Corporate Updates – 06-10-2017


SEBI has formed a Committee on Corporate Governance in June 2017 under the Chairmanship of Mr. Uday Kotak with a view to enhancing the standards of corporate governance of listed entities in India. The committee consisted of officials from the government, industry, professional bodies, stock exchanges, academicians, lawyers, proxy advisors, etc. The committee has deliberated on various issues including ensuring independence in spirit of Independent Directors and their active participation in functioning of the company, Improving safeguards and disclosures pertaining to Related Party Transactions, Issues in accounting and auditing practices by listed companies, Improving effectiveness of Board Evaluation practices. The committee has recommended various new things for the effective corporate governance including the Secretarial audit may be extended to all material unlisted Indian subsidiaries and in the annual report, a certificate from a company secretary in practice be included providing that none of the directors have been disqualified. Further, the committee has recommended that the term ‘Senior Management’ shall specifically include Company Secretary.

CBEC – Service Tax

CBEC has issued Clarification regarding reflection of transitional credit arising out of payment of Service Tax on RCM basis after 30th June 2017 and by 5th/6th July 2017. It has been clarified that in cases where service was received before 1-7-2017 and payment for the value of the service was also made before 1-7-2017, but the service tax was paid by 5th/ 6th July 2017, details of credit should be indicated in Part I of Form ST-3 by filing a revised return. In order to give compliant assessees who had filed their ST 3 return by the due date or some days later, an immediate and viable window to file revised returns, all ST3 returns for the period 1-4-2017 to 30-6-2017 which have been filed upto and inclusive of the 31st day of August 2017, shall be deemed to have been filed on 31-8-2017. Once details of such credit are reflected in the ST-3, the assessee may proceed to fill in the details in Form GST TRAN-1. Further, in the case of assessees who were not registered under ACES, who want to make payment of service tax on or after 1-7-2017, they may avail of the category of “non assessee registration” in the registration module of ACES.

News from NIRC of ICSI

NIRC of ICSI is organising an One Day Workshop on the topic "Process for Revival of the Companies under Section 252 of the Companies Act,2013 & Remedial measures for disqualification of Directors u/s 164(2) of Companies Act, 2013" on Saturday, the 7th October, 2017 from 10.00 AM onwards at ICSI-NIRC Building Auditorium, 4 Prasad Nagar Institutional Area, New Delhi. Fee: Rs.500/- per delegate (inclusive of GST) (Including Corporate Members of NIRC of ICSI). Registration through PayTM is also available. PCH – 4

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