20
UDYOG TIMES03
Dr. Kirti Kumar Jain
Editorial
UDYOG UDYOG TIMESTIMESOFFICIAL PUBLICATION OF LAGHU UDYOG BHARATI
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Shri Sankal Chandra Bagrecha, Margdarshak 08392-273891
Shri Prakash Chandra, National Org. Secretary 094685-78166
Shri Om Prakash Mittal, Imm. Past President 094140-51265
Shri Jitendra Gupta, National President 094250-10856
Shri Govind Lele, National Gen. Secretary 098220-44206
Editor
Dr. Kirti Kumar Jain 094141-90383
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Volume -2 Issue-8 30 May, 2019
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High Jump in Market Indicates Great Trust in New Government
An In-House Monthly Magazine of published by Om Prakash MittalMail: [email protected] Web : www.lubindia.com
Laghu Udyog Bharati
Amid to exit polls it is a historical day when
markets are reaching all-time highs and this is a
day where the market has priced in hopes of
earnings revival from the new government. Some
people may still feel, not in fever of trust. But in
my view market value always depends on certain
circumstances, alike seems to be bright future.
Great investment from abroad also indicates the
bright future of any new governments set up. Such
market makes money for general men willing to
rise with great hope.
In general market ups or down with maximum 1 %
value, but at once rise in 2-3 % indicates some
great happenings.
Current high jump in market amid to exit polls also
indicates some going to be held extra ordinary
related to formation of new government.
With the performance of NDA 1 many of business
men and industrialists were seems to be angry with
implementation of GST. On other hand where as
election held within two and half years of applying
GST, in various countries , the existing
government couldn't win election. Looking to that
in India the Modi government have done certainly
some extra in compare to other developed
countries.
Any how it is a good symptom for India, in st
globally standing position of 21 century.
I invite your opinion...
Editorial
National Convention
International Trade Fair List
Positive Sentiments
Mission 2019
RBI Weighs
03-03
04-04
05-06
07-07
08-09
10-10
Well in Advance 11-14
Company Law 15-16
News Update 17-18
UDYOG TIMES 04
1. First Generation Entrepreneur Felicitation:- Following three categories have been kept under this Scheme.a) First Generation Women Entrepreneur Awards --- 3 Nos.b) First Generation (Immediate 5 Years Old Industry) Awards --- 3 Nos.c) First Generation Awards --- 3 Nos.
th§ Each State will forward 9 nominees (3 from each above) last date 30 June, 2019.§ Centre would forward the Performa.§ In all 9 Awards will be given after selecting the nominees from all over the Country.§ The Entrepreneur selected for Award need not be a member of LUB.
2. Conference of other Associations Heads:- There is a program to invite heads of other Micro and Small thAssociations on 17 August, 2019. Where they will attend 1 or 2 sessions i.e. with Centre MSME Minister and
Public Program to be held in the evening. Each State shall send a list of such Organizations to Head Office by th
30 May, 2019 positively. Their lodging arrangements shall be made by LUB.3. National Exhibition:- Each State will get specified space with the facility to display. There will be LED
where each state can display their product through Pen-Drive. Village and Cottage products produced in each State can also be displayed.§ One Office bearer for each of the above mentioned three subjects shall be selected by the state Toli on
the basis of their Interest / Experience and conveyed to Head Office. Such office bearers are expected to attend Bhilai meeting.
4. Seminar:- On all the three days Seminars will be held on following Topics:a) Motivation- Attitude to Accept Change and Challengesb) Pollution; Waste to Wealth Conceptc) Technical Progress and Development
th§ In the Inaugural Session of National Convention on 16 August, 2019 at 4 PM, Hon'ble
Sarsanghchalak ji would join us.th th
§ On 17 and 18 August, 2019 Central Ministers and Secretaries related to our subject may also be present.
th§ National Convention will be held at Reshim Bagh, Nagpur, till 5 PM on 18 August, 2019.§ This way we are working to create positive atmosphere for Micro Industries of the Nation as well
as LUB during three days National Convention.§ All the office bearers are requested to ensure presence of 10 Entrepreneurs from each Unit /
Sanyojak Unit in the National Convention. No District / Industrial Area shall remain absent in the National Convention.
§ We need to make efforts / reservations right now for the above.§ We all know that a Comprehensive Directory has to be made but so far membership list from a
large number of states is still expected which may be sent to Head Office, in the format already sent at the earliest.
§ Souvenir will be published at the time of National Convention.th th§ This year Rakshabandhan falls on 15 August, still we need to ensure reaching Nagpur on 16
August at 3 PM positively.With warm regards,
Govind Lele Sudhir DateyNational General Secretary National Joint General Secretary
National Convention @ Reshim Bagh, Nagpur16, 17 & 18 August, 2019
After discussions, the Organizing Committee has decided as under:
UDYOG TIMES05
International Trade Fair List 2019-20In coming months, different International Exhibitions/ Trade Fairs would be conducted at different places. Interested Member can contact to the concerned Mobilizing Organizations.
S.N Sector Name Name of the Fair Country Expected Dates
Expd. Nr. of Parti.
Tentative Name of Mobilizing Org.
1. Agriculture & Allied Products
India at Iran Agro Food organized by
ITPO Iran
June18-21, 2019
30 TC Ludhiana
2. Agriculture & Allied Products
World Food (ITPO) Moscow,
Russia Sept 24-27,
2019 30
DI Andhra & Telangana
3. Agriculture & Allied Products
Winter Food Show San Francisco, USA
Jan, 2019 30 India SME Forum
4. Conference & Summits
Food Taipei Asia’s 5in1 Food Expo
organized by ITPO
Taipei, Taiwan
June 19-22, 2019
30 TC Hyderabad
5. Electronics India Sourcing Fair Mexico Jan-Feb, 2020
30 IDEMI Mumbai
6. Environment CIEPEC China 12-14 June,
2019 30 IDEMI Mumbai
7. Gem & Jewellery Asia FJA Hong Kong Sept 16-19,
2019 30 DI Jaipur
8. Glass & Ceramics Ceramic China Guangzhou,
China June, 2019 30 TC Firozabad
9. IT & ITES Intersec UAE Jan, 2020 30 IDEMI Mumbai
10. Leather Expo Riva Schuh
(ERS) Riva Del
Garda Italy 15-18 June 30 CFTI Agra DI Kanpur
UDYOG TIMES 06
11. Machinery GIFA 2019 Germany June, 2019 20 Tool Room Ahmedabad
12. Machinery S-Factory Expo Shenzhen, China
28-30 Aug, 2019
30 TR Bhubneshwar
13. Machinery
Canadian Manufacturing
Technology Show (CMTS)
Mississauga, Canada
30 Sept.-3 Oct., 2019
30
TR Hyderabad
14. Machinery Industrial Automation
Show Shanghai
China September,
2019 30 TR Chennai
15. Medical & Pharma
Medi Pharma Expo (ITPO)
Ho Chi Minh City, Vietnam
Aug 1-3, 2019
20 Tool Room Ahmedabad
16. Multi Products Las Vegas Summer
Market USA July, 2019 30 India SME Forum
17. Multi Products International Trade
Fair SAITEX Johenessburg, South Africa
June, 2019 30 ITPO through DI Nagpur
18. Multi Products IRKUTSK Trade Fair
(ITPO) Russia
August 21-24, 2019
30 DI Kanpur
19. Multi Products India at International
Fair Marseille,
France Sept 20-30,
2019 30 TC Jamshedpur
20. Multi Products India Show Canada
(ITPO) Canada Sept/Oct,
2019 30
DI Chennai
21. Plastic & Rubber Plast expo Morocco 25-28 Jun,
2019 30 TC Ahmedabad
22. Printing & Print Packaging
Shanghai International Digital Printing
Industry Expo (TPF) China
July 24-26, 2019
30 India SME Forum
23. Sports & Toys Tri County Fair Petersburg USA
27 July -3rd Aug, 2019
30 DI Jalandhar
24. Textile Style Max Chicago 28-30 July,
2019 30 DI Chennai
25. Transport
26. Garments and Home Furnishings
IGF & IHF (ITPO) Osaka Japan July 17-19,
2019 30 DI Agra
UDYOG TIMES07
January-March 2019 are expecting higher number of orders against 43% in October-December 2018-19. The cost of production as a percentage of sales for manufacturers in the survey has risen for 72% respondents. This, of course, is significantly higher than the percentage of 62% for previous year. This is primarily due to increased cost of raw materials, wages, power cost, rising crude oil prices, increase in finance cost and rupee depreciation. The overall capacity utilization in manufacturing has witnessed a slight increase to 80% in Q-4 2018-19. The average capacity utilization for the manufacturing sector in the last few quarters has been around 75% only as per the survey. The future investment outlook, though moderate, is slightly better than that was perceived in Q-4 of 2017-18. 40% respondents reported plans for capacity additions for the next six months as compared to 47% in Q-3 of 2018-19. High raw material prices, high cost of finance, uncertainty of demand, shortage of skilled labor, high imports, requirement of technology up gradation, low domestic and global demand, excess capacities, delay in disbursements of state and central subsidies and competing countries such as Bangladesh and Vietnam enjoying lower wage cost and export benefits resulting in erosion of competitiveness of Indian exporters are some of the major constraints which are affecting expansion plans of the respondents. In all the sectors covered in the survey namely Automotive, Capital Goods, Cement and Ceramics , Chemica ls , Fer t i l i ze rs and Pharmaceuticals, Electronics & Electricals, Leather and Footwear, Metals & Metal Products, Paper Products, Textiles and Textiles Machinery average capacity utilization has either increased or remained almost same in Q-4 of 2018-19 as compared to Q-3 2018-19.
Positive Sentiments Continue for Manufacturing in Q4
Survey
Under Current
Industry body FICCI's latest 'Quarterly Survey on Manufacturing' highlights a c o n t i n u e d p o s i t i v e s e n t i m e n t f o r manufacturing sector in Q4 of 2018-19.
Overall sentiment in the manufacturing sector remains positive as the proportion of respondents reporting higher output growth (around 54%) during the January-March 2018-19 has remained same as compared to Q-3 of 2018-19, noted FICCI Survey. First time in last many quarters, the overall capacity utilization in manufacturing has witnessed an increase to 80% in Q-4 2018-19. It was hovering at 75% for last many quarters, as per the survey. On hiring front, the outlook for the sector seems to have slightly improved for near future. While in Q-4 of 2017-18, 70% respondents mentioned that they were not likely to hire additional workforce, this percentage has come down to 62.5% for Q-4 of 2018-19. Going forward it is expected that hiring scenario will improve further. 37.5% in Q-4 of 2018-19 as compared to 30% in Q-4 of 2017-18 are looking at hiring more people now, noted the Survey. FICCI's latest quarterly survey assessed the sentiments of manufacturers for Q-4 (January-March 2018-19) for twelve major sectors namely automotive, capital goods, cement and ceramics, chemicals, fertilizers and pharmaceuticals, electronics & electrical, leather and footwear, metal & metal products, paper products, textiles, textile machinery, tyre and miscellaneous. Responses have been drawn from over 300 manufacturing units from both large and SME segments with a combined annual turnover of over Rs 3.56 lakh crore. In terms of order books, 44% of the respondents in
UDYOG TIMES 08
purchase agreement (PPA) being honoured. Given the
fixed-income nature of payments, it is only natural that
debt is utilised to fund a significant component of the
business. Delays in payments from Discoms will lead
to solar energy developers facing debt-servicing issues
and therefore, eventually adding to the non-performing
assets (NPAs).
The issues around debt-servicing and NPAs has serious
ramifications from a cost of capital perspective. An
improved payment mechanism, timely payment of
interest coupons and lower-risk have the cascading
positive effect of the lower cost of capital for any given
sector. Hence, as the cost of capital in general declines,
energy projects with a lower return on asset become
viable. Therefore, a lowering of the cost of capital in the
energy sector provides a significant boost to asset
creation.
The reverse holds true: when risk perceptions amongst
investors for a sector rise, they reduce the flow of
capital to the sector and thus render projects unviable.
Resolving issues around Discom payments is critical
for India's push towards renewable energy. While
solutions will require some hard decisions to be taken,
the government must push in the right direction. Most
importantly, the new sunrise sectors such as renewable
energy must learn lessons from the thermal power
sector of avoiding payment delays, excessive leverage
and unsustainable tariffs. Issues in the thermal power
sector provide a template of the pitfalls to avoid in
energy sectors across the spectrum.
The second sector of our concern here that has seen
interesting developments of late is housing finance.
Given the recent liquidity crunch faced by the Non-
Banking Financial Companies (NBFCs), the news that
the Reserve Bank of India (RBI) has set up a panel to
review the development of the housing finance
Vision
Udyog Times Desk
The importance of the flow of capital into the power
and housing sectors in India cannot be
overemphasised. Recent developments in both
sectors once again bring to the fore the critical issues
of effective payment mechanisms and price
transparency as vital factors to boost the economy.
Let us examine the issue in the two sectors
separately.
The Supreme Court striking down the Reserve Bank of
India (RBI) circular giving stressed power companies
more time to find resolutions outside the bankruptcy
court has started debates around paths that are ideal for
resolving woes of the power sector. Amid the din and
noise, it is essential to not lose sight of the core issues at
hand, i.e., the late and in many cases non-payment of
dues by state-run power distribution companies
(Discoms) in India.
While not all the stressed assets of thermal power sector
are attributable to non-payment issues from Discoms,
delayed payments are significant contributors to the
mess. Late payments lead to debt servicing issues and
major negative working capital problems. The most
critical aspect of the problem is that not just thermal
power sector assets but energy sector assets in general,
including the high-growth renewable energy sector,
will face identical or similar issues in the foreseeable
future unless the delayed payments issue is gradually
sorted out.
For instance, in the solar energy sector, which is known
for its high capital intensity with the majority of the
capital expenditure required upfront, the entire
business model is highly dependent on the power
Mission 2019: Ensuring Payments & Price Transparency
UDYOG TIMES09
securitisation market is a welcome step. The broader
aim of the panel is to facilitate the flow of high-quality
capital to the NBFC sector to boost credit creation in
India.
Of all the steps towards the standardisation of the
housing finance securitisation market, one that
deserves most attention is ensuring a mechanism that
allows for mark-to-market valuation of the securitised
loans. In the long-run for the housing finance
securitisation market to indeed facilitate the flow of
sizeable quantities of capital and yet avoid major
mishaps during periods of credit busts, access to
constant pricing information in the market is vital.
Standardisation of the pricing of debt-securities can be
more challenging than that for equity-based securities.
The difficulty arises from the fact that debt-based
instruments are issued for multiple tenures as opposed
to equity that does not have a maturity date. Hence,
standardisation is harder in the case of debt-
instruments.
Lessons from credit markets in the developed
economies in creating credit-based indices that assist
the market in pricing loans in the secondary market are
crucial.
Going forward we must not lose focus on the core
issues of "ensuring payment mechanisms" and "price
transparency" to boost investor sentiment regarding the
crucial power and housing markets in India.
RBI Penalises five PPI issuers The Reserve Bank of India (RBI) imposed monetary
penalty on five Prepaid Pay ment Instrument (PPI)
issuers, including Vodafone m-pesa, for non-
compliance of regulatory guidelines.
Accordingly, the RBI has fined Vodafone m-pesa Rs.
3.05 crore, while a penalty of Rs. 1 crore has been
imposed on PhonePe. Similarly, My Mobile Payments
and GI Technology were fined Rs. 1 crore each,
whereas Y-Cash Software Solutions was penalised with
a Rs.5 lakh penalty.
Payments Pending in Favour of MSMEs
for over 45 Days, Need to be Disclosed- Micro and Small Scale Enterprises (MSMEs) face
working capital issues due to delay in payments made
to them. Keeping this in mind, the Ministry of MSME
has demanded that large private companies and PSU's
declare the amount pending with their MSME vendors
as well as report the reasons for holding up their dues. nd
The notificationdated 2 November, clearly states that
all payment delays more than 45 days have to be
disclosed in the half-yearly report statement. This
move is expected to thwart both corporate companies
and PSU's to honour payments in a timely fashion.The news has received a mixed reaction, while some in
the industry welcome the move some expect sterner
regulation. In an interview with KNN India,
Chandrakant Salunke, Founder and President of SME
Chamber of India stated that “Instead of just issuing
notification, the government should take legal action
against those companies who failed to pay MSMEs.
Further, that company should be de-listed from ROC
and also asked to pay 50% extra of the amount
mentioned in the bill.” He also added that any company
that makes the same mistakes for three MSMEs should
be delisted.In a bid to address the same issue, the ministry of
MSME had last year launched a portal especially
dedicated to reporting cases of delayed payments of
bills. The notification hopes to serve as a reminder to
the big industry players and PSU's to honour their
payments due to MSMEs. However, the due date and
the format of the form are yet to be notified.
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UDYOG TIMES 10
RBI may assign a 'lower risk weight' on loans to cos. against which bankruptcy has been initiated.
Lower risk weights on loans would make it easier for banks to achieve and maintain capital adequacy ratio.
The Reserve Bank of India (RBI) is understood to be weighing a plan to 'incentivise' lenders to take errant borrowers to bankruptcy court. It's part of the regulatory countermove that RBI is working on to overcome hurdles in the wake of a recent Supreme Court ruling. A month ago, the apex court struck down RBI's February 12, 2018 directive that gave defaulting companies 180 days to agree on a resolution plan with lenders or be taken to bankruptcy court to recover debt of Rs. 2,000 crore and above.
According to people aware of the matter, RBI is considering a proposal to assign a 'lower risk weight' on loans to companies against which action has been initiated under the Insolvency & Bankruptcy Code (IBC) of 2016.
NSE 'Whistle-Blower' Tip Came from Rival
A lower risk weight would act as an incentive to banks as it would help them in conserving capital. It would be a regulatory change that would be very much within RBI's domain.
Lower risk weights on loans would make it easier for banks to achieve and maintain capital adequacy ratio.
Action Plan to Salvage Sunk Loans
Capital adequacy ratio determines the quantum of loan a bank can disburse at a given level of capital (i.e, equity and free reserves). A bank has to live with a string of business restrictions if its capital adequacy slips below the floor set by the regulator.
A senior banker said that a lower risk weights on IBC companies should be an acceptable regulation-simply because initiating corporate insolvency is a step towards resolution of NPAs (non-performing assets).
After the apex court ruled that the February 12, 2018 circular was beyond the scope of the RBI's powers, the
regulator has been working on a new framework for debt resolution and invoking the corporate insolvency code.
“Since it would not be possible (post the court ruling) for RBI to fix a deadline of 180 days or even 1 year (from the day of default) for banks to invoke the insolvency law, it's thinking of ways to incentivise lenders for using the IBC,” said a banker. Under the circumstances lower risk weights could be an element in the new action plan to salvage sunk loans.
According to the insolvency law, any financial creditor (among other creditors) can file an insolvency petition before the National Company Law Tribunal (NCLT) which was formed to resolve corporate disputes, improve ease of doing business, and enable quicker implementation of the bankruptcy code. Within 14 days, the tribunal has to pass an order for insolvency resolution. Once NCLT passes its order, the seriousness of the code becomes apparent: an insolvency practitioner steps in to take possession of the company's assets, replace the board with a committee of creditors, issue public notices, and run the company as a going concern. In the next 180 days, which can be stretched by another 90 days, a resolution package comprising a debt rejig, entry of new investors, infusion of fund by promoters, among other conditions is drawn up. The company goes into liquidation if either the management or creditors with at least 75% of the outstanding loans turn down the revival package.
There is a widely shared perception that the culture of loan recovery and repayment that IBC was beginning to inculcate would suffer following the Supreme Court ruling because neither lenders would be forced to move bankruptcy court nor corporate would be under pressure to regularise loan servicing.
RBI had often raised or lowered risk weights on loans to either deter loans to certain businesses such as stock broking, real estate and commodities, or encourage lending to segments like agriculture.
RBI Weighs Incentives for Banks to Move IBC
UDYOG TIMES11
claim annual value as nil in respect of two-self
occupied house properties. However, there is
no change in aggregate limit for deduction in
respect of interest on housing loan. The
aggregate deduction for interest on housing
loan for both houses cannot exceed Rs. 30000
or Rs. 2,00,000.
4. Section 54 Relief Extended to 2 Residential
Houses
Any long-term capital gains, arising to an
Individual or HUF, from the sale of residential
house property is exempted to the extent such
capital gains are invested in another residential
house property. The taxpayer is allowed to
invest only in one residential house in India to
claim section 54 relief.
From financial Year 2019-20, an assessee shall
be able to claim exemption under section 54
even if he invests in two residential houses in
India. However, this benefit shall be available
where the amount of the capital gain does not
exceed two crore rupees. Further, if the
assessee exercises this option, he shall not be
subsequently entitled to exercise the option for
the same or any other assessment year, i.e., the
assessee can exercise this option only once in a
lifetime.
5. TDS on Interest Income
Section 194A deals with deduction of TDS on
interest income other than interest on securities
like interest on Fixed Deposits.
Section 194A has been amended to ease the
burden of compliance by way of increasing the
threshold limit from Rs. 10,000 to Rs. 40,000
*As we are here towards the beginning of a new
financial year, i.e., Financial Year 2019-20, it's
important to know about the provisions of law st
applicable from April 1 2019. The Government had
made various changes under Income-tax law, GST and
Corporate laws which shall be applicable from April 1,
2019.*
*Income Tax*1. Section 87A Rebate
The amount of tax rebate under Section 87A
has been increased from Rs. 2,500 to Rs.
12,500. Further, it shall be available to a
resident individual whose total income does
not exceed Rs. 5,00,000.
2. Standard Deduction from Salary
The limit of standard deduction for the salaried
class taxpayers has been increased from Rs.
40,000 to Rs. 50,000.
3. No Deemed Rental Income on having Two
Residential House Properties
If an individual owns more than one self-
occupied house property then only one house
property as per his choice is treated as self-
occupied and its annual value is computed as
nil. The other house property is deemed to be
let-out as per section 23 and a notional rent is
computed and charged to tax under the head
'Income from House Property'.
Section 23 has been amended with effect from
1/4/2019 to provide relief to the taxpayers by
allowing them an option to claim nil annual
value in respect of any two houses declared as
self-occupied.
Though from F.Y. 2019-20, an assessee can
File GST Returns in Time or Face Penalty on Entire Tax Liability: Telangana High Court
File GST Returns in Time or Face Penalty on Entire Tax Liability: Telangana High Court
Rules 2019-20 Update Your Knowledge Well in Advance Rules 2019-20 Update Your
Knowledge Well in Advance
UDYOG TIMES 12
2. Threshold Limit for Composition Scheme
has been Increased to Rs. 1.5 crores
The existing threshold limit on gross turnover
in previous financial year to avail of the
composition scheme has been increased from
Rs. 1 crore to Rs. 1. 5 crores. In respect of
special category States (North-Eastern States),
the threshold limit has been increased from Rs.
50 lakhs to Rs. 75 lakhs. Consequently, the
taxable persons can substantially reduce their
compliance burden as they would be required
to file GST returns on quarterly basis instead of
monthly basis. This benefit has been extended
vide Notification No. 14/2019 – Central Tax
dated March 7, 2019 and this notification shall
come into force from April 1, 2019.
3. Threshold Limit to take Registration has
been Increased to Rs. 40 lakhs
As per Section 23 of the CGST Act, every
person is required to obtain the GST
registration if his turnover from supply of
goods or services exceeds Rs. 20 lakhs. This
threshold limit has been increased to Rs. 40
lakhs only if supplier is engaged in supply of
goods. In other words, any person who is
engaged in supply of goods and his total
turnover in the current financial year does not
exceed Rs. 40 lakhs, he is not required to take
registration under GST. This exemption from
GST registration is subject to various
conditions, inter alia, he is not making any
Inter-State supply, he is not a non-resident
taxable person, etc. This has been made
applicable by Notification No. 10/2019 –
Central Tax dated March 7, 2019 and this
notification shall come into force from April 1,
2019.
4. Due Dates for Filing of GSTR-1 and GSTR-
3B have been Announced
The due dates for filing of GSTR-1 and GSTR-
3B for the months of April, May and June of
2019 have been notified, which shall be as
follows:
for deduction of tax at source on interest
income, other than interest on securities, paid
by a banking company, co-operative society or
a post office.
6. TDS on Rental Income
The threshold limit for deduction of tax at
source under section 194-I on rental income
has been increased from Rs. 1,80,000 to Rs.
2,40,000.
7. Amendment to DTAA with Singapore and
Mauritius
Protocols with Mauritius and Singapore were
signed in year 2016 to tax capital gains. The
protocol gave India the right to tax capital
gains on transfer of shares of an Indian
Company acquired on or after 1 April, 2017.
Up to March 31, 2019 tax rates on capital gains
is charged at 50% of the prevailing domestic
rates. With effect from April 1, 2019 capital
gains shall be charged at full domestic tax
rates.
*GST*1. New Scheme is now available @ 6% to
Intra-State Suppliers of Goods or Services.
A new scheme has recently been introduced
wherein an Intra-State supplier can now pay
GST at the rate of 6% (3% for Central and 3%
for respective State) on first supplies of goods
or services for Rs. 50 lakhs.
With effect from April 1, 2019 the benefit of
this scheme can be availed. This scheme shall
be available only if the aggregate turnover of
supplier does not exceed Rs. 50 lakhs during
the previous financial year. This has been made
effective vide Notification No. 02/2019 –
Central Tax (Rate) dated March 7, 2019.
The benefit of this scheme shall not be
available to service providers who are
rendering services in multiple States or
through e-commerce websites. Thus,
Chartered Accounts, Architects, etc. may not
avail, this scheme if they have clients in
different States.
UDYOG TIMES13
which have not been completed by March 31,
2019.The option shall be exercised once within
a prescribed time frame and where the option is
not exercised within the prescribed time limit,
new rates shall apply. However, new tax rates
in real estate sector are recommendations of
the GST Council and date of applicability of
new tax rates have not been notified yet.
8. Due Date to File Form ITC-04 for Goods
sent to Job-Worker.
The last date to furnish a declaration in Form
GST ITC-04 in respect of goods dispatched to
the job-worker or received from a job-worker
during the period from July, 2017 to
December, 2018 is March 31, 2019 vide
Notification No.-78/2018-Central Tax dated
December 31, 2018.
9. Benefits Related to Specific Industry
(a) Money changer (Forex Dealer); or
(b) Air Travel Agent; or
(c) Dealer of second hand goods opting for
'Margin Scheme'; or
(d) Taxpayer engaged in Life insurance
business
Are given the option to determine the value of
such supply as per rule 32 of the CGST Rules,
2017. It is suggested that the above mentioned
eligible registered persons intended to
determine the value of their supplies as per the
valuation rules can exercise the option at the
beginning of the Financial Year that is on or
before April 1, 2019.
10. Availing Input Tax Credit by Banks,
Financial Institutions or NBFC.
Banks or financial institution or NBFC have
been given an option to avail 50% of the
eligible Input tax credit on inputs, capital
goods and input services. It is suggested that
this option to be exercised at the beginning of
the F.Y. that is on or before April 1, 2019 as the
option once exercised cannot be withdrawn
during the remaining part of the financial year.
11. Following Amendment Acts made
In case of GSTR-1
If the turnover of registered person is up-to Rs.
1.50 crores for the months of April to June,
2019, he shall file his GSTR-1 on a quarterly
basis and the due date shall be 31st July, 2019.
If the turnover of registered person exceeds Rs.
1.50 crores for the months of April to June,
2019, he shall file his GSTR-1 on a monthly th
basis and the due date shall be 11 of
succeeding month.
In case of GSTR-3B
Form GSTR-3B shall be filed on a monthly
basis by every tax payer who is required to file th
GSTR-3B and due date shall be 20 of the
succeeding month. This has been made
effective vide Notification No. 11/2019,
Notification No. 12/2019, and Notification
No. 13/2019- Central Tax dated March 7, 2019.
5. Option to Opt for Composition Scheme
Any registered person who wants to pay tax
under Composition Scheme for the F.Y. 2019-
20 shall file an intimation, duly signed and
verified, on the GST common portal, latest
March 31, 2019.
6. Last Chance to Avail Input Tax Credit
Relating to F.Y. 2017-18
The registered person can avail input tax credit
of GST paid from July, 2017 to March, 2018,
latest by the due date of furnishing the return
for the month of March, 2019 i.e. by April 20,
2019. Legal wording can also be referred to
removal of difficulty order no. 2/2018 dated
31.12.2018.
7. Availing Benefit of Reduced GST Rates by
Real Estate Developers or Buildersrd thThe GST Council in its 33 and 34 meeting
had recommended the GST rate of 1% in case
of affordable houses and 5% in other cases,
without input tax credit. The promoters shall
be given an one -time option to continue to pay
tax at the old rates (i.e., at 8% or 12% with ITC)
on ongoing projects (if construction and actual
booking have started before 01-04-2019)
UDYOG TIMES 14
Applicable from February 1, 2019
(a) CGST (Amendment) Act, 2018
(b) IGST (Amendment) Act, 2018
(c) UTGST (Amendment) Act, 2018
(d) GST (Compensation to States)
Amendment Act, 2018.
Some of the Major changes are as follows:
(a) Manner of utilization of ITC has been
amended by inserting Section 49A in
CGST Act. Now the credit of IGST needs
to utilized first fully for the payment of
IGST, CGST, SGST and UTGST
respectively.
(b) Section 9(4) relating to reverse charge
applicability on purchases made by
registered person from unregistered
person is replaced and now it applies to
specific class.
© Now only e-commerce operators who are
required to collect tax at source under
Section 52 of the CGST Act, 2017 are
mandatorily required obtain GST
registration.
(d) Composition dealers as per section 10 of
CGST Act, 2017 are allowed to supply
services to the extent higher of 10% of the
turnover in the preceding financial year or
Rs. 5 lakhs.
(e) Multiple GST registrations within same
state for each place of business have been
allowed. The concept of business vertical
is done away with.
(f) Issue of consolidated debit/credit note is
allowed in respect of multiple invoices
issued in a financial year rather than single
debit/credit note in respect of each invoice.
(g) The receipt of payment in Indian rupees
which is permitted by Reserve Bank of
India for services exported out of India
will be covered in the definition of 'export
of services' as per the IGST Act, 2017.
MCA Introduces New e-form AGILE for GSTIN, EPFO and ESICRecently, the Ministry of Corporate Affairs has notified a new E- form AGILE – Application for Registration of the Goods and Services Tax Identification Number (GSTIN), Employees' State Insurance Corporation (ESIC) registration and Employees Provident Fund Organization (EPFO) registration, With effect from 31st March 2019, it is mandatory to file the application (SPICe) for incorporation of a company which shall be accompanied by a linked e-form INC-35 (AGILE). This AGILE form is a part of SPICe Incorporation e-form and covers three important registration for businesses namely: · GSTIN (Goods and Services Tax Identification Number),
· EPFO (Employees Provident Fund Organization), and· ESIC (Employee State Insurance Corporation).By filing the E-form AGILE along with the SPICe form at the time of registration, the company automatically would be enrolled for GST, Employee State Insurance Corporation (ESIC) and Employees Provident Fund Organization (EPFO). The new E-form AGILE is also known as INC-35, in which any company can apply for GST Registration, ESIC Registration and EPFO Registration along with company registration in SPICe Form.Application for GSTIN through e-form AGILE-This process will be applicable only for Companies incorporated by MCA through SPICe application. The others shall follow the existing process of registration through Common portal for GST Registration.The address of the registered office of the company, as provided in SPICe application, shall be the principal place of business for GST application as well.Enter the state and district in the AGILE form the same as the one in the SPICe form.Adding Proposed Directors in the AGILE Form-The details of the proposed directors should be entered in the AGILE form. The minimum number of Directors shall be:
· In case of OPC – 1· In case of a private company – 2· In case of a public limited company – 3· In case of Producer Company -5
The AGILE form shall be signed by the same director as the one who signed the SPICe form.Effective dates to apply for registrations through e-form AGILE- Following are the important dates to apply for registration:
· For GSTIN: March 31, 2019· For EPFO: April 8, 2019· For ESIC: April 15, 2019
15 UDYOG TIMES
5. Maximum No. of Directorship-
w.e.f April 1, 2019, maximum number of directorships that can be held at any point of time in equity listed entities is 8.
6. Change in Minimum Number of Directors in Board for Top 1000 Listed Cos-
As per Regulation 17 (1) (a) of the Amended Regulations, w.e.f April 1, 2019, the board of directors of the top 1000 listed entities should comprise of not less than six directors. Therefore, the Companies in which minimum number of director are less than 6 shall have to appoint additional directors, subject to shareholders' approval, whose appointment should be regularized at the ensuing AGM.
7. Revised Quorum for Board Meeting for Top 1000 Listed Cos-
W.e.f Apr 01, 2019, the revised quorum requirement for Board Meeting for top 1000 listed companies shall be one-third of its total strength or three directors whichever is higher, including at least one Independent Director.
8. Change in Definition of Independent Director-
The definition of Independent director shall now exclude the following categories of person as well: (a) those persons who are members of the promoter group of a listed entity;
(b) person who neither himself nor whose relative is a CEO/ MD/ WTD / Manager, CS & CFO, of any non- profit organisation which receives 25% or more of its receipts or corpus from the listed entity, any of its promoters, directors or its holding, subsidiary or associate company or that holds 2 % or more of the total voting power of the listed entity;
(c) persons who are non-independent directors of another company on the board of which any non-independent director of the listed entity is an independent director.
9. Shareholders' Approval by Special Resolution Required in Certain Cases-
Where remuneration of a Non-executive director
Company Law and FEMASEBI (LODR) Regulations
SEBI has come up with amendment vide SEBI ( L i s t i n g O b l i g a t i o n s a n d D i s c l o s u r e s Requirements) (Sixth Amendment) Regulations, 2018 on November 16, 2018. SEBI has provided a phased timeline from October 1, 2018 to April 1, 2020 for most of the amendments, in this write up we have discussed certain key amendments which shall become effective from April 1, 2019:
1.Change in the Criteria for Determining Material Subsidiary-
The amendment provides that the unlisted material subsidiaries referred to under sub-regulation 1 of regulation 24 shall include the companies "whether incorporated in India or not". Accordingly, foreign subsidiary companies shall also be included within the ambit of material subsidiaries. Prior to the amendment, regulation 24 of Listing Regulations provided the material subsidiaries to include only those subsidiary companies which were incorporated in India.
2.Disclosure of Related Party Transactions on Consolidation Basis-
Regulation 23 of SEBI (LODR) (Amendment) Regulations, 2018 requires disclosure of related party transactions by listed entities on a consolidated basis to the stock exchange and should also be published in the website of the Company within a period of 30 days from the date of publication of its standalone and consolidated financial results.
3.Secretarial Audit Report by all Listed Entity and its Material Unlisted Subsidiaries-
Regulation 24A of the amended regulation requires annexing of Secretarial Audit report for F.Y. 2018-19 by all listed entity and its material unlisted subsidiaries incorporated in India.
4.Appointment of Independent Women Director-
Those Companies falling in the list of top 500 listed entities based on market capitalization as on March 31, 2019 will be required to appoint a woman Independent Director w.e.f. April 1, 2019
UDYOG TIMES 16
exceeds 50% of total remuneration payable. The approval of shareholders by special resolution shall be obtained every year, in which the annual remuneration payable to a single non-executive director (NED) exceeds fifty per cent of the total annual remuneration payable to all non-executive directors, giving details of the remuneration thereof. where the company is certain that the remuneration payable to its NED shall exceeds the limit, there the company should obtain approval before April 1, 2019, i.e. before the commencement of the amendment.
Compensation Payable to Executive Directors who are Promoters or Members of the Promoter Group-
Reg. 17 (6)(e) requires listed entities to obtain approval of shareholders by special resolution for the fees or compensation payable to executive directors who are promoters or members of promoter group in case in excess of thresholds:
(a) where listed entity has 1 executive director who is a promoter or member of promoter group: Rupees 5 crore or 2.5 % of the net profits of the listed entity;
(b) where listed entity has more than 1 executive directors who are promoters or members of promoter group: 5 % of the net profits of the listed entity.
Appointment/ Continuation of Non-Executive Director Above 75 yrs
Effective from April 01, 2019, no listed entity should appoint a person or continue the directorship of any person as a NED who has attained the age of 75 years unless a special resolution is passed to that effect- [Regulation 17 (1A) of the Amendment Regulations].
SEBI (Prohibition of Insider Trading) Regulations, 2015
On December 31, 2018, SEBI notified the SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018, which are effective from April 01, 2019. The Key changes in the Regulations deals with
the following:
1.Amendment in Definition of Unpublished Price Sensitive Information
In order to remove ambiguity, the 'material events in accordance with listing agreement' has been deleted as it was noted that the material events may or may not be price sensitive information.
2.Policy for Determination Legitimate Purpose
As per the regulation, No person shall procure from or cause the communication by any insider of unpublished price sensitive information, relating to a company or securities listed or proposed to be listed, except in furtherance of legitimate purpose, performance of duties or discharge of legal obligations. The term legitimate purpose is not defined under the regulation and gives various meaning of interpretation. Therefore, SEBI has mandated the board of directors of the listed company or intermediaries to define their own policy or definition relating to legitimate purposes which means listed company have freedom to decided what may or may but be legitimate purposes of its business-related need but the director would be required to justify.
3.Creation of Database of Persons with whom UPSI is Shared
There was no provision for creating a data base of person with whom UPSI is shared. Now, listed entities are required to maintain an electronic record containing name of person whom UPSI is shares and the nature of UPSI. Along with that, the listed entity serves a notice or sign NDA with the concerned person.
4.Code of Conduct for Intermediaries
The regulations currently required a common code of conduct applicable for all the listed entities, intermediaries and other person who are required to handle UPSI during the course of business operations.
Availabilities of various technologies and innovations with various R&D
Institution/Centers and their adoption in MSMEsAsstt. Director, MSME-Development Institute, Okhla New Delhi (Ph-011-26838118 ) have informed that,
There are various R&D Institutions/Centers in the country engaged in various activities having state of art,
R&D and Innovation in their respective field and sectors. He had shown their willingness for sharing the ideas
and technology available with them, in different verticals viz, Agriculture and Bioscience, Radiation
Technology, Advance Instrumentation, Medical Equipments, Engineering, Environment, Chemical and Water
Technology for the benefit of the industries /society.
UDYOG TIMES17
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News Update
UDYOG TIMES 18
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