Corporate Updates – 18-08-2017


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.


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. 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

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