Corporate Updates – 16-10-2017


MCA has notified the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Second Amendment Rules, 2017 which shall come into force from 13th October, 2017. Through this amendment detailed process and procedure w.r.t Transfer of Shares to the specified account of the IEPF Authority has been laid. Accordingly, where the period of Seven Years under sub section (5) of Section 124 has been completed during the period from 7th September 2016 to 31st October, 2017, the due date of Transfer shall be deemed to be 31st October, 2017. Further, Transfer of Shares by the Company to the Fund Shall be deemed to be Transmission of Shares. And the procedure followed for Transmission of Shares shall be followed while transferring the shares. Furthermore, Every Company which has deposited amount to the Fund shall nominate Nodal Officer for the purpose of coordination with IEPF Authority and shall communicate the details of Nodal Officer within 15 days from the date of publication of this rules. Company shall display the name of Nodal Officer and his email ID on its website.


CBEC has notified the Central Goods and Services Tax (Ninth Amendment) Rules, 2017 which shall come into force on the date of their publication in the Official Gazette. The exemption contained in the notification No. 8/2017-Central Tax (Rate) dated the 28th June, 2017 as amended by this notification shall apply to all registered persons till the 31st day of March, 2018. The above mentioned notification will be effective from October 13th, 2017. Accordingly, the CBEC has notified suspension of Reverse Charge Mechanism (RCM) till 31 March 2018 under Section 9(4) of the CGST Act, 2017/ Section 7(4) of the UTGST Act, 2017/ Section 5(4) of the IGST Act, 2017. There is nothing in the Notification on the effective date of RCM suspension. However GSTN has tweeted on 12 Oct. 2017 that the RCM Suspension will be applicable w.e.f. the date of Notification (i.e. 13 Oct. 2017). This will benefit small businesses and substantially reduce compliance costs. The exemption contained in this notification shall apply to all registered persons till the 31st day of March, 2018.

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