News for 22-10-2018

Here are the major News for 22-10-2018 compiled from various sources, simply click on the given link to read the respective news item. Please feel free to add your comments to indulge into meaningful discussions and debates on the topics:

The Hindu:
US to pull out of Russia missile pact

US President Trump confirmed that US would pull out of the Intermediate range Nuclear Forces (INF) Treaty with Russia, which banned the development, testing and possession of short and medium range ground launched nuclear missiles with a  range of 500-5000 km. The Treaty was originally signed in 1987, and was crucial in the end of the cold war. Russia has already warned the US against such withdrawal.

The events are crucial as it seem to have heightened the global tensions, which are bound to have implications for the global as well as Indian economy.

Government extends GSTR-3B return filling deadline to October 25

Due to the apprehensions by trade and industry relating to the last date of availment if ITC (Input Tax Credit) for the period July 2017 to March 2018, the government decided to extend the deadline of filing GSTR-3B to October 25.

Ireland wooes Indian Companies

With the date of Brext coming closer, many European countries like Ireland are wooing Indian companies. Special focus has been maintained in the IT, automobile and pharmaceutical sector, which is estimated to be adversely affected by the exit of Britain. European Union is already the third largest market for Indian companies.

Business Standard:
Companies struggling for IGST refunds in hilly states, especially J&K

Companies based in the hilly states are struggling to get refunds under GST system as they are getting only29% refund on inter-state movement of goods. Situation is more severe in J&K where companies were exempt from Service Tax earlier. States have started to raise complaints regarding the same.

India likely to emerge as the third largest economy in the world: Statsguru

HSBC Global Research has suggested  that India might take over Germany and Japan as the third largest economy in the world. The study also suggested that the largest economy might be Denmark and Norway.

SBI plans to raise up to Rs 250 billion in FY2019 to meet capital adequacy

SBI announced that it would be rasing up to Rs250 billion  during the current FY. Out of this, Rs. 50 billion would be raised through bonds to meet the capital adequacy norms.

After 4 years, NPA laden Indian Overseas Bank expects to be back in the black in FY2020

IOB is expected to post a profit in 2019-20. Profit has mainly come from Operating profit and Net Interest income. Bank has also been able to find a solution to NPA cases worth Rs. 40 billion.

Insolvency Law Committee submits its 2nd report  on Cross Border Insolvency

Insolvency Law Committee of the Ministry of Corporate Affairs recommended amendments to the Insolvency and Bankruptcy Code of India 2016, while submitting it’s 2nd report on Cross Border Insolvency. It recommended adoption of UNCITRAL Model Law of Cross Border Insolvency 1997. UNCITRAL is already adopted in  44 countries.

CBDT releases Direct Tax Statistics

CBDT released data revealing  a growth of more than 80% in the number of returns filed in the last four financial year. Number of persons filing return also increased by 65%.

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