Archives for August 24, 2017

Prevention of Money-laundering (Maintenance of Records) Rules, 2005

Ministry of Finance has notified further amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, which may be called the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2017 which shall come into force on the date of their publication in the Official Gazette. New proviso in rule 2(1)(fb)(iii), has been inserted, namely:-“Provided that this limit on balance shall not be considered while making deposits through government grants, welfare benefits and payment against procurement”.

GST

The Central Government on the recommendations of the Council has notified amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.10/2017- Integrated Tax (Rate), dated the 28th June, 2017. It has been notified that the “Limited Liability Partnership (LLP)” formed and registered under the provisions of the Limited Liability Partnership Act, 2008 shall also be considered as a partnership firm or a firm”.

GST:

The Ministry of Finance, Department of Revenue, Central Board of Excise and Customs has granted Extension of time limit for filing intimation for composition levy under sub rule (1) of rule 3 of the CGST Rules, 2017. The Board has extended the period for filing an intimation in FORM GST CMP-01 under sub-rule (1) of rule 3 of the Central Goods and Services Tax Rules, 2017 upto 16th August, 2017, earlier the said Form was required to be filed upto 21-07-2017.

MCA:

MCA has released new version of the XBRL Validation Tool V3.0.6 and updated Business Rules. In the XBRL Validation tools, changes have been made w.r.t CSR reporting, Business Rules related to the XBRL and C & I taxonomy 2016 have been revised. Stakeholders are advised to make a note of the changes and use new version of MCA XBRL Validation Tool V3.0.6 while filing AOC-4 XBRL for the financial year 2016-17.