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.

SEBI – BSE:

BSE has issued a public notice stating that the Trading Members of the Exchange are hereby informed that the 55 companies that have been compulsorily delisted by NSE, would be delisted from the platform of the Exchange, with effect from August 23, 2017 pursuant to order of the Delisting Committee of the Exchange (BSE) in terms of Section 21(2)(b) of the Securities Contracts (Regulation) Rules 1957. Some of these companies are under liquidation. Exit price is not applicable to those companies, however consequences under Regulation 24 of the Delisting Regulations are applicable to such companies. As per SEBI Delisting Regulations, 2009 the consequences of compulsory delisting would apply to the said companies and the securities of these companies would cease to be listed and therefore not be available for trading on the platform of the Exchange. The Promoters of these delisted companies will be required to purchase the shares from the public shareholders as per the fair value determined by the independent valuer appointed by the Exchange, as mentioned in the Public Notice to be issued shortly. Further, these companies would be moved to the Dissemination Board of the Exchange for a period of 5 years as advised by SEBI.

DVAT

Department of Trade and Taxes has extended the time limit for filing of online return for first quarter of 2017-18. The Department has extended the last date for filing of online return for first quarter of 2017-18 in form DVAT-16, DVAT-17 & DVAT-48 upto 01st September, 2017. The Dealers filing the returns through digital signature need not file hard copy of the Return/Form in DVAT-56.

CBDT:

CBDT has notified Income-tax (22nd Amendment), Rules, 2017 dated 18th August, 2017 to revise the Form 29B i.e accountant’s report on computation of book profits u/s 115JB, consequent to Finance Act, 2017 amendment in Sec. 115JB (providing a framework for Ind-AS regime).Changes include modification to Part A and introduction of new part B and part C in Annexure to Form 29B seeking various details regarding the amount required to be increased or decreased in accordance with amended Sec. 115JB (2A)/(2C) applicable to companies preparing financial statements under Ind AS; Revised Form also requires disclosure of whether the accounting year followed is same as relevant previous year; Where the accounting year is different, the new form requires accountant to state whether profit and loss statement for computing book profit u/s 115JB is prepared following same accounting policies/accounting standards/depreciation rates as adopted for preparing accounts "for the respective parts of the financial year laid or to be laid before the company at its annual general meeting" and extent and nature of variations if any.

SEBI:

SEBI has issued a Press Release in respect to Curbing misuse of bulk SMS in the Securities Market. In view of the detrimental effect of fraudulent bulk SMSs on the integrity of markets and confidence of investors, SEBI sought the attention of Telecom Regulatory Authority of India (TRAI) which has been entrusted with regulation of the telecommunication services so as to protect the interest of the consumers of telecommunications service and the public at large. TRAI and SEBI collaborated closely to review the existing regulatory framework and industry practices to help in reducing the vulnerability of securities market to manipulation through misuse of mass communication device like bulk SMS. TRAI has issued directions to all Access Providers to follow certain operational guidelines for SMSs relating to investment advice/stock tips using the bulk SMS channel. SEBI believes that these directions will go a long way to curb the dissemination of fraudulent and misleading information through the bulk SMS channel.

GST:

The GST Authorities have given extension of the last date for payment of the GST & GST Return in Form 3B for the month of July 2017 to 25th August, 2017. Earlier the last date for payment of taxes and filing of GST Return in Form 3B for the month of July was kept as 20th of August 2017. Since it is the first Return to be filed under GST, the tax payers and the tax practitioners have requested for few more days to file their Return. Also there have been requests from States which are hit with floods to extend the last date for filing of GST Returns. Further, it has been specified that for those tax payers, who do not want to avail of transitional credit in TRANS1 this month, the date for return filing will be 25th August 2017 and for those who want to fill up TRANS1 this month, the last date for filing of returns will be 28th August 2017, as announced earlier.

ICSI – Secretarial Standards:

The Secretarial Standards have been revised by the ICSI and approval of the Central Government, as required, under section 118(10) of the Companies Act, 2013 has been obtained for the revised SS-l and SS-2 vide Ministry of Corporate Affairs vide letter dated 14th June, 2017. Earlier, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) were approved by the Central Government under Section 118(10) of the Companies Act, 2013 on 10th April, 2015 and were additionally published in the Gazette of India by the ICSI for making them effective from 1st July, 2015. It has now been decided by the Council to withdraw that additional notification only w.e.f. 30th September, 2017 without affecting the enforceability of SS-1 and SS-2 during the period before such withdrawal. Further, the revised version of SS-l and SS-2 as approved by the MCA, shall be applicable to all the companies (except the exempted class of companies) w.e.f. 1st October, 2017 and will supersede the text of earlier SS-l and SS-2. Till the revised SS – 1 & SS- 2 are made effective, all are required and requested to follow the present version.

GST

GST Authorities have clarified that as per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017 and only after the payment of full GST, return in summary Form 3B can be filed. Concerns have been raised about the form for claiming transitional input tax credit not being available on the GSTN website. This form will be available on the GSTN website from 21st August, 2017. In view of this, a small window of opportunity is being given to all the taxpayers. For those taxpayers who do not want to claim any transitional input tax credit have to necessarily pay the tax and file return in Form 3B before the due date of 20th August, 2017. The taxpayers who want to avail the transitional input tax credit should also calculate their tax liability after estimating the amount of transitional credit as per Form TRANS I and to make full settlement of the liability after adjusting the transitional input tax credit before 20th August, 2017. However, in such cases, they will get time upto 28th August, 2017 to submit Form TRANS I and Form 3B. In case of shortfall in the amount already paid vis-à-vis the amount payable on submission of Form 3B, the same will have to be paid with interest @ 18% for the period between 21st August, 2017 till the payment of such differential amount.

MCA – IBBI

IBBI has issued a press release stating that Dr. (Ms.) Mamta Suri takes charge as Executive Director, IBBI. Before joining IBBI, Dr. Suri was serving as Chief General Manager, Insurance Regulatory Development Authority of India. Dr. Suri has obtained her Ph.D. in Finance from University of Delhi and M. Sc.in Insurance Risk and Management from City University, London. Dr. Suri is a Chartered Financial Analyst (CFA) from the Institute of Chartered Financial Analysts of India, and she has completed her graduation in law. She has also received Honorary membership for High Scholastic Achievement from USA.

News from NIRC of ICSI

NIRC of ICSI is organising Two Days Workshop on "MOCK NCLT PROCEEDINGS" (Including Moot Court & Session on Case Laws) on Saturday & Sunday, the 19th & 20th August, 2017 from 10.00 a.m. to 5.00 p.m. at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi-110005. Fee : Rs.800/- per delegate who deposit their fee by 18th August, 2017. Rs.1000/- per delegate who deposit their fee on 19th August, 2017 subject to availability of seats. The fee may also be paid through Paytm. PROGRAM CREDIT HOURS: 08

SEBI:

SEBI has notified the SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2017. SEBI exempts open offer obligations for acquisitions pursuant to resolution plans approved under Bankruptcy Code. In a major relief to banks and other lenders holding stressed assets, market regulator SEBI relaxed norms for a stake purchased in distressed listed companies by lenders, exempting them from making open offers for shareholders. The relaxation will be subject to certain conditions, including shareholders’ approval of the stake acquisition by way of special resolution. SEBI eased the norms for restructuring in stressed companies that are listed on exchanges as well as resolution plans approved under the Insolvency and Bankruptcy Code. The move could lead to a turnaround of listed companies in distress which will benefit their shareholders and lenders. Currently, relaxations from preferential issue requirements and open offer obligations are available for lenders undertaking restructuring of distressed listed companies under the Strategic Debt Restructuring (SDR) scheme. Relaxations will be subject to a lock-in of their shareholding for a minimum three years.

MCA – IBBI

IBBI has notified the IBBI (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations,2017 which shall come into force on the date of their publication in the Official Gazette. A new provision has been inserted and Form F has been inserted for Submission of Claims by Creditors other than Financial Creditors and Operational Creditors of the Corporate Debtor under Corporate Insolvency Resolution Process. The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 provide for Forms for submission of claims by operational creditors (including workmen and employees), and financial creditors. There could be claims from a creditor who is not a financial creditor or an operational creditor and it needs a specific form for submitting its claim.

News from NIRC of ICSI

NIRC of ICSI is organising Two Days Workshop on "MOCK NCLT PROCEEDINGS" (Including Moot Court & Session on Case Laws) on Saturday & Sunday, the 19th & 20th August, 2017 from 10.00 a.m. to 5.00 p.m. at ICSI-NIRC Building, 4, Prasad Nagar Institutional Area, New Delhi-110005. Fee : Rs.800/- per delegate who deposit their fee by 18th August, 2017. Rs.1000/- per delegate who deposit their fee on 19th August, 2017 subject to availability of seats. The fee may also be paid through Paytm. PROGRAM CREDIT HOURS: 08

GST:

Ministry of Finance has provided ‘Clarification on issues related to furnishing of Bond/Letter of Undertaking for Exports. The notification has clarified the issues w.r.t Eligibility to export under LUT (Letter of Undertaking), Time for acceptance of LUT/Bond (Letter of Undertaking), Transactions with EOUs, Forward inward remittance in Indian Rupee, Bank guarantee, Jurisdictional officer, Documents for LUT, Applicability of circulars on Bond/LUTs. Further, the said circular is applicable to any export made on or after the 1st July 2017.

MCA:

comments_cra. In the New Rules, Form CRA-1 (Particulars relating to the Items of Costs to be included in the Books of Accounts) and Form CRA-3 (Form of the Cost Audit Report) is to be revised.