Corporate Updates – 05-06-2017


SEBI has set up a Committee on Corporate Governance under the Chairmanship of Shri Uday Kotak, Executive Vice Chairman and Managing Director of Kotak Mahindra Bank. The other members of the committee are the representatives of Corporate India, stock exchanges, professional bodies, Investor groups, Chambers of commerce, law firms, academicians and research professionals and SEBI. The Committee shall make recommendations to SEBI with the aim of improving standards of corporate governance of listed companies in India on the issues such as Independent Directors, disclosures pertaining to Related Party Transactions, accounting and auditing practices followed by listed companies, voting and participation in general meetings, Board Evaluation practices and any other matter, as the Committee deems fit pertaining to corporate governance in India.


The GST Council headed by the Hon’ble Finance Minister, Mr. Arun Jaitley met for the fifteenth time on June 3, 2017, with an agenda to fix the rates for almost all the remaining items, such as precious metals (gold and silver), diamonds, biscuits, textiles, and footwear. Ahead of this meeting, sprint begins for GST rollout from July 1, 2017 as envisaged. The GST Council has broadly approved the GST rates for most of remaining categories of goods. The GST Council has further approved the Draft Rules for Final Return – Rules and GSTP Formats, Mismatch Formats, Return Formats and Final Transitional Rules. Further, the GST Council has made amendments/additions in the GST Rate Schedule for certain Goods for providing more clarification. For e.g. as per the earlier GST Rate Schedule for Goods, Solar Panel was falling under the tax slab of 18% as well as 5%, now it has been clarified vide amendment that Solar Panel will be taxable at 5%.

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