6 - June 2019

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 4 of 7

The Narendra Modi government in its second term will put in place measures to further curb black money generation According to sources policymakers have started talks on the possibility of re-introducing the much-flayed instrument of the banking cash transaction tax (BCTT) to discourage cash transactions We have received suggestions on taxing cash transactions The departments concerned are examining the feasibility and effectiveness of the tax

B2B invoices will have to be generated on govt portal by Sept

Income Tax

FMCG distributors face GST scrutiny for post-sale discounts

Coca-Cola Indias bottling partner Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers said a person familiar with the matter The authorities have asked why GST was not paid on these discounts treating them as services by distributors In some cases authorities have sought sales details for the past five years from distributors

Curbing black money Now get ready to pay tax on cash transactions at bank

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September a move aimed at curbing the menace of fake invoices and evasion of GST officials said The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers committee has already been set up

Volume 10 Issue 6 - June 2019

Income Tax

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 5 of 7

CBDT for more exhaustive audit report for charitable trusts

Income Tax

I-T dept again defers GSTGAAR reporting in tax audit report till March 2020

The Central Board of Direct Taxes (CBDT) has proposed amendments to the tax audit report for charitable trusts and institutions which would require additional details from assesses in the form of status of registration under the Income Tax Act compliance to conditions for application and registration status under the Foreign Contribution Regulation Act (FCRA) 2010 among others The draft notification has been put in the public domain and stakeholders have time till June 5 to submit their views The proposed changes will extend the audit form to 8 pages from 3 pages earlier

The income tax department has deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31 2020 -- meaning that all income tax audit reports need not include details on GST and General Anti-Avoidance Rules (GAAR) till March 2020

Volume 10 Issue 6 - June 2019

Corporate Laws

MCA notifies new form PAS 6 for Reconciliation of share Capital Audit Report ( Half- yearly) which shall come into force from 30-09-2019

MCA has notified a new Form PAS ndash 6 towards Reconciliation of Share Capital Audit Report (Half-yearly) pursuant to sub-rule (8) of rule 9A Companies (Prospectus and Allotment of Securities Rules 2014 Accordingly Every unlisted public company governed by this rule shall submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules 2014 within sixty days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice

For private circulation only among clients and associates Page 6 of 7

SNR COMPANY

accountantS

ampChartered

RBI FEM

Compliance calendar for the month of June 2019

S No Particulars Frequency Due Date

1 TDS TCS Payment Remittance Monthly 07-June-2019

2 STPI Monthly Returns Monthly 10-June-2019

3 GSTR - 1 (May) Monthly 11-June-2019

4 PF Payment Monthly 15-June-2019

5 ESIC Payment Monthly 15-June-2019

6 GSTR 3B (May) Monthly 20-June-2019

7 GST Payment (May) Monthly 20-June-2019

Volume 10 Issue 6 - June 2019

Change in Real Time Gross Settlement System(RTGS)

The Reserve Bank of India has announced that from 1st June the time-window for using the Real Time Gross Settlement System (RTGS) for customer transactions will be extended from 430 pm to 6 pm

MCA has issued an advisory on its portal that the last date for filing ACTIVE (eForm INC-22A) shall expire on 15th June 2019 and no further extension for the filing of form would be provided

No Further extension for completing KYC of Companies-MCA

Income Tax

For private circulation only among clients and associates

SNR COMPANY

accountantS

ampChartered

Page 7 of 7

RBI FEMAStock Indices

Opening[ 01-May-2019]

Closing[31-May-2019]

Change ()

Sensex

Dow Jones

Gold

Nifty

FTSE

Silver

2481521

INR 3312000 10 gm

3971445

1194525

716171

INR 36430 Kg

169

-611

-326

188

-099

-303

US ($) - INR 6956 Euro (euro) - INR 7701 GBP (pound) - INR 8794

Source - Global Indices BSE NSE RBI MCX INDIA

For suggestions and feedback click here

Notes

The information contained in this newsletter is of general nature and is not intended to address the issues of any particular individual or entity Though the firm has taken due care in the preparation of this newsletter to provide accurate and timely information there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future Further the information contained herein is not intended to constitute any legal advice and the firm will not accept any responsibility towards those who rely solely on the contents of this newsletter The material provided in this newsletter is for information purpose only and it is advised to take appropriate professional advice before acting on the information contained in the newsletter

Copyright and ownership of all contents of this newsletter belong to SNR amp Company except third-party resources

Disclaimer

DelhiA-15 Second Floor Hauz Khas

New Delhi - 110016 (India)

Fax +91 011 26567540Ph +91 011 41655801 41655802

Bangalore

Bangalore Karnataka - 560010 (India)Ph +91 80 42064178

No 605 Second Floor 62nd Cross 5th Block Rajajinagar Flat No - 2A Gangotri Complex Near Geeta Society Camp Pune 411001 (India)

Ph +91 20 2543 5788

Pune

Click here to unsubscribe for newsletter

E-mail- snrsnrcompany

Contact Us

1172425

738570

INR Kg3674193

3898136

INR 10 gm3244000

2643014

Volume 10 Issue 6 - June 2019

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 4 of 7

The Narendra Modi government in its second term will put in place measures to further curb black money generation According to sources policymakers have started talks on the possibility of re-introducing the much-flayed instrument of the banking cash transaction tax (BCTT) to discourage cash transactions We have received suggestions on taxing cash transactions The departments concerned are examining the feasibility and effectiveness of the tax

B2B invoices will have to be generated on govt portal by Sept

Income Tax

FMCG distributors face GST scrutiny for post-sale discounts

Coca-Cola Indias bottling partner Hindustan Coca-Cola Beverages (HCCB) and distributors of FMCG and consumer durable firms have come under the lens of the goods and services tax (GST) authorities over so-called post-sale discounts offered by manufacturers said a person familiar with the matter The authorities have asked why GST was not paid on these discounts treating them as services by distributors In some cases authorities have sought sales details for the past five years from distributors

Curbing black money Now get ready to pay tax on cash transactions at bank

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September a move aimed at curbing the menace of fake invoices and evasion of GST officials said The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers committee has already been set up

Volume 10 Issue 6 - June 2019

Income Tax

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 5 of 7

CBDT for more exhaustive audit report for charitable trusts

Income Tax

I-T dept again defers GSTGAAR reporting in tax audit report till March 2020

The Central Board of Direct Taxes (CBDT) has proposed amendments to the tax audit report for charitable trusts and institutions which would require additional details from assesses in the form of status of registration under the Income Tax Act compliance to conditions for application and registration status under the Foreign Contribution Regulation Act (FCRA) 2010 among others The draft notification has been put in the public domain and stakeholders have time till June 5 to submit their views The proposed changes will extend the audit form to 8 pages from 3 pages earlier

The income tax department has deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31 2020 -- meaning that all income tax audit reports need not include details on GST and General Anti-Avoidance Rules (GAAR) till March 2020

Volume 10 Issue 6 - June 2019

Corporate Laws

MCA notifies new form PAS 6 for Reconciliation of share Capital Audit Report ( Half- yearly) which shall come into force from 30-09-2019

MCA has notified a new Form PAS ndash 6 towards Reconciliation of Share Capital Audit Report (Half-yearly) pursuant to sub-rule (8) of rule 9A Companies (Prospectus and Allotment of Securities Rules 2014 Accordingly Every unlisted public company governed by this rule shall submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules 2014 within sixty days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice

For private circulation only among clients and associates Page 6 of 7

SNR COMPANY

accountantS

ampChartered

RBI FEM

Compliance calendar for the month of June 2019

S No Particulars Frequency Due Date

1 TDS TCS Payment Remittance Monthly 07-June-2019

2 STPI Monthly Returns Monthly 10-June-2019

3 GSTR - 1 (May) Monthly 11-June-2019

4 PF Payment Monthly 15-June-2019

5 ESIC Payment Monthly 15-June-2019

6 GSTR 3B (May) Monthly 20-June-2019

7 GST Payment (May) Monthly 20-June-2019

Volume 10 Issue 6 - June 2019

Change in Real Time Gross Settlement System(RTGS)

The Reserve Bank of India has announced that from 1st June the time-window for using the Real Time Gross Settlement System (RTGS) for customer transactions will be extended from 430 pm to 6 pm

MCA has issued an advisory on its portal that the last date for filing ACTIVE (eForm INC-22A) shall expire on 15th June 2019 and no further extension for the filing of form would be provided

No Further extension for completing KYC of Companies-MCA

Income Tax

For private circulation only among clients and associates

SNR COMPANY

accountantS

ampChartered

Page 7 of 7

RBI FEMAStock Indices

Opening[ 01-May-2019]

Closing[31-May-2019]

Change ()

Sensex

Dow Jones

Gold

Nifty

FTSE

Silver

2481521

INR 3312000 10 gm

3971445

1194525

716171

INR 36430 Kg

169

-611

-326

188

-099

-303

US ($) - INR 6956 Euro (euro) - INR 7701 GBP (pound) - INR 8794

Source - Global Indices BSE NSE RBI MCX INDIA

For suggestions and feedback click here

Notes

The information contained in this newsletter is of general nature and is not intended to address the issues of any particular individual or entity Though the firm has taken due care in the preparation of this newsletter to provide accurate and timely information there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future Further the information contained herein is not intended to constitute any legal advice and the firm will not accept any responsibility towards those who rely solely on the contents of this newsletter The material provided in this newsletter is for information purpose only and it is advised to take appropriate professional advice before acting on the information contained in the newsletter

Copyright and ownership of all contents of this newsletter belong to SNR amp Company except third-party resources

Disclaimer

DelhiA-15 Second Floor Hauz Khas

New Delhi - 110016 (India)

Fax +91 011 26567540Ph +91 011 41655801 41655802

Bangalore

Bangalore Karnataka - 560010 (India)Ph +91 80 42064178

No 605 Second Floor 62nd Cross 5th Block Rajajinagar Flat No - 2A Gangotri Complex Near Geeta Society Camp Pune 411001 (India)

Ph +91 20 2543 5788

Pune

Click here to unsubscribe for newsletter

E-mail- snrsnrcompany

Contact Us

1172425

738570

INR Kg3674193

3898136

INR 10 gm3244000

2643014

Volume 10 Issue 6 - June 2019

SNR COMPANY

accountantS

ampChartered

For private circulation only among clients and associates Page 5 of 7

CBDT for more exhaustive audit report for charitable trusts

Income Tax

I-T dept again defers GSTGAAR reporting in tax audit report till March 2020

The Central Board of Direct Taxes (CBDT) has proposed amendments to the tax audit report for charitable trusts and institutions which would require additional details from assesses in the form of status of registration under the Income Tax Act compliance to conditions for application and registration status under the Foreign Contribution Regulation Act (FCRA) 2010 among others The draft notification has been put in the public domain and stakeholders have time till June 5 to submit their views The proposed changes will extend the audit form to 8 pages from 3 pages earlier

The income tax department has deferred for the second time the requirement for companies to include in their tax audit report the details of Goods and Services Tax (GST) and GAAR The reporting requirement of these details in income tax audit form has been kept in abeyance till March 31 2020 -- meaning that all income tax audit reports need not include details on GST and General Anti-Avoidance Rules (GAAR) till March 2020

Volume 10 Issue 6 - June 2019

Corporate Laws

MCA notifies new form PAS 6 for Reconciliation of share Capital Audit Report ( Half- yearly) which shall come into force from 30-09-2019

MCA has notified a new Form PAS ndash 6 towards Reconciliation of Share Capital Audit Report (Half-yearly) pursuant to sub-rule (8) of rule 9A Companies (Prospectus and Allotment of Securities Rules 2014 Accordingly Every unlisted public company governed by this rule shall submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules 2014 within sixty days from the conclusion of each half year duly certified by a company secretary in practice or chartered accountant in practice

For private circulation only among clients and associates Page 6 of 7

SNR COMPANY

accountantS

ampChartered

RBI FEM

Compliance calendar for the month of June 2019

S No Particulars Frequency Due Date

1 TDS TCS Payment Remittance Monthly 07-June-2019

2 STPI Monthly Returns Monthly 10-June-2019

3 GSTR - 1 (May) Monthly 11-June-2019

4 PF Payment Monthly 15-June-2019

5 ESIC Payment Monthly 15-June-2019

6 GSTR 3B (May) Monthly 20-June-2019

7 GST Payment (May) Monthly 20-June-2019

Volume 10 Issue 6 - June 2019

Change in Real Time Gross Settlement System(RTGS)

The Reserve Bank of India has announced that from 1st June the time-window for using the Real Time Gross Settlement System (RTGS) for customer transactions will be extended from 430 pm to 6 pm

MCA has issued an advisory on its portal that the last date for filing ACTIVE (eForm INC-22A) shall expire on 15th June 2019 and no further extension for the filing of form would be provided

No Further extension for completing KYC of Companies-MCA

Income Tax

For private circulation only among clients and associates

SNR COMPANY

accountantS

ampChartered

Page 7 of 7

RBI FEMAStock Indices

Opening[ 01-May-2019]

Closing[31-May-2019]

Change ()

Sensex

Dow Jones

Gold

Nifty

FTSE

Silver

2481521

INR 3312000 10 gm

3971445

1194525

716171

INR 36430 Kg

169

-611

-326

188

-099

-303

US ($) - INR 6956 Euro (euro) - INR 7701 GBP (pound) - INR 8794

Source - Global Indices BSE NSE RBI MCX INDIA

For suggestions and feedback click here

Notes

The information contained in this newsletter is of general nature and is not intended to address the issues of any particular individual or entity Though the firm has taken due care in the preparation of this newsletter to provide accurate and timely information there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future Further the information contained herein is not intended to constitute any legal advice and the firm will not accept any responsibility towards those who rely solely on the contents of this newsletter The material provided in this newsletter is for information purpose only and it is advised to take appropriate professional advice before acting on the information contained in the newsletter

Copyright and ownership of all contents of this newsletter belong to SNR amp Company except third-party resources

Disclaimer

DelhiA-15 Second Floor Hauz Khas

New Delhi - 110016 (India)

Fax +91 011 26567540Ph +91 011 41655801 41655802

Bangalore

Bangalore Karnataka - 560010 (India)Ph +91 80 42064178

No 605 Second Floor 62nd Cross 5th Block Rajajinagar Flat No - 2A Gangotri Complex Near Geeta Society Camp Pune 411001 (India)

Ph +91 20 2543 5788

Pune

Click here to unsubscribe for newsletter

E-mail- snrsnrcompany

Contact Us

1172425

738570

INR Kg3674193

3898136

INR 10 gm3244000

2643014

Volume 10 Issue 6 - June 2019

For private circulation only among clients and associates Page 6 of 7

SNR COMPANY

accountantS

ampChartered

RBI FEM

Compliance calendar for the month of June 2019

S No Particulars Frequency Due Date

1 TDS TCS Payment Remittance Monthly 07-June-2019

2 STPI Monthly Returns Monthly 10-June-2019

3 GSTR - 1 (May) Monthly 11-June-2019

4 PF Payment Monthly 15-June-2019

5 ESIC Payment Monthly 15-June-2019

6 GSTR 3B (May) Monthly 20-June-2019

7 GST Payment (May) Monthly 20-June-2019

Volume 10 Issue 6 - June 2019

Change in Real Time Gross Settlement System(RTGS)

The Reserve Bank of India has announced that from 1st June the time-window for using the Real Time Gross Settlement System (RTGS) for customer transactions will be extended from 430 pm to 6 pm

MCA has issued an advisory on its portal that the last date for filing ACTIVE (eForm INC-22A) shall expire on 15th June 2019 and no further extension for the filing of form would be provided

No Further extension for completing KYC of Companies-MCA

Income Tax

For private circulation only among clients and associates

SNR COMPANY

accountantS

ampChartered

Page 7 of 7

RBI FEMAStock Indices

Opening[ 01-May-2019]

Closing[31-May-2019]

Change ()

Sensex

Dow Jones

Gold

Nifty

FTSE

Silver

2481521

INR 3312000 10 gm

3971445

1194525

716171

INR 36430 Kg

169

-611

-326

188

-099

-303

US ($) - INR 6956 Euro (euro) - INR 7701 GBP (pound) - INR 8794

Source - Global Indices BSE NSE RBI MCX INDIA

For suggestions and feedback click here

Notes

The information contained in this newsletter is of general nature and is not intended to address the issues of any particular individual or entity Though the firm has taken due care in the preparation of this newsletter to provide accurate and timely information there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future Further the information contained herein is not intended to constitute any legal advice and the firm will not accept any responsibility towards those who rely solely on the contents of this newsletter The material provided in this newsletter is for information purpose only and it is advised to take appropriate professional advice before acting on the information contained in the newsletter

Copyright and ownership of all contents of this newsletter belong to SNR amp Company except third-party resources

Disclaimer

DelhiA-15 Second Floor Hauz Khas

New Delhi - 110016 (India)

Fax +91 011 26567540Ph +91 011 41655801 41655802

Bangalore

Bangalore Karnataka - 560010 (India)Ph +91 80 42064178

No 605 Second Floor 62nd Cross 5th Block Rajajinagar Flat No - 2A Gangotri Complex Near Geeta Society Camp Pune 411001 (India)

Ph +91 20 2543 5788

Pune

Click here to unsubscribe for newsletter

E-mail- snrsnrcompany

Contact Us

1172425

738570

INR Kg3674193

3898136

INR 10 gm3244000

2643014

Volume 10 Issue 6 - June 2019

Income Tax

For private circulation only among clients and associates

SNR COMPANY

accountantS

ampChartered

Page 7 of 7

RBI FEMAStock Indices

Opening[ 01-May-2019]

Closing[31-May-2019]

Change ()

Sensex

Dow Jones

Gold

Nifty

FTSE

Silver

2481521

INR 3312000 10 gm

3971445

1194525

716171

INR 36430 Kg

169

-611

-326

188

-099

-303

US ($) - INR 6956 Euro (euro) - INR 7701 GBP (pound) - INR 8794

Source - Global Indices BSE NSE RBI MCX INDIA

For suggestions and feedback click here

Notes

The information contained in this newsletter is of general nature and is not intended to address the issues of any particular individual or entity Though the firm has taken due care in the preparation of this newsletter to provide accurate and timely information there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future Further the information contained herein is not intended to constitute any legal advice and the firm will not accept any responsibility towards those who rely solely on the contents of this newsletter The material provided in this newsletter is for information purpose only and it is advised to take appropriate professional advice before acting on the information contained in the newsletter

Copyright and ownership of all contents of this newsletter belong to SNR amp Company except third-party resources

Disclaimer

DelhiA-15 Second Floor Hauz Khas

New Delhi - 110016 (India)

Fax +91 011 26567540Ph +91 011 41655801 41655802

Bangalore

Bangalore Karnataka - 560010 (India)Ph +91 80 42064178

No 605 Second Floor 62nd Cross 5th Block Rajajinagar Flat No - 2A Gangotri Complex Near Geeta Society Camp Pune 411001 (India)

Ph +91 20 2543 5788

Pune

Click here to unsubscribe for newsletter

E-mail- snrsnrcompany

Contact Us

1172425

738570

INR Kg3674193

3898136

INR 10 gm3244000

2643014

Volume 10 Issue 6 - June 2019