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File GSTR-3B return before Diwali: Government

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GST

New Delhi, Oct 13, 2017: Having ruled out further extension of the date for filing Goods and Services Tax Returns (GSTR), the government on Friday said the October 20 deadline to file the GSTR-3B would not be extended.

It also said that real estate, a major area of tax evasion and black money generation, could soon be brought under GST.

“No extension of time will be given for filing GSTR-3B for September 2017. Please file this by October 20, 2017,” the Central Board of Excise and Customs (CBEC) said through notices issued in several national dailies.

“Please file your return at the earliest (positively before Diwali),” CBEC said, referring to the major festival coming up next week, which is also observed as the start of the accounting year by many in the trading community.

The GSTR-3B return is a self-assessment by businesses of their sale and purchases during the period concerned.

“The one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside GST is real estate. Some of the states have been pressing for it.

“I personally believe that there is a strong case to bring real estate into the GST,” Finance Minister Arun Jaitley said on Thursday, while delivering the Annual Mahindra Lecture at Harvard University in the US.

He said, the issue would be taken up at the next meeting of the GST Council scheduled for November 9.

Petroleum products, alcohol and real estate are three sectors which are still outside the GST since several states are opposing their inclusion in the new pan-India indirect tax regime.

 

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India’s Forex reserves deplete by over $734 mn

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Mumbai, July 20 (IANS) India’s foreign exchange (Forex) reserves depleted by $734.5 million during the week ended July 13, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall forex reserves declined to $405.08 billion from $405.81 billion reported for the week ended July 6.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — decreased by $789.1 million to $380 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies.

As per the data, the value of the country’s gold reserves rose by $75.4 million to $21.12 billion.

The SDRs’ value inched down by $7.8 million to $1.48 billion, while the country’s reserve position with the IMF slipped by $13 million to $2.48 billion.

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Equity indices end in green, Nifty closes over 11,000 mark

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SENSEX NIFTY MARKET

Mumbai, July 20: The key Indian equity indices closed in the positive territory on Friday riding on the Central government’s confidence of winning the trust vote in Parliament, analysts said.

Healthy buying activity was witnessed in IT, capital goods and healthcare stocks, they said.

However, gains were arrested by a depreciation in the Indian rupee. The rupee, earlier in the day touched an all-time low of 69.12 per dollar.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 11,010.20 points (3.30 p.m.) — higher by 53.10 points or 0.48 per cent — from its previous close of 10,957.10 points.

The barometer 30-scrip Sensex on the BSE, which had opened at 36,377.03 points, closed at 36,496.37 points (3.30 p.m.) — up by 145.14 points or 0.40 per cent — from its previous session’s close of 36,351.23 points.

Sensex has so far touched a high of 36,567.34 points and a low of 36,335.61 points during the intra-day trade. The BSE market breadth, however, was tilted towards the bears with 1,411 declines and 1,148 advances.

The major gainers on the Sensex were Sun Pharma, Infosys, Reliance, ICICI Bank and Axis Bank, while Bajaj Auto, Vedanta, Hero MotoCorp, ONGC and Kotak Mahindra Bank were among the major losers.

IANS

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Weak rupee, global cues depress equity indices; capital goods stocks fall

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SENSEX-

Mumbai, July 19: Depreciation in the Indian rupee coupled with decline in the global markets subdued the key Indian equity indices on Thursday.

According to market observers, heavy selling pressure was witnessed in capital goods, healthcare and IT stocks.

At 3.30 p.m., the wider Nifty50 on the National Stock Exchange provisionally closed at 10,957.10 points, lower by 23.35 points and 0.21 per cent from the previous close of 10,980.45 points.

The barometer 30-scrip BSE Sensex, which had opened at 36,509.08 points, closed at 36,351.23 points — lower by 22.21 points or 0.06 per cent — from its previous session’s close of 36,373.44 points.

It touched an intra-day high of 36,515.58 points and a low of 36,279.33 points. The BSE market breadth was bearish with 1,738 declines against 831 advances.

The top gainers on the Sensex were Vedanta, Yes Bank, ITC, Bharti Airtel and Adani Ports whereas Kotak Mahindra bank, Larsen and Toubro, Hero MotoCorp, Tata Steel, Coal India were the top losers.

IANS

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